The Karnataka Electricity Regulatory Commission (KERC) has recently introduced new regulations for Peer-To-Peer Solar Energy Transactions in Karnataka. These regulations, known as the Peer-to-Peer Solar Energy Transaction Regulations 2024, aim to facilitate the exchange of solar energy between consumers through net or gross metering for solar rooftop photovoltaic (SRTPV) projects. This initiative allows prosumers to sell excess energy directly to other consumers or to distribution licensees if no buyers are available.
One of the key features of these regulations is the use of blockchain or similar platforms to enable transparent and secure P2P energy transactions. Prosumers participating in these transactions are required to comply with KERC standards, follow transparent procedures, and use smart meters for accurate measurement and billing. The regulations also provide for the issuance of further directions for the effective implementation of P2P solar energy transactions in Karnataka.
In another development, JSW Neo Energy Limited has secured a contract from the Solar Energy Corporation of India (SECI) for the supply of 230 MW of firm and dispatchable renewable energy. This contract is part of SECI’s competitive bidding process for a total of 630 MW of firm and dispatchable power from ISTS-connected renewable energy projects. With this new capacity, JSW Energy’s total locked-in generation capacity now stands at 16.4 GW, including 2.3 GW of hybrid capacity.
India’s renewable energy sector continues to grow, with the country’s total installed capacity for solar photovoltaic (PV) energy reaching 85.47 gigawatts (GW) and wind energy capacity at 46.65 GW. The Indian government is actively promoting the development of renewable energy through various measures to incentivize industries to transition from conventional coal-based thermal energy to renewable sources.
In the realm of solar irrigation services, Oorja, a leading provider of solar irrigation services and agricultural advisory for smallholder farmers in India, has secured $1.5 million in Pre-Series A funding. This funding will support Oorja’s expansion efforts and enable the company to reach more farmers with its sustainable agricultural solutions.
Blueleaf Energy, a renewable energy platform backed by Macquarie Asset Management, has achieved financial close for a 200 MW wind-solar hybrid power plant in Madhya Pradesh, India. The project, known as the Pachora Hybrid Power Project, has secured approximately USD 170 million in financing from Axis Bank and is expected to commence commercial operations in 2025.
In a significant development, global impact investors including the International Finance Corporation (IFC), Asian Development Bank (ADB), and Deutsche Investitions- und Entwicklungsgesellschaft (DEG) have collectively invested $275 million into Fourth Partner Energy (FPEL), a leading renewable energy solutions provider in India. This funding will support FPEL’s expansion plans and its goal of building a portfolio of 3.5 GW of renewable energy assets by 2026.
The renewable energy sector in India continues to attract investments and opportunities for growth. From solar power projects to solar irrigation services and grid-connected rooftop solar installations, the country is making significant strides towards a more sustainable and environmentally friendly energy future. As more companies and investors join the renewable energy movement, India’s transition to clean energy sources is well underway.