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					</table><p>IOC-GPS Renewables, an Indian Oil Corporation (<a href="https://iocl.com/" target="_blank" rel="noopener">IOCL</a>) and <a href="https://gpsrenewables.com/" target="_blank" rel="noopener">GPS Renewables</a> joint venture, has invited bids to procure long-term open access solar power under the group captive model for its compressed biogas plants.</p>
<p>The sites are located in Haryana (4), Uttar Pradesh (3), Chhattisgarh (1), and Andhra Pradesh (1).</p>
<p>The last date to submit bids is February 24, 2026. Bids will be opened on the same day.</p>
<p>Bidders should submit an earnest money deposit (EMD) in the form of a bank guarantee for ₹1.3 million (~$14,346) per site.</p>
<p>Successful bidders must also furnish a performance bank guarantee of ₹3.24 million (~$35,757) per site.</p>
<p>The power purchase agreement (PPA) will be valid for 25 years from the project&#8217;s commissioning date.</p>
<p>Bids must be placed for a minimum of 26% of each unit&#8217;s total annual energy requirement, i.e., 2.658 million kWh, with scheduled delivery commencing on the scheduled commercial operation date.</p>
<p>The developer should supply between 85% and 110% of the committed energy over the 25-year PPA term.</p>
<p>For sites in Haryana and Uttar Pradesh, bidders should have commissioned two renewable energy projects of over 2.5 MW, or one renewable energy project of 5 MW, as an engineering, procurement, and construction (EPC) contractor or power generator.</p>
<p>For sites in Chhattisgarh and Andhra Pradesh, they should have successfully completed two renewable energy projects of over 1 MW, or one renewable energy project of 2 MW, as an EPC contractor or power generator.</p>
<p>The net worth of bidders should be at least ₹21 million (~$231,758) per site as on the last day of the previous financial year.</p>
<p>Bidders should have a minimum annual turnover of ₹17.8 million (~$196,443) per site during any of the last three financial years.</p>
<p>They should have an internal resource generation capability of at least ₹3.6 million (~$39,730) as on the last date of the previous financial year.</p>
<p>Alternatively, they should have an in-principle sanction letter from the lending institutions or banks committing a Line of Credit for a minimum of ₹4.4 million (~$48,558) per site to meet the project&#8217;s working capital requirement.</p>
<p>In November last year, IOCL <a href="https://www.mercomindia.com/indian-oil-epc-tender-1-mw-solar-power-project" target="_blank" rel="noopener">invited</a> bids for an EPC contract for a 1 MW grid-connected solar power project at its LPG bottling plant in Tikri Kalan, Delhi.</p>
<p>Earlier, Indianoil Petronas, a joint venture between IOCL and Malaysia-based Petronas, <a href="https://www.mercomindia.com/indianoil-petronas-floats-maintenance-tender-for-3-4-mw-solar-project" target="_blank" rel="noopener">issued</a> a tender for a non-comprehensive annual maintenance contract for a 3.4 MW solar project at Athipattu village in Tamil Nadu.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of the real-time tender activity.</p>


IOC-GPS Renewables JV Invites Bids for Open Access Solar Supply


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					</table><p><a href="https://www.mercomindia.com/sprng-energy-ntpcs-1-gw-hybrid-auction" target="_blank" rel="noopener"><strong>Sprng Energy</strong><strong>, </strong><strong>AMPIN Energy Transition</strong><strong>, </strong><strong>Juniper Green Energy</strong><strong>, </strong><strong>ReNew Solar Power</strong><strong>, and </strong><strong>Avaada Energy</strong><strong> have won </strong><strong>NTPC’s</strong><strong> auction for the supply of 1,000 MW</strong></a> power from inter-state transmission system-connected wind-solar hybrid power projects anywhere in India under Tranche V. Sprng Energy secured 150 MW with a tariff of ₹3.41 ($0.0407)/kWh, while AMPIN Energy secured an equal capacity at ₹3.42 ($0.0408)/kWh. Juniper clinched the same capacity at a slightly higher tariff of ₹3.43 ($0.0410)/kWh.</p>
<p><a href="https://www.mercomindia.com/solar-auctions-surge-q1-2024" target="_blank" rel="noopener"><strong>Auctioned solar capacity in India surged to over 25 GW in the first quarter (Q1) of 2024 from 820 MW in Q1 2023, primarily due to the new bidding guidelines</strong></a> mandating that auctions be conducted within 110 days of bid submission dates. According to Mercom India Research data, solar auctions increased by 229% quarter-over-quarter (QoQ) from 7.62 GW and 2,957% year-over-year. Solar tenders floated by various agencies during Q1 2024 rose 122% YoY to over 30.7 GW and 92.2% QoQ.</p>
<p><a href="https://www.mercomindia.com/global-wind-installations-2023" target="_blank" rel="noopener"><strong>Global cumulative wind power capacity surpassed the 1 TW mark in 2023, achieving a YoY growth of 13%, according to the Global Wind Energy</strong></a> Council’s Global Wind Report 2024. Onshore wind witnessed 106 GW of capacity added to the grid in 2023, achieving a 54% YoY growth. For the first time, more than 100 GW of new onshore wind capacity was installed globally in a single year. China and the U.S. remained the world’s two largest markets for onshore wind additions, followed by Brazil, Germany, and India.</p>
<p><a href="https://www.mercomindia.com/gps-renewables-raises-50-million" target="_blank" rel="noopener"><strong>Bengaluru-based biofuels firm </strong><strong>GPS Renewables</strong><strong> has secured $50 million in debt financing from a consortium of banks and non-banking financial companies</strong></a> to accelerate the nationwide rollout of its Compressed Biogas and Renewable Natural Gas projects. The company provides end-to-end solutions for developing, producing, and distributing biofuels, focusing on technologies such as CBG/RNG, 2G ethanol, and green hydrogen. It had previously raised $20 Million in equity funding.</p>


Daily News Wrap-Up: NTPC’s 1 GW Wind-Solar Hybrid Auction


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					</table><p>Bengaluru-based biofuels firm <a href="https://gpsrenewables.com/" target="_blank" rel="noopener">GPS Renewables</a> has secured $50 million in debt financing from a consortium of banks and non-banking financial companies to accelerate the nationwide rollout of its Compressed Biogas (CBG) and Renewable Natural Gas (RNG) projects.</p>
<p>Participating institutions in the current financing round include <a href="https://www.pnbindia.in/" target="_blank" rel="noopener">Punjab National Bank</a>, <a href="https://www.hdfcbank.com/personal" target="_blank" rel="noopener">HDFC</a>, <a href="https://www.yesbank.in/" target="_blank" rel="noopener">Yes Bank</a>, <a href="https://www.hsbc.co.in/" target="_blank" rel="noopener">HSBC Bank</a>, <a href="https://www.kotak.com/en/home.html" target="_blank" rel="noopener">Kotak Mahindra Bank</a>, <a href="https://www.icicibank.com/" target="_blank" rel="noopener">ICICI Bank</a>, <a href="https://www.online.citibank.co.in/" target="_blank" rel="noopener">Citibank</a>, <a href="https://www.vivriticapital.com/" target="_blank" rel="noopener">Vivriti Capital</a>, <a href="https://www.northernarc.com/" target="_blank" rel="noopener">Northern Arc</a>, <a href="https://sparkcapital.in/" target="_blank" rel="noopener">Spark Capital</a>, <a href="https://www.tatacapital.com/" target="_blank" rel="noopener">Tata Capital</a> and <a href="https://www.sidbi.in/" target="_blank" rel="noopener">SIDBI</a>.</p>
<p>The company provides end-to-end solutions for developing, producing, and distributing biofuels, focusing on technologies such as CBG/RNG, 2G ethanol, and green hydrogen.</p>
<p>GPS Renewables has set up over 100 biogas plants nationwide, including Asia&#8217;s largest RNG plant based on municipal solid waste in Indore. The company has an order book of $240 million and memorandums of understanding worth $540 million for executing multiple CBG plants.</p>
<p>&#8220;At GPS, our aim is to lead the way in India&#8217;s clean energy shift. To achieve this goal, we must enhance biofuel production capacity and streamline adoption processes,&#8221; said Tilak Minocha, Chief Finance Controller at GPS Renewables. &#8220;The current round of funding will allow us to accelerate our expansion efforts and promote India&#8217;s transition to sustainable green energy.&#8221;</p>
<p>The company has also recently acquired Proweps Envirotech GmbH, a German design and engineering firm specializing in technologies for utilizing municipal and industrial organic waste and agricultural residue for biogas production. Additionally, GPS Renewables plans to develop its own CBG projects through a joint venture with Indian Oil Corporation under its climate infrastructure platform, GPSR Arya.</p>
<p>It had previously raised $20 Million in equity funding from Neev Fund II by SBICap Ventures, Netherlands-based Hivos-Triodos Fund, and Hyderabad-based Caspian Impact Investments.</p>
<p>Earlier this year, natural gas company GAIL and ethanol producer TruAlt Bioenergy <a href="https://www.mercomindia.com/gail-trualt-announce-72-million-cbg-jv" target="_blank" rel="noopener">announced</a> an investment of $72 million to set up CBG plants through a joint venture.</p>
<p>Additionally, in March, the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-small-biogas-projects" target="_blank" rel="noopener">invited</a> proposals for innovative and new designs or material-based small biogas projects with a daily generation capacity of 1 to 25 cubic meters. The ministry sought significant changes to existing designs for simple, efficient, cost-effective village-level biogas usage.</p>


Biofuels Firm GPS Renewables Raises $50 Million in Debt Financing

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