Going Solar Has Saved Prabhuji Pure Food ₹4.38 Million Annually

Daily News Wrap-Up: India’s Solar Power Generation Up 33% YoY in Q1 2025

Suzlon’s Net Profit Surges 377% in Q4 FY 2025, Order Book Swells

Jakson, Tata Power, Hartek: Leading Solar EPC Companies in 2024

Himachal Homestay Recovers Solar Installation Cost and Saves ₹200,000 in 5 Years

Rajasthan Tenders 30 MW Rooftop Solar Projects in Jodhpur and Pali

POWERGRID Tenders 2.1 MW Solar Project with 300 kW/1,200 kWh BESS in Ladakh

Andhra Pradesh Issues EPC Tender for 4.36 MW Rooftop Solar Projects

National Fertilizers Floats EoI for 3.5 MW Rooftop Solar Projects

NTPC Green’s Net Profit Increases 187% in Q4 FY 2025


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					</table><p>India <a href="https://www.mercomindia.com/solar-power-generation-in-india-up-32-7-yoy-to-42-bu-in-q1-2025" target="_blank" rel="noopener">generated</a> approximately 42 billion units (BU) of solar power in the first quarter (Q1) of the calendar year 2025, a 32.7% year-over-year (YoY) increase, according to data published by the Central Electricity Authority. Solar generation rose 22.8% quarter-over-quarter (QoQ) from 34.2 BU. In Q1 2025, 6.7 GW of solar capacity was added in India, representing a 6.8% growth QoQ and 27.3% increase YoY, contributing to the rise in generation numbers.</p>
<p>India’s green energy open access sector <a href="https://www.mercomindia.com/energy-intensive-industries-drive-open-access-solar-growth-amid-challenges" target="_blank" rel="noopener">witnessed</a> steady growth over the past few years, with an increasing number of commercial and industrial consumers switching to clean energy. The open access model is a compelling choice for these consumers seeking to meet their clean energy mandates and lower their power bills. India’s solar capacity additions under open access have also experienced an uptick. The country added 6.9 GW of solar open access capacity in 2024, a 77% YoY increase from 3.9 GW, according to Mercom India Q4 &amp; Annual 2024 India Solar Open Access Market Report.</p>
<p>The Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-issues-draft-guidelines-to-simplify-testing-of-solar-modules-by-labs" target="_blank" rel="noopener">released</a> draft guidelines for the series approval of solar modules. These guidelines aim to facilitate testing laboratories and manufacturers in forming product families for performance testing under the Solar Systems, Devices, and Components Goods Order, 2025. The guidelines are designed to simplify the approval process for multiple products with design or material variations to ensure compliance with the Bureau of Indian Standards registration requirements.</p>
<p>Rajasthan Electronics and Instruments <a href="https://www.mercomindia.com/rajasthan-tenders-30-mw-rooftop-solar-projects-in-jodhpur-and-pali" target="_blank" rel="noopener">invited</a> proposals to set up rooftop solar projects with a cumulative capacity of 30 MW on state government buildings in Rajasthan. The tender is divided into several projects with a cumulative 25 MW capacity in the Jodhpur district and 5 MW in the Pali district. Bids must be submitted by June 17, 2025. Bids will be opened on June 18. The scope of work entails the design, engineering, supply, installation, testing, and commissioning of the projects.</p>
<p>Southern Power Distribution Company of Andhra Pradesh <a href="https://www.mercomindia.com/andhra-pradesh-issues-epc-tender-for-4-36-mw-rooftop-solar-projects" target="_blank" rel="noopener">issued</a> an engineering, procurement, and construction tender for 4.36 MW rooftop solar projects on residential buildings under the PM Surya Ghar: Muft Bijli Yojana. Bids must be submitted by May 30, 2025. Bids will be opened on the same date. The scope of work entails the engineering, manufacturing, procurement, equipment quality assurance, factory testing, transportation, handling, storage, erection, testing, and commissioning of the projects.</p>
<p>Power Grid Corporation of India <a href="https://www.mercomindia.com/powergrid-tenders-2-1-mw-solar-project-with-300-kw-1200-kwh-bess-in-ladakh" target="_blank" rel="noopener">invited</a> bids to commission a 2,100 kW off-grid solar project integrated with a 300 kW/1,200 kWh battery energy storage system. The project is at the Pang HVDC station in Ladakh at an approximate altitude of 4,700 meters. Bids must be submitted by June 27, 2025. Bids will be opened on the same day. Bidders must submit a tender fee of ₹25,000 (~$293.50). The scope of work entails the project’s complete design and engineering services.</p>
<p>National Fertilizers (NFL) <a href="https://www.mercomindia.com/national-fertilizers-floats-eoi-for-3-5-mw-rooftop-solar-projects" target="_blank" rel="noopener">invited</a> expressions of interest for setting up grid-connected rooftop solar projects with a tentative cumulative capacity of 3.5 MW at two of its facilities in Punjab and one in Madhya Pradesh. The projects will be installed at the following locations: NFL, Nangal, Punjab, with a capacity of 1,735 kW, NFL, Bathinda, Punjab, with a capacity of 600 kW, NFL, Vijaipur, Madhya Pradesh, with a capacity of 1,220 kW. Bids must be submitted by June 18, 2025. Bids will be opened on June 19.</p>
<p>NTPC Renewable Energy <a href="https://www.mercomindia.com/ntpc-renewable-energy-floats-epc-tender-for-245-mw-solar-project-in-gujarat" target="_blank" rel="noopener">invited</a> bids for the engineering, procurement, and construction of a 245 MW solar power project in Khavda Renewable Energy Park in Rann of Kutch, Gujarat. The last date to submit bids is June 26, 2025. The scope of work encompasses the design, engineering, manufacturing, supply, packing, forwarding, transportation, unloading, storage, installation, testing, and commissioning of solar power project in the South Block of the Khavda RE Park, Rann of Kutch.</p>
<p>NTPC Renewable Energy <a href="https://www.mercomindia.com/ntpc-renewable-energy-bos-package600-mw-wind" target="_blank" rel="noopener">invited</a> bids to supply a balance of system package for a 600 MW interstate transmission system-connected wind power project in Kurnool, Andhra Pradesh. Bids must be submitted by June 26, 2025. Bids will be opened on the same day. Bidders must submit ₹22,500 (~$263) as a bid document fee. Bidders must have executed or facilitated the arrangement of land and micro-siting of wind turbines for projects with a total capacity of at least 40 MW, including at least one wind project of 10 MW or more.</p>
<p>NTPC Green Energy <a href="https://www.mercomindia.com/ntpc-greens-net-profit-increases-187-in-q4-fy-2025" target="_blank" rel="noopener">reported</a> a net profit of ₹2.33 billion (~$27.1 million) in the fourth quarter of the financial year 2025, up 187% YoY from ₹809.5 million (~$9.4 million). It reported a total income of ₹7.51 billion (~$87.3 million), increasing 35.8% from 5.53 billion (~$64.3 million) in the same period of the previous year. The company’s revenue from operations grew slightly from ₹5 billion (~$58.1 million) to ₹6.22 billion (~$72.3 million).</p>
<p>Kenya Electricity Generating Company <a href="https://www.mercomindia.com/kenya-tenders-42-5-mw-solar-projects-with-bess" target="_blank" rel="noopener">issued</a> a tender to design and build seven solar projects with a cumulative capacity of 42.5 MW, each featuring a battery energy storage system, in Kenya. Bids must be submitted by July 29, 2025. Bids will open on the same day. The scope of work includes the design and building of solar project with a 3 MW/4.5 MWh energy storage system. Bidders will also set up a 2 kV loop-in-loop out substation, transmission interconnection facilities, and related works.</p>
<p>The U.S. Geological Survey <a href="https://www.mercomindia.com/enhanced-geothermal-systems-could-meet-10-of-us-power-demand-usgs" target="_blank" rel="noopener">indicated</a> that geothermal energy in Nevada’s Great Basin and adjoining areas could potentially supply electricity equivalent to one-tenth of the current U.S. power demand. This represents a significant increase from current levels, as geothermal energy currently contributes less than 1% to the national power grid. The report updates a previous assessment from 2008 and emphasizes the role of enhanced geothermal systems in unlocking this potential.</p>



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					</table><p>Wind turbine manufacturer <a href="https://www.suzlon.com/" target="_blank" rel="noopener">Suzlon Energy</a> recorded a net profit of ₹11.81 billion (~$138.22 million) in the fourth quarter (Q4) of the financial year (FY) 2025, increasing approximately 377% year-over-year (YoY) from ₹2.54 billion (~$29.7 million).</p>
<p>The company’s revenue from operations stood at ₹37.73 billion (~$441.6 million), up 73% from ₹21.79 billion (~$255.06 million) during the same period of the previous year.</p>
<p>Its earnings before interest, taxes, depreciation, and amortization (EBITDA) was ₹6.93 billion (~$81.11 million) in Q4 FY 2025, with an EBITDA margin of 18.4%. The company’s EBITDA during Q4 FY 2024 was ₹3.5 billion (~$41 million), with a margin of 16.4%.</p>
<p>Suzlon’s earnings per share (EPS) came in at ₹0.86 (~$0.010), compared to ₹0.19 (~$0.0022) from the same quarter in the preceding year, increasing 352%.</p>
<p>JP Chalasani, Chief Executive Officer, Suzlon Group, said, &#8220;This year, we completed Suzlon’s ramp-up phase, which is reflected in the sharp increase in our deliveries. With our highest-ever firm order book of 5.6 GW, we have long-term visibility and the capacity to scale and support future growth.”</p>
<p>The company’s domestic manufacturing capacity stood at 4,500 MW.</p>
<p>To meet the increasing order book, Suzlon added ten new production lines for its S144 – 3.X MW turbine series and completed nacelle expansion at Daman and Puducherry.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/chart-suzlon-e1748582903127.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-80142 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/chart-suzlon-e1748582903127.png" alt="" width="927" height="483" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/chart-suzlon-e1748582903127.png 927w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/chart-suzlon-e1748582903127-300x156.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/chart-suzlon-e1748582903127-768x400.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/chart-suzlon-e1748582903127-650x339.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/chart-suzlon-e1748582903127-624x325.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/chart-suzlon-e1748582903127-600x313.png 600w" sizes="(max-width: 927px) 100vw, 927px" /></a><strong>Full Year </strong></p>
<p>Suzlon’s revenue from operations in FY 2025 stood at ₹108.51 billion (~$1.27 billion), increasing 67% YoY from ₹64.98 billion (~$760.66 million).</p>
<p>The company posted a net profit of ₹20.72 billion (~$1.2 billion), up 213% from ₹6.6 billion (~$77.2 billion) in the previous year.</p>
<p>In FY 2025, its EBITDA totaled ₹18.57 billion (~$217.3 million), up 81% from ₹10.29 billion (~$120 million) in FY 2024. Suzlon’s EBITDA margin was 15.8%, compared to 17.1% in the preceding year.</p>
<p>Its EPS came in at ₹1.54 (~$0.018), rising 202% from ₹0.50 (~$0.0059) in the previous year.</p>
<p>Girish Tanti, Vice Chairman, Suzlon Group, said, &#8220;FY 2025’s performance sets the stage for Suzlon’s next phase of strategic evolution and market leadership. Achieving our highest profitability in a decade, strong cash reserves, and a record order book are the direct outcomes of our disciplined business transformation and sharp operational focus.”</p>
<p>In FY 2025, Sulzon achieved deliveries of 1.55 GW of wind turbine generators (WTG), a 118% YoY growth. The contribution margin for the WTG business expanded to 23%, a rise of 360 basis points, backed by its 4.5 GW manufacturing capacity.</p>
<p>In Q3 2024, the company <a href="https://www.mercomindia.com/suzlon-energy-revenue-q3-fy25" target="_blank" rel="noopener">recorded</a> revenue of ₹29.69 billion (~$347.5 million), representing a 91% YoY increase from ₹15.53 billion (~$179.39 million).</p>
<p>Recently, Suzlon Energy and Integrum Energy <a href="https://www.mercomindia.com/sulzon-and-integrum-bag-bpcls-100-mw-wind-projects" target="_blank" rel="noopener">won</a> Bharat Petroleum Corporation’s tender to set up 100 MW wind power projects in Madhya Pradesh and Maharashtra. Both companies secured 50 MW each.</p>
<p>&nbsp;</p>



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					</table><p>NTPC Green Energy (<a href="https://www.ngel.in/ngel-home" target="_blank" rel="noopener">NGEL</a>) reported a net profit of ₹2.33 billion (~$27.1 million) in the fourth quarter (Q4) of the financial year (FY) 2025, up 187% year-over-year (YoY) from ₹809.5 million (~$9.4 million).</p>
<p>It reported a total income of ₹7.51 billion (~$87.3 million), increasing 35.8% from 5.53 billion (~$64.3 million) in the same period of the previous year.</p>
<p>The company’s revenue from operations grew slightly from ₹5 billion (~$58.1 million) to ₹6.22 billion (~$72.3 million).</p>
<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter stood at ₹5.6 billion (~$65.5 million), a 28% increase from ₹4.37 billion (~$51.1 million).</p>
<p>NGEL’s earnings per share (EPS) came in at ₹0.28 (~$0.0033) in Q4 FY 2025, rising from ₹0.17 (~$0.002) in Q4 FY 2024.</p>
<p><strong>Full Year FY 2025</strong></p>
<p>During FY 2025, NGEL netted a profit of ₹4.7 billion (~$54.6 million), a 38% YoY increase from ₹3.4 billion (~$39.5 million).</p>
<p>It earned a total income of ₹24.65 billion (~$286.7 million), compared to ₹20.3 billion (~$236.1 million) earned in the previous year.</p>
<p>The company’s revenue from operations at the end of FY 2025 stood at ₹22.09 billion (~$256.8 million), increasing 12.7% from ₹19.6 billion (~$227.9 million) in FY 2024. Its EBITDA saw a 10% YoY increase to ₹17.44 billion (~$204.4 million).</p>
<p>NGEL’s EPS at the end of the year came in at ₹0.67 (~$0.0078), declining from ₹0.72 (~$0.0084) in the previous year.</p>
<p>During the year, the company signed a contract with the Chhattisgarh State Power Generation Company to develop renewable energy projects of up to 2 GW capacity in FY 2025.</p>
<p>It completed its initial public offering of 926.3 million equity shares with a face value of ₹10 (~$0.12) each, raising ₹100 billion (~$1.19 billion). The price band was <a href="https://www.mercomindia.com/ntpc-green-energy-ipo-oversubscribed" target="_blank" rel="noopener">set</a> at ₹102-108 (~$1.21- $1.28) per equity share, with a face value of ₹10 (~$0.119). The IPO saw bids for 1.43 billion shares, exceeding the 593.17 million shares on offer.</p>
<p>In FY 2025, NGEL leased land for 33 years to develop a green hydrogen hub in Andhra Pradesh.</p>
<p>The company has 5,419 MW and 483 MW of operating solar and wind capacity, respectively.</p>
<p>In Q3 FY 2025, NGEL <a href="https://www.mercomindia.com/ntpc-green-revenue-q3-fy25" target="_blank" rel="noopener">reported</a> a total income of ₹5.81 billion (~$67.06 million) for FY 2025, up 25% YoY. The company’s net profit saw an 8% decline to ₹2.41 billion (~$27.82 million) in the first nine months of FY 2025.</p>



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					</table><p>The U.S. Geological Survey (<a href="https://www.usgs.gov/" target="_blank" rel="noopener">USGS</a>) has indicated that geothermal energy in Nevada’s Great Basin and adjoining areas could potentially supply electricity equivalent to one-tenth of the current U.S. power demand.</p>
<p>This represents a significant increase from current levels, as geothermal energy currently contributes less than 1% to the national power grid. The report updates a previous assessment from 2008 and emphasizes the role of enhanced geothermal systems (EGS) in unlocking this potential.</p>
<p>The study covers the arid lands of the Great Basin, including parts of California, Oregon, Idaho, Wyoming, and Utah. The projected 10% contribution to national electricity needs hinges on widespread commercial-scale development and ongoing technological advancements, particularly those developed in the geothermal and oil and gas sectors over the past few decades.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Geothermal-article-image-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-80061 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Geothermal-article-image-1.png" alt="US Geothermal Energy" width="524" height="500" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Geothermal-article-image-1.png 524w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Geothermal-article-image-1-300x286.png 300w" sizes="(max-width: 524px) 100vw, 524px" /></a></p>
<p>According to the USGS, most existing geothermal electricity generation relies on hydrothermal systems where groundwater naturally circulates through heated, permeable rock. However, the bulk of geothermal potential lies in areas where heat is trapped in impermeable rock. In such cases, EGS is required.</p>
<p>These systems involve engineering open fractures into impermeable rock as deep as 3.7 miles (6 kilometers) below the Earth’s surface, allowing water to circulate and extract heat for electricity generation.</p>
<p>The new assessment incorporates technological developments in mapping and subsurface surveys, including the use of artificial intelligence and machine learning. New heat flow and underground temperature maps were created, along with methods to estimate energy extraction efficiency and the conversion of heat into electricity.</p>
<p>The USGS assessment of undiscovered geothermal resources reflects future potential and areas that have not yet been fully explored or developed.</p>
<p>Sarah Ryker, acting USGS director, stated that the Great Basin was selected due to its known history of geothermal activity and that current findings indicate even greater potential for baseload power than previously understood.</p>
<p>“Leveraging this work along with artificial intelligence and machine learning techniques will help us assess the entire nation’s potential for geothermal energy with greater speed and accuracy,” she said.</p>
<p>The USGS also highlighted the dual benefit of modern mapping techniques, which now support the identification of geothermal energy, critical minerals, and, in some cases, groundwater. While the geothermal heat in the Great Basin has been confirmed, realizing its full potential depends on further improvements in engineering efficiency and the commercial deployment of enhanced geothermal technologies.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Geothermal-article-image-2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-80062 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Geothermal-article-image-2.png" alt="US Geothermal Energy" width="864" height="480" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Geothermal-article-image-2.png 864w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Geothermal-article-image-2-300x167.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Geothermal-article-image-2-768x427.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Geothermal-article-image-2-650x361.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Geothermal-article-image-2-624x347.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/US-Geothermal-article-image-2-600x333.png 600w" sizes="(max-width: 864px) 100vw, 864px" /></a></p>
<p>&nbsp;</p>
<p>If enhanced geothermal systems (EGS) technology advances as projected, the potential for power generation from these systems significantly increases with depth, as deeper rock formations tend to be hotter.</p>
<p>While depths exceeding 6 km might necessitate further technological breakthroughs, the current provisional estimate for the Great Basin, spanning 633,072 sq km, suggests a total EGS power production capacity of 135 GW.</p>
<p>This figure represents only 0.5% of the accessible electric-grade resource, indicating that 99.5% of the thermal energy remains as residual.</p>
<p>Notably, thermal resources from active hydrothermal systems, which account for less than 1% of the total rock volume, are not factored into this estimate. This new assessment aligns with the 518 GW estimated in the 2008 geothermal assessment for the upper 6 km of the larger western U.S., with Nevada and Utah alone contributing an estimated 150 GW.</p>
<p>While it is improbable to achieve the most extreme production efficiencies, these values establish a spectrum for the resource, ranging from negligible (if suitable geological conditions are scarce) to an impressive 44% of the resource base becoming useful. This upper bound could result in an astounding 13 TW of power, roughly ten times the current U.S. power generation capacity.</p>
<p>Earlier this year, the U.S. Department of the Treasury and the Internal Revenue Service <a href="https://www.mercomindia.com/final-rules-for-tax-credits-to-spur-clean-energy-investments-in-us" target="_blank" rel="noopener">released</a> final rules for the clean electricity investment and production tax credits (technology-neutral credits). The final rules clarify which clean electricity zero-emission technologies qualify for the credits. These include wind, solar, hydropower, marine and hydrokinetic, geothermal, nuclear, and specific waste energy recovery technologies.</p>


Enhanced Geothermal Systems Could Meet 10% of US Power Demand: USGS


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					</table><p>India <a href="https://www.mercomindia.com/india-adds-1-2-gw-of-rooftop-solar-capacity-in-q1-2025-a-232-yoy-growth" target="_blank" rel="noopener">added</a> 1.2 GW of rooftop solar capacity in the first quarter (Q1) of 2025, up 232% year-over-year from 366.5 MW. Installations in Q1 saw a decline of 6.2% from 1.3 GW in Q4 2024, according to Mercom India Research’s newly released Q1 2025 India Rooftop Solar Market Report. Rooftop solar accounted for over 18% of the country’s total solar installations during the quarter. The quarter’s installations were driven by the residential segment under the PM Surya Ghar program, which made up nearly 77% of the capacity additions.</p>
<p>The Ministry of New and Renewable Energy (MNRE) and the European Union’s (EU) Trade and Technology Council (TTC) <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. The last date to submit proposals is September 5, 2025. MNRE and the TTC will provide joint funding of ₹900 million (~$10.57 million). A maximum of two projects can be funded under this proposal. Selected bidders must complete the project between 36 and 48 months.</p>
<p>The Forum of Regulators <a href="https://www.mercomindia.com/regulators-propose-exempting-psps-from-electricity-duty-ists-charges" target="_blank" rel="noopener">recommended</a> exempting electricity duty and cess on input energy for pumping to reduce costs and promote investments in pumped storage projects (PSP). Input energy for pumping in PSPs should not be treated as ‘consumption,’ and therefore, electricity duty should not be levied on these projects, it has been said. The forum also suggested extending the waiver of Interstate Transmission System charges for new PSPs and hydropower projects beyond June 30, 2025.</p>
<p>Jaipur-based solar module manufacturer Insolation Energy <a href="https://www.mercomindia.com/insolations-revenue-up-58-yoy-in-2h-fy-2025-due-to-market-expansion" target="_blank" rel="noopener">reported</a> a 58.35% year-over-year growth in revenue to ₹7.3 billion (~$85.56 million) in the second half of the financial year 2025 from ₹4.61 billion (~$54.03 million). Insolation Energy attributed the revenue growth to its expanding footprint in the Central and South India markets. The company also reported growth in all its revenue segments. Its net profit rose by 60.5% to ₹649.25 million (~$7.6 million) from ₹404.37 million (~$4.73 million) in the corresponding period of last year.</p>
<p>Rajasthan-based solar power company Bhaskar Jyoti <a href="https://www.mercomindia.com/bhaskar-jyoti-bags-contract-cmpdi" target="_blank" rel="noopener">won</a> a contract from the Central Mine Planning and Design Institute, a subsidiary of Coal India, to install a grid-connected 1.3 MW rooftop solar power project for Northern Coalfields (NCL). The contract’s value is ₹75.9 million (~$889,485). The systems will be deployed across several sites, including the integrated water supply system and the Khadia, Kakri, and Bina mines in the NCL area of Uttar Pradesh. The tender for this project was issued in February this year.</p>
<p>China was the key <a href="https://www.mercomindia.com/chinas-dominance-in-critical-minerals-supply-and-refining-continues-iea" target="_blank" rel="noopener">supplier</a> of battery metals, including lithium, nickel, cobalt, and graphite, in 2024, according to the Global Critical Minerals Outlook 2025 report by the International Energy Agency. Demand for key energy minerals continued to grow strongly, with lithium demand rising by 30% and nickel, cobalt, graphite, and rare earths growing by 6% to 8% in 2024. The average market share of the top three refining nations of key energy minerals rose from around 82% in 2020 to 86% in 2024. Approximately 90% of supply growth came from the top supplier nations: Indonesia for nickel and China for cobalt, graphite, and rare earths.</p>


Daily News Wrap-Up: India’s Rooftop Solar Capacity Up by 1.2 GW in Q1 2025


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					</table><p>The <a href="https://forumofregulators.gov.in/index.html" target="_blank" rel="noopener">Forum of Regulators</a> has recommended exempting electricity duty and cess on input energy for pumping to reduce costs and promote investments in pumped storage projects (PSP).</p>
<p>Input energy for pumping in PSPs should not be treated as ‘consumption,’ and therefore, electricity duty should not be levied on these projects, it has said.</p>
<p>The forum also suggested extending the waiver of Interstate Transmission System (ISTS) charges for new PSPs and hydropower projects beyond June 30, 2025. ISTS charges will be <a href="https://www.mercomindia.com/ists-charges-levied-solar-wind" target="_blank" rel="noopener">levied</a> on renewable energy projects, including solar, wind, PSP, and battery energy storage systems that are commissioned after June 30.</p>
<p>Constituted under the Electricity Act, the forum consists of the chairpersons of the Central Electricity Regulatory Commission and State Electricity Regulatory Commissions.</p>
<p>In its report on ‘Accelerating the Development of Hydropower, Particularly Pumped Storage for Grid Stability in India,’ the forum proposed introducing a renewable energy certificate (REC) multiplier for PSPs (e.g., 3x-4x) as a policy measure to facilitate the demand growth for PSP development.</p>
<p>It established a working group in 2024 to assess the regulatory framework, policies, and practices governing PSP and hydropower development and to identify any challenges hindering the growth of these segments.</p>
<p>Among other recommendations, the forum suggested measures such as leasing government land at nominal costs and exempting stamp duty to lower project capital costs for PSPs and hydropower projects.</p>
<p>It also proposed adjusting the debt-to-equity ratio for public sector PSPs from 70:30 to 80:20 to lower generation costs and improve financial viability.</p>
<p><strong>Tariff Structure </strong></p>
<p>The Forum of Regulators has recommended a three-part tariff structure for PSPs to help distinguish between charges for energy conversion, ancillary services, and fixed cost recovery, addressing grid services and energy usage for pumping. To improve tariff acceptability, steps must be taken to reduce them in the initial years.</p>
<p>It referred to differing interests between project developers, distribution companies, and system operators, which could lead to conflicts, particularly when scheduling PSPs for either pumping or generation. In this context, the forum said a clear regulatory framework must be established to outline the procedure for scheduling PSPs and a compensation mechanism for situations where the system operator requires the PSP to generate power instead of storing energy.</p>
<p>The forum said these initiatives would help project developers assess PSP viability and ensure fair compensation for any changes in operational modes required for grid stability.</p>
<p>The report noted that despite the increase in renewable energy capacity, PSP installations are sluggish, with a total operational capacity of 4.745 GW.</p>
<p>As of September 2024, India has 58 PSPs with a total capacity of 69.9 GW in various stages of development. Eight PSPs have been constructed specifically as standalone projects with a combined installed capacity of 4,745.6 MW.</p>
<p>In April, the Central Electricity Commission <a href="https://www.mercomindia.com/cea-approves-detailed-project-reports-for-7-5-gw-pumped-storage-projects" target="_blank" rel="noopener">greenlighted</a> detailed project reports of six PSPs with a total capacity of 7.5 GW.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/image-7.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-80054 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/image-7.png" alt="" width="1042" height="462" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/image-7.png 1042w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/image-7-300x133.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/image-7-768x341.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/image-7-650x288.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/image-7-624x277.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/image-7-600x266.png 600w" sizes="(max-width: 1042px) 100vw, 1042px" /></a></p>
<p>The intermittent nature of renewable energy presents unique challenges in balancing the quality of grid infrastructure. Energy storage systems allow stored wind and solar energy to be used when needed. With a power system lacking sufficient gas resources for flexibility and dominated by thermal sources, hydropower resources can play a crucial role in providing the necessary generation-side flexibility, the report said.</p>
<p>The forum highlighted that PSPs can be bundled in any energy domain, be it generation, transmission, or distribution. With fast ramp rates, PSPs can provide frequency control, voltage control, quick response, and ancillary services over time horizons ranging from seconds to minutes. Ancillary services are necessary to support the power systems in maintaining system reliability and avoiding disturbance in grid operation.</p>
<p>PSPs can maintain a continuous frequency in a desirable range (normally 50 Hz) of active power and to keep the power system free from any fluctuations. When the frequency of the grid exceeds 50 Hz, power can be drawn from the grid for pumping mode operation. Conversely, when the frequency drops below 50 Hz, the PSPs can be run in generation mode, maintaining a constant frequency on the grid.</p>


Regulators Propose Exempting PSPs from Electricity Duty, ISTS Charges


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					</table><p>The Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>) and the <a href="https://european-union.europa.eu/index_en" target="_blank" rel="noopener">European Union</a>’s Trade and Technology Council (TTC) have invited bids to generate renewable hydrogen from agricultural, forest, and industrial biogenic waste.</p>
<p>The last date to submit proposals is September 5, 2025.</p>
<p>MNRE and the TTC will provide joint funding of ₹900 million (~$10.57 million).</p>
<p>A maximum of two projects can be funded under this proposal.</p>
<p>Selected bidders must complete the project between 36 and 48 months.</p>
<p>A project consortium from India must include at least three participants each from India and Europe.</p>
<p>The scope of work covers developing technologies to produce renewable hydrogen from biogenic waste (without recycling potential) through biochemical and thermochemical pathways.</p>
<p>The project will focus on increasing resource efficiency, i.e., its carbon-to-hydrogen yield, and help reduce greenhouse gas emissions, potentially even generating a negative carbon footprint.</p>
<p>It will also focus on reducing the environmental footprint of pollution and water consumption, as well as lowering the production cost of hydrogen.</p>
<p>The project can also utilize aqueous and gaseous streams from primary conversion and/or their further conversion using biological, electrochemical, biochemical, and/or catalytic technologies to generate green hydrogen.</p>
<p>Selected bidders must assess the feedstock’s supply cost at both regional and local levels, considering the selected conversion technology. They must improve feedstock mobilization patterns, including through the use of enabling technologies such as digitalization.</p>
<p>Successful bidders must examine the safety aspects and methods to enhance safety measures for hydrogen and other gaseous and system component leakages. These aspects must be addressed in a ‘Hydrogen Safety Planning and Management’ plan at the project level.</p>
<p>Bid proposals must be led by faculty members or scientists working in regular positions in recognized academic institutions and public-funded research and development (R&amp;D) institutions or laboratories.</p>
<p>They can also be from central and state government autonomous organizations, in partnership with other academic and R&amp;D organizations, as well as scientific and industrial research organizations recognized by the Department of Scientific and Industrial Research.</p>
<p>Central and state autonomous organizations, industry associations, and industries can also submit the proposals.</p>
<p>Alternatively, bidders can be from relevant industries, public sector undertakings, or startups.</p>
<p>In November 2024, to <a href="https://www.mercomindia.com/mnre-issues-innovation-in-green-hydrogen" target="_blank" rel="noopener">promote</a> innovative production and utilization of green hydrogen across various sectors, MNRE unveiled a program to support pilot projects exploring novel methods and pathways for green hydrogen production and use, particularly in residential, commercial, and decentralized applications. The program was allocated a budget of ₹2 billion (~$23.7 million) until the financial year 2025-26.</p>
<p>In November 2024, MNRE <a href="https://www.mercomindia.com/mnre-calls-for-proposals-to-set-up-rd-facilities-for-green-hydrogen" target="_blank" rel="noopener">invited</a> proposals to set up Centers of Excellence under the National Green Hydrogen Mission’s Research and Development program to promote R&amp;D in the green hydrogen sector.</p>


MNRE, EU Trade Council Call for Proposals on Waste-to-Green Hydrogen Projects


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					</table><p>Hero Solar Energy (Hero Future Energies), Hexa Climate Solutions, Sembcorp Green Infra, and Jindal India Power <a href="https://www.mercomindia.com/hexa-hero-jindal-sembcorp-win-secis-auction" target="_blank" rel="noopener">won</a> Solar Energy Corporation of India’s auction to procure 1.2 GW of round-the-clock power from interstate transmission system-connected renewable energy projects. Hero and Hexa won 120 MW and 100 MW, respectively, at a tariff of ₹5.06 (~$0.0594)/kWh. Sembcorp Green and Jindal India won 50 MW and 150 MW, respectively, for ₹5.07 (~$0.0595)/kWh.</p>
<p>The Maharashtra state government <a href="https://www.mercomindia.com/maharashtra-targets-30-ev-adoption-by-2030-announces-purchase-sops" target="_blank" rel="noopener">announced</a> a range of incentives across categories for the purchase of electric vehicles (EV) under the Maharashtra Electric Vehicle Policy for 2025. The policy targets every one in three vehicles registered to be an EV by 2030. It offers an incentive of a maximum of ₹2 million (~$23,502.8)/vehicle in the passenger bus/goods carrier category. Electric two-wheelers and three-wheelers will get a purchase incentive of ₹10,000 (~$117.52) and ₹30,000 (~$352.57) for the first 100,000 and 15,000 vehicles, respectively.</p>
<p>The Gujarat Electricity Regulatory Commission <a href="https://www.mercomindia.com/gerc-approves-tariff-of-%E2%82%B92-83-kwh-for-surplus-solar-power-purchase-under-kusum" target="_blank" rel="noopener">approved</a> a tariff of ₹2.83 (~$0.033)/kWh for solar projects installed under Component-C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan  (PM-KUSUM) program. In 2023, four distribution companies (DISCOMs), Uttar Gujarat Vij Company, Madhya Gujarat Vij Company, Dakshin Gujarat Vij Company, and Paschim Gujarat Vij Company, filed a petition with GERC to approve a tariff of ₹2.83 (~$0.033)/kWh for purchasing surplus energy from solar projects installed under Component-C of the PM-KUSUM program.</p>
<p>Karnataka Renewable Energy Development <a href="https://www.mercomindia.com/kredl-invites-bids-for-250-mw-1100-mwh-bess-project-in-tumkur" target="_blank" rel="noopener">issued</a> a request for selection for setting up a 250 MW solar project with a 1,100 MWh battery energy storage system at Ryapte village in Tumkur district, Karnataka. The project will supply peak power and optimize grid utilization at the Pavagada Solar Park. Bids must be submitted by July 5, 2025. Bids will be opened on July 7. Apart from installing the solar and BESS projects, the scope of work includes obtaining the project land on lease and connecting the two systems to the Karnataka Solar Power Development Corporation substation 6. The connectivity will extend from the substation to Tumkur (Pavagada).</p>
<p>Energy solutions provider ENGIE India <a href="https://www.mercomindia.com/engie-achieves-financial-closure-for-200-mw-solar-project-in-gujarat" target="_blank" rel="noopener">announced</a> that it has achieved financial closure for its upcoming 200 MW solar power project in Khavda, Gujarat. The project is implemented through its wholly owned subsidiary, Enren-II Energy. Financial support for the project has been secured in partnership with two leading international banks, MUFG Bank and Credit Agricole Corporate and Investment Bank. The project is expected to generate approximately 550 GWh of electricity annually.</p>


Daily News Wrap-Up: SECI Announces 1.2 GW RTC Power Procurement Auction Winners


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-sention-technologies-raises-5-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Sention Technologies, a company that provides battery quality monitoring solutions, has </strong><a href="https://mercomcapital.com/sention-technologies-raises-5-million-in-seed-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> £3.7 million (~$5 million) in seed funding</strong>. Twin Path Ventures led the funding round, which was joined by Doral Energy-Tech Ventures, Endgame Capital, Energy Revolution Ventures, G.K. Goh Ventures, Green Angel Ventures, Third Sphere, and the UK Innovation and Science Seed Fund. With this funding, the company plans to accelerate the commercialization of its Senturion and AI-driven data fusion software, Sentinel. Additionally, Sention plans to invest in R&amp;D for its next-generation product, Sentry, which is designed to integrate directly into production lines.</p>
<p><strong>Contemporary Amperex Technology (CATL), a China-based battery manufacturing and technology company, </strong><a href="https://mercomcapital.com/battery-manufacturer-catl-announces-ipo-listing-hong-kong-stock-exchange/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the listing on the Main Board of the Hong Kong Stock Exchange (HKEX)</strong> under stock code 3750, raising $4.6 billion. The offering is said to have attracted investors from 15 countries and regions worldwide. The initial public offering (IPO) comprises 135 million shares, before the greenshoe option, at HKD 296 (~$37.80) each, representing a 12.55% increase from the offering price. According to the company, this makes it the first A-share company to seek a secondary listing in Hong Kong with a price cap for the issuance.</p>
<p><strong>Amp Energy, a global energy transition and digital infrastructure platform, </strong><a href="https://www.amp.energy/news/amp-energys-australia-and-uk-businesses-acquired-by-revera-energy-and-longtime-partner-carlyle" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that its Australia and U.K. businesses have been acquired by Revera Energy</strong>, an independent energy infrastructure platform launched by global investment firm Carlyle. Amp entered the Australian market in 2017 with operations across South Australia and New South Wales. In the UK, Amp hands over a development team and platform consisting of 1.2GW of late-stage battery storage projects in Scotland. Since its inception, Amp is stated to have developed and built or contracted 14 GW of assets globally.</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://www.mercomindia.com/funding-and-ma-roundup-nextracker-acquires-bentek-corporation" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Sention Technologies Raises $5 Million


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					</table><p><strong>Masdar</strong> <a href="https://masdar.ae/en/news/newsroom/green-bond-issuance" target="_blank" rel="noopener">issued</a> an additional $1 billion green bond, bringing the total outstanding value of its green bond program to $2.75 billion. The bond was issued in two equal tranches of $500 million with tenors of five and ten years and coupons of 4.875% and 5.375%, respectively. It was oversubscribed, with a peak order book of $6.6 billion. The bond issue received considerable demand from regional and international investors, including dedicated green funds. The bond’s allocation split 85% to global investors and 15% to investors from the Middle East and North Africa region. Proceeds from the bond issuance will be invested exclusively in greenfield renewable energy projects under Masdar’s Green Finance Framework.</p>
<p><strong>Emerge,</strong> a joint venture between <strong>Masdar </strong>and<strong> EDF,</strong> has <a href="https://masdar.ae/en/news/newsroom/emerge-and-turbotim-sign-agreement-to-deploy-solar-and-battery-energy-storage-systems" target="_blank" rel="noopener">entered</a> into an agreement with UAE-based Turbotim to develop a solar plus storage hybrid project at the company’s facilities in Ras Al Khaimah. The project will include a 1.52 MWp rooftop solar system and a 5 MWh battery energy storage system deployed across two identical hybrid projects.  Emerge will provide a full turnkey solution, including the project’s finance, design, procurement, construction, operations, and maintenance, for 20 years.</p>
<p>The <strong>Moroccan </strong>government and the country’s electricity and water supplier, <strong>ONEE</strong>, will <a href="https://northafricapost.com/87148-moroccos-onee-taqa-nareva-unveil-14-billion-energy-water-projects.html" target="_blank" rel="noopener">develop</a> an infrastructure program to secure water and bolster energy production by 2030 for an approximate investment cost of $14 billion. A consortium including <strong>Mohammed VI Investment Fund</strong>, <strong>TAQA Morocco</strong>, and<strong> Nareva </strong>will also be part of the program. The program includes the development of five seawater desalination plants with an annual capacity of 900 million m³, powered entirely by renewable energy. The parties will build a 1,400 km high-voltage direct current line to accelerate the integration of renewable energy from the Sahara into the national grid. The 3,000 MW capacity transmission line will connect Morocco&#8217;s southern provinces to its central regions. The program aims to add 1,200 MW of new renewable energy capacity, primarily wind and solar.</p>
<p>The <strong>Saudi Power Procurement Company (SPCC)</strong> <a href="https://www.saudigulfprojects.com/2025/05/firms-signs-agreement-for-locally-manufactured-solar-pv-panels-for-al-khushaybi-pv-project/" target="_blank" rel="noopener">signed</a> an agreement with <strong>ACWA Power</strong>-led <strong>Nabah Renewable Energy</strong>, <strong>Larsen and Toubro</strong>, <strong>Jinko Solar</strong>, and <strong>Neway Energy</strong> to boost local content production, empower national manufacturers, and secure a sustainable supply chain.  This project is part of SPPC’s broader initiative to localize renewable energy manufacturing. As part of the agreement, <strong>Saudi Arabia</strong>’s<strong> Ministry of Energy</strong>-backed <strong>Al-Khushaybi Solar Project</strong>, a 1.5 GW project in the country’s Qassim Province, will include 20% locally manufactured solar modules.</p>


MENA Weekly Roundup: Masdar Raises $1 Billion Through Green Bonds Issue


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					</table><p>China was the key supplier of battery metals, including lithium, nickel, cobalt, and graphite, in 2024, according to the Global Critical Minerals Outlook 2025 report by the International Energy Agency (<a href="https://www.iea.org/" target="_blank" rel="noopener">IEA</a>).</p>
<p>Demand for key energy minerals continued to grow strongly, with lithium demand rising by 30% and nickel, cobalt, graphite, and rare earths growing by 6% to 8% in 2024.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-79998 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEA-1.png" alt="" width="657" height="432" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEA-1.png 657w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEA-1-300x197.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEA-1-650x427.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEA-1-624x410.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEA-1-600x395.png 600w" sizes="(max-width: 657px) 100vw, 657px" /></p>
<p>The average market share of the top three refining nations of key energy minerals rose from around 82% in 2020 to 86% in 2024. Approximately 90% of supply growth came from the top supplier nations: Indonesia for nickel and China for cobalt, graphite, and rare earths.</p>
<p>Energy applications, including electric vehicles, battery storage, renewable energy, and grid networks, largely drove this growth.</p>
<p>However, supply increases, driven by China, Indonesia, and parts of Africa, outpaced the demand growth. Given the relatively small supply base, the rapid expansion of mined output for battery metals demonstrated the sector’s ability to bring new production online faster than traditional metals.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-80000 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEA-2.png" alt="" width="776" height="530" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEA-2.png 776w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEA-2-300x205.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEA-2-768x525.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEA-2-650x444.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEA-2-624x426.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEA-2-600x410.png 600w" sizes="(max-width: 776px) 100vw, 776px" /></p>
<p>The production growth outpacing demand resulted in prices for key energy minerals remaining subdued in 2024.</p>
<p>This development was particularly true for battery metals. Since 2023, lithium prices have plummeted by over 80% after skyrocketing eightfold in the previous two years. Throughout 2024, graphite and cobalt prices decreased by approximately 20%, and nickel prices fell by 10%. However, these declines were less pronounced than in 2023.</p>
<p>According to the report, some base metal prices saw a slight increase, while the process for many others continued to decline because of supply growth outpacing demand.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-80003 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/1f.png" alt="" width="1341" height="857" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/1f.png 1341w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/1f-300x192.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/1f-768x491.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/1f-650x415.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/1f-624x399.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/1f-600x383.png 600w" sizes="(max-width: 1341px) 100vw, 1341px" /></p>
<p>China remains the dominant supplier of all key refined critical minerals, both in terms of geography and ownership. It also retained the largest demand for all key critical refined minerals. The country accounts for over half of the global demand for copper, lithium, nickel, cobalt, graphite, and magnet rare earth elements.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-80005 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/2f.png" alt="" width="602" height="362" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/2f.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/2f-300x180.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/2f-600x361.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></p>
<p>In 2024, copper and nickel were the only refined minerals for which China’s local demand exceeded domestic supply. However, Chinese firms own a significant portion of Indonesia’s refined nickel supply, leaving copper as the only refined mineral facing a domestic shortfall. China’s domestic production satisfies only 75% of its consumption for this metal.</p>
<p>In contrast, China has the largest domestic supply surplus of battery-grade graphite and rare earth elements used in magnets. Therefore, other countries rely considerably on China for refined supply.</p>
<p><strong>Critical Mineral Refining</strong></p>
<p>Recent price and investment trends severely impacted efforts to diversify supply, particularly for refined materials.</p>
<p>The report said that between 2020 and 2024, China, the leading refiner of copper and lithium, accounted for approximately 70% to 80% of supply growth for these minerals, while Indonesia, the top nickel refiner, contributed roughly 90%.</p>
<p>China drove nearly all production growth for cobalt, graphite, and rare earth elements, further sidelining emerging producers in geographically diverse regions.</p>
<p>The country not only dominates critical mineral refining in terms of geography but also in terms of ownership. Under both categories, China produces over 95% of battery-grade graphite and rare earths.</p>
<p>Australian company Lynas is one of the only major players in the rare earths sector outside China. It represented 4% of global refined production in 2024 from its operations in Malaysia. The U.S. accounted for 1% of the global refined production.</p>
<p>China produces approximately 70% of the world’s lithium chemicals by geographic location and ownership and over 40% of the world’s copper.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-80007 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/3f.png" alt="" width="602" height="370" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/3f.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/3f-300x184.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/3f-600x369.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></p>
<p><strong>Battery Pack Price Trends</strong></p>
<p>In 2024, the average battery pack prices fell by 20% to a record low of $115/kWh, the largest annual drop since 2017.</p>
<p>This decrease was primarily driven by falling critical mineral prices, with the share of cathode raw materials in the total battery pack price dropping to just over 10% – its lowest level since 2016 – from over 20% in 2023.</p>
<p>Other reasons for reducing battery pack costs include sufficient cell manufacturing capacity, benefits from economies of scale, an increase in lithium-iron-phosphate (LFP) battery adoption, and intense price competition among battery producers, especially in China.</p>
<p>In China, prices fell around 30% in 2024, compared to a 10% to 15% drop in the U.S. and Europe, increasing the competitive advantage for Chinese battery and electric vehicle producers.</p>
<p>According to BloombergNEF, lithium-ion battery pack prices <a href="https://www.mercomindia.com/lithium-ion-battery-historic-low-price" target="_blank" rel="noopener">dropped</a> 20% from 2023 to a record low of $115/kWh in 2024, the most significant annual decline since 2017.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-80009 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/4f.png" alt="" width="602" height="357" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/4f.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/4f-300x178.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/4f-600x356.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></p>
<p>China retained its dominance over the midstream and downstream EV and storage battery supply chain in 2024, processing 70% to 95% of global lithium, cobalt, phosphate, and graphite. The country produced 98% of LFP and two-thirds of nickel-based cathode material, over 90% of anode material, and 80% of global battery cells. Indonesia increased its upstream nickel production share, supplying 60% of mined nickel and processing almost 45%.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-80011 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/6f.png" alt="" width="602" height="350" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/6f.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/6f-300x174.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/6f-600x349.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></p>
<p><strong>Renewables Surge Continues</strong></p>
<p>In 2024, global annual renewable capacity additions surged by an estimated 25%, rising to around 700 GW. Solar accounted for over three-quarters of the capacity additions, followed by wind with 17%.</p>
<p>Electricity generation from renewables contributed almost three-quarters of the global increase in 2024.</p>
<p>China again led the global capacity expansions, accounting for nearly two-thirds of the total renewable capacity connected to the grid.</p>
<p>Solar additions during the year grew almost 30% from 2023, totaling about 550 GW. China’s solar capacity additions reached over 340 GW, up 30% from the previous year. The European Union (EU) installed approximately 60 GW of solar capacity.</p>
<p>For wind, annual additions remained stable compared to 2023 at approximately 120 GW. Electricity generation from wind expanded by roughly 180 TWh with new projects being brought online.</p>
<p>China installed 80 GW of wind capacity in 2024. Wind additions in the EU dropped by 20% despite wind energy accounting for 20% of all electricity consumed in the region.</p>
<p>The report expects robust growth in electric vehicle sales to continue, driven by increasing cost competitiveness.</p>
<p>Global electric car sales exceeded 17 million in 2024, a 25% year-over-year (YoY) increase. China remained the leading market, selling over 11 million electric cars.</p>
<p>In 2024, Europe remained the second-largest market for electric cars, with sales reaching 3.2 million vehicles, accounting for nearly 20% of the global total. Electric car sales in the U.S. rose to 1.6 million, rising 10% over 2023.</p>
<p><strong>Outlook for Key Minerals</strong></p>
<p>The report expects critical mineral demand to grow rapidly, driven by energy technologies.</p>
<p>Battery deployment in EVs and energy storage applications will drive strong demand growth for lithium, graphite, nickel, and cobalt.</p>
<p>The demand for cobalt and rare earth elements will also grow significantly, increasing 50% to 60% by 2040. Copper has the largest established market, with its demand projected to grow by 30% over the same period.</p>
<p>Cobalt demand has been affected by the growing LFP chemistries adoption, with projected 2040 demand now over 10% lower than last year’s outlook.</p>
<p>Under IEA’s base case, the combined market value of copper, lithium, nickel, cobalt, graphite, and rare earth elements is expected to increase by 50%, reaching $500 billion by 2040.</p>
<p>While copper maintains the largest share of the combined market value, lithium will experience the fastest growth, increasing fivefold by 2040. Under the high production case, both copper and lithium see notable supply shortfalls.</p>


China’s Dominance in Critical Minerals Supply and Refining Continues: IEA


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					</table><p>Energy solutions provider <a href="https://engieindia.com/" target="_blank" rel="noopener">ENGIE India</a> has announced that it has achieved financial closure for its upcoming 200 MW solar power project in Khavda, Gujarat. The project is implemented through its wholly owned subsidiary, Enren-II Energy.</p>
<p>Financial support for the project has been secured in partnership with two leading international banks, <a href="https://www.mufg.jp/english/index.html" target="_blank" rel="noopener">MUFG</a> Bank and Credit Agricole Corporate and Investment Bank (<a href="https://www.ca-cib.com/en" target="_blank" rel="noopener">CIB</a>).</p>
<p>The project is expected to generate approximately 550 GWh of electricity annually. ENGIE said its project in Khavda will contribute to strengthening the country&#8217;s renewable power infrastructure, particularly in the western state of Gujarat, which has become a major hub for large-scale solar developments due to its high solar irradiance and supportive policy environment.</p>
<p>ENGIE India has a renewable energy capacity of 2.3 GW, with 1.1 GW in operation in seven states and 1.25 GW under construction. The company plans to develop 7 GW of renewable energy capacity in India by 2030.</p>
<p>The company has eight solar projects in Rajasthan with a total capacity of 825 MW and four solar and wind projects in Gujarat with a total capacity of 830 GW.</p>
<p>In July 2024, ENGIE <a href="https://www.mercomindia.com/engie-signs-%E2%82%B914-6-billion-loan-with-adb" target="_blank" rel="noopener">signed</a> a loan agreement with the Asian Development Bank for a 400 MW solar photovoltaic power project in Surendranagar District, Gujarat. Enren Energy, a special-purpose vehicle of the ENGIE group, will implement the project, and Gujarat Urja Vikas Nigam will be the sole offtaker.</p>
<p>In November 2024, ENGIE <a href="https://www.mercomindia.com/engie-to-build-22-mw-solar-project-for-saudi-cement-factory" target="_blank" rel="noopener">developed</a> a 22 MW solar photovoltaic project for Saudi Arabia’s Al Jouf Cement Company near Turaif in the country’s Northern Borders Province.</p>
<p>In March 2024, ENGIE was <a href="https://www.mercomindia.com/ntpc-win-seci-solar-tranche-xvi-auction" target="_blank" rel="noopener">declared</a> one of the winners in the Solar Energy Corporation of India’s auction to set up 1,500 MW interstate transmission system-connected solar power projects in India under Tranche XIV, with the lowest quoted tariff of ₹2.57 (~$0.0310)/kWh to win 100 MW.</p>


ENGIE Achieves Financial Closure for 200 MW Solar Project in Gujarat


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					</table><p>According to Mercom’s India Solar Market Leaderboard report, AM Green Energy was the <a href="https://www.mercomindia.com/am-green-serentica-and-gentari-top-open-access-solar-developers-in-2024" target="_blank" rel="noopener">leading</a> open access solar developer in 2024. Serentica Renewables followed closely in second place, with Gentari (formerly Amplus Solar) ranked third. Fourth Partner Energy and Brookfield Renewable Partners took the fourth and fifth spots, respectively. The top five open access solar project installers accounted for 35.4% of the market share.</p>
<p>The Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/almm-enlisted-solar-module-capacity-rises-to-87-97-gw" target="_blank" rel="noopener">updated</a> the Approved List of Models and Manufacturers (ALMM) by adding 8,653 MW of solar module manufacturing capacity. The cumulative module manufacturing capacity has reached 87,973 MW after the latest additions. Premier Energies Global Environment (Premier Energies) (1,085 MW), Indosol Solar (472 MW), Pravanya Solar India (Luno Solar) (79 MW), Green Brilliance Renewable Energy LLP (32 MW), Nextbrio Industries (21 MW), and Amrut Energy (48 MW) were the new entries.</p>
<p>The Gujarat Electricity Regulatory Commission <a href="https://www.mercomindia.com/gujarat-proposes-intrastate-grid-connectivity-rules" target="_blank" rel="noopener">issued</a> a detailed draft procedure for renewable energy projects seeking connectivity to the state’s grid. The procedure applies to multiple stakeholders, including applicants covered under Regulation (4) of the GERC Open Access Regulations 2011, developers of renewable energy projects with or without energy storage systems, standalone energy storage systems, and renewable energy parks.</p>
<p>REC Power Development and Consultancy <a href="https://www.mercomindia.com/recpdcl-invites-bids-to-set-up-transmission-system-for-renewable-energy-integration" target="_blank" rel="noopener">invited</a> bids to set up an interstate transmission system to integrate 3 GW of renewable energy at Ananthapuram-II Renewable Energy Zone (Phase-II) in Andhra Pradesh. The work must be completed within 24 months from the allocation date. Bids must be submitted by July 27, 2025. Bids will be opened on the same day. The scope of work includes the augmentation of the Ananthapuram-II pooling station with a 400/220 kV, 1×500 MVA interconnecting transformer, along with the provision of 220 kV and 400 kV line bays for the termination of dedicated transmission lines from renewable energy generation projects.</p>
<p>NTPC <a href="https://www.mercomindia.com/ntpc-floats-om-tender-for-56-mw-solar-project-in-gujarat" target="_blank" rel="noopener">invited</a> bids for two years comprehensive operation and maintenance (O&amp;M) of 56.3 MW solar power projects at Kawas in Surat, Gujarat. The Kawas project includes a 31.25 MW ground-mounted and a 25 MW floating solar project. It also comprises a 52.5 kW rooftop solar system on the administrative building of NTPC’s Kawas gas power plant. The ground-mounted project is on 137 acres of land, and the floating project is on an 84-acre reservoir. Bids must be submitted by June 6, 2025. Bids will be opened on the same day.</p>
<p>The Indian Oil Corporation (IOCL) <a href="https://www.mercomindia.com/indian-oil-issues-om-tender-for-5-mw-solar-project" target="_blank" rel="noopener">invited</a> bids for the operations and maintenance (O&amp;M) of 5 MW solar power project for three months at IOCL Rawra, Rajasthan. Bids must be submitted by May 30, 2025. Bids will be opened on May 31. The project’s defect liability is 12 months from the contract’s completion date. The O&amp;M scope of work covers full preventive (scheduled) and breakdown maintenance to maximize electricity generation.</p>
<p>Maharashtra-based rooftop solar engineering, procurement, and construction services provider Roofsol Energy <a href="https://www.mercomindia.com/roofsol-raises-2-billion-from-aseem-infra" target="_blank" rel="noopener">secured</a> ₹2.1 billion (~$24.67 million) in funding from Aseem Infrastructure Finance. The funding will be used to develop 92.66 MWp of rooftop and group captive solar projects across multiple locations in India. This funding round follows Roofsol Energy’s earlier funding in October last year when the company raised ₹255 million (~$3.03 million) through its inaugural equity funding round.</p>
<p>The real-time market on the Indian Energy Exchange <a href="https://www.mercomindia.com/real-time-power-prices-on-crashes" target="_blank" rel="noopener">saw</a> market clearing prices plunge to near-zero levels on Sunday due to a surge in power supply and a simultaneous dip in demand caused by unseasonal rains and thunderstorms. Prices began falling from the 06:30–06:45 time block and remained low until 12:45–13:00, with the market clearing price remaining at nearly ₹0/kWh between 09:00–13:00 hours. During this period, supply far outpaced demand, with sell bids routinely outweighing purchase bids by five times.</p>
<p>The U.S. Department of Commerce <a href="https://www.mercomindia.com/us-sets-preliminary-countervailing-duties-on-chinese-active-anode-material" target="_blank" rel="noopener">determined</a> preliminary countervailing duties of up to 721% on imports of active anode material from China, which is crucial to battery manufacturing. The U.S. is conducting an anti-dumping investigation, along with investigations on countervailing duties. The final determinations for both investigations will be issued on November 13, 2025.</p>
<p>Gulf Cooperation Council countries increasingly <a href="https://www.mercomindia.com/can-gccs-independent-power-producers-drive-a-clean-energy-future" target="_blank" rel="noopener">rely</a> on independent power producers to achieve their renewable energy goals. Dubai’s clean energy transition has recently taken a major step forward. The Emirate’s main utility, the Dubai Electricity and Water Authority (DEWA), revised the target capacity of its flagship solar project, the Mohammed Bin Rashid Al-Maktoum Solar Park, by 45%. Initially aiming for 5,000 MW by 2030, DEWA increased its target to 7,260 MW. Achieving this target would require an investment of AED50 billion (~$13.6 billion).</p>


Daily News Wrap-Up: AM Green, Serentica, Gentari Top Solar Open Access Developers


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					</table><p>Hero Solar Energy (<a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">Hero Future Energies</a>), <a href="https://hexaclimate.com/" target="_blank" rel="noopener">Hexa Climate Solutions</a>, <a href="https://sembcorpindia.com/" target="_blank" rel="noopener">Sembcorp Green Infra</a>, and <a href="https://www.jitpl.com/" target="_blank" rel="noopener">Jindal India Power</a> have won Solar Energy Corporation of India’s (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) auction to procure 1.2 GW of round-the-clock (RTC) power from interstate transmission system (ISTS)-connected renewable energy projects.</p>
<p>Hero and Hexa won 120 MW and 100 MW, respectively, at a tariff of ₹5.06 (~$0.0594)/kWh. Sembcorp Green and Jindal India won 50 MW and 150 MW, respectively, for ₹5.07 (~$0.0595)/kWh.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/table-seci-final.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-79963 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/table-seci-final.png" alt="" width="568" height="231" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/table-seci-final.png 568w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/table-seci-final-300x122.png 300w" sizes="(max-width: 568px) 100vw, 568px" /></a>SECI auctioned 420 MW of the total tendered capacity. The tender was <a href="https://www.mercomindia.com/seci-floats-tender-to-procure-1-2-gw-round-the-clock-renewable-power" target="_blank" rel="noopener">floated</a> in October 2024.</p>
<p>The successful bidders will set up the transmission network to the interconnection or delivery point. They will also identify land, install, and own the projects, obtain connectivity and approvals, and interconnection with the ISTS network/STU or InSTS network for power supply to SECI.</p>
<p>They will also set up energy storage systems to ensure the supply of RTC power. The minimum voltage level for interconnection at the ISTS will be 220 kV.</p>
<p>The companies will ensure a minimum demand fulfilment ratio (DFR) of 80% annually, 75% monthly, and 90% during peak hours.</p>
<p>They will have to pay a penalty against shortfalls in monthly and annual DFR requirements, amounting to 1.5 times the cost of this shortfall in energy terms. In case of a shortfall during peak hour DFR requirements, the penalty will be 2.5 times the cost of this shortfall in energy terms, calculated at the power purchase agreement (PPA) tariff.</p>
<p>To optimize the projects’ operation, the successful bidders can supply power over the contracted capacity at any time block to any third party or power exchange. If the buying entity purchases such power, it will be purchased at the PPA tariff.</p>
<p>Power supply from the project will start 24 months from signing the PPA. The company can split the cumulative capacity into multiple projects within the above deadline.</p>
<p>The tender had specified that only type-certified wind turbine models listed in the Revised List of Models and Manufacturers issued by the Ministry of New and Renewable Energy must be used in the projects. Only commercially established and operational technologies must be deployed to minimize technology risk.</p>
<p>In April, Multi Infrastructure &amp; Engineering (MIEPL) <a href="https://www.mercomindia.com/multi-infrastructure-engineering-wins-secis-4-12-mw-solar-auction" target="_blank" rel="noopener">won</a> SECI’s auction to set up a cumulative 4.125 MW solar power project at IIT Kharagpur, West Bengal.</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>


Hero, Hexa, Sembcorp, Jindal Win SECI’s 1.2 GW RTC Power Procurement Auction


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					</table><p>The real-time market on the <a href="https://www.iexindia.com/">Indian Energy Exchange</a> saw market clearing prices plunge to near-zero levels on Sunday due to a surge in power supply and a simultaneous dip in demand caused by unseasonal rains and thunderstorms.</p>
<p>Prices began falling from the 06:30–06:45 time block and remained low until 12:45–13:00, with the market clearing price remaining at nearly ₹0/kWh between 09:00–13:00 hours. During this period, supply far outpaced demand, with sell bids routinely outweighing purchase bids by five times.</p>
<p>The market clearing price during this period was lower than the exchange fees, which stood at ₹0.02 (~$0.00024)/kWh.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEX.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-79954 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEX.png" alt="IEX" width="752" height="229" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEX.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEX-300x91.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEX-650x198.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEX-624x190.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/IEX-600x183.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></a></p>
<p style="text-align: center;">Image credit: IEX</p>
<p>The decline in demand, which fell nearly 2% compared to the same period last year, resulted from thunderstorms and cooler-than-average temperatures across North and Central India, reducing the need for air conditioning. At the same time, all major power sources, including thermal, hydro, solar, and wind, remained operational. Coal projects were also running at full capacity, further adding to the surplus in supply.</p>
<p>Although buyers paid very little for electricity, solar developers missed the opportunity to earn revenue from clean energy generation. This development highlights the growing disconnect between the cost of generation and prevailing market prices. Unlike many other countries, India does not have a demand-side management market that allows commercial and industrial consumers to adjust usage based on real-time price signals.</p>
<p>Selling power at such low rates is not financially viable. Power generators could achieve better returns if this excess energy was stored in battery energy storage systems (BESS) and supplied during peak demand hours.</p>
<p>Mercom had previously <a href="https://www.mercomindia.com/battery-energy-storage-key-to-indias-renewable-energy-future/" target="_blank" rel="noopener">written</a> on the growing importance of BESS as a key solution for balancing power generation and consumption, especially as India’s grid becomes more complex with the increasing integration of renewable energy. BESS plays a vital role in stabilizing the grid by smoothing out fluctuations in renewable power output and enabling the use of surplus energy generated during the day to meet peak demand in the evening.</p>
<p>According to the National Electricity Plan released by the Central Electricity Authority, India will need nearly 74 GW/411 GWh of energy storage capacity by 2032. This requirement is crucial for supporting the integration of an estimated 364 GW of solar and 121 GW of wind energy capacity.</p>


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