India's Renewable Energy Progress and Market Developments
Key Ideas
- Indian agencies have surpassed their bidding goal of 50 GW in renewable energy projects, moving closer to the 200 GW target by 2028.
- Special Economic Zones supplying power exclusively to green hydrogen projects are exempt from certain regulations until 2030.
- Companies like Madhav Infra Projects and Zypp Electric are expanding solar and electric vehicle operations respectively with significant funding.
- New developments include invitations for bids for solar projects, lithium battery technology advancements, and the launch of REnergy Dynamics for bioenergy solutions.
In India, the Ministry of New and Renewable Energy's agencies have exceeded their renewable energy bidding target of 50 GW, moving towards the larger goal of 200 GW by 2028. Solar Energy Corporation of India, NTPC, NHPC, and SJVN issued 53.32 GW of tenders, 6.6% above the target. Projects inside Special Economic Zones supplying power to green hydrogen projects are exempt from certain regulations until 2030. The Gujarat Electricity Regulatory Commission mandated reimbursements for solar developers following billing discrepancies. Madhav Infra Projects secured a contract for a 15 MW floating solar project in Chhattisgarh, while Engineers India invited bids for renewable power procurement in Gurugram and New Delhi. Additionally, bids have been invited for a 1.5 MW solar project in Kerala. Zypp Electric raised $15 million for fleet expansion, and Maxvolt Energy secured $1.5 million for fast-charging lithium batteries. REnergy Dynamics launched with a focus on bioenergy projects, EPC services, feedstock aggregation, and biogas component manufacturing.