What sectors does Growthifye cover?

We work across the clean-energy value chain — utility-scale solar and wind, battery energy storage (BESS), power transmission networks, and the green financing structures that fund them.

Do you handle both engineering and financing?

Yes. Our differentiator is combining engineering-led advisory and EPC with an in-house green financing and debt syndication desk, so technical and financial workstreams stay aligned all the way to financial close.

Can you support transmission and grid connection?

Absolutely. We engineer HV substations and transmission lines, run grid connection and evacuation studies, and manage the interface with utilities and grid operators.

What does green financing include?

Sustainability-linked loans, green debt, blended finance and non-recourse project finance — structured, syndicated and negotiated to secure competitive, long-tenor capital.

How do we start working with you?

Share your project or mandate through the contact form or WhatsApp. We'll set up a discovery call and outline a tailored engagement across advisory, engineering, EPC or financing.

All MERC orders

Original order PDF

GROWTHIFYE ONE-PAGER·MERC · Maharashtra·tariff order·Case 229 of 2022·Order dated 2023-03-31

MERC approved final/provisional true-ups (FY19-20 to FY22-23) and set AEML-G's ARR/Tariff at ₹1,845.26 Cr (FY23-24) and ₹1,816.81 Cr (FY24-25), effective 1 April 2023

Petition of Adani Electricity Mumbai Ltd.-Generation for approval of final Truing-up of Aggregate Revenue Requirement (ARR) for FY 2019-20, FY 2020-21 and FY 2021-22, Provisional Truing-up of ARR for FY 2022-23 and determination of revised ARR and Tariff for FY 2023-24 to FY 2024-25

Background · what was sought

AEML-G, operating Dahanu Thermal Power Station (ADTPS) and selling power to AEML-D under a PPA, filed a Mid-Term Review petition seeking final truing-up of ARR for FY2019-20 to FY2021-22, provisional truing-up for FY2022-23, and determination of revised ARR/Tariff for FY2023-24 and FY2024-25 under the 4th MYT Control Period, per MERC's 2015 and 2019 MYT Regulations. Key issues examined included coal costs (domestic and imported), GCV/transit losses, PLF norms, capex delays, forex hedging for imported coal, and PPA extension with AEML-D expiring mid-control period.

What the Commission decided

Approved ARR of ₹1,845.26 Crore for FY2023-24 and ₹1,816.81 Crore for FY2024-25 (against AEML-G's claim of ₹1,908.39 Cr and ₹1,818.73 Cr respectively)
Approved AFC of ₹365.35 Crore for FY2023-24 and ₹376.33 Crore for FY2024-25
Approved Energy Charge of ₹4.017/kWh for FY2023-24 and ₹3.916/kWh for FY2024-25
Computed a Net Revenue Surplus of ₹(47.48) Crore from past periods, to be adjusted in AEML-D's ARR (with carrying cost) rather than AEML-G's standalone AFC
Approved full recovery of AFC as ADTPS availability exceeded the 85% normative threshold; capacity charges to be billed per Regulation 50(A) across High/Low Demand Seasons and Peak/Off-Peak hours as declared by SLDC
Confirmed PPA extension between AEML-G and AEML-D till 15 October 2024 or commissioning of successful RE-RTC bidder, whichever is earlier (per Case No. 32 of 2022)

Way forward agreed by the Commission

AEML-G to appoint a nodal person with a time-bound plan to resolve pending credit/debit note settlements with SECL and report to Commission within 3 months
AEML-G to complete all delayed DPR schemes approved between FY2010-11 and FY2013-14 by end of FY2023-24; no further extensions or capitalisation allowed thereafter
AEML-G to submit detailed analysis of GCV drop in washed coal (below 4000 kcal/kg) at the time of FY2022-23 true-up
AEML-G to justify deviations in actual Fuel Utilisation Plan vs. approved plan at FY2022-23 to FY2024-25 true-up
AEML-G to provide cost-benefit justification for importing coal via Dahej Port vs. Dahanu Port, including contractual liability under Taurus Commodities agreement
AEML-G to segregate CAPEX schemes from R&M expenses strictly per MYT Regulations while presenting future truing-ups

What it means for C&I buyers, OA users & developers

• AEML-D's power procurement cost from AEML-G (embedded generation) is now fixed for FY23-24/24-25, which will feed into AEML-D's retail tariff for Mumbai C&I consumers via ARR pass-through
• PPA extension only till Oct 2024 signals imminent competitive RE-RTC procurement (1000 MW solicited in Case 32/2022), opening avenues for RE/storage developers to bid into AEML-D's future power portfolio
• Past period surplus (₹47.48 Cr) being passed to AEML-D's ARR rather than netted at generation level means consumers should watch AEML-D's subsequent tariff order for the pass-through benefit
• Regulatory scrutiny on delayed capex, forex hedging and coal sourcing sets precedent relevant to other embedded/generation-linked open access arrangements in Mumbai license area

Growthifye take

This is largely a technical true-up/tariff order for a single embedded generator supplying AEML-D, not a broad market or open-access ruling. For C&I buyers, the direct relevance lies in the PPA sunset date (Oct 2024) and the parallel 1000 MW RE-RTC competitive bidding by AEML-D — that process, not this order, is where new procurement and open-access opportunities will emerge. Track AEML-D's ARR filing to see how this generation cost and past surplus flow into retail tariffs.

Growthifye does not take responsibility for the accuracy of this information. Values are compiled from tariff orders published on the websites of State Electricity Regulatory Commissions and distribution licensees (plus CEA / MoP / Grid-India), parsed automatically and shown with their source. Always verify against the signed order before any commercial decision. This one-pager is a Vidura-assisted summary of the official order; the signed order prevails.