SJVN Issues 2.4 MW Rooftop Solar Tender in Arunachal Pradesh

Daily News Wrap-Up: CERC Suggests Wider Over-the-Counter Power Market Scope

Researchers Discover Potential of Hybrid Perovskites to Make Solar Cells

EIB Pledges €1.6 Billion for France-Spain Electricity Interconnection

Industry Says Gap Between Solar Cell and Module Manufacturing Capacity a Concern

HERC Approves Tariff of ₹4.44/kWh for 400 MW of Renewable Power Procurement

GERC Grants 465-Day Extension for 100 MW Wind-Solar Hybrid Power Project

Bihar Regulator Approves Tariffs for 312 MW Wind Power Projects

CERC Proposes Expanding Scope of Over-the-Counter Power Markets

Oben Electric Secures ₹500 Million in Extended Series A Funding


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					</table><p>The Central Electricity Regulatory Commission <a href="https://www.mercomindia.com/cerc-proposes-expanding-scope-of-over-the-counter-power-markets" target="_blank" rel="noopener">proposed</a> amendments to its Power Market Regulations, 2021, to expand the scope of over-the-counter (OTC) power markets. An OTC market is a decentralized marketplace where financial instruments are traded directly between two parties without the use of an intermediary platform. The OTC market now includes delivery-based energy contracts, capacity contracts, renewable energy certificates, contracts related to virtual power purchase agreements, battery energy storage system contracts, and power banking.</p>
<p>The Haryana Electricity Regulatory Commission <a href="https://www.mercomindia.com/herc-approves-tariff-for-400-mw-of-renewable-power-procurement" target="_blank" rel="noopener">approved</a> Haryana Power Purchase Centre’s procurement of 400 MW firm and dispatchable renewable energy from NHPC through interstate transmission system-connected projects with an energy storage system at a tariff of ₹4.44 (~$0.051)/kWh. The Commission also approved a trading margin of ₹0.07(~$0.00081)/kWh.</p>
<p>The Gujarat Electricity Regulatory Commission <a href="https://www.mercomindia.com/gerc-grants-465-day-extension-100-mw-wind-solar-project" target="_blank" rel="noopener">granted</a> a 465-day extension to set up an evacuation line along with bays and a metering system for a 100 MW wind-solar hybrid power project in Gujarat. The Commission accepted that the delays were due to unforeseen and uncontrollable events, such as uncertainty surrounding the designation of the lead generator, delays in vendor approval for gas-insulated substation equipment, and setbacks in obtaining approval for common engineering drawings, which are not attributable to the petitioner.</p>
<p>The Bihar Electricity Regulatory Commission <a href="https://www.mercomindia.com/bihar-regulator-approves-tariffs-for-312-mw-wind-power-projects" target="_blank" rel="noopener">approved</a> the tariffs for 312 MW of wind power projects and the draft power sale agreements to be signed between Bihar State Power Holding Company and SJVN, the intermediary procurer. The wind power will be from interstate transmission system-connected projects, with 200 MW to be procured from NLC India at a discovered tariff of ₹3.74 (~$0.043)/kWh, and 112 MW from Adyant Enersol at a tariff of ₹3.81 (~$0.044)/kWh. The Commission also approved a trading margin of ₹0.07 (~$0.0008)/kWh to be paid to SJVN in addition to the discovered tariffs.</p>
<p>The Rajasthan Electricity Regulatory Commission <a href="https://www.mercomindia.com/rajasthan-approves-tariff-500-mw-bess" target="_blank" rel="noopener">approved</a> the tariffs for 500 MW/1000 MWh standalone Battery Energy Storage Systems. The approved tariffs range from ₹221,000 ($2,561)/MW/month to ₹224,000 ($2,597)/MW/month. The petition was filed by the Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) seeking approval for adopting the tariffs discovered for the standalone BESS project under a tariff-based global competitive bidding process.</p>
<p>Mahatma Phule Renewable Energy and Infrastructure Technology <a href="https://www.mercomindia.com/mahapreit-tenders-500-mw-rooftop-solar-projects-in-five-states" target="_blank" rel="noopener">issued</a> a request for proposal to implement 500 MW of rooftop solar projects at multiple locations in Maharashtra, Goa, Gujarat, Uttar Pradesh, and Andhra Pradesh. The tender has a 50% greenshoe option. The estimated average cost of the projects per MW is ₹37.5 million (~$434,402.25). Bids must be submitted by July 15, 2025. Bids will be opened on July 16. The scope of work entails the design, engineering, finance, supply, installation, testing, and commissioning of the solar projects. It also involves connecting the projects to the existing mains/ACDB and interfacing the internal electrical loads with the distribution licensee’s network and electrical loads.</p>
<p>NHPC <a href="https://www.mercomindia.com/nhpc-invites-bids-for-23-33-mw-rooftop-solar-projects-in-jammu-and-kashmir" target="_blank" rel="noopener">invited</a> bids on behalf of NHPC Renewable Energy to select developers to set up 23.33 MW of rooftop solar power projects on government buildings in Jammu and Kashmir under the Renewable Energy Service Company mode. The last date to submit bids is July 16, 2025. Bids will be opened on July 21. The scope of work entails setting up rooftop solar power projects in 279 buildings of the Departments of Law, Justice &amp; Parliamentary Affairs, Jal Shakti, Irrigation &amp; Flood Control, Forest, Ecology &amp; Environment, and Home in J&amp;K through the Jammu &amp; Kashmir Energy Development Agency.</p>
<p>The Ladakh Power Development Department <a href="https://www.mercomindia.com/ladakh-floats-tender-for-7-mw-9-mwh-solar-plus-battery-energy-storage-system" target="_blank" rel="noopener">issued</a> a request for selection for developing a 7 MW ground-mounted and canal-mounted grid-connected solar project integrated with a 9 MWh battery energy storage system at the 4 MW Stakna Hydel Power Facility site in Leh, Ladakh. Bids must be submitted by July 5, 2025. Bids will be opened on July 7. The scope of work encompasses the engineering, procurement, and construction of the project. It also entails the operation and maintenance of the project for 25 years.</p>
<p>Bengaluru-based electric motorcycle manufacturer Oben Electric <a href="https://www.mercomindia.com/oben-electric-secures-%E2%82%B9500-million-in-extended-series-a-funding" target="_blank" rel="noopener">raised</a> an additional ₹500 million (~$5.8 million) in May 2025 through an extended Series A funding round. The extended round saw participation from new and existing investors, including Helios Holdings, the Sharda family office, and the Kay family. This follows the company’s initial Series A funding of ₹500 million (~$5.8 million) secured in January 2025, increasing the total amount raised in this round to ₹1 billion (~$11.6 million).</p>
<p>Singapore-based Bila Solar officially <a href="https://www.mercomindia.com/bila-solar-begins-solar-module-production-at-indianapolis-plant" target="_blank" rel="noopener">began</a> production of U.S. domestic content modules at its newly launched manufacturing facility in Indianapolis, Indiana. The company said that this step marks its entry into full-scale U.S.-based solar manufacturing, utilizing American-made solar cells to produce high-efficiency panels. It announced its plans to establish a facility to produce 1 GW of advanced, glassless, and frameless solar modules annually in September 2023.</p>
<p>The California Energy Commission <a href="https://www.mercomindia.com/california-approves-4600-mwh-darden-battery-energy-storage-project" target="_blank" rel="noopener">approved</a> the Darden Clean Energy Project’s 4,600 MWh battery energy storage system (BESS) in Fresno County’s western region. The BESS is owned by IP Darden I, a subsidiary of Intersect Power. The project will be established on 9,500 acres of land that is unfit for agricultural production. It will include a 1,150 MW solar system comprising approximately 3.1 million panels.</p>
<p>Yaskawa America, which manufactures solar inverters and industrial robots, is <a href="https://www.mercomindia.com/solar-inverter-firm-yaskawa-america-to-invest-180-million-in-wisconsin-plant" target="_blank" rel="noopener">investing</a> $180 million to expand and consolidate its facilities into a single campus in Franklin, Wisconsin, over the next eight to ten years. The project includes relocating its North American headquarters and training facility from Waukegan, Illinois. In addition to solar inverters for various sectors, such as semiconductors, machine tools, automotive, HVAC, pumping, and oil and gas, Yaskawa America produces motion control devices and AC drives for low- and medium-voltage applications.</p>



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					</table><p>The European Investment Bank (<a href="https://www.eib.org/en/index" target="_blank" rel="noopener">EIB</a>) has pledged €1.6 billion (~$1.84 billion) to finance the construction of the Bay of Biscay electricity interconnection between France and Spain.</p>
<p>This financing will be completed as loans to the Spanish Red Eléctrica and the French RTE Réseau de transport d’électricité transmission-system operators.</p>
<p>The first loan tranche of €1.2 billion (~$1.38 billion) was signed at EIB’s headquarters in Luxembourg. This loan adds to the co-funding of €578 million (~$665.15) for the project under the Connecting Europe Facility.</p>
<p>The project is covered under the ‘Project of Common Interest’ initiative, which includes participation from the EIB, the European Commission, Red Eléctrica, and RTE. The initiative aims to strengthen cross-border electricity interconnections and the overall European energy system.</p>
<p>Inelfe, a joint venture between RTE and Red Eléctrica, is constructing the Bay of Biscay link. It is expected to become operational by 2028. The link is projected to increase the electricity exchange capacity between France and Spain to 5,000 MW, nearly doubling from the current 2,800 MW capacity.</p>
<p>The link will transmit electricity over 400 km between Cubnezais in France and Gatika in Spain. Of the total length, 300 km of the transmission link will be underwater, making it the first submarine electricity interconnection between the two countries.</p>
<p>EIB stated that the project will contribute to the Iberian Peninsula’s progress towards the European Union target of 15% installed production capacity by 2030 for its member states.</p>
<p>Apart from the Bay of Biscay link, the underground link between Baixas in France and Santa Llogaia in Spain, as well as the improvement of the Argia (France)-Hernani (Spain) link, will help enhance the Iberian Peninsula’s interconnection capacity with the rest of Europe.</p>
<p>Last year, a report by energy think tank EMBER Climate <a href="https://www.mercomindia.com/europes-grids-potential-report" target="_blank" rel="noopener">highlighted</a> that many European national grid plans underestimate the potential of wind and solar deployment, posing a significant risk to the seamless integration of renewable energy sources.</p>
<p>In 2023, Europe’s power industry <a href="https://www.mercomindia.com/europes-power-sector-calls-for-ramping-up-aging-grid-infrastructure" target="_blank" rel="noopener">called</a> for an 84% annual increase in investments in aging grid infrastructure over the next 27 years until 2050. The industry stated that the grid infrastructure was ill-suited for accommodating decentralized renewables, electric vehicles and smart grids.</p>



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					</table><p>The Haryana Electricity Regulatory Commission (<a href="https://herc.gov.in/" target="_blank" rel="noopener">HERC</a>) has approved Haryana Power Purchase Centre’s (HPPC) procurement of 400 MW firm and dispatchable renewable energy (FDRE) from <a href="https://www.nhpcindia.com/" target="_blank" rel="noopener">NHPC</a> through interstate transmission system (ISTS)-connected projects with an energy storage system at a tariff of ₹4.44 (~$0.051)/kWh.</p>
<p>The Commission also approved a trading margin of ₹0.07(~$0.00081)/kWh.</p>
<p><strong>Background</strong></p>
<p>NHPC initiated a tariff-based competitive bidding process in March 2024 to select developers to supply 1,200 MW of FDRE in 2024.</p>
<p>The petitioner, HPPC, held a meeting giving in-principle consent to procure 400 MW of FDRE from NHPC at a tariff of ₹4.44 (~$0.051)/kWh. This approval was subject to HERC approval and the signing of the power sale agreements (PSA) by June 15, 2025, to avail a 50% waiver on ISTS charges for 25 years.</p>
<p>The petitioner approached HERC, requesting approval of the draft PSA that had been signed with NHPC.</p>
<p>It also filed an interlocutory application requesting the petition’s urgent listing, submitting that the Ministry of Power stipulated that ISTS charges will be levied for the solar, wind, and hydro-pumped storage projects and battery energy storage systems commissioned on or before June 2025.</p>
<p>The petitioner also emphasized the importance of this procurement in meeting Haryana’s renewable purchase obligation targets, which are set to increase to 43.33% by the financial year 2030. The project is expected to commence within 24 months of the date of signing the power purchase agreement.</p>
<p><strong>Commission’s Analysis </strong></p>
<p>The Commission acknowledged that HPPC will be able to avail the benefit of a waiver of 50% transmission charges for 25 years if the PSA is approved.</p>
<p>It also considered the averments of HPPC that the renewable power offered by NHPC will be at a minimum CUF of 70%, which is equivalent to the plant load factor of a thermal power project.</p>
<p>After considering the urgency highlighted by the petitioner, the Commission approved the draft PSA and the tariff of ₹4.44 (~$0.051)/kWh.</p>
<p>It also approved the trading margin of ₹0.07 (~$0.00081)/kWh, noting that it is in line with the Ministry of Power guidelines.</p>
<p>Recently, HERC <a href="https://www.mercomindia.com/haryana-releases-deviation-settlement-mechanism-regulations" target="_blank" rel="noopener">issued</a> regulations on the Deviation Settlement Mechanism and related matters. Stakeholders can submit their feedback by February 11, 2025.</p>
<p>Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.</p>



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					</table><p>Bengaluru-based electric motorcycle manufacturer <a href="https://obenelectric.com/" target="_blank" rel="noopener">Oben Electric</a> has raised an additional ₹500 million (~$5.8 million) in May 2025 through an extended Series A funding round.</p>
<p>The extended round saw participation from new and existing investors, including <a href="https://helioscapital.in/" target="_blank" rel="noopener">Helios Holdings</a>, the Sharda family office, and the Kay family.</p>
<p>This follows the company’s initial Series A funding of ₹500 million (~$5.8 million) secured in January 2025, increasing the total amount raised in this round to ₹1 billion (~$11.6 million).</p>
<p>Oben Electric’s overall capital raised to date has reached ₹2 billion (~$23.2 million).</p>
<p>The company stated that the fresh funding will be used to accelerate its expansion plans, develop new products, and scale its manufacturing capabilities.</p>
<p>Oben Electric employs a vertically integrated approach, developing key electric vehicle components, including the lithium-iron-phosphate battery, motor, and vehicle control unit, in-house.</p>
<p>It plans to expand its retail footprint to over 150 showrooms across more than 50 cities by the end of the financial year 2026. The company will focus on product development through the introduction of its new ‘O100’ platform, aimed at delivering electric motorcycles priced below ₹100,000 (~$1,160).</p>
<p>The company also plans to expand its production infrastructure within its existing facility in Bengaluru and enhance its after-sales service network.</p>
<p>Following its initial Series A raise in January, Oben Electric expanded its reach to 37 retail outlets across 26 cities in 13 states. These included markets such as Punjab, Gujarat, Madhya Pradesh, Telangana, Uttar Pradesh, Chhattisgarh, and Odisha.</p>
<p>Electric vehicle sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-q1-2025" target="_blank" rel="noopener">reached</a> 514,198 units in the first quarter of 2025, representing an increase of over 3% year-over-year compared to the 499,930 units sold in the same period in 2024.</p>
<p>In May this year, the Ministry of Heavy Industries <a href="https://www.mercomindia.com/mhi-mandates-100-dcr-requirement-for-18-ev-components-under-pm-e-drive" target="_blank" rel="noopener">mandated</a> a 100% domestic content requirement for 18 EV components under the two-wheeler, three-wheeler, and e-buses segments to avail of a subsidy under the PM E-Drive program.</p>



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					</table><p>Taking the green route, four companies from the textile and ceramic industries have cumulatively <a href="https://www.mercomindia.com/four-textile-and-ceramic-companies-save-%E2%82%B9152-million-in-a-year-by-going-solar" target="_blank" rel="noopener">saved</a> ₹152.26 million (~$1.7 million) since 2024 by procuring power from a 21.5 MW solar project. With the volatility of energy prices, these energy-intensive companies sought ways to reduce their energy costs. Due to the challenges involved in procuring power from open-access power projects, textile manufacturers Omax Cotspin and Fiotex Cotspin, and ceramic companies Agritex Enterprises and Antique Marbonite decided to procure power from a group captive power project at Soladi village in Gujarat.</p>
<p>Power transmission service providers <a href="https://www.mercomindia.com/utilities-blame-high-intensity-winds-for-transmission-tower-failures" target="_blank" rel="noopener">identified</a> high wind speeds caused by climate change events as one of the main reasons for recurring transmission tower failures in India. In all, there were 76 extra-high-voltage (EHV) transmission line tower failures across 28 transmission lines, including 220 kV, 400 kV, and 765 kV AC lines, in 2024, as reported by 12 public and private power utilities, such as Power Grid Corporation of India, NTPC, and Adani Transmission. EHV and ultra-high voltage lines are crucial for the evacuation of renewable energy over long distances and across states.</p>
<p>The Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-invites-proposals-to-promote-circularity-in-solar-and-battery-technologies" target="_blank" rel="noopener">invited</a> proposals under the ‘Innovation Challenge for Circularity in Renewable Energy Technologies – Batteries and Solar Photovoltaic.’ The challenge will focus on design and manufacturing innovations that promote circularity, facilitating easy dismantling and waste segregation, resource efficiency, the use of alternative materials, chemicals, and technologies for manufacturing, and the manufacture of products from recycled materials.</p>
<p>Austria-headquartered technology group ANDRITZ <a href="https://www.mercomindia.com/andritz-bags-order-adani-green-pumped-storage" target="_blank" rel="noopener">secured</a> an order from Adani Green Energy to supply pump turbines, motor generators, and other electromechanical equipment for the 1,500 MW Tarali pumped storage project in Satara, Maharashtra. ANDRITZ will be responsible for the design, manufacture, installation, testing, and commissioning of the pumped storage units, along with their associated auxiliary systems.</p>
<p>Mazagon Dock Shipbuilders, a public sector undertaking under the Ministry of Defence, <a href="https://www.mercomindia.com/mazagon-shipbuilders-issues-om-tender-for-1-85-mw-rooftop-solar-projects" target="_blank" rel="noopener">issued</a> a tender for the operation and maintenance of rooftop solar projects with a cumulative capacity of 1.85 MW spread across its premises in Mumbai. The O&amp;M contract is structured as a bi-annual rate agreement. Bids must be submitted by July 7, 2025. Bids will be opened on July 9. The scope of work includes the supply, installation, and commissioning of spare parts essential for rooftop solar installations. It also involves monthly cleaning, preventive and corrective maintenance conducted twice every month, and timely supply and installation of the spare parts such as inverters (25 kW, 30 kW, 50 kW), mono and polycrystalline modules, MC4 connectors, DC cables, chlorinated polyvinyl chloride pipes, water tanks, DCDB/AJB junction boxes, pumps, elbows, and hose pipes.</p>
<p>REC Power Development and Consultancy <a href="https://www.mercomindia.com/recpdcl-invites-bids-to-evacuate-2-gw-of-power-from-solar-park-in-tumkur" target="_blank" rel="noopener">issued</a> a request for proposal for developing a 2,000 MW intrastate transmission system to evacuate power from a proposed solar park at Ryapte village in Tumkur district, Karnataka. Bids must be submitted by August 12, 2025. Bids will be opened on the same date. The scope of work involves the development of two 400/220 kV substations at Ryapte and Doddathaggalli (near Hoskote), and multiple associated 400 kV and 220 kV double-circuit transmission lines. It also involves the establishment of terminal bays at the existing substations at Kolar, Malur, Ekarajapura, Hosakote New, and Sarjapura.</p>
<p>Decarbonization solutions company ReNew <a href="https://www.mercomindia.com/higher-solar-module-sales-propel-renews-net-profit-up-415-in-q4-fy-2025" target="_blank" rel="noopener">reported</a> a 415% year-over-year increase in net profit to ₹3.14 billion (~$36.48 million) in the fourth quarter of the financial year 2024-25, from ₹609 million (~$7.07 million). The company attributed the increase in net profit to higher operating revenues, external sales of its solar modules and cells, and a lower tax incidence. However, the rise was partially offset by higher scale-linked financing costs and depreciation, including costs associated with external sales from module and cell manufacturing operations, as well as lower resource availability.</p>


Daily News Wrap-Up: Solar Helps Textile and Ceramic Firms Save ₹152 Million Yearly


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-voltfang-secures-17-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Voltfang, an energy storage solutions provider, </strong><a href="https://mercomcapital.com/energy-storage-provider-voltfang-secures-17m-series-b-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> €15 million (~$17 million) in a Series B funding</strong> round led by Dutch investor FORWARD.One. With this new funding, Voltfang aims to scale its production capacities and deliver an additional 250 MWh of sustainable battery storage across Europe by the end of 2026. The company will also continue developing its AI-integrated energy management system, Venma.</p>
<p><strong>NTPC has raised an </strong><a href="https://www.mercomindia.com/ntpc-raises-750-million-via-external-commercial-borrowing" target="_blank" rel="noopener"><strong>unsecured</strong></a><strong> $750 million via an external commercial borrowing syndicated term loan facility.</strong> This loan will include a base issue of $500 million and a greenshoe option of $250 million, with a door-to-door tenor of 10 years and an average maturity of seven years. The proceeds will be utilized towards financing NTPC’s capital expenditure for existing or new capacity addition programs.</p>
<p><strong>Indian Renewable Energy Development Agency, has </strong><a href="https://www.mercomindia.com/ireda-20-billion-qualified-institutional-placement" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹20.06 billion (~$234.71 million) through qualified institutional placement (QIP) of shares</strong>. The company issued a total of 121,466,562 equity shares at a price of ₹165.14 (~$1.93) per share, which includes a premium of ₹155.14 (~$1.82). The issue price was set at a 5% discount, or ₹8.69 (~$0.10), on the floor price. Among the participants, the Life Insurance Corporation of India emerged as the largest investor in the QIP.</p>
<p><strong>KKR, a global investment firm, has signed definitive agreements to </strong><a href="https://mercomcapital.com/kkr-to-acquire-independent-power-producer-zenith-energy/" target="_blank" rel="noopener"><strong>acquire</strong></a><strong> Zenith Energy, an independent power producer</strong>, from a consortium that includes Pacific Equity Partners, OPSEU Pension Trust, and Foresight Group. According to the agreements, Zenith’s founder and management will retain a minority stake in the company. The transaction is expected to close in late 2025, subject to customary regulatory approvals.</p>
<p><strong>Exagon Impact Capital, a private equity firm, announced that it has </strong><a href="https://mercomcapital.com/exagon-impact-capital-acquires-controlling-stake-in-sunroof/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> a controlling stake in SunRoof</strong>, a Latin American renewable energy platform, through its inaugural fund, Exagon Latin America Fund I (XLA I). SunRoof is a clean energy provider serving commercial and industrial clients through solar and battery storage solutions. With this acquisition, the XLA I portfolio is expected to strengthen its presence in Latin America’s middle-market renewable energy sector.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-hybrid-energy-storage-solutions-raises-funding" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Voltfang Secures $17 Million


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					</table><p>Indian solar module and cell exports <a href="https://www.mercomindia.com/indias-solar-exports-up-26-imports-surge-80-2-qoq-in-q1-2025" target="_blank" rel="noopener">increased</a> 26.1% quarter-over-quarter to $267.6 million (~₹23.1 billion) in the first quarter of 2025 from $212.2 million (~₹17.92 billion), according to recent data published by the Department of Commerce. However, module and cell exports declined 59.9% year-over-year to $666.7 million (~₹55.37 billion). Solar exports in the quarter were dominated by photovoltaic modules, which accounted for 98.7% of the total shipments, while solar cells made up the remaining 1.3%.</p>
<p>The National Capital Region Transport Corporation <a href="https://www.mercomindia.com/ncr-transport-corporation-tenders-3-mw-rooftop-solar-projects" target="_blank" rel="noopener">invited</a> bids to set up 3 MW rooftop solar projects in the Delhi–Ghaziabad–Meerut Namo Bharat Corridor. Bids must be submitted by July 14, 2025. Bids will be opened on July 15. The scope of work entails the design, engineering, supply, installation, testing, and commissioning of the solar projects. It also involves providing comprehensive operation and maintenance services for 25 years.</p>
<p>REMCL, a joint venture between the Ministry of Railways and Rail India Technical and Economic Service, <a href="https://www.mercomindia.com/remcl-floats-tender-for-1-25-mw-rooftop-solar-projects-in-maharashtra" target="_blank" rel="noopener">invited</a> bids to set up a cumulative 1.25 MW of rooftop solar projects at four railway stations in Maharashtra. These projects will be set up at the Mira Road (120 kW), Neral (465 kW), Virar (475 kW), and Palghar (190 kW) railway stations. Bids must be submitted by July 4, 2025. Bids will be opened on July 7. The scope of work entails the design, engineering, supply, construction, erection, testing, and commissioning of the solar projects. It also covers operation and maintenance for five years.</p>
<p>With a growing push for renewable energy <a href="https://www.mercomindia.com/karnataka-farm-products-cooperative-sales-unit-turns-to-solar-saves-big" target="_blank" rel="noopener">adoption</a> in India, it is not only commercial and industrial units that are turning to solar energy, but also businesses in the agricultural sector. One such example is the supermarket of Tota Utpannagala Marata Sahakara Sangha Niyamith (TUMCOS) in Channagiri, Davanagere district, Karnataka. TUMCOS is a cooperative society that helps farmers market their farm produce, like areca nut and pepper, at its sales outlets.</p>


Daily News Wrap-Up: India’s Solar Exports Rise 26% in Q1 2025


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					</table><p>Torrent Green Energy (Torrent Power) <a href="https://www.mercomindia.com/torrent-green-energy-wins-secis-400-mw-wind-auction" target="_blank" rel="noopener">won</a> Solar Energy Corporation of India’s auction to set up 600 MW interstate transmission system-connected wind power projects under Tranche XVIII. Torrent Power has won 300 MW at a tariff of ₹3.97 (~$0.046)/kWh. The tender was floated in March 2025 for 400 MW, which was later increased to 600 MW. Out of the total 600 MW capacity that was tendered, only 300 MW was awarded because the total eligible bids received were significantly lower than the floated capacity.</p>
<p>The Ministry of New and Renewable Energy (MNRE) <a href="https://www.mercomindia.com/mnre-revises-guidelines-for-installation-of-prototype-wind-turbines" target="_blank" rel="noopener">issued</a> guidelines setting the validity of the prototype certificate for a wind turbine at three years. The guidelines include a framework for installing prototype wind turbine models. They will apply to all wind turbine manufacturers in India and will be implemented by the National Institute of Wind Energy, Chennai.</p>
<p>The Central Electricity Regulatory Commission (CERC) <a href="https://www.mercomindia.com/cerc-approves-tariffs-for-secis-600-mw-wind-solar-hybrid-projects" target="_blank" rel="noopener">approved</a> tariffs of ₹3.25 (~$0.037)/kWh and ₹3.26 (~$0.038)/kWh for Solar Energy Corporation of India’s (SECI) 600 MW interstate transmission system-connected wind-solar hybrid power projects (Tranche IX). CERC, however, refused to award a trading margin of ₹0.07 (~$0.008)/kWh. It stated that since the awarded capacity had not yet been tied up, the trading margin would be determined according to the power sale agreement that would be signed between SECI and the distribution licensees.</p>
<p>The Rajasthan Electricity Regulatory Commission <a href="https://www.mercomindia.com/rajasthan-issues-draft-intrastate-transmission-system-connectivity-regulations" target="_blank" rel="noopener">issued</a> a draft procedure for granting connectivity to the intrastate transmission system. The procedure, which governs access to the intrastate transmission system at 33 kV and above, applies to all entities, whether seeking new connections or modifying existing ones. The procedure is issued in accordance with Regulation 17 of the Rajasthan Electricity Regulatory Commission (Rajasthan Electricity Grid Code) Regulations, 2024.</p>
<p>Kerala’s Agency for New and Renewable Energy Research and Technology (ANERT) <a href="https://www.mercomindia.com/anert-invites-proposals-for-green-energy-demonstration-projects" target="_blank" rel="noopener">invited</a> expressions of interest for demonstration projects in green hydrogen, smart energy, and industrial decarbonization. Bids must be submitted by June 18, 2025. ANERT will shortlist and communicate the selection by June 20.</p>
<p>SECI <a href="https://www.mercomindia.com/seci-tenders-2-gw-solar-projects-with-4-gwh-energy-storage-systems" target="_blank" rel="noopener">issued</a> a request for selection to set up 2,000 MW interstate transmission system (ISTS)-connected solar projects, along with 1,000 MW/4,000 MWh energy storage systems. Bids must be submitted by July 22, 2025. Bids will be opened on July 25. Selected bidders must set up a transmission network up to the interconnection/ delivery point for the project. They must identify the land, install the project, ensure its ownership, and obtain connectivity, approvals, and interconnection with the ISTS network.</p>


Daily News Wrap-Up: Torrent Power Wins SECI’s 600 MW Wind Auction


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					</table><p>The <strong>African Development Bank Group (AfDB)</strong> <a href="https://www.afdb.org/en/news-and-events/press-releases/egypt-african-development-bank-provide-1841-million-africas-largest-solar-energy-and-battery-storage-project-84504" target="_blank" rel="noopener">approved</a> a financing package of up to $184.1 million to support the 1 GW Obelisk solar project in <strong>Egypt</strong>’s Qena Governorate. This project will also include a 200 MWh battery energy storage system. With a total investment exceeding $590 million, the Obelisk project will be the largest solar project in Africa. The financing includes $125.5 million from AfDB’s resources, $20 million from the <strong>Sustainable Energy Fund for Africa</strong>, $18.6 million from the <strong>Canada-AfDB Climate Fund</strong>, $20 million from the <strong>Clean Technology Fund</strong>, and additional support from other development finance institutions.</p>
<p><strong>Dubai Electricity and Water Authority (DEWA) </strong><a href="https://www.aninews.in/news/world/middle-east/uae-dewa-adds-800mw-of-clean-energy-production-capacity-to-its-energy-mix-in-202520250609193438/" target="_blank" rel="noopener">announced</a> that the Mohammed bin Rashid Al Maktoum Solar Park’s total production capacity has increased to 3,860 MW following the addition of 800 MW under its sixth phase in 2024. The park now contributes 21.5% of DEWA’s total energy mix through solar and concentrated solar power technologies. By 2030, the solar park’s capacity is projected to reach 7,260 MW.</p>
<p><strong>GameChange Solar</strong> <a href="https://www.prnewswire.com/ae/news-releases/gamechange-solar-secures-450-mwp-order-for-green-ammonia-project-in-oman-302478911.html" target="_blank" rel="noopener">secured</a> a contract from <strong>ACME Greentech Ventures FZCO</strong> to supply its Genius Tracker 1P Single Row system for a 450 MWp solar project in Duqm, <strong>Oman</strong>. The solar installation will power ACME’s green hydrogen and ammonia production facilities. The project spans 92 sq km and is being developed in phases. Phase 1 aims to produce 100,000 tons of green ammonia annually, while future phases will scale up to 71,000 tons of green hydrogen and 400,000 tons of green ammonia per year. The facility’s full capacity targets 0.9 million tons of green ammonia annually.</p>
<p>China-based company <strong>Tinci Materials Technology</strong> <a href="https://northafricapost.com/87910-chinese-company-tinci-chooses-morocco-to-build-a-280-million-battery-electrolyte-plant.html" target="_blank" rel="noopener">announced</a> a $280 million investment to establish a battery electrolyte and raw materials plant in Jorf Lasfar, <strong>Morocco</strong>. The facility will produce 150,000 tons of battery electrolytes and key components, such as lithium hexafluorophosphate, annually for the global electric vehicle market. The Moroccan government supports the project through incentives and subsidies.</p>


MENA Weekly Roundup: AfDB Approves $184 Million for Solar Project in Egypt


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					</table><p>Kerala’s Agency for New and Renewable Energy Research and Technology (<a href="https://anert.gov.in/" target="_blank" rel="noopener">ANERT</a>) has invited expressions of interest for demonstration projects in green hydrogen, smart energy, and industrial decarbonization.</p>
<p>Bids must be submitted by June 18, 2025. ANERT will shortlist and communicate the selection by June 20.</p>
<p>Selected projects must focus on the following areas of thematic interests:</p>
<p><strong>Green Hydrogen Technologies </strong></p>
<ul>
<li>Hydrogen production from renewable energy sources, such as electrolysis, biomass, and biogas</li>
<li>Hydrogen storage, transportation, and distribution infrastructure</li>
<li>End-use applications such as hydrogen mobility (buses, trucks, vessels, aviation), power generation, or hydrogen blending for industrial use</li>
<li>System integration solutions involving hybrid renewable energy and hydrogen</li>
</ul>
<p><strong>Smart Energy Systems</strong></p>
<ul>
<li>AI-based grid or energy optimization tools</li>
<li>Digital twin applications for system control and simulation</li>
<li>Blockchain-enabled energy traceability or transactions</li>
<li>Virtual power projects and distributed energy orchestration</li>
<li>Electric vehicle-grid response systems and rail-to-grid energy storage models</li>
<li>Intelligent converters and demand-side automation technologies</li>
</ul>
<p><strong>Industrial Decarbonization</strong></p>
<ul>
<li>Low-carbon fuels and electrification of industrial heat</li>
<li>Integration of renewable energy in energy-intensive sectors</li>
<li>Circular economy models such as waste-to-fuel or waste heat recovery</li>
<li>Efficient energy management systems for manufacturing and processing units</li>
<li>Clean transition of industrial clusters or micro, small, and medium enterprises through shared infrastructure</li>
</ul>
<p><strong>Hybrid and Integrated Demonstrations</strong></p>
<ul>
<li>Combined applications of renewable energy and hydrogen for logistics, ports, or agriculture</li>
<li>Multi-utility demonstration zones integrating storage, renewable energy, and green fuels</li>
<li>Community-scale pilot models with replication potential</li>
</ul>
<p>Selected bidders can apply for external funding, capped at 50%.</p>
<p>The projects will be funded under two categories based on total project size, the level of external support sought, and the co-funding commitments expected from ANERT and the project developers:</p>
<ul>
<li>Projects costing up to $10 million (~₹861.82 million) will be allowed external funding of up to $5 million (~₹430.72 million). The remaining cost will be shared between ANERT and the project developer, with the agency’s share ranging from 20% to 50%</li>
<li>Projects costing up to $40 million (~₹3.44 billion) will be allowed external funding of up to $20 million (~₹1.72 billion). The remaining cost will be shared between ANERT and the project developer, with the agency’s share capped at 20%</li>
</ul>
<p>ANERT’s share in project costs can increase to between 60% and 70% if the project is expected to have a wide-ranging impact and is considered an important asset for Kerala or the country.</p>
<p>Bidders must be Indian entities with the technical, financial, and institutional capacity to implement late-stage demonstration projects in the domains of clean energy, green hydrogen, or industrial decarbonization.</p>
<p>Bidders must also fulfill the following criteria:</p>
<ul>
<li>Bidders must be either private companies, public sector undertakings, research institutions, or consortiums. Bidders, or the leading entity in consortiums, must have at least three years of operational history as of the bid submission date</li>
</ul>
<ul>
<li>Proposed projects must have a minimum technology readiness level of 6. This level would indicate that the project solution is beyond laboratory validation and ready for real-world demonstration in operational environments</li>
</ul>
<ul>
<li>Bidders must propose projects with a clear implementation pathway with identified sites, local partnerships, and preliminary regulatory clarity. Projects demonstrating readiness for deployment within a reasonable timeframe will be preferred</li>
</ul>
<ul>
<li>Bidders must possess, or demonstrate access to, technical and managerial capabilities necessary for project execution, directly or through confirmed partnerships</li>
</ul>
<ul>
<li>Bidders must include a co-funding plan in their proposals, along with indicative commitments from themselves and/or their collaborators. Proposals with external funding will not be considered</li>
</ul>
<ul>
<li>Bid proposals must clearly outline the intended impact, scalability, and relevance to Kerala or India’s clean energy transition, along with environmental and social safeguards</li>
</ul>
<p>Recently, the National Institute of Solar Energy <a href="https://www.mercomindia.com/nise-issues-eoi-for-defining-tender-terms-for-green-hydrogen-facility" target="_blank" rel="noopener">invited</a> proposals to define the scope and draft the tender terms and conditions for the operation and maintenance of its green hydrogen generation, storage, and refueling facility in Gurugram, Haryana.</p>
<p>Earlier, the Ministry of New and Renewable Energy and the European Union’s Trade and Technology Council <a href="https://www.mercomindia.com/mnre-eu-trade-council-call-for-proposals-on-waste-to-green-hydrogen-projects" target="_blank" rel="noopener">invited</a> bids to generate renewable hydrogen from agricultural, forest, and industrial biogenic waste.</p>


ANERT Invites Proposals for Green Energy Demonstration Projects


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					</table><p>Large-scale solar project costs in India <a href="https://www.mercomindia.com/average-cost-of-large-scale-solar-projects-rose-marginally-in-q1-2025" target="_blank" rel="noopener">increased</a> for the second consecutive quarter, according to Mercom’s Q1 2025 India Solar Market Update, average project costs rose 3% quarter-over-quarter and 1% year-over-year. The average selling price of Indian-made DCR-compliant modules increased in Q1 2025, fueled by strong demand from government programs like PM Surya Ghar and PM KUSUM and rising component costs. With developers scrambling to secure limited production slots, pricing pressure increased further. Meanwhile, non-DCR module prices declined slightly due to a correction following last quarter’s surge, primarily driven by anti-dumping duties on solar glass and aluminum frames.</p>
<p>The Ministry of Power <a href="https://www.mercomindia.com/power-ministry-proposes-sale-lease-renting-of-energy-storage-systems" target="_blank" rel="noopener">proposed</a> an amendment to the Electricity Rules 2025 to permit the sale, lease, and renting of energy storage systems (ESS). The Ministry invited comments on the draft amendment from stakeholders to be sent by July 10, 2025. The amendment provides a wider regulatory framework for ESS in India to introduce it as an independent energy infrastructure. ESS can be utilized either as an independent project or as part of a generation, transmission, or distribution system. It can also be developed, owned, leased, or operated by a generating company or a transmission, or a distribution licensee.</p>
<p>The Ministry of Power is <a href="https://www.mercomindia.com/india-plans-530-billion-ultra-high-voltage-ac-transmission-system-by-2034" target="_blank" rel="noopener">enhancing</a> India’s power transmission infrastructure with an ultra-high voltage alternating current transmission system. Nine 1,100 kV lines and ten substations have been identified for development by 2034, with an investment of ₹530 billion (~$6.2 billion). The Central Power Research Institute is developing the system’s testing facilities, according to Power Minister Manohar Lal.</p>
<p>Mercom India is <a href="https://www.mercomindia.com/low-cost-clean-energy-solutions-to-help-ci-businesses-become-sustainable" target="_blank" rel="noopener">hosting</a> the fourth edition of its ‘C&amp;I Clean Energy Meet’ in Coimbatore, Tamil Nadu, on June 13, 2025. Registration for the day-long event will start at 9:30 AM at the Welcomhotel by ITC Hotels. These clean energy meets aim to educate commercial and industrial energy consumers on the adoption of clean energy to reduce costs and make their operations sustainable. As a major industrial hub and textile capital, Coimbatore is witnessing an increase in rooftop solar installations.</p>
<p>Solar engineering, procurement, and construction firm SEPC <a href="https://www.mercomindia.com/sepc-bags-133-mw-solar-epc-contract-in-maharashtra" target="_blank" rel="noopener">received</a> a letter of award from Parmeshi Urja for the EPC of 133 MW of solar projects under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) program in Maharashtra. The contract value for the works is ₹6.5 billion (~$76 million). In September 2024, Parmeshi Urja, a subsidiary of India Power, won the auction to develop the same 133 MW project across four districts in Maharashtra. The project originated from a tender floated by MSEB Solar Agro Power, a wholly owned subsidiary of the Maharashtra State Electricity Board Holding Company, in January 2024.</p>
<p>The West Bengal Power Development Corporation <a href="https://www.mercomindia.com/west-bengal-floats-om-tender-for-10-mw-solar-projects" target="_blank" rel="noopener">invited</a> bids for biennial operation and maintenance of 10 MW ground-mounted solar power projects at the Sagardighi Thermal Power Project for two years. Bids must be submitted by July 9, 2025. Bids will be opened on July 11. The scope of work entails daily solar module washing, removal of ground faults and any other faults to ensure 100% project availability, and monitoring of string current, ambient temperature, and wind speed on an hourly basis. It also covers checking for defects at night before the start of solar hours.</p>
<p>NHPC <a href="https://www.mercomindia.com/nhpc-issues-tender-for-2-5-mw-rooftop-solar-projects-in-nagaland" target="_blank" rel="noopener">issued</a> a request for proposal for setting up 2.56 MW rooftop solar projects at various government buildings in Nagaland. Bids must be submitted by July 11, 2025. Bids will be opened on July 13. The scope of work includes the design, engineering, component procurement and supply, erection, and commissioning of the solar projects.  It also entails obtaining all the project permits and licenses. Selected bidders must provide net metering and obtain a no-objection certificate for the projects’ grid connectivity, if required. They must also ensure synchronization with the existing distribution network grid at the project locations. Only modules from the Approved List of Models and Manufacturers of a minimum 500 W capacity must be used in the projects.</p>
<p>NTPC <a href="https://www.mercomindia.com/ntpc-raises-750-million-via-external-commercial-borrowing" target="_blank" rel="noopener">raised</a> an unsecured $750 million via an external commercial borrowing syndicated term loan facility. This loan will include a base issue of $500 million and a greenshoe option of $250 million, with a door-to-door tenor of 10 years and an average maturity of seven years. The proceeds will be utilized towards financing NTPC’s capital expenditure for existing or new capacity addition programs, including flue gas desulphurization projects, renewable energy projects, and refinancing of existing external commercial borrowing for capital expenditure purposes. Bank of Baroda acted as the transaction’s mandated lead arranger and underwriter of the transaction. HDFC Bank was the mandated lead arranger and bookrunner for the greenshoe portion of the transaction. The deal was executed through the IFSC banking units of Bank of Baroda and HDFC Bank in GIFT City, Gandhinagar.</p>
<p>U.S.-based energy storage firm Powin and its eight other subsidiaries <a href="https://www.mercomindia.com/energy-storage-firm-powin-and-its-subsidiaries-file-for-bankruptcy-in-new-jersey" target="_blank" rel="noopener">filed</a> for Chapter 11 bankruptcy protection in New Jersey. The company and its subsidiaries, PEOS Holdings, Powin China Holdings 1 and 2, Charger Holdings, Powin Energy Ontario Storage, Powin Energy Operating Holdings, Power Energy Operating, and Powin Project, list estimated assets and liabilities ranging from $100 million to $500 million. Powin’s creditors include Ace Engineering, Qingdao CIMC-POWIN New Energy Technology, Contemporary Amperex Technology, Celestica, Clean Energy Services CES, Formosa Electronic Industries, among others.</p>
<p>Hit by multiple macroeconomic challenges, U.S. residential solar fintech and energy-efficient home improvement platform Solar Mosaic <a href="https://www.mercomindia.com/clean-energy-lender-solar-mosaic-files-for-bankruptcy" target="_blank" rel="noopener">filed</a> for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. The company aims to complete its restructuring and recapitalization through this filing. Solar Mosaic stated that its capital flows had been impacted by challenges, including high interest rates and legislation that threatened to remove residential solar tax credits. The company determined that a court-supervised restructuring and recapitalization process was the best option to maintain its loan servicing platform, achieve a full sale and marketing process for its assets, and maximize value for its stakeholders.</p>


Daily News Wrap-Up: Utility Solar Project Costs Up Slightly in Q1 2025


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					</table><p><a href="https://ntpc.co.in/" target="_blank" rel="noopener">NTPC</a> has raised an unsecured $750 million via an external commercial borrowing syndicated term loan facility. This loan will include a base issue of $500 million and a greenshoe option of $250 million, with a door-to-door tenor of 10 years and an average maturity of seven years.</p>
<p>The proceeds will be utilized towards financing NTPC’s capital expenditure for existing or new capacity addition programs, including flue gas desulphurization projects, renewable energy projects, and refinancing of existing external commercial borrowing for capital expenditure purposes.</p>
<p>Bank of Baroda acted as the transaction’s mandated lead arranger and underwriter of the transaction. HDFC Bank was the mandated lead arranger and bookrunner for the greenshoe portion of the transaction. The deal was executed through the IFSC banking units of Bank of Baroda and HDFC Bank in GIFT City, Gandhinagar.</p>
<p>Jaikumar Srinivasan, Director (Finance) NTPC, stated that the public sector undertaking is expanding its energy portfolio to achieve 60 GW of renewable capacity by 2032 and increase its total installed capacity from 80 GW to over 130 GW.</p>
<p>NTPC’s renewable energy arm, NTPC REL, has an installed capacity of 703 MW, comprising 653 MW of solar power and 50 MW of wind power. It had estimated a capacity addition of around 15 GW by the end of the financial year 2025. About 10 GW of renewable energy capacity is under various stages of tendering.</p>
<p>This financing comes at a time when corporate funding in the solar and energy storage sectors is struggling globally. Solar companies secured $4.8 billion in corporate funding in 39 deals in the first quarter (Q1) of 2025, a 41% year-over-year decrease from $8.2 billion raised in 42 deals, according to Mercom Capital Group’s <a href="https://mercomcapital.com/product/q1-2025-solar-funding-ma-report/" target="_blank" rel="noopener">Q1 2025 Solar Funding and M&amp;A Report.</a></p>
<p>NTPC Green Energy’s ₹100 billion (~$1.19 billion) initial public offering was <a href="https://www.mercomindia.com/ntpc-green-energy-ipo-oversubscribed" target="_blank" rel="noopener">oversubscribed</a> 2.42 times at the end of the bidding window on November 22, 2024.</p>


NTPC Raises $750 Million via External Commercial Borrowing


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					</table><p>The <a href="https://powermin.gov.in/" target="_blank" rel="noopener">Ministry of Power</a> is enhancing India’s power transmission infrastructure with an ultra-high voltage alternating current transmission (UHV AC) system. Nine 1,100 kV lines and ten substations have been identified for development by 2034, with an investment of ₹530 billion (~$6.2 billion).</p>
<p>The Central Power Research Institute is developing the system’s testing facilities, according to Power Minister Manohar Lal.</p>
<p>Power evacuation infrastructure in India has <a href="https://www.mercomindia.com/renewable-capacity-growth-severely-hit" target="_blank" rel="noopener">lagged</a> behind the pace of solar and wind energy capacity additions. Several transmission projects have been delayed due to challenges from right-of-way (RoW) issues, land acquisition, litigation, and securing forest, wildlife and tree-cutting approvals.</p>
<p>According to the Central Electricity Authority (CEA), delays due to implementation challenges on the ground have stretched timelines of transmission projects for up to 24 months to over five years in some cases.</p>
<p>Minister Lal said the government has increased compensation for land used for transmission lines to ease the RoW issues. Tower area compensation has gone up from 85% to 200% of the land value and from 15% to 30% for the RoW to directly link land value to market rates.</p>
<p>Haryana and Delhi had already adopted the new guidelines issued on March 21, 2025, he told a press conference.</p>
<p>In a move to attract more private investment and ensure financial discipline, the Late Payment Surcharge (LPS) Rules have been expanded to include intrastate transmission systems.  This crucial reform, previously applied only to interstate transmission systems, aims to expand the transmission networks within states to integrate higher levels of renewable energy.</p>
<p>The government had also expanded the Late Payment Scheme Rules to include intra-state transmission system networks, aiming to attract increased private investment. The expansion aims to have these networks absorb renewable energy, he said.</p>
<p>Lal said India successfully met its peak power demand of 241 GW on June 9, 2025.</p>
<p>The CEA has <a href="https://www.mercomindia.com/india-braces-for-sizzling-summer-power-demand-to-peak-to-270-gw" target="_blank" rel="noopener">predicted</a> India’s peak demand to touch 270 GW in 2025.</p>
<p>The Minister stated that India added 34 GW of energy generation capacity during 2024-2025, the country’s highest ever. Renewable energy accounted for 29.5 GW of this addition. India’s total installed capacity currently stands at 472.5 GW, increasing from 249 GW in 2014.</p>
<p>Lal said India’s national energy shortage has declined to 0.1% as of April 2025, reducing from 4.2% in 2013-2014.</p>


India Plans ₹530 Billion Ultra-High Voltage AC Transmission System by 2034


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					</table><p>The Reserve Bank of India’s (RBI) recent decision to cut interest rates by 50 basis points has <a href="https://www.mercomindia.com/renewable-energy-sector-cheers-rbi-interest-rate-cut-expects-lending-boost" target="_blank" rel="noopener">brought</a> cheer to the renewable energy sector, with stakeholders describing the announcement as a significant tailwind. Industry insiders said the rate cut, the third since the year began, has the potential to reduce the borrowing costs for renewable energy projects. Besides the repo rate cut, the 100 basis-point reduction in the Cash Reserve Ratio will unlock ₹2.5 trillion (~$29.1 billion) for onward lending by banks. Stakeholders said the rate cut will mean more liquidity will get injected into the system, which is already conducive to renewable energy development.</p>
<p>The Appellate Tribunal for Electricity <a href="https://www.mercomindia.com/aptel-directs-discom-to-pay-%E2%82%B96-89-kwh-to-solar-developer-for-50-mw-projects" target="_blank" rel="noopener">ordered</a> a distribution company (DISCOM) in Karnataka to pay a tariff of ₹6.89 (~$0.08)/kWh for 50 MW solar projects. It also directed the refund of the deductions made by the DISCOM from the discovered tariff to Azure Sunrise, a special purpose vehicle of Azure Power India. APTEL noted that the petitioner’s prayer was within the confines of what was finally adjudicated. It stated that the DISCOM’s conduct was highly objectionable, and it not only militated against the binding nature of judicial pronouncements but also bordered on contemptuous disregard for the rule of law.</p>
<p>The Kerala State Electricity Regulatory Commission <a href="https://www.mercomindia.com/kerala-releases-draft-renewable-energy-and-related-matters-regulations" target="_blank" rel="noopener">released</a> the draft ‘Renewable Energy and Related Matters Regulations, 2025’. Stakeholders can submit their suggestions and objections to KSERC within one month. These regulations apply to grid-interactive renewable energy systems, consumers and prosumers, captive consumers and generating projects, generating companies and distribution licensees, as well as other obligated entities. All consumers and prosumers billed under the agriculture, domestic, and industrial tariffs are eligible to opt for net metering. However, they must have a minimum capacity of 1 kW and a maximum of 3 kW.</p>
<p>The Punjab Energy Development Agency <a href="https://www.mercomindia.com/peda-floats-tender-for-30-mw-solar-projects-in-punjab-and-chandigarh" target="_blank" rel="noopener">invited</a> bids for the engineering, procurement, and construction of 30 MW grid-interactive solar projects at government buildings in Punjab and Chandigarh. The projects encompass rooftop and ground-mounted installations. Bids must be submitted by July 1, 2025. Bids will be opened on July 2. The project capacity is categorized into five segments: 1 kW to 3 kW, 3 kW to 10 kW, 10 kW to 100 kW, 100 kW to 500 kW, and 500 kW to 1.5 MW. The scope of work entails the design, manufacture, supply, erection, testing, and commissioning of the solar projects.</p>
<p>The National Institute of Solar Energy, an autonomous institute under the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/nise-issues-eoi-for-defining-tender-terms-for-green-hydrogen-facility" target="_blank" rel="noopener">issued</a> an expression of interest (EoI) for defining the scope and drafting the tender terms and conditions for the operation and maintenance (O&amp;M) of its green hydrogen generation, storage, and refueling facility at the NISE Hydrogen Facility in Gurugram, Haryana. Bids must be submitted by July 9, 2025. The tender is for assisting NISE in formulating a comprehensive and technically sound tender for selecting a future O&amp;M service provider for the solar-powered green hydrogen generation, storage, and refueling facility.</p>
<p>The Tamil Nadu Green Energy Corporation (TNGECL) <a href="https://www.mercomindia.com/tamil-nadu-floats-eoi-for-leasing-land-parcels-for-kusum-projects" target="_blank" rel="noopener">invited</a> EoI to empanel landowners willing to provide land for developing 1 MW to 4 MW solar power projects under Components A and C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) program. The land will be used for decentralized, grid-connected solar projects, either ground or stilt-mounted. Bids must be submitted by July 4, 2025.  Bids will be opened on July 5, 2025. TNGECL will release information about the identified land under a separate request for selection tender to the solar project developers.</p>
<p>Turnkey solar solutions provider Solarium Green Energy <a href="https://www.mercomindia.com/solarium-to-set-up-1-gw-solar-module-manufacturing-plant-in-ahmedabad" target="_blank" rel="noopener">announced</a> its re-entry into the solar module manufacturing space with the establishment of a 1,000 MW facility in Ahmedabad, Gujarat. The proposed facility will involve a capital expenditure of ₹700 million (~$8.14 million). The facility’s funding will be raised through a 3:1 ratio debt-to-equity mix. The plant, which will manufacture TOPCon solar modules, is expected to be operational by the end of the fourth quarter of the current financial year. Solarium Green Energy said the production line would feature imported tabber-stringers, laminators, and sun simulators to ensure high-quality and efficient output.</p>
<p>Government-owned lender, Indian Renewable Energy Development Agency <a href="https://www.mercomindia.com/ireda-20-billion-qualified-institutional-placement" target="_blank" rel="noopener">raised</a> ₹20.06 billion (~$234.71 million) through qualified institutional placement (QIP) of shares. The company issued a total of 121,466,562 equity shares at a price of ₹165.14 (~$1.93) per share, which includes a premium of ₹155.14 (~$1.82). The issue price was set at a 5% discount, or ₹8.69 (~$0.10), on the floor price. Among the participants, the Life Insurance Corporation of India emerged as the largest investor in the QIP, securing 60,733,280 shares, comprising half of the total allotment.</p>
<p>The National Company Law Tribunal, Chandigarh bench, <a href="https://www.mercomindia.com/company-law-tribunal-approves-inox-wind-energys-merger-with-inox-wind" target="_blank" rel="noopener">approved</a> the merger between Inox Wind Energy (IWEL) and Inox Wind (IWL), both INOXGFL Group companies. The company announced the merger in a BSE listing. As a result of the merger, 632 equity shares of face value of ₹10 (~$0.12) each of IWL will be allotted for every 10 equity shares of face value of ₹10 (~$0.12) each of IWEL. The shares are expected to be credited to shareholders of IWEL within one and a half months, subject to regulatory processes and clearances. The merger will reduce IWL’s liabilities by ₹20.5 billion (~$239 million), strengthening the company’s balance sheet.</p>
<p>Waaree Solar Americas, a subsidiary of Waaree Energies, <a href="https://www.mercomindia.com/waaree-bags-599-mw-module-supply-order-from-us-solar-developer" target="_blank" rel="noopener">secured</a> a supply order for 599 MW of solar modules from a U.S.-based developer and owner-operator of utility-scale solar and energy storage projects. The modules will be manufactured in Waaree’s manufacturing facility in Brookshire, Texas.  The modules are expected to be delivered by 2026. The company has secured 1.2 GW of new module orders in the first quarter of fiscal year 2026. The module supply is scheduled to commence from the financial year 2027.</p>
<p>France <a href="https://www.mercomindia.com/france-records-1-4-gw-solar-installations-in-first-quarter-of-2025" target="_blank" rel="noopener">added</a> 1,442 MW of solar capacity in the first quarter (Q1) of 2025, a 34.76% year-over-year increase from 1,070 MW, according to the country’s Ministry of Energy Transition. Solar installations during the quarter were also the highest for any Q1 since 2010. In Q1 2025, the highest solar capacity additions came from projects sized between 100 kW and 250 kW, totaling 624 MW. Projects above 500 kW contributed the second-highest additions with 395 MW, followed by 165 MW from systems ranging between 3 kW and 9 kW. France’s cumulative installed solar capacity has reached 26.8 GW. Electricity production from solar projects reached 5.4 TWh in Q1 2025, up 40% YoY from 3.9 TWh.</p>


Daily News Wrap-Up: Clean Energy Sector Welcomes RBI Interest Rate Cut


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					</table><p>U.S.-based energy storage firm <a href="https://powin.com/" target="_blank" rel="noopener">Powin</a> and its eight other subsidiaries have filed for Chapter 11 bankruptcy protection in New Jersey.</p>
<p>The company and its subsidiaries,  PEOS Holdings, Powin China Holdings 1 and 2, Charger Holdings, Powin Energy Ontario Storage, Powin Energy Operating Holdings, Power Energy Operating, and Powin Project, list estimated assets and liabilities ranging from $100 million to $500 million.</p>
<p>Powin’s creditors include <a href="https://powin.com/" target="_blank" rel="noopener">Ace Engineering</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Qingdao CIMC-POWIN New Energy Technology</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Contemporary Amperex Technology</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Celestica</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Clean Energy Services CES</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Formosa Electronic Industries</a>, among others.</p>
<p>Powin is a battery solutions company established in 2016. As of 2023, the company had over 17 GWh of projects deployed and under construction.</p>
<p>Last year, the company secured a revolving credit facility of up to $200 million primarily from insurance accounts managed by global investment firm KKR.</p>
<p>The credit facility was supposed to support Powin’s working capital needs, drive continued innovation, and further enhance the company’s financial flexibility as it expands its leadership position in the storage industry.</p>
<p>In March 2025, Powin signed a memorandum of understanding to establish a partnership aimed at scaling the Brazilian energy storage market. The partnership was focused on addressing the growing demand for utility-scale energy storage solutions (30 MW+), driven by the country’s renewable energy expansion and grid reliability needs.</p>
<p>Recently, another U.S.-based residential clean energy company, Sunnova Energy, <a href="https://powin.com/" target="_blank" rel="noopener">filed</a> for Chapter 11 bankruptcy protection on Sunday. The company was under pressure from increasing debt and falling demand.  Earlier this month, Sunnova TEP Developer, Sunnova Energy’s subsidiary, filed a voluntary petition for relief under Chapter 11 before the United States Bankruptcy Court for the Southern District of Texas.</p>
<p>Last year, another battery developer and manufacturer, Northvolt AB <a href="https://powin.com/" target="_blank" rel="noopener">filed</a> for bankruptcy protection in the U.S. The company will seek to restructure under Chapter 11 of the bankruptcy code.</p>


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