SOLAR

MONTHLY UPDATE
Vol. I

Issue IV

March 2016

Creating value,
partners in growth
Incorporated in 1997, LSI Financial Services Private Ltd
(LSI) is a leading provider of innovative financial solutions
in India and abroad.
It has successfully raised funds for companies through
structured financial products, spanning various sectors.
With in-depth domain knowledge, LSI strives to add value
to the client's financial supply chain ensuring an effective
and efficient capital structure. It is also providing Project
Advisory services including preparation of Detail Project
Reports (DPR) and Techno Economic Feasibility/Viability
Reports (TEFR/TEVR) on behalf of Banks, Public and Private
Sector Institutions and Companies.

Our services include:

Debt Syndication

Private Equity Advisory

Issue Management

Mergers and Acquisitions

Financial Restructuring/ Corporate

Debt Restructuring

Preparation of DPR/ TEFR/TEVR

Lender's Independent Engineers' (LIE)

Services

Due Diligence

Valuation of Assets/Equity

EDITORIAL
Securitization as a Future Financing Tool for Solar Projects
India has massively scaled up targets for the solar industry to 100
GW of solar power by 2022. Rapid expansion has now led the industry
to tap every available means of financing in a bid to stay competitive,
amid aggressive bids for solar projects, falling solar tariffs and an
uneven playing field comprising both domestic and foreign players.
While the Indian solar sector continues to enjoy a host of benefits
from the Government in the form of subsidies and incentives, foreign
investments too are pouring in as they enjoy automatic approval for
up to 74% in joint ventures and 100% investments with approval.
Viability gap funding is also available for public-private partnerships.
In this scenario, it is imperative for players across the industry to find financing on terms that are
competitive with global players. At this juncture, we believe securitization offers a convenient and
comprehensive off-balance sheet financing tool to meet exactly these needs of an emerging solar
market.
LSI Financial Services Pvt. Ltd., with its two decades of experience in debt syndication and project
financing, opines that infrastructure projects such as road and solar power are likely to benefit the
most from securitization, as the future cash flows either in the form of tolls for roadways and
monthly electricity charges for power sold in the case of solar, are predictable cash flows that can be
securitized with minimal risk. Solar projects can either securitize cash flows from a Power Purchase
Agreement (PPA) or pool together a combination of debt financed solar projects to make a pool of
debt assets.
Financing through the securitization route has taken firm ground in the US and some of the other
countries. Indian solar companies and financiers too have already tested the waters on this mode of
financing. As early as 2011, the energy unit of the Welspun Group, India's leading photovoltaic
developer, backed by the Apollo Global Group, was approached by ICICI bank to securitize revenue
from its 15-megawatt unit in Gujarat after three months of operation. In December 2015, the Indian
Renewable Energy Development Agency (IREDA) has introduced this mode of financing for
companies that have a track record of good performance of 3 years, relaxable to 2 years, for projects
running successfully and with a DSCR averaging 1.4 for the two years.
Moody's Investors Service says that the development of domestic securitization markets will help
India and China achieve their common goal of building inclusive financial systems that will ultimately
bring affordable credit to the underprivileged segments of their societies, as these are usually
excluded from the conventional banking system. It is however, a trend that is yet to catch on in India
and worldwide as well, given the complex nature of securitization that has hindered players and
financiers from adapting to it easily. Moreover, with the presence of Government backed incentives
and abundant early stage financing, the industry is yet to tap the full potential of this powerful
instrument, which, according to us, could prove a game changer in the financing of solar industry in a
few years.

Raj Kajaria,
Managing Director, LSI Financial Services Pvt. Ltd.

SOLAR MONTHLY UPDATE | March 2016

Inside this Issue:

Solar News Round Up

Solar State Focus - Karnataka

Company Limelight - Azure Power

Solar Tender Tracker March - April 2016

SOLAR NEWS ROUND UP

KARNATAKA TENDERS UNIQUE 1200MW
SOLAR PV PROJECT DISTRIBUTING
CONTRACTS ACROSS TALUKS, RESERVES
100 MW FOR DOMESTIC MANUFACTURERS
Hero Future Energies and ReNew Power emerged
the primary winners in a mega tender for
1,200MW of solar power capacity floated by the
Karnataka Government, winning 180MW each of
projects. Other winners in Karnataka included the
Aditya Birla Group (40MW), Essel Green Energy
(65MW), Marikal Solar Park (60MW) and
SunEdison (20 MW).
Karnataka is the first state to distribute solar
contracts across its length and breadth. The
location of the proposed solar plants has been
dispersed across 60 of the 177 taluks in the state.
However, a dozen taluks, accounting for a total of
240MW, received no bids at all and will have to be
retendered. For the remaining 60 taluks, each taluk
received between 3MW and 20MW of the
remaining capacity. As a result, the winning tariff
at different locations varies.
The auction also reserved 100MW for Karnatakabased solar module manufacturers, also an
unusual conditionality, that no other state or
central policy has ever imposed previously.
VIKRAM SOLAR MODULE SHIPMENT TO
JAPAN TO MAKE IT INDIA'S FIRST EXPORTER
TO EAST ASIAN COUNTRY
Vertically integrated PV module manufacturer
Vikram Solar announced that it expects a shipment
of 5 MW of modules, to arrive in Japan this week,
making it the first Indian maker to export to the
East Asian country. According to the company, the
company's modules meet the requirements of the
Japanese market for quality. Vikram Solar already
exports to markets including Germany, the US and
SOLAR MONTHLY UPDATE | March 2016

UK, as well as having a pipeline of around 325MW

in India to be constructed within a year, according
to the company.
INDIA PLANS TO ADD 12GW SOLAR POWER,
4.1GW WIND ENERGY CAPACITY IN
20162017
MNRE plans to add 12GW of solar power capacity
between April 2016 and March 2017. This is a
massive target when compared to the target set
for FY20152016 of just 1.4GW.
The Ministry estimated that a total of 9,244MW
solar power capacity may be added under the
central Government policies, while 1,615MW
capacity may be added under the state solar power
policies. For FY20152016, the solar power
capacity addition target has been set at 1,400MW,
with 1,489MW having already been added by 31st
January 2016. The Ministry expected to add 4.3GW
capacity in FY20152016 so that any shortfall
may be made good with further installations in
FY2016-17, and thus help meet the increased
target.
During the remaining period of the FY15-16, as
much as 3,790MW of solar power generation
capacity is expected to be added by March-end,
taking total capacity to 9,038MW from existing
5,248MW, according to a status report by MNRE.
Tendering for solar project totaling a capacity of
15,177MW has already been completed and a total
capacity addition of 12,161MW is expected during
the FY 2016-17.
KERALA LAUNCHES ITS FIRST LARGE SCALE
SOLAR TENDER FOR 200 MW
The Kerala State Electricity Board (KSEB) has
issued a request for selection (RfS) for 200MW of
grid-connected solar PV in what is the South Indian
state's first utility-scale solar tender for consumer
use.
Kerala installed 12MW of solar at the Kochi
International Airport last year, yet the state has a
total installed capacity of just 13MW. The KSEB
RfS document stated that the Kerala projects will
be between 10-200MW capacity and will be
allocated via a competitive bidding process. Power
purchase agreements (PPAs) will be signed for 25
years for tariffs below the benchmark of
INR7.04/kWh. The final date for online submission
of bids will be 28 April this year. The projects will
be used to help the state reach its Renewable
Purchase Obligation (RPO) targets.
4

SOLAR STATE FOCUS KARNATAKA

KARNATAKA - COMMISSIONED SOLAR
CAPACITY BY SCHEME

KARNATAKA SOLAR POLICY 2014-2O21

ANNEXURE

Total Commissioned Solar Capacity (MW)

till 31 January, 2016 by Scheme
15.00

Karnataka
Rest of India

1,488.78

697.42
10.00
66.00
84.00
MNRE
Projects

4.22
96.63

9.00
110.51

Pvt. initiative
(Rooftop)

CPSUs

140.00
RPO

State
Policy

REC
Scheme

Source: GW Solar Plan, January 2016, MNRE

Karnataka Commissioned Solar Capacity by

Scheme
Karnataka has good solar potential. It gets an
average insolation of more than 5 kWh/m2/day,
having about 300-330 clear sunny days. Among
the states and union territories, Karnataka is
ranked 11th and accounted for 2 percent of the
India's total commissioned solar capacity of
5,775.75 MW as of March 7th 2016 . The State has
recently tendered for solar PV projects totaling
1200 MW distributed for the first time across the
taluks or sub districts of the state. Another unique
feature of the tender was that it earmarked 100
MW exclusively for Karnataka-based solar module
manufacturers, encouraging solar manufacturing
in the state. Please refer annexure for list of
successful bidders across the 60 taluks for which
LOAs have been issued.
What has shot Karnataka into the solar spotlight is
that the State has another 564 MW in the solar
pipeline and a further 1800 MW under allocation
process (including 600 MW by NTPC), aiming to
rise up to second rank by the end of the financial
year. Karnataka has also planned to set up three of
the 33 solar parks scheduled by SECI as a joint
venture with the state bodies as below:

Table 1 : Karnataka Proposed Solar Parks as joint venture between SECI, and KREDL
Name of the Park

Proposed
Capacity (MW)

Identified
Land Area

Shirasangi & Hulikatti, Savadatthi

Taluk, District: Belagavi

800

4000 acre (approx.)

Moregere, Hagaribommanahalli village

District: Bellary

400

2000 acre (approx.)

Nagalamadika, Pavagada Taluk

District: Tumkur

400

2000 acre (approx.)

Location

Karnataka Solar Park

Source: MNRE

Karnataka Solar Cumulative Alloted Capacity of

1,124 MW-Status Break-up as of January 2016
Commissioned
Capacity, 124 MW

Karnataka Status of Grid Connected Solar Power

Projects Alloted and Commisioned till January 2016
600

573
Alloted

500

Commissioned

400
Cancelled
Capacity,
70 MW
Balance Alloted
Capacity to be
Commissioned,
930 MW

Source: MNRE

SOLAR MONTHLY UPDATE | March 2016

300
200
100

130

80
5

17

FY2012-13

FY2013-14

53
FY2014-15

24

40

FY2015-16
(till Jan 2016)

Source: KREDL
5

Karnataka was the first state to form separate

entities for power generation and distribution (in
1970), and the ESCOMs (BESCOM, MESCOM,
HESCOM, GESCOM) are taking customer services
to the next level. Other plans include an Energy
Centre of Excellence and Incubation Centre in
Bangalore, and a Technology Innovation Centre at
BESCOM. Renewable energy contributed up to 31
per cent of the total installed capacity with the
potential estimated at 44.30 GW as of 2015.
FY2015-16 has already seen a huge amount of
tendering and planning activity for solar in
Karnataka. For example, Indian state-owned utility
National Thermal Power Corporation (NTPC) has
invited bids for 250MW and 750MW of capacity in
solar parks. Indian Conglomerate Adani Group
announced plans to build 1GW of solar alongside
coal and seaport investments. Steel major
ArcelorMittal is also planning 500-600MW of PV
after backing out from plans to build a six million
tonnes per annum steel mill. Karnataka has
tendered 1200 MW of solar PV projects recently
across 60 taluks. Another 240 MW across 12 taluks
for which tender was floated in February, there
was no interest generated, probably on account of
its remote location or land availability issues, and
it has been retendered with a closing date of April
21st.

Karnataka Distribution of Solar PV Projects by

District as of January 2016

Karnataka Solar Policy 2014-2021

l
Target of achieving 2,000 MW of solar
generation capacity by 2021
l
Encouraging development of 300 MW of feed in
tariff based solar projects (1-3 MW) by farmers
l
Encouraging the development of utility scale
solar projects through competitive bidding
l
Promotion of grid connected rooftop solar
projects with net metering
l
Encouraging off-grid solar street lights and
rooftop solar systems
l
Encouraging the use of solar powered
agricultural pump sets
l
Promotion of integrated solar parks and hybrid
renewable energy projects
l
Creation of land banks for development of solar
projects under lease of land
l
Supporting the deployment of grid connected
canal top solar projects
l
Imposing solar purchase obligation on HT
consumers subject to consent of KERC
l
Facilitation of deemed conversion of land for
solar projects
l
Time bound permissions for purchase of
agricultural lands for setting up of solar power
projects
l
Exemption to solar PV projects from obtaining
clearances from pollution control board
Promotional Measures
Charges

Subsidy

Wheeling charges

Exempted for first 10 years from

date of commissioning

Banking charges

Exempted for first 10 years from

date of commissioning

Cross subsidy surcharge Exempted for first 10 years from

date of commissioning

Source: KREDL

Payment for unutilized

banked energy

85% of generic tariff determined

by KERC

Availability of banking

Annual Basis

Source: Deloitte

The Karnataka Government is also working with

farmers to get their land on lease for solar and
wind power generation, and make them
stakeholders in the energy future. As of January
2016, over 12,000 acres have been contributed
voluntarily by Karnataka's farmers.
SOLAR MONTHLY UPDATE | March 2016

Comparison in Solar Policy Highlights, Promotional Measures of South Indian States

Promotional Measures

Karnataka

Tamil Nadu

AP

Telengana

Kerala

Availability of Banking

Annual basis

Monthly basis

Annual basis with

restricted drawal

Annual basis with

restricted drawal

Annual basis

Banking Charges

Zero

Zero

2% of injected energy 2% of injected energy Zero

Concessional Wheeling and

Transmission charges

Zero
(up to March 2018)

30% of applicable charges Zero

Zero for Captive Use

5% of energy

Concessional cross subsidy

surcharge

Zero

50% of applicable CSS

Exempted for first

5 years of operation

Exempted for first

5 years of operation

Zero

Net metering for rooftop solar

Yes, for all categories,

up to 1MW capacity

Yes, for domestic and

commercial consumers

Yes, for all consumers Yes, for all three

phase consumers

Yes, for all categories,

up to 1MW capacity

Tariff for excess injection by

rooftop solar

Rs.9.56/kWhr

Carried forward to next

month & lapses at end of
next settlement year

No Payment for excess Payment at APPC

injection

Payment at APPC

Electricity Duty

No Exemption

Exempted for captive use, Exempted

sale to DISCOM

Exempted

Exempted

Pollution Board Clearance

No clearance/ NOC
required for PV

Facilitation provided by
TEDA

Clearance within
a week

No clearance/ NOC
required for PV

Source: Deloitte and respective State Solar Policy Reports

Annexure
Table 2 : List of LOAs issued to the successful bidders quoting prices upto to Rs.5.50 per kWh for
implementation of 1200MW capacity Solar Grid Connected Power Projects in 60 taluks.
(Tender Notification No. KREDL/07/RPO/GC/RFP/2015-16/ dated 13.11.2015)
No.

Name of the Bidder

Taluk

District

Capacity
(in MW)

Hero Solar Energy Pvt Ltd

Madhugiri

Tumkur

20

4.69

Aditya Birla Nuvo Ltd

Mulbagal

Kolar

20

4.86

AMPL Cleantech Pvt Ltd

Holalkere

Chitradurga

20

4.89

Growthstreet Consultants Pvt Ltd

Harapanahalli

Davanagere

4.89

OPG Power Generation Pvt Ltd

Hosadurga

Chitradurga

20

4.97

GRT Jewellers Pvt Ltd

Kannakapura

Ramanagara

20

4.98

Renew Solar Power Pvt Ltd

Honnali

Davanagere

20

5.05

OPG Power Generation Pvt Ltd

Harapanahalli

Davanagere

5.07

Asian Fab Tech Ltd

Gowribidanuru

Chikkaballapura

20

5.19

10

Asian Fab Tech Ltd

Nagamangala

Mandya

15

5.19

11

Hero Solar Energy Pvt Ltd

Chikkanayakanahalli

Tumkur

20

4.69

12

Renew Solar Power Pvt Ltd

Turuvekere

Tumkur

20

4.84

13

Rishabh Buildwell Pvt Ltd

Harapanahalli

Davanagere

14

4.95

14

Rays Power Expert Pvt Ltd

Chikkabalapura

Chikkabalapura

10

5.04

15

Hero Solar Energy Pvt Ltd

Koratagere

Tumkur

20

4.69

16

Sunedison Solar Power India Pvt Ltd

Bangarpet+KGF

Kolar

20

5.47

17

Hero Solar Energy Pvt Ltd

Chamrajanagara

Chamrajanagara

20

4.75

18

Hero Solar Energy Pvt Ltd

Kollegala+Hannur

Chamrajnagar

20

4.79

19

Hero Solar Energy Pvt Ltd

Gundlupet

Chamrajnagar

20

4.86

20

Renew Solar Power Pvt Ltd

Yadgiri

Yadgiri

20

4.85

21

Renew Solar Power Pvt Ltd

Bhalki

Bidar

20

4.85

Quoted tariff
(in Rs./kWh)

22

Renew Solar Power Pvt Ltd

Chincholli

Kalburgi

20

4.84

23

Renew Solar Power Pvt Ltd

Alland

Kalburgi

20

4.86

24

Parampujya Solar Energy Pvt Ltd

Shorapur

Yadgir

10

5.35

SOLAR MONTHLY UPDATE | March 2016

No.

Name of the Bidder

Taluk

District

Capacity
(in MW)

Quoted tariff
(in Rs./kWh)

25

Karvy Consultants Ltd

Shorapur

Yadgir

10

5.13

26

Hero Solar Energy Pvt Ltd

Shahpur

Yadgir

20

4.69

27

Hero Solar Energy Pvt Ltd

Chittapura

Kalburgi

20

4.83

28

Renew Solar Power Pvt Ltd

Devadurga

Raichur

20

4.76

29

Renew Solar Power Pvt Ltd

Siraguppa

Bellary

20

4.76

30

Renew Solar Power Pvt Ltd

Humnabad

Bidar

20

4.86

31

Hero Solar Energy Pvt Ltd

Gangavati

Koppalaa

20

4.69

32

Essel Green Energy Pvt Ltd

Indi

Vijayapura

20

5.20

33

Marikal Solar Parks Pvt Ltd

Basavanabagevadi

Vijayapura

20

5.48

34

Mytrah Energy Ltd

Sindagi

Vijayapura

15

5.44

35

Essel Green Energy Pvt Ltd

Bijapura+Nagatana

Vijayapura

20

5.30

36

Marikal Solar Parks Pvt Ltd

Naragund

Gadag

20

5.48

37

Marikal Solar Parks Pvt Ltd

Chikkodi

Belgaum

20

5.46

38

Essel Green Energy Pvt Ltd

Sindagi

Vijayapura

5.50

39

OPG Power Generation Pvt Ltd

Shiggaon

Haveri

20

5.03

40

Essel Green Energy Pvt Ltd

Muddebihal

Vijayapura

20

5.40

41

Aditya Birla Nuvo Ltd

Ramadurg

Belagavi

20

4.92

42

Aditya Birla Nuvo Ltd

Shirahatti

Gadag

20

4.97

43

OPG Power Generation Pvt Ltd

Ron

Gadag

20

5.00

Total Capacity alloted

765

Source: KREDL

Highest Tariff Quoted : Rs.5.50/kwH

SOLAR MONTHLY UPDATE | March 2016

Lowest Tariff Quoted : Rs.4.69/kwH

COMPANY LIMELIGHT AZURE POWER

About the Company

Solar Projects and Focus

About the Company

Azure Power is India's leading independent solar
power producer and offers clean and affordable
solar energy to its customers with zero upfront
cost and operational expenses. The company was
founded by Inderpreet Wadhwa in 2008 and is
headquartered in New Delhi. It developed India's
? rst private utility scale solar project in 2009 in
Awan, Punjab.
The company designs, finances, executes,
operates, and maintains solar power plants. By
providing solar energy as a service, Azure Power
manages the entire project process for its
customers, reduces costs of generating electricity,
and provides long term predictable pricing. Azure
Power has one of the largest portfolios of
operating solar projects with a strong pipeline of
clean energy generation projects for grid
connected; rooftop and off-grid initiatives pan
India.
The company offers the following services:
Design, engineering and construction of grid
integrated solar installations

Off grid solar installations for villages, hamlets

and remote areas

Turnkey solar installations for commercial and

residential complexes on roof tops, as back up
and alternate source.

Operation & maintenance of solar installations

Solar Fact File

Azure Power has the highest market share in
the state of Punjab with a total capacity of 215
MW under various stages.

Azure Power implemented the ? rst private

megawatt scale rooftop smart city initiative in
2013 (a 2.5 MW capacity plant) in Gandhinagar,
Gujarat.

The company has a portfolio of 804 MW in 14

States in India under various stages.

Azure Power commissioned the largest solar

plant (100 MW) under India's National Solar
Mission (NSM) policy in Jodhpur, Rajasthan and
is now the single largest operator of projects

SOLAR MONTHLY UPDATE | March 2016

Director's Quote

under the NSM with a cumulative operational

capacity of 147 MW under this policy. The 100
MW plant is spread across over 717 acres of
land in Jodhpur. Equipment for 60 MW has been
manufactured in India, as a part of the Indian
Government's Make in India initiative in the
solar power sector.
l
Azure Power's 5 MW plant in Jaisalmer,
Rajasthan, was constructed to provide
electricity to Indo Pak border post.
l
The Gandhinagar, Gujarat 2.5 MW commercial
plant covers 192 rooftops.
l
Portfolio of 500+ rooftops across 10 states,
which includes country's largest commercial
real estate developer, a leading global chain of
premium hotels and company that operates
country's largest metro rail network.
l
Azure Power is backed by World Bank arm
International Finance Corp., venture capital
fund Helion Venture Partners, PROPARCO,
Foundation Capital and German development
? nance institution DEG.
l
Azure Power is an Independent Power Producer
and a leader in the Indian Solar Industry. The
company sells Solar Power on long term ? xed
price contracts, at prices which in many cases
are at or below prevailing alternatives.
l
Azure Power has been able to achieve a 73%
reduction in total solar system cost from a tariff
of Rs. 17.91 per kilowatt in 2009 to Rs. 4.78 per
kilowatt in 2016.
l
The company is one of the first to demonstrate
a private solar park with initial capacity of 5MW
extendable to 50MW.
Directors / Key Personnel
l
Inderpreet S. Wadhwa- Director and Chief
Executive Officer
l
H.S.Wadhwa Director and Chief Operating
Officer
l
Robert Kelly Director
l
Diane Farrell- Director
l
William B. Elmore-Director
l
Sanjeev Aggarwal-Director
l
Barney Rush-Director
9

Key Financials
According to a filing for an initial public offering
(IPO) on the New York Stock Exchange to raise
$100 million (approximately Rs.650 crore), for FY
2014-15, Azure Power reported a revenue of
Rs.112.4 crore and a loss of Rs.108.8 crore. The
firm has raised over $525 million in equity and
debt financing and approximately $102 million of
the amount raised remains available for

deployment, according to the filing. The firm is

targeting to increase its operating capacity to 520
MW by 31st December 2016, it stated in its filing.
The company has stated that its longer term goals
are to achieve 1 GW committed generation by 31st
December 2017 and 5 GW by 31st December 2020
in the regulatory filing. (Source: Live Mint article
dated December 17, 2015 titled 'Solar energy firm
Azure Power files for NYSE listing').

Director's Quote
In 2009, when I said that India would have two to three gigawatts [of solar energy] by 2015, people said
'That's not possible.' Today we have 5GW running, said Inderpreet Wadhwa, founder and chief executive
of Azure Power. Mr Wadhwa left a technology career in California after he came home to India on what
was supposed to be a short personal trip eight years ago and saw the huge opportunities presented by
the shortage of electricity. He started with small solar plants for electricity-hungry districts and rooftop
systems for companies to replace costly diesel generators. Today, Azure Power, which is part-owned by
the World Banks International Finance Corporation, Foundation Capital and Helion Ventures - is one of
dozens of domestic and international corporations putting money into building or supplying equipment to
large-scale solar PV power stations across India. (Sourced from article in Financial Times dated January 4, 2016, titled
Investors look to India as the next Solar Power).
*Note: All information sourced for the Company Limelight is taken from the company website www.azurepower.com, various
newspapers and media articles, which are in the public domain.

SOLAR MONTHLY UPDATE | March 2016

10

SOLAR TENDERS FOR THE MONTHS OF MARCH-APRIL 2016

Organiser

State

JNNSM

Andhra Pradesh

Neyveli Lignite
Corporation Limited

Tamil Nadu

Neyveli Lignite
Corporation Limited

Rajasthan

SECI

Odisha

NTPC

Capacity

Technical Bid
Date

500 MW in Ananthapuramu Solar Park in AP,

Phase-II, Batch-III, Tranche-IV

02.03.2016

Setting Up of 4 Blocks of Grid Interactive Solar PV

Power Project of Each 65 MW AC Capacity

08.03.2016

65 MW Ac Grid Interactive Solar Pv Power Project with

Associated 33kv Power System Complete for
Grid Interconnection

08.03.2016

10 MW, Paradip Port

10.03.2016

Karnataka

Allotment Of 240 MWs Grid Connected Solar Power

Projects In 12 Taluks Of Karnataka State

18.03.2016

Karnataka

Steel giant ArcelorMittal plans to build

a 500-600MW solar plant
30.03.2016

UPNEDA

UP

NTPC

Karnataka

Development of 250MW (5 blocks of 50MW each) solar

PV projects at Pavagada solar park in Karnataka

01.04.2016

NTPC

Karnataka

Development of 750 MW (6 Blocks of 125 MW Each)

Solar Photo Voltaic Projects

5.04.2016

SECI

Chhattisgarh

100 MW Grid Connected Solar PV under JNNSM

Phase II Batch III

20.04.2016

Kerala State
Electricity Board
(KSEB)

Kerala

Procurement of 200 MW power from grid connected

solar PV power plants within the state of Kerala

28.04.2016

SECI

UP

Grid connected solar PV projects of 315 MW

(Rebidding - 265 MW Open - 50 MW DCR) in
Solar Park and 160 MW Non-Solar Park

Rewa (RUMPL)

MP

750 MW UMPP Solar Park

20 MW EPC Retender

Source: LSI Financial Services Tender Monitor 2016

SOLAR MONTHLY UPDATE | March 2016

11

New Delhi 1201, 12th Floor, Chiranjiv Tower

43, Nehru Place, New Delhi 110019
P 011 46628817 F 011 46628851
E delhicorp@lsimails.com

Mumbai Regus Business Centre, 3rd Floor, Corinthian Building

Opp. Axis Bank, Link Road, Khar West, Mumbai 400 052
P +91 9833389402
E mumbaicorp@lsimails.com
Kolkata Sagar Trade Cube, 5th Floor
104, S P Mukherjee Road, Kolkata 700026
P 033 24863815 F 033 24863816
E kolkatacorp@lsimails.com

www.lsifinance.com