VSL Renewable Wins O&M Contract for NTPC Green’s 810 MW Solar Projects

NLC India Commissions 52.83 MW of 300 MW Solar Project in Rajasthan

Andhra Pradesh Invites Bids for 1,000 MW/2,000 MWh BESS Projects

SCC Infrastructure Wins SECI’s 15,000 TPA Green Ammonia Auction

SAEL Industries Commissions 200 MW Solar Project in Rajasthan

WBERC Sets Net Billing and Gross Metering Feed-in Tariffs for Rooftop Solar

Bihar Issues Draft Regulations for Renewable Energy Tariff Determination

ACME Cleantech Wins SECI’s 25,000 TPA Green Ammonia Auction

POWERGRID Bags Transmission Project to Integrate Renewable Energy in Karnataka

Supply Chain Shortages and Inflation Delay Power Transmission Projects


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					</table><p><a href="https://www.sccinfrastructure.com/index.php" target="_blank" rel="noopener">SCC Infrastructure </a>has won Solar Energy Corporation of India’s (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) auction to supply 15,000 tons per annum (TPA) of green ammonia under the Strategic Interventions for Green Hydrogen Transition (SIGHT) program (Mode-2A-Tranche-I).</p>
<p>SCC quoted a tariff of ₹57.65 (~$0.65)/kg to win the auction. It is slightly <a href="https://www.mercomindia.com/scc-infrastructure-wins-secis-70000-tpa-green-ammonia-auction" target="_blank" rel="noopener">higher </a>than the tariff of ₹53.05 (~$0.6)/kg quoted by the company for an earlier auction.</p>
<p>The green ammonia will be supplied to Mangalore Chemicals &amp; Fertilizers in Karnataka.</p>
<p>This auction is part of a series of 13 auctions, under a tender aggregating a cumulative procurement capacity of 724,000 MT/year.</p>
<p>The tender was initially <a href="https://www.mercomindia.com/seci-invites-bids-for-green-under-sight-program/" target="_blank" rel="noopener">floated</a> in June 2024 and subsequently amended to increase the scope of ACME’s projects.</p>
<p>The company must establish production facilities to supply green ammonia to SECI and secure all approvals and permits, including those for land use. It must ensure production, storage, and delivery to the designated point.</p>
<p>SCC must also identify the project land, construct and own the facility, and handle all logistics up to the delivery.</p>
<p>The awarded capacity must be produced and supplied directly, and no trading or arbitrage is permitted. However, SCC can meet up to 10% of its annual capacity through third-party or other sources.</p>
<p>The company can produce green ammonia using renewable energy sourced from either a co-located or remotely located project, which it or a third party may own. SCC can also procure renewable energy from the power exchanges.</p>
<p>Recently, ACME Cleantech Solutions <a href="https://www.mercomindia.com/acme-cleantech-wins-secis-25000-tpa-green-ammonia-auction" target="_blank" rel="noopener">won</a> SECI’s auction to supply 25,000 TPA of green ammonia under the SIGHT program (Mode-2A-Tranche-I). ACME quoted a tariff of ₹62.84 (~$0.71)/kg.</p>
<p>In the same month, ACME <a href="https://www.mercomindia.com/acme-cleantech-wins-secis-20000-tpa-green-ammonia-auction" target="_blank" rel="noopener">won</a> SECI’s auction to supply 20,000 TPA of green ammonia,  quoting a tariff of ₹64.74 (~$0.73)/kg.</p>
<p>In the same month, ACME <a href="https://www.mercomindia.com/acme-cleantech-wins-secis-100000-tpa-green-ammonia-auction" target="_blank" rel="noopener">won</a> SECI’s auction to supply 100,000 TPA of green ammonia, quoting a tariff of ₹49.75 (~$0.569)/kg.</p>



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					</table><p>The Bihar Electricity Regulatory Commission (<a href="https://berc.co.in/" target="_blank" rel="noopener">BERC</a>) has released the draft Bihar Electricity Regulatory Commission (Terms and Conditions for Tariff Determination from Renewable Energy Sources) Regulations, 2025.</p>
<p>The draft regulations are designed to govern tariff determination for renewable energy projects due for commissioning during the financial years 2025-26 to 2027-28.</p>
<p><strong>Scope and Coverage</strong></p>
<p>The draft regulations cover all renewable energy projects commissioned during the control period.</p>
<p>Tariff determination under these regulations applies to grid-connected generating stations, including biomass power projects based on Rankine cycle technology, non-fossil fuel-based cogeneration projects, solar, solar thermal, and floating solar projects, renewable hybrid energy and renewable energy with storage projects, biomass gasifier and biogas projects, municipal solid waste-based projects, and refuse-derived fuel-based projects.</p>
<p><strong>Eligibility</strong></p>
<p>For wind and small hydro projects, the key requirement is the use of new equipment, specifically new wind turbine generators for wind projects and new plant and machinery for small hydro. These projects must be situated at a site approved by the state nodal agency.</p>
<p>Projects utilizing biomass and non-fossil fuels have specific technological requirements. Biomass power projects utilizing Rankine cycle technology must employ new plant and machinery and cannot utilize any fossil fuels.</p>
<p>Non-fossil fuel-based cogeneration projects must also utilize new plant and machinery and operate in the topping cycle mode. For these projects, the sum of the useful power output and one-half of the useful thermal output must exceed 45% of the facility&#8217;s energy consumption during the crushing season.</p>
<p>Solar projects, including floating solar and solar thermal, must be based on technologies approved by the Ministry of New and Renewable Energy. A notable exception is that floating solar projects installed with an existing renewable energy project (other than ground-mounted solar) will be categorized as renewable hybrid energy projects.</p>
<p>Renewable hybrid energy projects themselves have a criterion that the rated capacity of generation from one renewable energy source must be at least 25% of the rated capacity of the other renewable energy sources that operate at the same point of interconnection.</p>
<p><strong>Tariff Structure</strong></p>
<p>The tariff structure for renewable energy projects will consist of return on equity, interest on loan, depreciation, interest on working capital, and operation and maintenance expenses. The tariff will be designed on a levelized basis over the useful life of the project, taking into account the year of commissioning.</p>
<p>The debt-equity ratio is fixed at 70:30 for both generic and project-specific tariff determinations. The loan tenure is assumed to be 15 years, with interest rates calculated 200 basis points above the average State Bank of India (SBI) marginal cost of funds-based lending rate (MCLR).</p>
<p>The normative return on equity is set at 14%. Depreciation will be allowed up to a maximum of 90% of the admitted capital cost with a 10% salvage value, at a rate of 4.67% per annum for the first 15 years, spread over the remaining life thereafter.</p>
<p>Working capital requirements will be computed based on O&amp;M expenses, receivables, and maintenance spares. The interest rate on working capital is set at 325 basis points above SBI’s MCLR.</p>
<p>Rebate and surcharge provisions include a 1.5% rebate if payments are made within five days of presenting the bills, while late payments attract a surcharge of 1.5% per month if delayed beyond 45 days.</p>
<p>All renewable energy projects, except biomass and non-fossil fuel cogeneration facilities exceeding 10 MW, are categorized as “must-run” stations and are exempt from merit order dispatch principles. Excess generation beyond the approved capacity utilization factor can be sold, with the primary beneficiary retaining the first right of refusal.</p>
<p><strong>Technology-Specific Parameters</strong></p>
<p>For non-fossil fuel-based cogeneration projects, the capital cost is set at ₹56.2 million (~$653,488.37)/MW, with a PLF of 53%, auxiliary consumption of 8.5%, and a station heat rate of 3600 kCal/kWh.</p>
<p>For solar, floating solar, and solar thermal projects, capital costs will be determined on a project-specific basis. The minimum capacity utilization factor (CUF) is set at 19% for solar and floating solar, and 23% for solar thermal. Auxiliary consumption norms are 0.75% for solar and floating solar, and 10% for solar thermal.</p>
<p>For small hydro projects, the Commission will determine capital costs project-specifically. The CUF is 45%, auxiliary consumption is 1.5%, and normative O&amp;M expenses for FY 2025-26 are fixed at ₹5.30 million (~$61,627.91)/MW, escalating at 3.84% annually.</p>
<p>In June this year, BERC <a href="https://www.mercomindia.com/bihar-commission-approves-tariffs-for-238-mw-solar-projects-under-kusum" target="_blank" rel="noopener">approved</a> tariffs ranging from ₹2.77 (~$0.032)/kWh to ₹3.48 (~$0.040)/kWh for 238.15 MW of solar power from grid-connected projects under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program.</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 stay informed of the critical updates from the renewable industry.</p>



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					</table><p><a href="https://www.acme.in/" target="_blank" rel="noopener">ACME Cleantech Solutions</a> has won Solar Energy Corporation of India’s (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) auction to supply 25,000 tons per annum (TPA) of green ammonia under the Strategic Interventions for Green Hydrogen Transition (SIGHT) program (Mode-2A-Tranche-I).</p>
<p>ACME quoted a tariff of ₹62.84 (~$0.71)/kg to win the auction. It is slightly <a href="https://www.mercomindia.com/acme-cleantech-wins-secis-20000-tpa-green-ammonia-auction" target="_blank" rel="noopener">lower</a> than the tariff of ₹64.74 (~$0.73)/kg quoted by ACME for an earlier auction.</p>
<p>The green ammonia will be supplied to Paradeep Phosphates in Zuarinagar, Goa.</p>
<p>The tender was initially <a href="https://www.mercomindia.com/seci-invites-bids-for-green-under-sight-program/" target="_blank" rel="noopener">floated</a> in June 2024 and subsequently amended to increase the scope of ACME’s projects.</p>
<p>The company must establish production facilities to supply green ammonia to SECI and secure all approvals and permits, including those for land use. It must ensure production, storage, and delivery to the designated point.</p>
<p>ACME must also identify the project land, construct and own the facility, and handle all logistics up to the delivery.</p>
<p>The awarded capacity must be produced and supplied directly, and no trading or arbitrage is permitted. However, ACME can meet up to 10% of its annual capacity through third-party or other sources.</p>
<p>The company can produce green ammonia using renewable energy sourced from either a co-located or remotely located project, which it or a third party may own. ACME can also procure renewable energy from the power exchanges.</p>
<p>ACME Cleantech Solutions has previously won five of SECI’s green ammonia auctions, which are part of a series of 13 auctions, under a tender aggregating a cumulative procurement capacity of 724,000 MT/year.</p>
<p>Recently, ACME <a href="https://www.mercomindia.com/acme-cleantech-wins-secis-100000-tpa-green-ammonia-auction" target="_blank" rel="noopener">won</a> SECI’s auction to supply 100,000 TPA of green ammonia under the SIGHT program (Mode-2A-Tranche-I). ACME quoted a tariff of ₹49.75 (~$0.569)/kg.</p>
<p>In the same month, the company <a href="https://www.mercomindia.com/acme-cleantech-wins-seci-100000-tpa-green-ammonia-auction" target="_blank" rel="noopener">won</a> SECI’s auction to supply 100,000 TPA of green ammonia under the SIGHT program. ACME quoted a tariff of ₹54.73 (~$0.628)/kg.</p>
<p>Also in the same month, ACME <a href="https://www.mercomindia.com/acme-cleantech-wins-secis-50000-tpa-green-ammonia-auction" target="_blank" rel="noopener">won</a> SECI’s auction again to supply 50,000 TPA of green ammonia under the SIGHT program (Mode-2A-Tranche-I). ACME quoted a tariff of ₹51.89 (~$0.593)/kg.</p>



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					</table><p>Power Grid Corporation of India (<a href="https://www.powergrid.in/" target="_blank" rel="noopener">POWERGRID</a>) has received a letter of intent from REC Power Development and Consultancy (<a href="https://www.recpdcl.in/" target="_blank" rel="noopener">RECPDCL</a>) to establish an interstate transmission system (ISTS) in Karnataka to integrate renewable energy generation.</p>
<p>POWERGRID must install four 500 MVA, 400/220 kV ICTs (5th-8th) at Davanagere pooling station (PS), along with associated 400 kV and 220 kV ICT bays. They must also augment Davanagere/Chitradurga PS with one 1500 MVA, 765/400 kV ICT, complete with its 765 kV and 400 kV ICT bays.</p>
<p>Two 220 kV line bays will also be added at Davanagere/Chitradurga PS to terminate dedicated transmission lines from renewable energy generation projects.</p>
<p>The scheduled commercial operation date (COD) for the 765/400 kV, 1×1500 MVA ICTS augmentation is 24 months.</p>
<p>The tender for this project was <a href="https://www.mercomindia.com/recpdcl-invites-bids-for-transmission-system-augmentation-in-karnataka/" target="_blank" rel="noopener">issued</a> in May this year. The other bidders were H. G. Infra Engineering, Techno Electric &amp; Engineering Company, and Ramalingam Construction Company.</p>
<p>POWERGRID’s scope of work includes the engineering, procurement, construction, financing, and commissioning of the ISTS. Additionally, it involves providing operation and maintenance (O&amp;M) services for 35 years from COD.</p>
<p>After the O&amp;M period, all project assets, including the substation land, right-of-way, and clearances, will be transferred to the Central Transmission Utility or its successors at no cost and free from encumbrance.</p>
<p>The Ministry of New and Renewable Energy identified a renewable energy potential of 4 GW in Davanagere/ Chitradurga. The transmission system for integrating 2 GW of renewable energy is already under implementation. Connectivity of about 1,850 MW has been granted/agreed for grant at Davanagere PS with the transmission system. Additionally, applications for connectivity of about 1,325 MW have been received at Davanagare PS.</p>
<p>In March, POWEGRID <a href="https://www.mercomindia.com/powergrid-transmission-project-renewable-energy/" target="_blank" rel="noopener">received</a> a letter of intent from PFC Consulting to establish an ISTS at Kurnool-III PS, Andhra Pradesh, to integrate 4.5 GW of renewable energy. This project involves augmenting the transformation capacity at the existing Kurnool-III substation, along with a 765 kV direct current transmission line.</p>
<p>POWERGRID also <a href="https://www.mercomindia.com/powergrid-wins-three-renewable-energy-transmission-projects-from-recpdcl/" target="_blank" rel="noopener">received</a> letters of intent for three transmission projects from RECPDCL, cumulatively worth ₹107.5 billion (~$1.2 billion). The three projects are a transmission system for power evacuation from the Rajasthan Renewable Energy Zone (REZ) Phase V, an augmentation of transformation capacity at Banaskantha, Gujarat, and another transmission system project for the integration of Kurnool-IV REZ Phase I in Andhra Pradesh.</p>



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					</table><p>ACME Cleantech Solutions <a href="https://www.mercomindia.com/acme-cleantech-wins-secis-20000-tpa-green-ammonia-auction" target="_blank" rel="noopener">won</a> Solar Energy Corporation of India’s (SECI) auction to supply 20,000 tons per annum of green ammonia under the Strategic Interventions for Green Hydrogen Transition (SIGHT) program (Mode-2A-Tranche-I). ACME quoted a tariff of ₹64.74 (~$0.73)/kg, the highest in the SIGHT Scheme (Mode-2A) so far, to win the auction. In a previous auction, the company had quoted the lowest tariff of ₹49.75 (~$0.569)/kg. The green ammonia will be supplied to Indorama India in Haldia, West Bengal.</p>
<p>India <a href="https://www.mercomindia.com/solar-installations-in-india-jumped-31-yoy-in-1h-2025" target="_blank" rel="noopener">added</a> solar projects totaling 18 GW in the first half (1H) of 2025, a 31% year-over-year (YoY) increase from the same period last year, according to Mercom India Research’s newly released Q2 2025 India Solar Market Update. In the second quarter (Q2) of 2025, India added 11.3 GW of solar capacity, a 145.4% YoY increase from 4.6 GW and a 66.9% increase from Q1 2025. Solar accounted for 64% of new power capacity additions in Q2 2025. In 1H 2025, solar project commissioning in India accelerated due to regulatory deadlines.</p>
<p>The Supreme Court of India <a href="https://www.mercomindia.com/supreme-court-upholds-cescs-right-to-encash-solar-developers-bank-guarantee" target="_blank" rel="noopener">held</a> that Chamundeshwari Electricity Supply Company’s decision to encash the performance bank guarantee furnished by Saisudhir Energy was fully valid under the power purchase agreement. The decision, which overturned the earlier rulings of the Karnataka Electricity Regulatory Commission and the Appellate Tribunal for Electricity, came after the apex court found that the developer did not seek an extension through the prescribed contractual process or issue a proper notice of force majeure.</p>
<p>The Rajasthan Electricity Regulatory Commission <a href="https://www.mercomindia.com/rajasthan-regulator-approves-five-year-ppa-extension-for-3-75-wind-projects" target="_blank" rel="noopener">approved</a> Rajasthan Urja Vikas and IT Services’ (RUVITL) request to extend its power purchase agreements (PPAs) for 2.5 MW and 1.25 MW wind projects in the state’s Jaisalmer district for five years. The Commission also approved the discovered tariff of ₹2.44 (~$0.028)/kWh. In December 2004, the petitioner, RUVITL, signed two PPAs for setting up 2.5 MW (2 x 1.25 MW) wind projects and a 1.25 MW wind project at the Kotari village in the Jaisalmer district. The PPAs expired in September 2024.</p>
<p>Maharashtra State Electricity Board Solar Agro Power, a subsidiary of MSEB Holding Company, <a href="https://www.mercomindia.com/maharashtra-invites-bids-for-16-gw-solar-projects-under-mskvy" target="_blank" rel="noopener">invited</a> bids to procure 1.6 GW of decentralized ground-mounted solar projects under the Mukhyamantri Saur Krushi Vahini Yojana 2.0. Bids must be submitted by August 28, 2025. Bids will be opened on the same day. The scope of work entails the financing, ownership, design, construction, and operation of the solar projects at the feeder level across the state. It also involves providing operations and maintenance services for 25 years.</p>
<p>Delhi-based Jakson Engineers, a subsidiary of Jakson Group, <a href="https://www.mercomindia.com/jakson-to-invest-%E2%82%B980-billion-in-6-gw-integrated-solar-manufacturing-facility" target="_blank" rel="noopener">announced</a> an investment of over ₹80 billion (~$930.23 million) to establish a 6 GW integrated solar manufacturing facility at Maksi Phase II in Madhya Pradesh. The project, spread across 110 acres, will be executed in two phases. Site activities are scheduled to begin within 15 days, with Phase I involving the establishment of 3 GW of solar module capacity and 3 GW of solar cell capacity at a cost of around ₹20 billion (~$232.56 million). Phase II will add 6 GW of wafer manufacturing capacity along with an additional 3 GW each for modules and cells, with over ₹60 billion (~$697.67 million) in investment.</p>
<p>REC Silicon, a Norway-based silicon material manufacturing company, <a href="https://www.mercomindia.com/rec-silicons-q2-revenue-dips-on-lower-sales-and-maintenance-outages" target="_blank" rel="noopener">reported</a> a revenue of $19.9 million for Q2 2025, an 83% YoY decline from $36.4 million. The revenue decrease was attributed to reduced polysilicon sales as the company continues to liquidate inventories, alongside planned maintenance outages at its Butte operations. REC Silicon recorded a positive earnings before interest, taxes, depreciation, and amortization of $4.9 million, compared to a negative $1.5 million in Q2 2024 from continuing operations, reversing the loss of $4.6 million reported in Q1 2025.</p>
<p>Power converter manufacturer Statcon Energiaa <a href="https://www.mercomindia.com/rotomag-acquires-51-stake-in-power-converter-manufacturer-statcon" target="_blank" rel="noopener">secured</a> an investment from Rotomag Enertec, providing the latter with a 50.99% stake in the company. The two companies aim to develop and deploy MW-scale battery energy storage systems, among other things, following the investment’s finalization. Statcon Energiaa designs, manufactures, and commercially sells on-grid solar inverters. Its solutions cater to the green hydrogen, railway, defense, and power sectors. The company said it recently finalised a licensing contract with AEG PS, Germany, to develop rectifier systems for electrolyzers used in green hydrogen production.</p>
<p>Hydrogen fuel cell solutions provider Plug Power <a href="https://www.mercomindia.com/higher-sales-drive-hydrogen-fuel-cell-company-plug-powers-revenue-up-21" target="_blank" rel="noopener">reported</a> a revenue of $174 million in the second quarter of 2025, a 21% year-over-year increase from $143 million and surpassing analysts’ expectations by $15.98 million. The revenue growth was driven by rising demand for the company’s GenDrive fuel cells, GenFuel hydrogen infrastructure, and GenEco electrolyzer platforms. The company’s net loss fell to $227 million, a 13.35% decrease from a net loss of $262 million in the corresponding period last year.</p>


Daily News Wrap-Up: SECI Announces 20,000 TPA Green Ammonia Auction Winners


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					</table><p>Power Finance Corporation (<a href="https://www.pfcindia.co.in/" target="_blank" rel="noopener">PFC</a>) has signed a loan agreement for €150 million (~$175.13 million) with <a href="https://www.kfw-entwicklungsbank.de/International-financing/KfW-Entwicklungsbank/" target="_blank" rel="noopener">KfW Development Bank</a>, a German state-owned investment and development bank.</p>
<p>PFC will utilize the loan proceeds to finance projects under the Indian government’s Revamped Distribution Sector Scheme (RDSS).</p>
<p>According to the National Smart Grid Mission data, 8.76 million smart meters have been <a href="https://www.mercomindia.com/smart-meter-deployment-dismal-sunset-date-just-a-year-away" target="_blank" rel="noopener">installed</a> under RDSS as of February 2025.</p>
<p>In January 2025, the Japan Bank for International Cooperation (JBIC) <a href="https://www.mercomindia.com/japan-bank-signs-agreement-to-lend-770-million-to-pfc" target="_blank" rel="noopener">signed</a> an agreement to set up a credit line of JPY120 billion (~$770.64 million) with  PFC. JBIC’s share of the total credit line will be JPY72 billion (~$462.38 million).</p>
<p>Renewable energy in India is <a href="https://www.mercomindia.com/indias-renewable-energy-space-is-mainstream-now-for-lenders" target="_blank" rel="noopener">increasingly</a> being viewed as a mainstream segment by lenders who are eager to finance various clean energy projects. Capital is no longer a constraint for well-governed companies with a good track record.</p>
<p>In the financial year 2025, PFC primarily<a href="https://www.mercomindia.com/higher-net-interest-income-strengthens-pfcs-q4-fy-2025-financials" target="_blank" rel="noopener"> lent</a> to the government sector, which accounted for 77% of the loans disbursed, with the remainder going to the private sector. Its loan assets totaled ₹5.43 trillion (~$63.43 billion), and loan disbursements reached ₹1.68 trillion (~$19.62 billion).</p>
<p>As of March 31, 2025, PFC had a borrowing mix of ₹888.77 billion (~$10.38 billion) of rupee term loans from banks/financial institutions (19%), ₹891.32 billion (~$10.41 billion) of foreign currency borrowings (19%), and ₹2.61 trillion (~$30.49 billion) of domestic bonds (56%).</p>
<p>On June 30, 2025, the Ministry of Power <a href="https://www.mercomindia.com/government-conceives-india-energy-stack-to-digitalize-power-sector" target="_blank" rel="noopener">announced</a> the launch of a task force to establish the India Energy Stack under the RDSS program. The initiative aims to create a unified, secure, and interoperable digital infrastructure for the country’s energy sector.</p>
<p>In March 2025, the Ministry of Power <a href="https://www.mercomindia.com/two-year-extension-of-distribution-sector-reforms-program-on-the-cards" target="_blank" rel="noopener">informed</a> Parliament’s Standing Committee on Energy that it requires a two-year extension of the RDSS program, aimed at introducing operational efficiencies and financial discipline into India’s power distribution sector.</p>


PFC Secures €150 Million Loan from KfW for Power Distribution Program


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-group14-technologies-raises-463-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Group14 Technologies, a manufacturer of silicon-anode battery technology, </strong><a href="https://mercomcapital.com/group14-technologies-raises-463-million-in-series-d-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $463 million in a Series D funding, led by SK Inc., with participation from existing investors. </strong>The new capital will be used to scale up production of Group14’s silicon battery material, SCC55, in both the U.S. and South Korea, aiming to tackle the growing global demand for energy storage solutions. In addition, Group14 has taken full ownership of its joint venture with SK Inc. in Sangju, South Korea.<strong> </strong></p>
<p><strong>ABO Energy, a renewable energy project developer, has </strong><a href="https://mercomcapital.com/abo-energy-closes-280-million-syndicated-loan-agreement/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a syndicated loan agreement for €240 million (~$280 million) with the participation of seven banks. </strong>Commerzbank led the financing and acted as sole bookrunner and agent. Clifford Chance acted as legal advisor to the banks, while Noerr PartGmbB acted as legal advisor to ABO Energy. As per the agreement, the financing volume is divided equally between traditional loans, revolving working capital facilities, and guarantee lines.</p>
<p><strong>One Stop Warehouse, a solar wholesaler and distributor, has </strong><a href="https://mercomcapital.com/solar-distributor-osw-raises-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> A$8.5 million (~$5.5 million) in strategic funding from SparkEdge Capital, a venture capital firm based in Shanghai focused on the energy and technology sectors. </strong>The funding will be used to support the company in its next phase of international growth in key solar markets, including the U.S., Mexico, Spain, and Romania. Currently, apart from Australia, the company has built its presence across Europe, especially in the Netherlands and Poland.</p>
<p><strong>CrossBoundary Energy, a developer, owner, and operator of distributed renewable energy, has </strong><a href="https://mercomcapital.com/crossboundary-energy-secures-impact-fund-denmark/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a $40 million equity-like capital investment from Impact Fund Denmark. </strong>The funding will help the company expand its portfolio of clean energy projects in Africa. Currently, the company is constructing a solar/BESS baseload plant in Africa after signing a commercial and industrial PPA with Kamoa Copper SA, a copper mine in the Democratic Republic of Congo.</p>
<p><strong>Power converter manufacturer Statcon Energiaa has </strong><a href="https://www.mercomindia.com/rotomag-acquires-51-stake-in-power-converter-manufacturer-statcon" target="_blank" rel="noopener"><strong>secured</strong></a><strong> an investment from Rotomag Enertec, providing the latter with a 50.99% stake in the company. </strong>The two companies aim to develop and deploy MW-scale battery energy storage systems (BESS), among other things, following the investment’s finalization. Statcon Energiaa designs, manufactures, and commercially sells on-grid solar inverters. Its solutions cater to green hydrogen, railways, defense, and the power sectors.</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-activ8-energies-acquires-low-carbon-energy" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Group14 Technologies Raises $463 Million


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					</table><p><a href="https://www.acme.in/" target="_blank" rel="noopener">ACME Cleantech Solutions</a> has won Solar Energy Corporation of India’s (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) auction to supply 20,000 tons per annum (TPA) of green ammonia under the Strategic Interventions for Green Hydrogen Transition (SIGHT) program (Mode-2A-Tranche-I).</p>
<p>ACME quoted a tariff of ₹64.74 (~$0.73)/kg, the highest in the SIGHT Scheme (Mode-2A) so far, to win the auction. In a previous auction, the company had quoted the <a href="https://www.mercomindia.com/acme-cleantech-wins-secis-100000-tpa-green-ammonia-auction" target="_blank" rel="noopener">lowest </a>tariff of ₹49.75 (~$0.569)/kg.</p>
<p>The green ammonia will be supplied to Indorama India in Haldia, West Bengal.</p>
<p>The tender was initially <a href="https://www.mercomindia.com/seci-invites-bids-for-green-under-sight-program/" target="_blank" rel="noopener">floated</a> in June 2024 and subsequently amended to increase the projects under its scope.</p>
<p>ACME must establish production facilities to supply green ammonia to SECI and secure all approvals and permits, including those for land. It must ensure production, storage, and delivery to the designated point.</p>
<p>The company must also identify land, construct and own the facility, and handle all logistics up to the delivery.</p>
<p>The awarded capacity must be produced and supplied directly, and no trading or arbitrage is permitted. However, ACME can meet up to 10% of the annual capacity committed through a third-party or other sources.</p>
<p>The company can produce green ammonia using renewable energy sourced from either a co-located or remotely located project, which it or a third party may own. ACME can also procure renewable energy from the power exchanges.</p>
<p>Previously, ACME Cleantech Solutions won four of SECI&#8217;s green ammonia auctions.</p>
<p>Recently, ACME Cleantech Solutions <a href="https://www.mercomindia.com/acme-cleantech-wins-seci-100000-tpa-green-ammonia-auction" target="_blank" rel="noopener">won</a> SECI’s auction to supply 100,000 TPA of green ammonia under the SIGHT program. ACME quoted a tariff of ₹54.73 (~$0.628)/kg.</p>
<p>Earlier this month, the company <a href="https://www.mercomindia.com/acme-cleantech-wins-secis-50000-tpa-green-ammonia-auction" target="_blank" rel="noopener">won</a> SECI’s auction to supply 50,000 TPA of green ammonia, quoting ₹51.89 (~$0.593)/kg.</p>
<p>In July, ACME <a href="https://www.mercomindia.com/acme-cleantech-wins-secis-auction-to-supply-75000-mt-of-green-ammonia" target="_blank" rel="noopener">won</a> SECI’s auction to supply 75,000 TPA of green ammonia annually to 12 fertilizer plants, quoting ₹55.7 (~$0.64)/kg.</p>
<p>These are part of a series of 13 auctions, under a tender aggregating a cumulative procurement capacity of 724,000 MT/year.</p>


ACME Cleantech Wins SECI’s 20,000 TPA Green Ammonia Auction


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					</table><p><a href="https://recsilicon.com/" target="_blank" rel="noopener">REC Silicon</a>, a Norway-based silicon material manufacturing company, reported a revenue of $19.9 million for the second quarter (Q2) of 2025, an 83% year-over-year (YoY) decline from $36.4 million.</p>
<p>The revenue decrease was attributed to reduced polysilicon sales as the company continues to liquidate inventories, alongside planned maintenance outages at its Butte operations.</p>
<p>REC Silicon recorded a positive earnings before interest, taxes, depreciation, and amortization (EBITDA) of $4.9 million, compared to a negative $1.5 million in Q2 2024 from continuing operations, reversing the loss of $4.6 million reported in Q1 2025.</p>
<p>This turnaround was driven primarily by a $13.1 million non-cash gain related to the modification of a long-term lease at the Moses Lake facility.</p>
<p>Earnings per share came in at a loss of $0.02, compared to a loss of $0.12 in the same quarter last year.</p>
<p>The company ended the quarter with a cash balance of $8.3 million, down $8.5 million from March 2025.</p>
<p>Operating cash flows were negative at $15.7 million during the quarter, driven by working capital movements. Interest payments totaled $7.2 million, and costs associated with discontinued operations were also incurred.</p>
<p>Investing activities accounted for $1.5 million in outflows, mainly related to capital expenditures, while financing activities contributed $8.7 million through new borrowings.</p>
<p>“The company’s financial challenges continue due to lower-than-expected sales and pressure from operating expenses and interest payments. Negative impacts have also been felt from existing tariffs, channel inventories, project delays, and demand uncertainty from key markets and customers. These external factors are expected to continue to negatively impact revenues and cash flow. The company’s focus will continue to be on the fundamentals of selling more, stabilizing production operations and continuing to seek cost reduction opportunities, however, the need for additional capital is expected,” said Kurt Levens, CEO at REC Silicon.</p>
<p><strong>First Half</strong></p>
<p>For the first half (1H) of 2025, revenues totaled $41.2 million, significantly lower than $78.3 million in the same period of 2024.</p>
<p>The total net loss for 1H 2025 was $31.8 million compared to a loss of $91.2 million in 1H 2024, with discontinued operations contributing $8 million to the losses.</p>
<p><strong>Operational Highlights</strong></p>
<p>REC Silicon’s Butte operations contributed revenues of $19.8 million in Q2 2025, a sequential decline from $21.4 million in Q1, largely due to lower polysilicon sales.</p>
<p>Silicon gas sales volumes in Q2 2025 reached 570 metric tons (MT), slightly up from 560 MT in Q1 2025 but lower than 654 MT in the corresponding quarter of 2024, indicating ongoing softness in global demand.</p>
<p>Average selling prices fell 2.5% due to market conditions. EBITDA from the Butte facility was negative $300,000, primarily because of a planned maintenance outage.</p>
<p>The Moses Lake facility, which <a href="https://www.mercomindia.com/rec-closes-us-polysilicon-facility-will-increase-focus-on-silicon-gas" target="_blank" rel="noopener">closed</a> its granular polysilicon operations earlier this year, recorded no revenues but contributed $9.6 million to EBITDA due to the lease modification gain. The other segments, which include corporate and administrative expenses, posted a negative EBITDA of $4.4 million.</p>
<p>Silicon gas production was 1,146 MT, with sales totaling 1,130 MT for 1H 2025, compared to 1,504 MT sold during the first half of 2024, underlining a continuing decline in demand. Polysilicon sales volumes fell sharply to 240 MT in 1H 2025 from 914 MT in 1H 2024, consistent with the company’s ongoing exit from the polysilicon business.</p>
<p><strong>Outlook</strong></p>
<p>The company continues to face uncertainty due to global trade actions, tariffs, and concerns about market access, which are delaying expansions and sales growth, particularly in silane and polysilicon markets.</p>
<p>Demand for silane remains weak, especially in the semiconductor memory sector, while polysilicon sales volumes continue to decline as inventories are cleared.</p>
<p>Commenting on the market situation, Levens said, “Silicon gas shipments are in a range that we have settled in for the last three quarters. We are still having trade-related effects due to tariffs and trade actions on our products. Expected opportunities for volume expansion are being delayed or suspended. Semi memory market demand is still soft compared to prior periods and is affecting underlying demand, particularly for silane.”</p>
<p>For Q3 2025, the company has set a shipment target of 550MT to 600 MT of silicon gases, broadly in line with recent quarters. Levens added that cost reduction efforts remain a priority, stating, “Our cost reduction efforts in Moses Lake continue, and material progress was made over Q1. We expect to continue incremental reductions through the remainder of the year as we finish and negotiate prior commitments.”</p>
<p>The company also reported that the Butte operation has continued to optimize for cost reduction and has achieved targets, particularly on manufacturing overhead.</p>
<p>REC Silicon <a href="https://www.mercomindia.com/rec-silicons-revenue-falls-shuts-polysilicon-facility" target="_blank" rel="noopener">reported</a> a revenue of $29.7 million in Q4 2024, a 26.5% YoY decline from $40.4 million.</p>


REC Silicon’s Q2 Revenue Dips on Lower Sales and Maintenance Outages


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					</table><p>ACME Cleantech Solutions <a href="https://www.mercomindia.com/acme-cleantech-wins-secis-100000-tpa-green-ammonia-auction" target="_blank" rel="noopener">won</a> Solar Energy Corporation of India’s (SECI) auction to supply 100,000 tons per annum (TPA) of green ammonia under the Strategic Interventions for Green Hydrogen Transition (SIGHT) program (Mode-2A-Tranche-I). ACME quoted a tariff of ₹49.75 (~$0.569)/kg, the lowest in the SIGHT Scheme (Mode-2A), to win the auction. The previous lowest tariff was ₹50.75 (~$0.569)/kg. The green ammonia will be supplied to the Indian Farmers Fertiliser Cooperative in Paradeep, Odisha, for ten years.</p>
<p>The Telangana Electricity Regulatory Commission <a href="https://www.mercomindia.com/telangana-regulator-issues-rooftop-solar-regulations-2025" target="_blank" rel="noopener">issued</a> regulations for grid-interactive rooftop solar, introducing a comprehensive framework governing metering for consumers in the state. The framework titled Telangana Electricity Regulatory Commission (Rooftop Solar Photovoltaic (PV) Grid-Interactive Systems) Regulations, 2025 will apply to distribution licensees, eligible consumers, and third-party owners of rooftop solar systems.</p>
<p>The Madhya Pradesh Electricity Regulatory Commission <a href="https://www.mercomindia.com/mperc-approves-tariff-for-232-mw-of-solar-projects-under-pm-kusum" target="_blank" rel="noopener">approved</a> the tariff of ₹2.94 (~$0.0336)/kWh discovered in the fourth and fifth auctions conducted by Madhya Pradesh Urja Vikas Nigam under Component C of the PM-Kisan Urja Suraksha evam Utthaan Mahabhiyaan program. The Commission also directed the signing of power purchase agreements between the developers and Madhya Pradesh Power Management Company. Regarding the sixth auction, the Commission kept the matter pending, stating that the issues concerning connectivity arrangements and the applicability of central financial assistance must first be reconciled between the petitioner and the respondent.</p>
<p>The Gujarat Electricity Regulatory Commission (GERC) <a href="https://www.mercomindia.com/gujarat-regulator-notifies-renewable-energy-procurement-rules-until-2030" target="_blank" rel="noopener">issued</a> the GERC (Procurement of Energy from Renewable Sources) Regulations, 2025, governing renewable purchase obligations for distribution licensees, open access consumers, and captive users. The regulations extend RPO compliance to all obligated entities, including distribution licensees, open access consumers, and captive generating projects with an installed capacity above 100 kW based on conventional technologies. Captive projects established solely for standby or emergency backup power during breakdowns or power cuts are also covered.</p>
<p>ITI, a public sector undertaking under the Department of Telecommunications, <a href="https://www.mercomindia.com/iti-invites-bids-to-empanel-consultant-for-10-mw-solar-project-in-madhya-pradesh" target="_blank" rel="noopener">invited</a> expressions of interest to empanel a consultant to prepare a detailed project report for a 10 MW solar project at ward no 12/13 at Bijuri Municipal Council in Madhya Pradesh. Bids must be submitted by September 7, 2025. Bids will be opened on the same day. Bidders must be a legally registered entity in India and engaged in the business of solar power, renewable energy, or electrical works. The entity can be a company incorporated under the Companies Act, 1956 or 2013, a limited liability partnership under the LLP Act, 2008, a partnership firm under the Partnership Act, 1932, or a sole proprietorship under the Shop Act.</p>
<p>SECI <a href="https://www.mercomindia.com/seci-tenders-3-5-mw-rooftop-solar-projects-in-educational-institutions" target="_blank" rel="noopener">issued</a> a request for selection to set up 3,540 kW grid-connected rooftop solar projects in educational institutions in three states in the country’s northeastern region under the renewable energy services company mode (RTSPV-Tranche-II). Bids must be submitted by October 3, 2025. Bids will be opened on October 6, 2025. The scope of work entails the design, engineering, supply, storage, civil work, erection, testing, and commissioning of the solar projects. It also includes providing operation and maintenance services for 25 years.</p>
<p>With the help of solar energy and energy storage, two government schools near Bengaluru are <a href="https://www.mercomindia.com/solar-with-storage-powers-computer-labs-in-karnatakas-government-schools" target="_blank" rel="noopener">running</a> computer classes without power interruptions. Due to the irregular grid power supply, the schools in Doddaballapura and Chikkabanavara in Karnataka were unable to run computer labs. Frequent power outages and voltage fluctuations also led to concerns about damage to the equipment. The Trinity Care Foundation, an NGO involved in schools, suggested that the two schools install a 5 kW solar system with energy storage for an uninterrupted power supply.</p>
<p>Insolation Green Energy, a wholly owned subsidiary of Insolation Energy, has <a href="https://www.mercomindia.com/insolation-energy-breaks-ground-on-4-5-gw-solar-cell-facility" target="_blank" rel="noopener">broken</a> ground on its 4.5 GW solar cell and 18,000 metric ton aluminum frame manufacturing facility in the Power and Renewable Energy Equipment Zone at Narmadapuram, Madhya Pradesh. The project, spread across 45 acres, represents an investment of about ₹16 billion (~$182.69 million). It will be the company’s fourth manufacturing facility and the first to be established outside Rajasthan.</p>
<p>Israel-based solar inverter manufacturer SolarEdge <a href="https://www.mercomindia.com/domestic-demand-for-us-made-goods-grows-solaredges-revenue-by-9-04" target="_blank" rel="noopener">reported</a> a revenue of $289.4 million in the second quarter of 2025, a 9.04% year-over-year growth from $265.4 million. The results surpassed analysts’ expectations by $14.94 million. SolarEdge recorded a one-time expense of $37 million related to a write-down of its Sella 2 facility and is planning to divest it. However, the one-time expense was partially offset by a one-time $10 million gain on the sale of its Nonsan production facility in Korea. The company shipped 1,194 MW of inverters and 247 MWh of batteries during the quarter for solar applications.</p>


Daily News Wrap-Up: SECI Reveals 100,000 TPA Green Ammonia Auction Winners


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					</table><p>Hydrogen fuel cell solutions provider <a href="https://www.plugpower.com/" target="_blank" rel="noopener">Plug Power</a> reported a revenue of $174 million in the second quarter (Q2) of 2025, a 21% year-over-year (YoY) increase from $143 million and surpassing analysts’ expectations by $15.98 million.</p>
<p>The revenue growth was driven by rising demand for the company’s GenDrive fuel cells, GenFuel hydrogen infrastructure, and GenEco electrolyzer platforms.</p>
<p>The company’s net loss fell to $227 million, a 13.35% decrease from a net loss of $262 million in the corresponding period last year.</p>
<p>Its loss per share came in at $0.20 compared to a loss per share of $0.36 in Q2 2024.</p>
<p>The loss per share missed the analysts’ estimates by $0.02.</p>
<p>During the quarter, Plug Power’s electrolyzer sales more than tripled, reaching roughly $45 million.</p>
<p><strong>1H Results</strong></p>
<p>In the first half (1H) of 2025, Plug Power reported a 16.46% YoY rise in revenue to $307 million from $263.6 million.</p>
<p>The company&#8217;s net loss dropped to $424 million, a 241% drop from $558 million in the same period of the previous year.</p>
<p>Its loss per share came in at $0.41 in 1H 2025 compared to a loss per share of $0.81 in 1H 2024.</p>
<p><strong>Business Highlights</strong></p>
<p>Plug Power ended Q2 2025 with more than $140 million in unrestricted cash and cash equivalents. It also had a platform to access over $300 million in additional debt capacity from its secured debt facility.</p>
<p>The company is mobilizing over 230 MW of its GenEco electrolyzer platforms across Europe, Australia, and North America.</p>
<p>It aims to commence construction of its green hydrogen facility in Texas by the end of this year.</p>
<p>In April 2025, Plug Power’s Georgia hydrogen plant set a U.S. production record using GenEco systems.</p>
<p>The company is anticipating additional customer commitments this year for the GenEco electrolyzers. It is also expecting multiple large-scale projects to advance toward final investment decisions in 2026.</p>
<p>Plug Power is pursuing pre-final investment decision agreements to secure long-term value earlier in the development cycle.</p>
<p>It said the extension of the Investment Tax Credit through 2026 is expected to drive demand for the GenDrive fuel cells in material handling applications. The company anticipates the new demand to drive bookings in 2H 2025, paving the way for significant growth in 2026.</p>
<p>In Q1 2025, Plug Power <a href="https://www.mercomindia.com/plug-power-q1-revenue-up-11-yoy" target="_blank" rel="noopener">reported</a> a revenue of $133.67 million, an 11% YoY increase compared to $120.26 million. This growth was driven by rising demand for electrolyzers, consistent material handling activity, and continued deployment within its cryogenic platform. The revenue exceeded analysts’ expectations by $1.88 million.</p>


Higher Sales Drive Hydrogen Fuel Cell Company Plug Power’s Revenue Up 21%


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					</table><p>The Gujarat Electricity Regulatory Commission (<a title="https://gercin.org/" href="https://gercin.org/" target="_blank" rel="noreferrer noopener">GERC</a>) has issued the GERC (Procurement of Energy from Renewable Sources) Regulations, 2025, governing renewable purchase obligations (RPOs) for distribution licensees, open access consumers, and captive users.</p>
<p><strong>Applicability of RPO</strong></p>
<p>The regulations extend RPO compliance to all obligated entities, including distribution licensees, open access consumers, and captive generating projects with an installed capacity above 100 kW based on conventional technologies.</p>
<p>Captive projects established solely for standby or emergency backup power during breakdowns or power cuts are also covered. Captive users consuming electricity from conventional sources for regular operations must comply as well.</p>
<p>Retail consumers drawing power exclusively from distribution licensees are exempt under the regulations, except where they qualify as designated consumers under the Energy Conservation Act, 2001. Such designated consumers are required to meet their RPO obligations irrespective of the capacity of their captive generation plants.</p>
<p><strong>Quantum of RPO</strong></p>
<p>The regulations specify year-wise RPOs between 2024-2025 and 2029-2030. The quantum is defined in percentage terms of total electricity consumption across wind, hydropower, renewable energy, distributed renewable energy, and other renewable energy.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/GERC-RPO-image-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-83659 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/GERC-RPO-image-1.png" alt="GERC RPO 1" width="788" height="272" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/GERC-RPO-image-1.png 788w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/GERC-RPO-image-1-300x104.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/GERC-RPO-image-1-768x265.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/GERC-RPO-image-1-650x224.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/GERC-RPO-image-1-624x215.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/GERC-RPO-image-1-600x207.png 600w" sizes="(max-width: 788px) 100vw, 788px" /></a></p>
<p>The regulations specify that the wind component must be met through wind power projects commissioned after March 31, 2024, while the hydropower component must come from hydropower projects, including pump storage and small hydropower, commissioned after that date.</p>
<p>The hydropower quota can also be met through free power allocations to the state from new hydro projects and from energy sourced from projects outside India, if approved by the central government.</p>
<p>Distributed renewable energy is defined as energy from projects under 10 MW, including solar installations across notified configurations, with generation data converted at 3.5 kWh/kW/day where actual metering data is unavailable.</p>
<p>Other renewable energy covers all eligible projects not included in wind, hydropower, or distributed renewable energy, including older wind and hydro projects, biomass, bagasse cogeneration, and municipal solid waste-based power plants.</p>
<p>The regulations allow flexibility to meet shortfalls in wind or hydropower obligations by using surpluses from the other renewable energy category. Surpluses in wind or hydropower can also be counted toward the other renewable category. Excess energy from this category may be used to offset deficits in wind or hydropower.</p>
<p>Obligated entities using open access or captive generation must meet total renewable energy targets irrespective of the source.</p>
<p><strong>Storage Obligation</strong></p>
<p>Alongside renewable purchase requirements, the regulations introduce mandatory energy storage obligations. Obligated entities must procure a percentage of their total consumption through storage. The storage system will be charged predominantly from renewable energy.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/GERC-RPO-image-2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-83660 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/GERC-RPO-image-2.png" alt="GERC RPO 2" width="578" height="315" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/GERC-RPO-image-2.png 578w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/GERC-RPO-image-2-300x163.png 300w" sizes="(max-width: 578px) 100vw, 578px" /></a></p>
<p>The shortage is considered fulfilled only when at least 85% of the stored energy is sourced from renewable energy. The renewable energy stored counts toward total RPO compliance, and the storage requirement is applicable till 2030, with the 2029-2030 levels extended further if no new notification is issued.</p>
<p><strong>Fulfilment and Compliance Mechanism</strong></p>
<p>The regulations mandate that the obligated entities fulfil their RPO category-wise on an annual basis, with quarterly compliance encouraged. Obligations can be met through procurement of renewable energy directly from generators, purchase through exchanges, receipt of free power from government allocations, self-generation from renewable assets, and banking arrangements.</p>
<p>Rooftop solar consumption under net metering or group metering is eligible for compliance either by the consumer or the distribution licensee, per the Gujarat Net Metering Regulations.</p>
<p>Further, renewable energy consumed for producing green hydrogen or ammonia will count towards the RPO of the consuming entity. Any surplus beyond their own obligation will be credited towards the distribution licensee in whose area the project is located.</p>
<p>Obligated entities anticipating shortfalls must procure additional renewable energy or RECs before the end of the year. Inter-category adjustments are allowed within the limits specified in the regulations.</p>
<p><strong>Role of Certificates and State Agency</strong></p>
<p>Certificates purchased from exchanges or traders must be reported to the state agency. Obligated entities can also apply for RECs for surplus renewable energy procured or generated beyond their obligations.</p>
<p>Renewable energy sold under long-term power purchase agreements outside the REC mechanism does not qualify for REC issuance.</p>
<p>The Gujarat Energy Development Agency (GEDA) has been designated as the state agency for implementing these regulations, subject to possible change if the commission finds another agency suitable. GEDA must develop an RPO compliance web portal for registration, monitoring, and reporting by obligated entities.</p>
<p>Quarterly and annual compliance reports must be submitted in formats prescribed by the commission. GEDA can also appoint third-party auditors to verify compliance and will be compensated for its functions under these regulations.</p>
<p><strong>Registration, Reporting, and Monitoring</strong></p>
<p>Obligated entities must register with the state agency through the web portal within three months of notification. They must provide quarterly and annual data on RPO compliance. Distribution licensees must include renewable energy procurement projections for five years in their tariff petitions.</p>
<p>Entities with contract demand above 1 MW and sourcing from conventional sources must file compliance petitions with the commission by June 30 each year, while smaller consumers must report to the state agency.</p>
<p>All obligated entities must also publish the quarterly RPO compliance status on their websites, which will be aggregated on the state web portal.</p>
<p><strong>Penalties</strong></p>
<p>The regulations prescribe financial penalties for non-compliance with the RPOs. The penalty is set at two times the value of per ton of oil equivalent (TOE), as notified by the Ministry of Power. Since one TOE equals 11,630 kWh and the notified value of TOE is ₹21,650 (~$251.74), the penalty works out to ₹3.72 (~$0.043)/kWh of shortfall.</p>
<p>The collected penalties will be placed in a dedicated fund to be used for renewable energy certificate (REC) purchases or for transmission infrastructure development for renewable energy evacuation. In addition, defaults in reporting, false submissions, or failure to submit required information may attract penal provisions.</p>
<p><strong>REC Purchases</strong></p>
<p>Electricity acquired through the REC mechanism, where the buyer does not claim green attributes and the generator takes part in REC trading, will be recognized separately. The purchase rate for such power will be determined by the Commission, considering the average power purchase cost of the distribution licensee.</p>
<p>Recently, GERC <a href="https://www.mercomindia.com/gerc-approves-tariff-for-500-mw-solar-projects" target="_blank" rel="noopener">approved</a> a tariff of ₹2.60 (~$0.0297)/kWh discovered by Gujarat Urja Vikas Nigam to procure power from 250 MW of solar projects, along with an additional 250 MW under the greenshoe option.</p>
<p>Subscribe to Mercom’s real-time <a href="https://www.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>


Gujarat Regulator Notifies Renewable Energy Procurement Rules Until 2030


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					</table><p>The increasing demand for TOPCon bifacial solar modules <a href="https://www.mercomindia.com/faulty-installation-of-topcon-bifacial-modules-raises-fire-risk-on-metal-roofs" target="_blank" rel="noopener">raised</a> concerns among industry professionals about their potential for unsafe installation, particularly on sheet metal roofs. TOPCon bifacial modules, which are primarily manufactured in glass-to-glass format, are not ideally suited for installation above sheet roofs due to their structural and performance requirements. These modules are designed to capture sunlight from both sides, offering higher system efficiency. However, installing them on opaque, unventilated sheet roofs blocks rear-side exposure to light and traps heat. This limits power generation and significantly increases the risk of overheating and, in extreme cases, fire.</p>
<p>India <a href="https://www.mercomindia.com/indias-wind-energy-installations-surge-113-in-q2-2025" target="_blank" rel="noopener">added</a> 1.6 GW of wind energy capacity in the second quarter (Q2) of 2025, a 113% year-over-year increase from 769 MW in Q2 2024, according to Mercom India Research. Capacity additions fell 13% quarter-over-quarter. Installations declined due to delays in grid connectivity, limited availability of transmission infrastructure, land acquisition challenges, and right-of-way issues. Gujarat led the capacity additions in the quarter with 1.14 GW. Karnataka added 363.6 MW. Of the remaining 134 MW, Tamil Nadu contributed 90 MW, Maharashtra and Andhra Pradesh added 23.1 MW and 20.6 MW, respectively.</p>
<p>If India must <a href="https://www.mercomindia.com/union-government-must-fund-states-to-meet-indias-2030-clean-energy-target" target="_blank" rel="noopener">install</a> 500 GW of non-fossil fuel-based energy capacity by 2030, the states would require a cumulative grant of ₹140.64 billion (~$1.6 billion) every year over the next five years, according to the National Council of Applied Economic Research. These funds must be devolved to the states by the Finance Commission in the form of green energy grants, considering the potential, installed capacity, and current trend in spending on renewables, it said in a report, ‘Public Financing for Renewable Energy Sector Development: Recommendations for the 16th Finance Commission.’</p>
<p>The City and Industrial Development Corporation of Maharashtra (CIDCO) <a href="https://www.mercomindia.com/cidco-1-mw-rooftop-solar-project-go-green-cut-power-costs" target="_blank" rel="noopener">commissioned</a> a 1 MW rooftop solar project at its Vashi premises to cut power costs and meet its sustainability goals. The installation delivered by Galaxy Solar deployed half-cut mono PERC modules from LONGi and Panasonic (both 550 Wp), coupled with Solis 100 kW string inverters. The system is mounted on a Kalzip standing seam bracket structure fabricated in Al 6063-T6, minimizing roof penetration and ensuring long-term durability. CIDCO had an average monthly energy consumption of 200,000 units.</p>
<p>New Delhi-based waste and wastewater management solutions company Enviro Infra Engineers (EIEL) <a href="https://www.mercomindia.com/enviro-infra-engineers-acquires-vento-power-infras-40-mw-solar-project" target="_blank" rel="noopener">completed</a> the acquisition of Vento Power, a company developing a 40 MW solar power project in the Bolangir district of Odisha. The total cash consideration for the transaction was ₹1.15 billion (~$13.37 million). The acquisition was carried out through EIE Renewables, a wholly owned subsidiary of EIEL, which has entered into definitive agreements with PTC India. The power generated from Vento’s 40 MW solar project will be sold at a tariff of ₹4.1 (~$0.047)/kWh for an estimated 18 years.</p>
<p>Geothermal capacity can potentially <a href="https://www.mercomindia.com/geothermal-energy-could-meet-15-of-global-power-demand-by-2050-iea" target="_blank" rel="noopener">meet</a> up to 15% of the global electricity demand growth by 2050 with continued technological improvements and a reduction in project costs, according to the International Energy Agency’s ‘The Future of Geothermal Energy’ report. The geothermal energy potential is increasing as developers access higher heat resources at greater depths by exploring and utilizing newer technologies. Primarily, two new drilling methods, geothermal systems and advanced geothermal systems, are being explored.</p>
<p>Solar is likely to <a href="https://www.mercomindia.com/solar-to-comprise-half-of-new-us-power-capacity-additions-in-2025-eia" target="_blank" rel="noopener">account</a> for more than half of the 64 GW of new utility-scale electricity that developers plan to bring online in the U.S. this year, according to a survey by the Energy Information Administration. Developers added 12 GW of new utility-scale capacity in the first half of 2025 and plan to add another 21 GW during the second half. Battery storage, wind, and natural gas power plants are expected to account for virtually all of the remaining capacity additions in 2025. Installing 64 GW in 2025 could set a yearly record.</p>


Daily News Wrap-Up: Faulty TOPCon Installations Risk Fires


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					</table><p><a href="https://www.acme.in/" target="_blank" rel="noopener">ACME Cleantech Solutions</a> has won Solar Energy Corporation of India’s (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) auction to supply 100,000 tons per annum (TPA) of green ammonia under the Strategic Interventions for Green Hydrogen Transition (SIGHT) program (Mode-2A-Tranche-I).</p>
<p>ACME quoted a tariff of ₹49.75 (~$0.569)/kg, the lowest in SIGHT Scheme (Mode-2A), to win the auction. The previous <a href="https://www.mercomindia.com/jakson-green-wins-secis-85000-tpa-green-ammonia-auction/" target="_blank" rel="noopener">lowest</a> tariff was ₹50.75 (~$0.569)/kg.</p>
<p>The green ammonia will be supplied to the Indian Farmers Fertiliser Cooperative in Paradeep, Odisha, for ten years.</p>
<p>The tender was initially <a href="https://www.mercomindia.com/seci-invites-bids-for-green-under-sight-program/" target="_blank" rel="noopener">floated</a> in June 2024 and subsequently amended to increase the projects under its scope.</p>
<p>ACME must establish production facilities to supply green ammonia to SECI and secure all approvals and permits, including those for land. It must ensure production, storage, and delivery to the designated point.</p>
<p>The company must also identify land, construct and own the facility, and handle all logistics up to delivery.</p>
<p>The awarded capacity must be produced and supplied directly, and no trading or arbitrage is permitted. However, ACME can meet up to 10% of the annual capacity committed through third-party or other sources.</p>
<p>The green ammonia supplied can be produced using renewable energy sourced from either a co-located or remotely located project, which the producer or a third party may own. ACME may also procure renewable energy from the power exchanges.</p>
<p>ACME Cleantech Solutions had earlier <a href="https://www.mercomindia.com/acme-cleantech-wins-seci-100000-tpa-green-ammonia-auction/" target="_blank" rel="noopener">won</a> SECI’s auction to supply 100,000 TPA of green ammonia annually to Indian Farmers Fertiliser Cooperative in Gujarat for ten years at a tariff of ₹54.73 (~$0.628)/kg.</p>
<p>In 2023, the government <a href="https://www.mercomindia.com/cabinet-approves-%E2%82%B9197-billion-hydrogen-mission" target="_blank" rel="noopener">approved</a> the National Green Hydrogen Mission to facilitate demand creation, production, utilization, and export of green hydrogen with an initial outlay of ₹197.44 billion (~$2.3 billion).</p>
<p>A large portion of the funding, around ₹174.9 billion (~$1.99 billion), is earmarked for the SIGHT program. The rest of the outlay has been divided among other initiatives, including ₹14.66 billion (~$166.95 million) for pilot projects, ₹4 billion (~$45.55 million) for research and development, and ₹3.88 billion (~$44.18 million) towards other mission components.</p>


ACME Cleantech Wins SECI’s 100,000 TPA Green Ammonia Auction


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					</table><p><strong>UAE’s Masdar</strong>, alongside its consortium partners <strong>GD Power</strong> and <strong>Korea Electric Power</strong>, <a href="https://finance.yahoo.com/news/masdar-partners-reach-financial-close-104855523.html" target="_blank" rel="noopener">reached</a> the financial close for the 2 GW Al Sadawi solar project in <strong>Saudi Arabia</strong>’s eastern province. The project is part of the country’s National Renewable Energy Program and is overseen and directed by the Ministry of Energy. The project has an investment of $1 billion and will be financed through facilities arranged with <strong>ADCB</strong>, <strong>ADIB</strong>, <strong>Bank of China</strong>, <strong>BNP Paribas</strong>, <strong>HSBC</strong>, <strong>KEXIM</strong>, <strong>Société Générale</strong>, and <strong>Standard Chartered Bank</strong>.</p>
<p><strong>Saudi Arabia</strong>’s <strong>ACWA Power</strong> <a href="https://ksatools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=7780869&amp;lang=en-GB&amp;companycode=sa-acwa&amp;v=" target="_blank" rel="noopener">announced</a> the partial commercial operation of the ArRass2 PV IPP solar project in the country’s Qassim Region. It received a notice from the project company “<strong>Nawwar Renewable Energy Company</strong>” stating that it has been granted the initial operation certificate (IOC) for a 1,000 MW capacity of the total planned 2,000 MW. It expects the financial impact to reflect in the second half of this year. The company also <a href="https://ksatools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=7780871&amp;lang=en-GB&amp;companycode=sa-acwa&amp;v=" target="_blank" rel="noopener">commenced</a> commercial operations for the SAAD 2 solar project in Saudi Arabia. It received a commercial operation certificate for the project’s remaining capacity of 365.7 MW, bringing the project to its full operating capacity of 1,125 MW. Additionally, ACWA Power <a href="https://ksatools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=7780865&amp;lang=en-GB&amp;companycode=sa-acwa&amp;v=" target="_blank" rel="noopener">began</a> commercial operations for the Al Kahfa Solar PV IPP in Hail. The project company, “<strong>Ishaa Renewable Energy Company</strong>,” intimated to ACWA Power that it has been granted the IOC for the total project capacity of 1,425 MW. ACWA Power owns a 50.1% stake in each project, and the financial impact from them is expected to reflect in the second half of 2025.</p>
<p><strong>Egypt</strong>’s <strong>General Petroleum Corporation</strong> <a href="https://www.zawya.com/en/economy/north-africa/egypt-egpc-implements-38-energy-transition-projects-in-fy2024-25-ppn7pc1g" target="_blank" rel="noopener">announced</a> it implemented 38 energy transition projects in the financial year 2025. It said 18 projects are already in operation and 20 are in advanced stages of completion. The projects generated estimated annual financial savings of about EGP 5.2 billion (~$107.29 million). The energy transition included the addition of 30 MW of solar capacity.</p>


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