Mudit Jain

Head Research, Tata Cleantech | Financier for Renewable, Storage, EE and EV | IITK | IIMR | Views are personal

[Saur Energy @Saur_energy]

International Finance Corporation (IFC) Issues Sustainability-Linked Bond Worth $50 Million To Tata Cleantech Capital

@IFC_org @riccardopuliti @Mudit_RE #renewableenergy #greenenergy

https://t.co/iZfPHhMP2R

[Mudit Jain @Mudit_RE]

SECI has announced result for Phase II of Production Linked Incentive (PLI) of INR 19,500 Cr (US$ 2.4 billion). This is in addition to INR 4,500 Cr PLI of phase I. One key differential in this round is presence of developers looking for backward integration. Rationale??

[Mudit Jain @Mudit_RE]

MP Floating Solar Phase 2 Result:

Hinduja, NTPC and SJVN wins at ₹3.69 - 3.70/kWh

This is ~15% higher than the L1 winning bid of Phase 1 (at same site) of ₹3.21/kWh (range was 3.21-3.26) bid out in May-22

Market finally started factoring in the increase in project costs!!

[Mudit Jain @Mudit_RE]

Investment requirement in renewable in India will quadruple in next 8 years as against investments of last 8 years. 3 challenges to address before that
-Supply chains and trained manpower
-Payment security framework
-Availability of finance

Read our views
https://t.co/NKXXljO1ge

[Mudit Jain @Mudit_RE]

Within a month, the winning tariff in MSEDCL bid fell from ₹ 2.90/kWh to 2.82/kWh, despite project cost remaining nearly the same. Either increasing optimism on project cost trajectory and cost of finance or just carrying on with past trend of aggression!

[Mudit Jain @Mudit_RE]

Results of 1st Battery storage tender is out (prices are quoted on per MW). More details about the bid at https://t.co/qMlHvyoZ84

Huge range in the quoted prices (₹ 1.08-2.29 million), points to massively different capital and operational cost projections!!

Thoughts??

[Mudit Jain @Mudit_RE]

MSEDCL 500 MW solar tender has winning tariff of ₹ 2.90 - 2.91/kWh.

May be increase in project cost is finally getting factored in or may be just non-SECI non-NTPC tender!!

[Mudit Jain @Mudit_RE]

Found an interesting graphic on metal composition in various battery cells

While Lithium is the base, it's usage is in single digits across all varieties of cell

Assuming NMC would become centerstage once fire incidents are addressed, Nickle is the key determinant for pricing

[Mudit Jain @Mudit_RE]

Winning bid in GUVNL wind 500 MW bid is ₹2.84 - 3.26/kWh. The range of ₹0.42/kWh is 15% of the L1 bid. Challenges in getting PPA signed for such wide range?

In parallel news, MNRE planning to do away with reverse auctions. DISCOMs support will be key!!

https://t.co/S5IFCgJsXq

[Mudit Jain @Mudit_RE]

The Indian Renewable Energy Sector remains volatile due to ongoing uncertainties on interest rates among other factors. Join us for a webinar on 29th June at 3 PM, with eminent industry experts to know more about the market disruption

Joining link:
https://t.co/DXZEKW2eHI

[Mudit Jain @Mudit_RE]

Barring a few countries rich in Hydro resources, the need for energy is predominantly met with Coal, oil and gas. Key to energy transition is only #renewable energy. As not only for electricity, it is a vital piece for EVs and Green Hydrogen. Pace of adoption needs to increase

[Mudit Jain @Mudit_RE]

Winning bid in GUVNL solar tender fell to ₹ 2.30/kWh.

This is despite:
- 90 bps hike in repo rate in last 40 days
- Imposition of BCD
- Rise in module prices

Seems like duties, supply shortage, module prices, freight and metals has minimal impact or is it just speculative?

[Mudit Jain @Mudit_RE]

Green Energy Open Access Rules:
1. Rules will be standardized
2. Addressable market expansion as limits reduced to 100 kW
3. Transparency of approvals

With one of the biggest reforms for bilateral C&I renewable PPA, time is right for private PPA market to make a mark

[Mudit Jain @Mudit_RE]

Even with disruption caused by COVID-19, renewable market became more resilient. We have released our latest report assessing impact of two years of the COVID-19 pandemic on the Indian renewable energy sector, and the future outlook for this market

https://t.co/CPBrr8sPJ6

[Mudit Jain @Mudit_RE]

New scheme for clearing DISCOM dues to generators:
- Discoms allowed to pay dues in 48 monthly instalments without any late payment surcharge
- In case of default, interest will be levied on full amount
- No fresh accruals of dues allowed

https://t.co/xWAq8k0k3r

[Mudit Jain @Mudit_RE]

While solar tariffs haven't increased proportionately despite significant increase in costs, wind tariffs are now above INR 2.90/kWh in yesterday's SECI 1200 bid. Challenges in getting PSA signed?

[Mudit Jain @Mudit_RE]

Enough has already been written about recent Power Woes. Most solutions are also known. In addition to that, if RE Power Sale Agreement backlog is cleared fast and timely payments from DISCOM be ensured, future crisis could be averted. Read our views:
https://t.co/99XtZ4VSo6

[Mudit Jain @Mudit_RE]

Despite imposition of Basic Custom Duty, rising metal prices and project costs and recent rate hike by RBI couldn't change aggressive the bidding trend

At INR 2.53/kWh, this is still amongst most competitive wind solar hybrid bids

[Mudit Jain @Mudit_RE]

After 2 failed attempts, I hope semiconductor fabrication industry would kickstart in India.

Not only it will help improve overall electronics ecosystem, but also strengthen the market for polysilicon manufacturing in India.

https://t.co/wfhLMobO6S

[Mudit Jain @Mudit_RE]

@AkhileshBagri Achievable - Yes
Achievable by 2030 - No. But if right intent is shown, it can be achieved by some delay

[Mudit Jain @Mudit_RE]

Alexander, Private Sector Specialist at International Solar Alliance, estimates that India will need 880 GW of Renewable Power and another 147 GW for Green Hydrogen by 2030 to meet COP26 commitment.
Despite all achievements, sector is still nascent!!

https://t.co/29W50TooTj