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					</table><p>Diversified business group <a href="https://www.dcmshriramchemicals.com/" target="_blank" rel="noopener">DCM Shriram</a> has signed agreements to source 58 MW of power from a hybrid renewable energy project to be developed by <a href="https://www.serenticaglobal.com/" target="_blank" rel="noopener">Serentica Renewables</a>.</p>
<p>DCM Shriram will invest around ₹1.05 billion (~$10.91 million) to acquire 26% equity stake in Serentica Renewables India 38, to source power for its facility in Bharuch, Gujarat.</p>
<p>The project is expected to be commissioned by June 2027. Once completed, the project would push DCM Shriram&#8217;s total renewable energy capacity to 176 MW across its two facilities in Bharuch and Kota in Rajasthan.</p>
<p>The equity investment will be made in one or more tranches.</p>
<p>Sabaleel Nandy, Executive Director &amp; CEO at DCM Shriram Chemicals, said the investment was a strategic step in expanding the company&#8217;s share of renewable energy across its chemical operations in Bharuch and making the business more sustainable.</p>
<p>In financial year 2025-26, DCM Shriram had 50.4 MW renewable power available at its Bharuch facility, including a 6.6 MW wind-solar hybrid capacity enhancement. At Kota, DCM Shriram will secure power from a 68 MW hybrid project which has started injecting 15 MW from May this year.</p>
<p>The company said these captive renewable projects are intended to reduce electricity costs, and lower emissions.</p>
<p>Talking about the project, Akshay Hiranandani, CEO at Serentica Renewables, said, “Through a 190 MW renewable energy project comprising solar power from Rajasthan and wind power from Karnataka, we will supply 58 MW renewable power to DCM Shriram Chemicals’ Bharuch plant.”</p>
<p>Back in 2022, DCM Shriram <a href="https://www.mercomindia.com/dcm-shriram-source-power-50-mw-hybrid-project-gujarat" target="_blank" rel="noopener">signed</a> two captive power agreements with ReNew Power for the supply of 50 MW of renewable energy from the latter’s projects in Bhavnagar, Gujarat. The power supply is meant for DCM Shriram’s Chlor-alkali production facility in the Bharuch district of the state.</p>


DCM Shriram to Procure 58 MW of Power from Serentica’s Hybrid Project


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					</table><p><a href="https://www.mercomindia.com/cbic-revokes-warehousing-imported-solar-goods" target="_blank" rel="noopener">The Central Board of Indirect Taxes and Customs (CBIC) has revoked the permission granted to solar developers to warehouse imported solar modules effective from December 17, 2024.</a> CBIC ruled that goods imported for solar power generation will not be allowed to undergo any manufacturing processes or operations in a warehouse. Any value addition, assembly, or process within bonded warehouses under Section 65 of the Customs Act that ultimately produces electricity is now prohibited.</p>
<p><a href="https://www.mercomindia.com/green-steel-taxonomy-and-ratings-decarbonize-faster" target="_blank" rel="noopener">The Indian government has developed a framework for defining green steel to help decarbonize the hard-to-abate steel industry and make it globally competitive.</a> The Taxonomy of Green Steel, unveiled by the Ministry of Steel and touted as a global first, has set the emissions intensity at 2.2 tons of CO2 equivalent per ton of finished steel. Only steel conforming to this standard will be given a green rating. The threshold limit for defining the star rating of green steel will be reviewed every three years, and the scope of emissions will include Scope 1, Scope 2, and a limited Scope 3 up to finished steel production.</p>
<p><a href="https://www.mercomindia.com/sjvn-invites-bids-to-enlist-channel-partners-for-1-46-mw-rooftop-solar-systems" target="_blank" rel="noopener">SJVN has issued two tenders to select channel partners for installing a cumulative 1.46 MW capacity of grid-connected rooftop solar systems on residential buildings under the PM Surya Ghar: Muft Bijli Yojana in Himachal Pradesh, Punjab, and Arunachal Pradesh</a>. The last date to submit bids is January 7, 2025. Bids will be opened on the same day. The bid document costs ₹5,900 (~$69.50). Besides supply, installation, and maintenance of the project for five years, the scope of work for both tenders includes identifying potential beneficiaries under the PM Surya Ghar program and making them aware of the program’s benefits. The channel partners will also act as aggregators of the requests received on the program’s national portal.</p>
<p><a href="https://www.mercomindia.com/sterlite-power-raises-gef-capital-enam" target="_blank" rel="noopener">Sterlite Power, a Mumbai-based power transmission company, has raised ₹7.25 billion (~$87 million) from GEF Capital Partners and ENAM Holdings for its Global Products and Solutions (GPS) business in a primary fundraising round</a>. This round marks the first significant fundraising for Sterlite’s GPS business since its demerger as an independent entity in October 2024. The company aims to use the funds raised to drive its ongoing capital expenditure, grow production capabilities, and accelerate new product development aligned with its renewable energy integration and decarbonization goals. Additionally, the company aims to expand its GPS business beyond the 70 countries it already serves.</p>
<p><a href="https://www.mercomindia.com/insolation-energy-7-gw-solar-manufacturing-madhya-pradesh" target="_blank" rel="noopener">Jaipur-based solar module manufacturer Insolation Energy has been allotted 45 acres of land by the Madhya Pradesh government to establish a solar manufacturing facility</a>. The proposed facility will have 3 GW solar cell manufacturing, 4 GW solar module manufacturing, and 24,000 metric tons aluminum frame manufacturing capacity. This project will be executed by INA’s subsidiary, Insolation Green Energy, in the Power and Renewable Energy Equipment Zone in Narmadapuram, Madhya Pradesh. The project will be implemented in two phases and require a total investment of ₹18 billion (~$211.98 million). The new manufacturing unit marks INA’s first facility outside Rajasthan and its fourth overall.</p>
<p><a href="https://www.mercomindia.com/imfa-announces-joint-venture-with-jsw-to-source-70-mw-renewable-energy" target="_blank" rel="noopener">Ferroalloy producer Indian Metals &amp; Ferro Alloys (IMFA) has announced a joint venture with JSW Green Energy to source 70 MW of renewable energy for its smelting operations.</a> IMFA has signed a binding term sheet with JSW Green Energy One and JSW Green Energy Seven, investing ₹832.6 million (~$9.8 million) in a wind-solar hybrid project that combines 50 MW solar and 100 MW wind. The company will also sign a power purchase agreement as a captive consumer valid for 25 years.</p>
<p><a href="https://www.mercomindia.com/dcm-shriram-to-procure-68-mw-of-renewable-energy-from-jsws-hybrid-project" target="_blank" rel="noopener">Diversified business group DCM Shriram will procure 68 MW of renewable energy from JSW Renew Energy Thirty-Two’s (a special-purpose vehicle of JSW Energy) wind-solar hybrid power project in Kota, Rajasthan</a>. The project will supply power to DCM Shriram’s factories in Kota and is expected to be completed by March 2026. Power procured from the hybrid project will replace 40 MW of coal-based thermal power. DCM Shriram will invest ₹600 million (~$7.06 million) in one or more special purpose vehicles of JSW to set up the wind-solar project for a 26% equity stake. DCM is already sourcing up to 43.8 MW of power from ReNew Power’s wind-solar hybrid project.</p>


Daily News Wrap-Up: CBIC Says No to Warehousing of Imported Solar Modules


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					</table><p>Diversified business group <a href="https://www.dcmshriram.com/" target="_blank" rel="noopener">DCM Shriram Limited</a> has signed two captive power agreements with <a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew Power</a> for the supply of 50 MW of renewable energy from the latter’s two upcoming projects in Bhavnagar, Gujarat.</p>
<p>The power will be supplied to DCM Shriram’s Chlor-alkali production facility in the Bharuch district of the state.</p>
<p>The 50 MW hybrid project is expected to generate about 250 million units of renewable energy annually for DCM Shriram’s Bharuch facility.</p>
<p>ReNew Power will deploy the hybrid project with a total investment of ₹8 billion (~$101 million) with an equity investment of ₹630 million (~$7.49 million) from DCM Shriram.</p>
<p>The transaction is deemed one of India’s largest corporate renewable power supply deals under the operating expenses (OPEX) mode.</p>
<p>The captive power agreements have been signed for 25 years and would mitigate around 225,000 tonnes of carbon emissions every year.</p>
<p>Chairman and Senior Managing Director of DCM Shriram Ajay S. Shriram said, “We as a group are committed to improving our energy footprint, and this is a step in that direction. With a long-term commitment towards ESG (environmental, social, and governance), the Captive Power Agreement for green energy has been signed for 25 years and will mitigate ~2,25,000 tCO2e (carbon emissions) annually.”</p>
<p>Many large and medium commercial and industrial entities are opting to source renewable energy from open access projects to save on their power bills and as part of their commitment to reducing carbon emissions from their operations.</p>
<p>Corporate consumers have <a href="https://mercomindia.com/renew-power-signs-power-purchase-agreements-for-2-gw-of-solar-projects/" target="_blank" rel="noopener">signed</a> agreements with ReNew to trade renewable energy credits or purchase clean energy for 491 MW at tariffs ranging from ₹3.06-₹3.95 (~$4.0-~$5.2)/kWh. The corporates include large US-based global tech majors, Grasim Industries (Aditya Birla Group), and Netmagic (a subsidiary of NTT Communications, Japan). ReNew’s overall corporate portfolio is now over 900 MW, making it one of the largest renewable energy solutions providers for corporates. The assets would be set up in Rajasthan, Maharashtra, and Gujarat.</p>
<p>ReNew Power is also in the process of <a href="https://mercomindia.com/renew-power-acquire-wind-solar-projects/" target="_blank" rel="noopener">acquiring</a> over 500 MW of operating wind and solar assets. Of this, operating wind assets total 471.65 MW and solar assets 56.25 MW, taking the total capacity to 527.9 MW. The acquired assets are spread across eight states with a total enterprise value of around ₹30 billion (~$388 million).</p>


DCM Shriram to Source Power from ReNew’s 50 MW Wind-Solar Hybrid Project in Gujarat

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