Reliance, Jindal Among Winners of SJVN’s 1.2 GW Solar Plus Storage Auction

Damodar Valley Corporation Tenders 234 MW Floating Solar Projects in Jharkhand

Adani Electricity Mumbai Floats Tender for 500 MW of Energy Storage Capacity

Solar Tenders Plunge 53% YoY in Q1 2025, Auctions Drop 39%

REC’s Q4 Net profit Up 21% YoY, Loan Approvals for Renewables Surge

Daily News Wrap-Up: MNRE Lowers Off-Grid Solar Module Efficiency Threshold

Strong Solar Tracker Order Book Pushes Array Technologies Revenue by 97%

Shoals Technologies’ Q1 2025 Revenue Drops11.5%, But Beats Estimates

SolarEdge Beats EPS and Revenue Expectations in Q1 2025

SJVN Issues Tenders for 7.15 MW Rooftop Solar Projects in Multiple States


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/05/amazon_polly_79366.mp3?version=1746773682">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Public infrastructure finance company <a href="https://recindia.nic.in/" target="_blank" rel="noopener">REC Limited</a> recorded a total income of ₹153.48 billion (~$1.79 billion) for the fourth quarter (Q4) of the financial year (FY) 2025, a 21% year-over-year (YoY) increase.</p>
<p>REC&#8217;s net profit for the quarter <a href="https://www.mercomindia.com/rec-q4-net-profit-up" target="_blank" rel="noopener">rose</a> 6% YoY to ₹43.09 billion (~$502.29 million).</p>
<p>The company&#8217;s earnings per share (EPS) came in at ₹16.24 (~$0.19) compared to ₹15.36 (~$0.18) in the corresponding quarter last year.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Picture1-REC.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-79369 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Picture1-REC.png" alt="Picture1 REC" width="752" height="399" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Picture1-REC.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Picture1-REC-300x159.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Picture1-REC-650x345.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Picture1-REC-624x331.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Picture1-REC-600x318.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></a></p>
<p>REC approved loans totaling ₹653.65 billion (~$7.61 billion) during the quarter, a 99% increase YoY.</p>
<p>Renewables received the highest share at 40%, followed by distribution (28%) and conventional power generation (21%). Loan approvals for renewables totaled ₹261.24 billion (~$3.05 billion), an increase of 128% YoY.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Picture2-REC.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-79370 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Picture2-REC.png" alt="Picture2 REC" width="752" height="403" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Picture2-REC.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Picture2-REC-300x161.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Picture2-REC-650x348.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Picture2-REC-624x334.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Picture2-REC-600x322.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></a></p>
<p>Disbursements for Q4 amounted to ₹455.38 billion (~$5.3 billion), a 16% YoY increase. The distribution sector received 51% of the disbursements, followed by renewables (19%) and conventional generation (16%).</p>
<p>Renewable energy loan disbursement totaled ₹85.75 billion (~$999.43 million), up 39% YoY.</p>
<p>REC&#8217;s total loan book at the end of Q4 grew to ₹5.67 trillion (~$66.08 billion), an 11% YoY increase.</p>
<p>REC&#8217;s net credit-impaired assets stood at 0.38% during the quarter, down from 0.86% in the previous year&#8217;s corresponding quarter.</p>
<p><strong>FY 2025</strong></p>
<p>REC recorded a total income of ₹564.34 billion (~$6.57 billion) in FY 2025, an 18% YoY increase.</p>
<p>The company&#8217;s net profit rose 12% YoY to ₹158.84 billion (~$1.85 billion).</p>
<p>The company&#8217;s EPS came in at ₹60.20 (~$0.70) compared to ₹53.59 (~$0.62) last year.</p>
<p>In FY 2025, REC approved ₹3.37 trillion (~$39.34 billion) in loans, a 6% YoY decrease. Loans approved for the renewables sector comprised 31% of the total value. It was followed by conventional generation (27%) and distribution (20%).</p>
<p>Loan approvals for renewables totaled ₹1.05 trillion (~$12.23 billion), a fall of 23% YoY.</p>
<p>Total disbursements reached the highest for a year at ₹1.91 trillion (~$22.25 billion), an 18% YoY increase. During FY 2025, the distribution sector received 53% of the loan disbursements. It was followed by conventional generation and renewables at 14% each.</p>
<p>Renewable energy loans disbursed during FY 2025 grew 63% YoY to ₹261.86 billion (~$3.95 billion).</p>
<p>REC <a href="https://www.mercomindia.com/rec-revenue-q3-fy25/" target="_blank" rel="noopener">recorded</a> a total income of ₹142.86 billion (~$1.63 billion) in the previous quarter, an 18% YoY increase.</p>



					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/05/amazon_polly_79361.mp3?version=1746767979">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-lowers-module-efficiency-thresholds-for-off-grid-solar-projects" target="_blank" rel="noopener">reduced</a> the minimum module efficiency requirement under the Approved List of Models and Manufacturers for modules used in off-grid solar projects. The minimum efficiency for crystalline silicon technology modules used in off-grid solar projects is reduced to 18% from 19%. The efficiency for cadmium telluride thin film technology modules remains the same. The changes apply to off-grid solar power projects/applications, including solar lamps, lights, streetlights, and fans, and exclude solar pumps and rooftop systems.</p>
<p>Energy efficiency is a key <a href="https://www.mercomindia.com/awareness-of-energy-efficiency-benefits-among-ci-businesses-lacking-interview" target="_blank" rel="noopener">component</a> of energy transition initiatives. While renewable energy in India has evolved rapidly, energy efficiency has not kept pace. For India’s energy transition programs to scale quickly, commercial and industrial (C&amp;I) units must adopt energy-efficiency solutions to reduce emissions. In this exclusive interview with Mercom India, Manya Ranjan, Co-Founder, Two Point O Capital, a green financing platform, talks about the awareness levels of energy efficiency among C&amp;I businesses and the challenges they face in decarbonizing their operations.</p>
<p>The Uttar Pradesh Electricity Regulatory Commission <a href="https://www.mercomindia.com/uttar-pradesh-regulator-approves-1525-mw-solar-power-procurement" target="_blank" rel="noopener">approved</a> the power sale agreement and supplementary power sale agreement between Uttar Pradesh Power Corporation and National Hydroelectric Power Corporation (NHPC) for procuring 1,525 MW of solar power. NHPC, designated by the Ministry of New and Renewable Energy as an intermediary procurer or renewable energy implementing agency, conducted a competitive bidding process for 3,000 MW of interstate transmission system-connected solar projects.</p>
<p>The Andhra Pradesh Electricity Regulatory Commission <a href="https://www.mercomindia.com/andhra-pradesh-regulator-approves-ppas-for-400-mw-wind-solar-projects" target="_blank" rel="noopener">approved</a> a tariff of ₹4.6 (~$0.0544)/kWh for the Southern Power Distribution Company of Andhra Pradesh (APSPDCL) to procure 400 MW from Axis Energy‘s wind-solar hybrid projects. The Commission has ordered the distribution company to consider that the energy injected into the grid will be treated as banked energy. APSPDCL may purchase this energy at 50% of the pooled power purchase cost. It approved the power purchase agreements with the requested tariff of ₹4.6 (~$0.0544)/KWh.</p>
<p>SJVN <a href="https://www.mercomindia.com/sjvn-issues-tenders-for-7-15-mw-rooftop-solar-projects-in-multiple-states" target="_blank" rel="noopener">issued</a> two tenders inviting bids to set up solar projects with a cumulative capacity of 7.15 MW on union government buildings in multiple states under the PM Surya Ghar: Muft Bijli Yojana. Bids must be submitted by May 28, 2025. Bids will be opened on the same day. The scope of work entails the design, storage, installation, testing, and commissioning of the projects. It also includes preparing the site surveys and feasibility reports, and conducting associated civil works.</p>
<p>Fuel cell manufacturer Ballard Power Systems <a href="https://www.mercomindia.com/ballard-misses-revenue-expectations-q1-2025" target="_blank" rel="noopener">reported</a> a revenue of $15.4 million in the first quarter of 2025, a 6% year-over-year (YoY) increase, supported by growth in the bus segment of the heavy-duty mobility market. The revenue, however, fell short of analysts’ expectations by $1.33 million. Ballard’s bus-related revenue surged 41% YoY to $12.5 million, driving a 22% increase in the revenue of the heavy-duty mobility segment to $12.9 million. However, this was offset by weaker sales in truck, rail, and marine verticals.</p>



					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/05/amazon_polly_79358.mp3?version=1746767101">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://www.arraytechinc.com/" target="_blank" rel="noopener">Array Technologies</a>, a utility-scale solar tracker supplier, reported a net income of $2.3 million in the first quarter (Q1) of 2025, compared to a net loss of $11.3 million in Q1 2024.</p>
<p>The company’s revenue during Q1 2025 was $302.4 million, a 97% year-over-year (YoY) increase from $153.4 million. The company exceeded analyst estimates by 14%.</p>
<p>Array Technologies attributed this growth to a strong order book with an 18% contract growth, gaining traction with independent power producers across Europe, the Middle East, and Asia.</p>
<p>Kevin G Hostetler, CEO of Array Technologies, said the company achieved the second-largest quarter of shipped volume since 2023. He added that this growth indicated a solid market share recovery.</p>
<p>The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 55% YoY to $40.6 million from $26.2 million. Its net income per share stood at $0.02 in Q1 2025.</p>
<p>Keith Jennings, CFO, Array Technologies, said, “A regional mix shift drove the changes in EBIDTA, higher bad debt expense, roll off of 45X prior period amortization, slightly offset by higher volumes and Average Selling Price improvements.”</p>
<p>The company’s operating expenses increased from $46.6 million to $49.1 million. It maintained an order book of $2.08 billion at the close of Q1 .</p>
<p>Hostetler said that while utility-scale solar remains the lowest-cost and fastest-growing energy source, geopolitical headwinds have created uncertainty and volatility.</p>
<p>“The potential impacts of the current market uncertainty may lead to some project delays in the short term until there is a better understanding of tariffs, the associated commodity increases, and the potential reform to IRA tax credits,” he said.</p>
<p>However, given the cost structure of utility-scale solar projects, the company does not anticipate a significant impact from tariffs, as equipment typically only accounts for about 50% of a utility-scale project. A 15% increase in equipment costs would result in less than an 8% increase in the overall cost of a project.</p>
<p><strong>Full Year Guidance 2025</strong></p>
<p>Array Technologies expects its revenue to range from $1.05 billion to $1.15 billion for the full year. Its adjusted EBITDA is projected to be between $180 million and $200 million.</p>
<p>The company expects net income per share to come in at $0.60 to $0.70.</p>
<p>“We maintain our full year 2025 guidance and remain focused on long-term value creation, deepening customer partnerships, and demonstrating consistent product leadership,” said Hostetler.</p>
<p>The company is confident it can maintain operational agility and deliver long-term value for its shareholders.</p>
<p>“Array has built a network of over 50 suppliers in the U.S., with a committed capacity in excess of 40 GW. Driven by our efforts over the past several years, the U.S. source material drives over 93% of the content for domestic bills of material. So, we were in a good position heading into this tariff environment. Additional components are covered by the United States-Mexico-Canada Agreement treaty with zero tariffs currently,” said Neil Manning, President and COO, Array Technologies.</p>
<p>The company’s global supply chain outside the U.S. is focused on its center of excellence strategy, which will consolidate the purchasing volume with key partners in Asia and worldwide.</p>
<p>“We have over 75 supply partners supporting our international businesses, and with our 50 in the U.S., we maintain a total supply capacity of 75 GW,” said Manning.</p>
<p>Array Technologies <a href="https://www.mercomindia.com/array-technologies-posts-19-dip-in-q4-fy24-revenue-order-book-grows" target="_blank" rel="noopener">reported</a> a revenue of $275.2 million in the fourth quarter and $231.41 million in the <a href="https://www.mercomindia.com/array-technologies-q3-revenue" target="_blank" rel="noopener">third quarter</a> of 2024.</p>



					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/05/amazon_polly_79352.mp3?version=1746766069">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://shoals.com/" target="_blank" rel="noopener">Shoals Technologies Group</a>, a manufacturer of electrical balance of systems for solar, energy storage, and e-mobility, reported its first quarter (Q1) 2025 earnings, revealing a revenue of $80.4 million, surpassing the forecasted $74.76 million. This represents an 11.5% year-over-year (YoY) decrease from $90.8 million.</p>
<p>The company recorded a net loss of $0.3 million for Q1 FY 2025, compared to a loss of $4.8 million in the same period of 2024. The decrease in revenue, coupled with the factors affecting gross margin and operating expenses, contributed to the company’s net loss.</p>
<p>Gross profit margin dropped from 40.2% to 35%, primarily due to strategic pricing actions, volume discounts, and reduced fixed cost absorption caused by lower revenues.</p>
<p>The company’s earnings per share (EPS) came in at $0.00 on a basic and diluted basis for Q1 2025 compared to $0.03 in the same quarter of the previous year.</p>
<p>The earnings before interest, taxes, depreciation, and amortization (EBITDA) was $12.8 million, decreasing 60% YoY from $20.5 million.</p>
<p>Brandon Moss, CEO, Shoals Technologies Group, acknowledged the near-term uncertainty in the utility-scale solar market, leading to shifting order patterns. He said, “We are excited by the progress we have made and the strength of the underlying markets we participate in. The strategic initiatives that are driving increased market penetration and diversification are progressing very well, with commercial success in international, CC&amp;I, battery energy storage systems, and original equipment manufacturer markets.”</p>
<p>A more diverse and robust customer base also contributed, with recent filings revealing the addition of two new major customers, each accounting for over 10% of the Shoals Technologies Group’s total business.</p>
<p>Moss added, “We are also aware of today’s headlines, which are dominated by tariffs and domestic energy policy. We continue to evaluate how these shifts in policy may or may not impact our business and industry. That said, given what we know today, we believe Shoals has limited direct exposure to many of these risks in the near-term. You may recall that we do not participate in 45X credits, and we have a robust supply chain with strong domestic partners.”</p>
<p>The company has begun seeing tangible results from its recent investments in commercial and product management functions, as reflected in the growth and enhanced quality of its order book. Notably, over 15% of the company’s booked and late-stage opportunities now includes projects featuring at least one new product introduced within the past four quarters.</p>
<p>The company said these newly launched products have considerably helped it secure new business, particularly within the 30% segment of the market where the company previously had no presence. Many customers purchasing these new products are either new to Shoals Technologies Group or have recently resumed business with the company.</p>
<p>The company’s backlog and awarded orders, as of March 31, 2025, stood at $645.1 million, a 4.9% increase from the previous year and a 1.6% increase from the end of 2024. The backlog includes approximately $500 million scheduled for the coming four quarters.</p>
<p>Moss emphasized that product innovation played a crucial role, with over 15% of the current backlog and awarded orders tied to products launched in the past year, many of which enable Shoals to enter previously untapped market segments. “The company’s ability to convert 78% of its backlog and awarded orders into revenue within the next 12 months, up from the previous quarter, demonstrates improved project execution and fewer delays,” he noted.</p>
<p>Moss also said that the company remains flexible and will work to identify further opportunities to protect its customers from potential tariff impact.</p>
<p><strong>Outlook </strong></p>
<p>For Q2 2025, the company anticipates revenue from $100 million to $110 million and an adjusted EBITDA of $20 million to $25 million.</p>
<p>For the full year 2025, it expects revenue ranging from $410 million to $450 million, an adjusted EBITDA of $100 million to $115 million, and cash flow from operations of $30 million to $45 million. The capital expenditure is expected to be between $25 million to $35 million and the interest expense of $8 million to $12 million.</p>
<p>Recently, Shoals <a href="https://www.mercomindia.com/shoals-revenue-falls-18-amid-delayed-projects-and-political-shifts" target="_blank" rel="noopener">reported</a> a net income of $7.8 million during the fourth quarter (Q4) of 2024, down from $16.6 million in the corresponding period in 2023.</p>
<p>In November 2024, Shoals <a href="https://www.mercomindia.com/shoals-revenue-project-delays-and-supply-chain-issues" target="_blank" rel="noopener">reported</a> a 23.9% YoY dip in revenue to $102.2 million during Q3 of 2024, primarily due to project delays and supply chain issues.</p>



					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/05/amazon_polly_79350.mp3?version=1746764150">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Israel-based solar inverter manufacturer <a href="https://www.solaredge.com/us/" target="_blank" rel="noopener">SolarEdge</a> reported a revenue of $219.5 million in the first quarter (Q1) of 2025, reflecting a 7% year-over-year increase from $204.4 million. The results surpassed analysts’ expectations by $15.2 million.</p>
<p>The U.S. accounted for $132.1 million, or 62% of the total revenue. European markets contributed $47.4 million (22%), while international markets added $32.6 million (16%).</p>
<p>Despite the revenue increase, SolarEdge reported a net loss of $66.1 million for the quarter, an improvement <a href="https://www.mercomindia.com/solaredges-q1-2024-net-loss-narrows-to-108-6-million" target="_blank" rel="noopener">compared</a> to a loss of $108.6 million in the same period last year.</p>
<p>The company’s loss per share came in at $1.14, higher than analyst expectations by $0.02 and a marked improvement over the $1.90 loss per share recorded in Q1 2024.</p>
<p>SolarEdge shipped 1,208 MW of inverters, marking the company’s highest shipment volume since Q3 2023. Inverter shipments were distributed across key markets, with 642 MW sent to the U.S., 324 MW to Europe, and 242 MW to international markets. The shipment mix was evenly split, with 50% allocated to commercial and utility-scale projects and 50% to residential deployments.</p>
<p>However, pricing challenges persisted during the quarter. The average selling price (ASP) per watt declined to $0.173, down 17% from the previous quarter. The drop was primarily attributed to lower pricing in the European market and a reduced optimizer-to-inverter ratio.</p>
<p>SolarEdge shipped 180 MWh on the battery front, with the majority delivered to Europe. The blended ASP per kWh for batteries rose to $267, up from $262 in Q4.</p>
<p>During the earnings call, CEO Shuki Nir outlined that the company is undertaking four strategic priorities to drive its turnaround, which include strengthening financials, regaining market share, accelerating innovation, and expanding U.S. manufacturing. He noted meaningful progress in each area.</p>
<p>A shift toward third-party ownership in the U.S. residential segment creates demand for SolarEdge’s domestically produced inverters, which help projects qualify for a 10% domestic content tax credit added, Nir noted.</p>
<p>In Europe, where the overall market is expected to decline year-over-year, SolarEdge is seeing localized signs of recovery. In the Netherlands, for instance, an upgrade campaign to replace photovoltaic-only inverters with backup inverters and battery systems has shown promise as net metering phases out.</p>
<p>SolarEdge said it ramped production in the U.S., creating nearly 2,000 jobs and reaching a capacity of 70,000 inverters per quarter. This development includes the first shipment of domestically sourced commercial and industrial products, strengthening the company’s position amid rising trade barriers.</p>
<p>A key concern for the company is the impact of newly imposed tariffs, 145% on Chinese products and 10% on imports from other regions. While these duties pose a short-term challenge, SolarEdge’s U.S.-based manufacturing footprint offers a partial buffer. In Q2, the company expects a 2% gross margin reduction due to tariffs, rising to 4% to 6% in the second half of 2025. However, proactive supply chain diversification and inventory strategies are expected to limit the impact to 2% by Q1 2026 and fully neutralize the effect by the end of 2026.</p>
<p>SolarEdge expects Q2 2025 revenues to fall within the range of $265 million to $285 million. The company projects a gross margin of 8% to 12%, factoring in approximately two percentage points of impact from newly implemented tariffs. The operating expenses are expected to range between $90 million and $95 million.</p>
<p>SolarEdge <a href="https://www.mercomindia.com/solaredges-q4-revenue-falls" target="_blank" rel="noopener">posted</a> a total revenue of $901.5 million in 2024, a 69.7% YoY decline from $2.98 billion. The solar segment generated $842.4 million in revenue, compared to $2.82 billion the previous year.</p>



					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/05/amazon_polly_79328.mp3?version=1746696085">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Energy efficiency is a key component of energy transition initiatives. While renewable energy in India has evolved rapidly, energy efficiency has not kept pace. For India’s energy transition programs to scale quickly, commercial and industrial (C&amp;I) units must adopt energy-efficiency solutions to reduce emissions.</p>
<p>In this exclusive interview with Mercom India, Manya Ranjan, Co-Founder, Two Point O Capital (<a href="https://twopointo.in/" target="_blank" rel="noopener">TW.O Capital</a>), a green financing platform, talks about the awareness levels of energy efficiency among C&amp;I businesses and the challenges they face in decarbonizing their operations. He also gives an overview of his company’s green financing offerings for the C&amp;I segment.</p>
<p><strong>The renewable energy sector in India has evolved rapidly, but energy efficiency continues to lag. What are the key challenges that C&amp;I entities face in adopting advanced energy-efficient solutions to decarbonize their operations?</strong></p>
<p>India’s renewable energy costs have dropped significantly due to maturing learning curves and economies of scale.</p>
<p>Energy efficiency (EE), however, has lagged. Firstly, it spans varied segments, from cooling to compressed air, with highly contextual and site-specific projects, limiting replicability and economies of scale. While global capital deployment for the energy transition has increased, the allocation for energy efficiency hasn’t, especially at the distributed C&amp;I level.</p>
<p>C&amp;I entities face three main hurdles in adopting efficient energy solutions:</p>
<ul>
<li>Awareness: Customers struggle to keep pace with the rapidly evolving EE technology landscape</li>
<li>Fragmented ecosystem: Deploying solutions typically requires managing 7–10 interfaces</li>
<li>Lack of flexible financing: Solutions must be financed on the customer’s balance sheet only</li>
</ul>
<p>Flexible financing products are scarce at the C&amp;I level, and the fragmented vendor landscape limits turnkey options. Existing financing—holdco loans, invoice discounting, and working capital lines are rigid and don’t mitigate execution or performance risk. The challenge calls for a full-stack model that combines flexible capital, technical expertise, and program management so customers get guaranteed outcomes, not just the next steps.</p>
<p><strong>Is there sufficient awareness among Indian businesses, particularly SMEs, about the performance gains and cost savings that modern energy-efficient technologies can offer?</strong></p>
<p>There are three keywords in this question: awareness, modern technologies, and cost savings. On awareness, surveys consistently show C&amp;I enterprises, especially in the small, medium and micro enterprise landscape, aren’t fully aware of the latest, most efficient technologies at their disposal. In technology, several trends are driving a rapid evolution, most notably electrification. For example, low-grade heating is getting fully electrified (think heat pumps), but this shift is still scaling in India.</p>
<p>Cost savings, unfortunately, are a systems answer. Unlike renewables, with simple benchmarks, EE systems need bespoke designs, limiting broad visibility into savings. Customers only grasp the benefits after designing the system to meet their requirements.</p>
<p><strong>How do you see the technology landscape evolving for energy efficiency solutions? Is the pace of innovation comparable to what we’ve seen in the solar and wind sectors?</strong></p>
<p>Let’s first appreciate that EE isn’t a single sector but a collection of sectors.</p>
<p>With renewable energy, the pace of innovation came from three vectors: core technology, systems effect, and digital. Core tech has rapidly evolved—MonoPERC is already giving way to TOPCon. Systems effect involves better construction methods, execution, and balance of plant, etc. Digital systems have unlocked better ways to run these projects, creating so much value.</p>
<p>EE follows similar innovation paths: evolving core technologies in cooling and heating, systems integration (e.g., combining chillers, cooling towers, and pumps for efficiency), and powerful digital tools to optimize operations. What’s more, the interplay of supply (e.g., renewables) and demand side levers (e.g., EE) creates another virtuous cycle of innovation.</p>
<p>We believe EE innovation matches, potentially exceeds, renewables given the tech diversity. It’s the deployment that needs to catch up now.</p>
<p><strong>Globally, energy project financing has become more sophisticated, moving beyond traditional debt models. How is India’s distributed energy financing ecosystem adapting to these shifts?</strong></p>
<p>Any sector’s evolution follows a similar path from captive ownership to third-party ownership to asset-as-a-service. We’ve seen this in IT—from on-prem to the cloud—and in renewables through the rise of the PPA model.</p>
<p>The enabler for this transition is structured financing, which supports diverse asset deployment models. Globally, players like Generate Capital and Sustainable Development Capital have pioneered long-term energy-as-a-service deals, aligning incentives around outcomes. This requires financiers who understand complex asset operations and can price risk appropriately.</p>
<p>In India, while large-scale renewable energy projects benefit from such models, distributed energy projects are still largely financed on customers’ balance sheets. Customers often face trade-offs between core growth capex and utility upgrades.</p>
<p>This must change. The distributed energy landscape in India needs to have the same flexibility as afforded to the enterprise ones. At TW.O Capital, we’re addressing this gap by offering flexible financing to C&amp;I customers.</p>
<p><strong>Tell us more about TW.O Capital and its core offerings. How can companies benefit from your solutions?</strong></p>
<p>TW.O Capital is India’s first full-stack clean energy financing platform for the C&amp;I segment. We are a registered non-banking financial company providing innovative, on and off-balance sheet financing solutions for distributed clean energy projects in the rooftop solar, energy efficiency, and wastewater treatment —backed by end-to-end program management, from installation to operations and maintenance.</p>
<p>We are engaging with India’s leading C&amp;I players in sectors across pharma, auto, textiles, hospitality, retail, and hospitals, among others, and are equipped to finance a wide variety of interventions: chillers, boilers, heat pumps, air compressors, sewage treatment plants, and effluent treatment plants.</p>
<p>Our market-defining leasing product ensures a trifecta of wins for the customer: no upfront CAPEX, no incremental OPEX, and, in some cases, additional cash accruing to the customer.</p>
<p><strong>How do you view the future of the energy efficiency market in India? What are TW.O Capital’s growth plans for the next 3–5 years?</strong></p>
<p>Energy efficiency has long held promise for its simple premise: doing more with less. For decades, the world has pursued a lower energy footprint, and India, too, has reinforced its commitment through national targets for EE under its Nationally Determined Contributions.</p>
<p>The sector is poised for strong growth, driven by three key tailwinds: technology, new construction, and regulation. Innovation in core technologies is accelerating, as mentioned earlier.</p>
<p>Meanwhile, India is witnessing unprecedented construction activity, with over 70% of its 2050 built environment yet to be developed, creating massive demand for energy-efficient solutions. In terms of regulation, initiatives like the Perform, Achieve and Trade (PAT) scheme will further boost momentum.</p>
<p>At TW.O Capital, we’re focused on catalyzing this market through innovative financing and comprehensive program management. Over the next 3–5 years, we aim to become a dominant player in energy efficiency financing across key segments and the financing partner of choice for every C&amp;I customer’s energy needs.</p>
<p><strong>The solar industry has thrived due to supportive regulation, rapid technological advances, and mass production. What similar systemic enablers do you see for accelerating energy efficiency adoption?</strong></p>
<p>Systemic enablers can come from both supply (capital) and demand (customer) levers. On the supply side, capital for small, medium and micro enterprise projects remains scarce and we need concessional finance or first-loss guarantees to de-risk early investments.</p>
<p>On the demand side, strengthening the PAT scheme in terms of compliance and coverage can create a meaningful push on demand. Additionally, certain benchmark efficiency standards can be created for key sectors to ensure compliance.</p>
<p>Finally, the draft proposal released for India’s compliance-based carbon market will also incentivize C&amp;I customers to adopt efficiency measures.</p>
<p><strong>What policy or regulatory changes should the government consider to strengthen the energy efficiency segment?</strong></p>
<p>India has seen very consistent regulatory regimes when it comes to the clean energy segments. The support the government has provided renewables over the last decade or so has been a matter of great pride for all of us.</p>
<p>The energy efficiency segment has also seen policy interventions like the PAT scheme that create a progressively tightening regime for energy efficiency amongst the target segments. As mentioned earlier, this scheme can be strengthened further by expanding the breadth of sectors included and also creating better compliance, both of which are reportedly in progress.</p>
<p>The government has also been taking positive steps to create a robust domestic carbon trading regime. The Draft Greenhouse Gases Emissions Intensity Target Rules, 2025, were recently released, putting in place a compliance mechanism for the Carbon Credit Trading Scheme, 2023.</p>
<p><strong>What is your perspective on the global green financing landscape? Does TW.O Capital plan to play a significant role in scaling green finance in India?</strong></p>
<p>We believe financing has no color—it flows to avenues offering the best returns. Over the past two decades, global green financing has scaled impressively, driven by superior returns in renewables and electric mobility, a trend that is likely to continue. Despite the environmental, social and governance headwinds, green financing continues to grow, not due to mandates, but because green projects offer the best returns.</p>
<p>That said, access to capital at the distributed level—especially for small, medium and micro enterprises &#8212; remains a challenge. TW.O Capital plans to change by aggregating bankable, credible projects and using on and off-balance sheet structures to deploy capital into them.</p>


Awareness of Energy Efficiency Benefits Among C&I Businesses Lacking: Interview


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/05/amazon_polly_79324.mp3?version=1746692967">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Suzlon Energy and Integrum Energy have <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 (BPCL) tender to set up 100 MW wind power projects in Madhya Pradesh and Maharashtra. Both companies secured 50 MW each. The tender was floated in December 2023. The successful bidders must complete the projects within two years. The wind projects will cater to the captive power requirements of BPCL’s Mumbai Refinery and Bina Refinery in Madhya Pradesh, substituting conventional fossil-based energy sources with renewable wind energy.</p>
<p>The Gujarat Electricity Regulatory Commission <a href="https://www.mercomindia.com/gujarat-regulator-approves-tariff-of-%E2%82%B92-95-kwh-for-solar-projects-under-kusum" target="_blank" rel="noopener">approved</a> a predetermined levelized tariff of ₹2.95 (~$0.034)/kWh to procure power from decentralized solar and other renewable energy projects under Component-A of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) program. This decision follows a petition filed by the state’s four distribution companies (DISCOMs): Paschim Gujarat Vij Company, Madhya Gujarat Vij Company, Uttar Gujarat Vij Company, and Dakshin Gujarat Vij Company. The Commission directed the DISCOMs to proceed with power procurement at the approved rate for a limited period to facilitate PM-KUSUM’s implementation.</p>
<p>PFC Consulting <a href="https://www.mercomindia.com/pfc-consulting-invites-bids-to-evacuate-3-gw-renewable-energy-from-kurnool" target="_blank" rel="noopener">invited</a> bids to establish an interstate transmission system to evacuate 3 GW from Kurnool IV Renewable Energy Zone Phase II, Andhra Pradesh. The last date to submit bids is July 8, 2025. Bids will be opened on the same day. The scope of work covers establishing 4×1500 MVA, 765/400 kV &amp; 4×500 MVA, 400/220 kV Kurnool-IV Pooling Station (PS) near Kurnool, along with 2×330 MVAr 765 kV bus reactors at Kurnool-IV PS. It includes a provision for two sections of 4500 MVA each at the 400 kV level.</p>
<p>Uttar Pradesh Metro Rail Corporation <a href="https://www.mercomindia.com/uttar-pradesh-metro-5-mw-rooftop-solar" target="_blank" rel="noopener">invited</a> bids to implement a 5 MW rooftop solar project for stations, depots, and other metro sites. Bids must be submitted by May 30, 2025. Bids will be opened on May 31. The scope of work entails the design, engineering, storage, civil work, erection, testing, and commissioning of the project. The project’s estimated cost is ₹204.2 million (~$2.41 million).</p>
<p>SJVN <a href="https://www.mercomindia.com/sjvn-floats-multiple-tenders-for-10-59-mw-rooftop-solar-projects" target="_blank" rel="noopener">issued</a> multiple tenders to develop grid-connected rooftop solar projects with a cumulative capacity of 10.59 MW across government buildings in India’s northern, southern, and eastern regions. Bids must be submitted by May 27, 2025. Bids will be opened on the same day. The scope of work for each tender includes the design, engineering, procurement, installation, testing, and commissioning of the projects. It also involves providing comprehensive operation and maintenance services for 25 years. The systems must be compatible with either net or gross metering per each state’s utility regulations.</p>
<p>Global floating solar company Ciel &amp; Terre <a href="https://www.mercomindia.com/ciel-terre-120-mw-floating-solar-project-new-anchoring-technique" target="_blank" rel="noopener">commissioned</a> a 120 MW floating solar project at Omkareshwar in Madhya Pradesh, in collaboration with L&amp;T and SJVN Green Energy, to generate power for Rewa Ultra Mega Solar. The floating solar farm spans 210 acres on the freshwater reservoir and is designed as fourteen individual islands, each generating 8.5 MW of power. The system incorporates 407,699 Hydrelio floats, which are configured using the aiR OPTIM 1400-3 model in a three-row setup. This configuration plays a vital role in adapting the floating infrastructure to house higher-capacity modules.</p>
<p>Global Renewable Synergy Company, a subsidiary of Bangkok-headquartered Global Power Synergy Company, (GPSC) <a href="https://www.mercomindia.com/global-renewable-synergy-company-divests-3-shares-in-avaada-energy" target="_blank" rel="noopener">divested</a> 3% of its shares in India-based green energy solutions company Avaada Energy, valued at $79 million (~₹6.66 billion). The transaction is part of GPSC’s strategic plan to support the expansion of renewable energy and related business, and improve the efficiency of power management in India, said the company in a regulatory filing.</p>
<p>The European Solar Manufacturing Council <a href="https://www.mercomindia.com/europe-calls-for-curbing-remote-access-to-china-made-solar-inverters" target="_blank" rel="noopener">called</a> for restrictions on unregulated and remote-control capabilities of solar inverters from “high-risk non-European manufacturers,” mostly from China. Inverters must be connected to the internet to fulfill essential grid functions. These connections also allow for software updates, meaning manufacturers can remotely alter the performance of these devices. This control increases cybersecurity risks, such as deliberate interference or mass shutdowns. ESMC has suggested developing an “Inverter Security Toolbox,” including a comprehensive risk assessment of inverter manufacturers.</p>


Daily News Wrap-Up: BPCL Announces 100 MW Wind Projects Auction Winners


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/05/amazon_polly_79321.mp3?version=1746678402">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Fuel cell manufacturer <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a> reported a revenue of $15.4 million in the first quarter (Q1) of 2025, a 6% year-over-year (YoY) increase, supported by growth in the bus segment of the heavy-duty mobility market. The revenue, however, fell short of analysts’ expectations by $1.33 million.</p>
<p>Ballard’s bus-related revenue surged 41% YoY to $12.5 million, driving a 22% increase in the revenue of the heavy-duty mobility segment to $12.9 million. However, this was offset by weaker sales in truck, rail, and marine verticals.</p>
<p>Revenue from the stationary segment declined 84% YoY to just $0.6 million, while the emerging and other markets category jumped 757% YoY to $1.9 million.</p>
<p>The company reported adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) loss of $27.5 million, improving from a loss of $36.6 million in Q1 2024. The improvement in adjusted EBITDA was driven primarily by margin and operating cost improvements, as well as certain changes in mark-to-market gains on financial assets.</p>
<p>Net loss stood at $21 million, decreasing from $41.3 million in the same quarter last year.</p>
<p>The company reported a loss per share of $0.07, beating analysts’ expectations by  $0.03.</p>
<p>Ballard’s total operating expenses fell 31% YoY to $25.5 million, driven by reductions across research and development (28%), general and administrative (32%), and sales and marketing (23%). Cash operating costs decreased 22% YoY to $23.2 million. These cost cuts stemmed from corporate restructuring efforts initiated in September 2024.</p>
<p>Cash used in operating activities totaled $24.4 million, up from $20 million in Q1 2024, as Ballard continues to invest in operations amid the ongoing industry transition. The company ended the quarter with $576.7 million in cash and cash equivalents, eliminating the need for near- or mid-term financing.</p>
<p>The order backlog at the end of Q1 2025 was $158 million, a decrease of 9% compared to the end of Q4 2024, because of delivering more revenue in Q1 than new orders received in Q1. The 12-month order book was $92.4 million at the end of Q1, a decrease of $6.6 million or 7% from the end of Q4 2024.</p>
<p>President and CEO Randy MacEwen acknowledged the industry’s current challenges. “While we saw soft order intake in Q1 due to market rationalization and tariff uncertainties, we remain optimistic about receiving significant orders in the coming quarters. Our restructuring efforts are showing early financial benefits, and we will continue to focus on disciplined execution.”</p>
<p>On the macroeconomic and geopolitical context affecting operations, he said, “In the first quarter, amidst an uncertain macroeconomic and geopolitical industry context, we made important progress against our controllables, including customer deliveries, operating costs, and product development programs. We expect to realize further reductions to our operating costs and reduce cash utilization over the remainder of the year from this restructuring.”</p>
<p>“While uncertainties around evolving global tariff policies remain, expected policy changes are not likely to materially impact our business in 2025. We’ve reviewed the bills of materials for each of our fuel cell engines and assessed the potential tariff impact based on the country of origin of each BOM component. We expect sales in the U.S. to represent roughly 20% of our 2025 revenue. Based on current information and following certain mitigation actions, we expect an increased tariff cost of about 20% on products being sold into the U.S. market, for which we expect to fully pass the incremental costs on to our customers,” MacEwen said.</p>
<p>He added that Ballard had already taken steps to mitigate these impacts, such as accelerating the movement of some materials into the U.S. before the tariffs took effect and evaluating supplier transitions. However, these come with some complexity and timing challenges.</p>
<p>MacEwen acknowledged ongoing pricing pressures, “There’s a lot of pressure on the selling price in China. In Europe and North America, we’re seeing pressure there as well — both from a value proposition for the customer and competitive pressures.”</p>
<p>On the cost side, Ballard continues to focus on reducing fuel cell stack costs and balance-of-plant component costs. He reiterated, “The key is the whole market understanding that there will be some pass-through of tariff costs through the value chain. I don’t expect to have any major update on this front later this year.”</p>
<p>Ballard has maintained its 2025 guidance ranges for total operating expenses at $100–$120 million and capital expenditures at $15–$25 million, with expectations for back-half-weighted revenue performance as the hydrogen and fuel cell markets gradually recover.</p>
<p>Ballard <a href="https://www.mercomindia.com/ballard-q4-revenue-falls-misses-expectations/" target="_blank" rel="noopener">reported</a> a revenue of $24.5 million, a 48% YoY decline, in the fourth quarter of 2024, reaching $24.5 million.</p>


Ballard Misses Revenue Expectations in Q1 2025 Despite 6% YoY Uptick


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/05/amazon_polly_79311.mp3?version=1746622021">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The Gujarat Electricity Regulatory Commission (<a href="https://gercin.org/" target="_blank" rel="noopener">GERC</a>) has approved a predetermined levelized tariff of ₹2.95 (~$0.034)/kWh to procure power from decentralized solar and other renewable energy projects under Component-A of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) program.</p>
<p>This decision follows a petition filed by the state&#8217;s four distribution companies (DISCOMs): Paschim Gujarat Vij Company, Madhya Gujarat Vij Company, Uttar Gujarat Vij Company, and Dakshin Gujarat Vij Company.</p>
<p>The Commission directed the DISCOMs to proceed with power procurement at the approved rate for a limited period to facilitate PM-KUSUM’s implementation.</p>
<p><strong>Background</strong></p>
<p>The petition was initiated by the Gujarat DISCOMs seeking approval for the ₹2.95 (~$0.034)/kWh tariff for projects under Component-A of the PM-KUSUM.</p>
<p>The petitioners submitted that the requested tariff was economically viable, lower than their average power purchase cost (APPC), and within the range of recent solar bids.</p>
<p>Additionally, the petitioners said the tariff was calculated considering the Ministry of New and Renewable Energy’s capital cost benchmarks and reasonable returns for developers.</p>
<p><strong>Commission&#8217;s Analysis</strong></p>
<p>The Commission observed that the requested tariff was marginally higher than the lowest recent competitive solar tariffs. However, it deemed this difference justified due to the projects’ decentralized nature and smaller scale (up to 2 MW), noting that such projects typically incur higher per-unit costs due to limited economies of scale and comparatively complex grid integration.</p>
<p>The Commission also recognized that the small-scale projects will significantly impact the public policy goals of promoting renewable energy, empowering farmers, and contributing to energy security. Additionally, GERC observed that the tariff was still lower than the petitioners’ APPC and economically viable.</p>
<p>Recently, GERC <a href="https://www.mercomindia.com/gujarat-approves-tariff-500-mw-battery-storage" target="_blank" rel="noopener">approved</a> Gujarat Urja Vikas Nigam’s petition seeking tariff approval for 500 MW/1,000 MWh standalone battery energy storage systems discovered through its Phase IV auction.</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 Approves Tariff of ₹2.95/kWh for Solar Projects Under KUSUM


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/05/amazon_polly_79284.mp3?version=1746596089">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Mercom India <a href="https://www.mercomindia.com/new-players-shake-up-indian-solar-market-2024" target="_blank" rel="noopener">released</a> the India Solar Market Leaderboard 2025, outlining the market share rankings and competitive dynamics of the Indian solar sector for the calendar year 2024. The report notes significant changes in company rankings during a year marked by high capacity additions, primarily due to the commissioning of previously delayed projects and projects that were extended following the reinstatement of the Approved List of Models and Manufacturers order.</p>
<p>The Gujarat Electricity Regulatory Commission <a href="https://www.mercomindia.com/gujarat-approves-tariff-500-mw-battery-storage" target="_blank" rel="noopener">approved</a> Gujarat Urja Vikas Nigam’s petition seeking tariff approval for 500 MW/1,000 MWh standalone battery energy storage systems (BESS) discovered through its Phase IV auction. The tariff ranged from ₹225,985 (~$2,680.57)/MW/month to ₹226,000 (~$2,680.74)/MW/month. The Commission noted that the discovered tariffs are 39% lower than those in previous BESS tenders, reflecting competitive pricing.</p>
<p>The Delhi Electricity Regulatory Commission <a href="https://www.mercomindia.com/delhi-waives-fees-for-rooftop-solar-systems" target="_blank" rel="noopener">waived</a> application fees for feasibility analysis and registration charges for domestic consumers installing rooftop solar systems up to 10 kW under PM Surya Ghar: Muft Bijli Yojana. According to Shripad Yesso Naik, Minister of State for New and Renewable Energy and Power, only 3,077 households in Delhi had benefited from the program, with a total installation of 9.38 MW as of March 10, 2025.</p>
<p>The Appellate Tribunal for Electricity (APTEL) <a href="https://www.mercomindia.com/aptel-overturns-karnataka-regulators-order-on-solar-project-dispute" target="_blank" rel="noopener">set</a> aside the Karnataka Electricity Regulatory Commission’s (KERC) order rejecting a petition by Hero Future Energies requesting a power purchase agreement execution date extension. APTEL remanded the case to the state regulator for a fresh evaluation. It directed KERC to re-examine the legitimacy of the commissioning timeline extension that was granted to the appellant and the resulting claim for ₹120.5 million (~$1.405 million) in liquidated damages sought by HESCOM.</p>
<p>NTPC Green Energy <a href="https://www.mercomindia.com/ntpc-green-invites-bids-for-epc-of-130-mw-520-mwh-bess-at-thermal-projects" target="_blank" rel="noopener">issued</a> an engineering, procurement, and construction (EPC) tender to develop battery energy storage systems (BESS) with a cumulative capacity of 130 MW/520 MWh at two thermal power project sites—Ramagundam in Telangana and Sipat in Chhattisgarh. Bids must be submitted by June 6, 2025. Bids will be opened on the same day. Bidders can quote for one or both of the following blocks: Block-1 consists of a 100 MW/400 MWh BESS at Ramagundam, Block-2 involves a 30 MW/120 MWh BESS at Sipat.</p>
<p>NTPC Green Energy <a href="https://www.mercomindia.com/ntpc-green-issues-epc-tender-for-250-mw-1000-mwh-bess-in-kerala" target="_blank" rel="noopener">issued</a> an EPC tender for developing a 250 MW/1,000 MWh battery energy storage system at NTPC Kayamkulam in Kerala. Bids must be submitted by June 24, 2025. Bids will be opened on the same date. Bidders can quote for one or both of the following blocks: Block-1: 125 MW/500 MWh integrated at 33 kV existing solar pooling switchgear, Block-2: 125 MW/500 MWh integrated at 220 kV switchyard.</p>
<p>Chennai-based Seshasayee Paper and Boards <a href="https://www.mercomindia.com/seshasayee-paper-to-procure-39-mw-of-renewable-energy-from-zelestra" target="_blank" rel="noopener">announced</a> it will source 39 MW of renewable energy from Ganeko Solar, Zelestra Corporacion’s wind-solar hybrid power project affiliate. Seshasayee Paper will invest ₹165.6 million (~$1.9 million) for a stake of up to 28.1% equity share capital of Ganeko Solar’s newly established special purpose vehicle Navia One Power. Zelestra Corporation has signed share purchase, energy supply, and share subscription and shareholders’ agreements with Ganeko Solar.</p>
<p>Independent power producer ReNew Energy Global <a href="https://www.mercomindia.com/renew-secures-%E2%82%B98-7-billion-from-british-international-investment" target="_blank" rel="noopener">secured</a> an investment of ₹8.7 billion (~$100 million) from British International Investment, a UK-based development finance institution and impact investor. The funding will be utilized primarily to construct a 4 GW Tunnel Oxide Passivated Contact cell facility in Dholera, Gujarat. The investment will be made in the company’s subsidiary, ReNew Photovoltaics. The investment will see BII acquire a minority stake in the subsidiary.</p>
<p>Serentica Renewables <a href="https://www.mercomindia.com/serentica-to-supply-75-mw-hybrid-renewable-energy-to-inox-air-products" target="_blank" rel="noopener">entered</a> a power supply and consumption agreement with INOX Air Products (INOXAP) to deliver 75 MW of hybrid renewable energy. The agreement will allow INOXAP to use power flexibly across multiple locations in India through the interstate transmission system framework. The 75 MW hybrid project will supply clean energy to INOXAP’s four manufacturing facilities, each in state. The deal aims to expand INOXAP’s renewable energy portfolio and support its decarbonization goals.</p>
<p>The Indian Energy Exchange <a href="https://www.mercomindia.com/iex-green-electricity-market-sees-95-yoy-increase-in-april" target="_blank" rel="noopener">reported</a> a monthly electricity traded volume of 10,584 million units in April 2025, a 26% year-on-year growth. The growing traded volumes come amid the rising power demand across the country. According to government data published in April this year, India’s overall energy consumption rose to 147.5 billion units, increasing 2.2% from April 2024. The nation’s peak power demand also hit a new high of 235 GW in April 2025, exceeding the previous record of 224 GW set in April 2024.</p>
<p>Jindal Poly Films, a part of BC Jindal Group, <a href="https://www.mercomindia.com/jindal-poly-films-acquires-solar-encapsulation-film-manufacturer-enerlite" target="_blank" rel="noopener">announced</a> that it acquired Enerlite Solar Films, a manufacturer of solar encapsulation films in India. Enerlite’s shares will be acquired for a mutually agreed lump sum consideration, which has not been disclosed. Jindal Poly Films holds a 33.05% stake in Enerlite, which will become a wholly owned subsidiary after the transaction. The deal is expected to be completed within six months.</p>
<p>Fuel cell and electrolyzer manufacturer Bloom Energy <a href="https://www.mercomindia.com/bloom-energy-reports-revenue-growth-of-38-6-in-q1-2025" target="_blank" rel="noopener">reported</a> a revenue of $326 million in first quarter (Q1) 2025, a 38.6% year-over-year increase from $235.3 million. The company recorded a net loss of $23.8 million during the quarter, an improvement over the net loss of $57.5 million reported for Q1 2024. The product and service revenue for Q1 2025 was $265.4 million, up 26.5% from the same quarter of the previous year.</p>


Daily News Wrap-Up: New Entrants Disrupt India’s Solar Market


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/05/amazon_polly_79276.mp3?version=1746593324">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-recurrent-energy-secures-415-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, has </strong><a href="https://mercomcapital.com/recurrent-energy-secures-415-million-corporate-debt-financing/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a multi-currency credit facility valued at up to $415 million</strong>. This corporate funding was backed by a consortium of four major banks: Banco Santander, Rabobank, Intesa Sanpaolo, and Morgan Stanley. Banco Santander acted as the Global Financial Advisor. This funding is expected to assist the company in expanding its independent power producer portfolio across diverse geographies and markets.</p>
<p><strong>Aypa Power, a Blackstone portfolio company and energy storage-focused independent power producer, </strong><a href="https://mercomcapital.com/aypa-power-upsized-existing-credit-facility-by-400-million/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the upsizing of its corporate credit facility by $400 million</strong>, which the company originally closed in July 2024. The upsized credit facility now totals $1.05 billion, comprised of a $300 million Term Loan, a $200 million Revolving Credit Facility, and a $550 million Letter of Credit Facility.</p>
<p><strong>Independent power producer ReNew Energy Global has <a href="https://www.mercomindia.com/renew-secures-%E2%82%B98-7-billion-from-british-international-investment" target="_blank" rel="noopener">secured</a> an investment of ₹8.7 billion (~$100 million)</strong> from British International Investment (BII), a UK-based development finance institution and impact investor. The funding will be utilized primarily to construct a 4 GW Tunnel Oxide Passivated Contact (TOPCon) cell facility in Gujarat.</p>
<p><strong>Forge Nano, a manufacturer of lithium-ion batteries incorporated with nanocoating technology, </strong><a href="https://mercomcapital.com/forge-nano-raises-40-million-to-scale-up-battery-manufacturing/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> $40 million in funding</strong> to scale up its U.S. battery manufacturing and commercial semiconductor equipment businesses. With this latest raise, the total capital investment currently exceeds $140 million. The funding was co-led by RockCreek, along with Ascent Funds.</p>
<p><strong>Macquarie Asset Management, a global asset manager, via its managed funds, has </strong><a href="https://mercomcapital.com/macquarie-asset-management-acquires-island-green-power/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> the remaining 50% stake in a U.K.-based renewable energy developer, Island Green Power. </strong>Founded in 2013, Island Green Power specializes in utility-scale solar and battery energy storage projects, having developed more than 3 GW of solar projects to ready to build. Island Green Power is stated to have more than 15 GW of utility-scale solar and BESS projects in its pipeline in the U.K.</p>
<p><strong>Jindal Poly Films, a part of BC Jindal Group, has announced that it </strong><a href="https://www.mercomindia.com/jindal-poly-films-acquires-solar-encapsulation-film-manufacturer-enerlite" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> Enerlite Solar Films, a manufacturer of solar encapsulation films in India. </strong>Enerlite’s shares will be acquired for a mutually agreed lump sum consideration, which has not been disclosed. Jindal Poly Films holds a 33.05% stake in Enerlite, which will become a wholly owned subsidiary after the transaction.</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-exowatt-closes-70-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Recurrent Energy Secures $415 Million


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/05/amazon_polly_79270.mp3?version=1746597069">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The European Solar Manufacturing Council (<a href="https://esmc.solar/" target="_blank" rel="noopener">ESMC</a>) has called for restrictions on unregulated and remote-control capabilities of solar inverters from “high-risk non-European manufacturers,” mostly from China.</p>
<p>Inverters must be connected to the internet to fulfill essential grid functions. These connections also allow for software updates, meaning manufacturers can remotely alter the performance of these devices.</p>
<p>This control increases cybersecurity risks, such as deliberate interference or mass shutdowns.</p>
<p>Christoph Podewils, Secretary General, ESMC, said, “Today, over 200 GW of European capacity is already linked to inverters manufactured in China – the equivalent of more than 200 nuclear power plants.”</p>
<p>He added, “This means Europe has effectively surrendered the remote control of a vast portion of its electricity infrastructure.”</p>
<p>The council said 70% of the inverters installed in 2023 came from Chinese vendors, mainly Huawei and SunGrow. It expects this figure to exceed 400 GW by 2030. The council also noted that one of these vendors (Huawei) is banned from the 5G sector in many countries and is under investigation in Belgium for bribery and corruption.</p>
<p><strong>Inverter Security Toolbox                                                                         </strong></p>
<p>ESMC has suggested developing an “Inverter Security Toolbox,” including a comprehensive risk assessment of inverter manufacturers.</p>
<p>It called for replicating Lithuania’s proactive legislation and banning inverters from China across all European Union member states to ensure security measures for solar systems of all sizes. This legislative replication will also require banning high-risk vendors from maintaining an online connection to European electricity systems.</p>
<p>“Europe must act now to prevent a future energy crisis rivaling the gas dependency on Russia,” said Podewils.</p>
<p>He extended ESMC’s support for the European Commission’s upcoming assessment of cybersecurity risks in the solar value chain.</p>
<p>In 2022, ESMC <a href="https://www.mercomindia.com/industry-group-proposes-module-manufacturing-europe-35-gw" target="_blank" rel="noopener">released</a> policy proposals for building extensive solar module manufacturing capacities with long-term competitiveness in Europe.</p>
<p>India’s Ministry of Power <a href="https://www.mercomindia.com/daily-news-wrap-up-ministry-releases-cybersecurity-guidelines" target="_blank" rel="noopener">released</a> guidelines for cybersecurity in 2021 for the power sector to keep the industry secure from cyber-attacks. The guidelines lay down actions required to ramp up security measures across various utilities to raise preparedness in the power sector. They also include a cyber assurance framework that strengthens the regulatory framework, security threat early warning mechanisms, vulnerability management, and response to security threats.</p>


Europe Calls for Curbing Remote Access to China-made Solar Inverters


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/05/amazon_polly_79256.mp3?version=1746532038">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://www.serenticaglobal.com/" target="_blank" rel="noopener">Serentica Renewables</a> has entered a power supply and consumption agreement (PSCA) with INOX Air Products (<a href="https://inoxairproducts.com/" target="_blank" rel="noopener">INOXAP</a>) to deliver 75 MW of hybrid renewable energy.</p>
<p>The agreement will allow INOXAP to use power flexibly across multiple locations in India through the interstate transmission system (ISTS) framework.</p>
<p>The 75 MW hybrid project will supply clean energy to INOXAP’s four manufacturing facilities, each in state. The deal aims to expand INOXAP’s renewable energy portfolio and support its decarbonization goals.</p>
<p>Serentica Renewables, established in 2022, focuses on decarbonizing hard-to-abate industries by delivering firm dispatchable renewable energy solutions. The company has achieved 1,000 MW of renewable energy capacity with ongoing projects in several states. Serentica targets supplying over 50 billion units of clean energy annually.</p>
<p>Its hybrid renewable solutions integrate wind, solar, and energy storage assets for round-the-clock clean energy availability.</p>
<p>INOX Air Products manufactures industrial and medical gases across 48 locations in India. It offers diverse portfolios of gases, equipment, and services through a manufacturing capacity exceeding 4,200 tons per day of liquid gases.</p>
<p>INOXAP recently commissioned its first green hydrogen project at Asahi India Glass’s greenfield float glass facility in Soniyana, Chittorgarh, Rajasthan. Powered entirely by solar energy, the project can produce up to 190 tons of green hydrogen annually through electrolysis.</p>
<p>In April 2023, INOXAP, in collaboration with TP Saurya Bandita, established a 40 MW captive solar project in Dhule, Maharashtra. The project now caters to the energy requirements of INOXAP’s Air separation units across Maharashtra.</p>
<p>Recently, Serentica <a href="https://www.mercomindia.com/renew-eg-energy-dineshchandra-serentica-tata-win-sjvns-1-2-gw-fdre-auction" target="_blank" rel="noopener">emerged</a> as one of the winners in SJVN’s 1.2 GW FDRE auction to develop 1,200 MW ISTS-connected projects to supply firm and dispatchable renewable energy, with 100 MW at ₹4.89 (~$0.0560)/kWh.</p>
<p>In October 2024, Hindustan Zinc <a href="https://www.mercomindia.com/hindustan-zinc-to-procure-530-mw-renewable-energy-from-serentica" target="_blank" rel="noopener">procured</a> 530 MW of round-the-clock power from Serentica Renewable India’s renewable energy projects under a group captive arrangement. Serentica will be supplying the power for 25 years. The procurement of 530 MW includes two previous power delivery agreements between Hindustan Zinc and Serentica.</p>


Serentica to Supply 75 MW Hybrid Renewable Energy to INOX Air Products


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/05/amazon_polly_79244.mp3?version=1746523947">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) reported a monthly electricity traded volume of 10,584 million units (MUs) in April 2025, a 26% year-on-year (YoY) growth.</p>
<p>The growing traded volumes come amid the rising power demand across the country. According to government data published in April this year, India’s overall energy consumption rose to 147.5 billion units (BUs), increasing 2.2% from April 2024.</p>
<p>The nation’s peak power demand also hit a new high of 235 GW in April 2025, exceeding the previous record of 224 GW set in April 2024.</p>
<p><strong>Green Market</strong></p>
<p>The green market, consisting of the green day-ahead market (G-DAM) and the green term-ahead market, achieved a total volume of 782 MU during April 2025, a 95% YoY increase from 402 MU.</p>
<p>The average G-DAM price for April 2025 was ₹4.07 (~$0.048)/kW.</p>
<p><strong>Renewable Energy Certificate Market</strong></p>
<p>In the renewable energy certificate (REC) market, 290,000 RECs were traded across two sessions held on April 9 and 30. The clearing prices were ₹300 (~$3.56)/REC and ₹350 (~$4.15)/REC, respectively.</p>
<p>The next REC trading sessions on IEX are scheduled for May 14 and 28, 2025.</p>
<p><strong>Electricity Market: Day-ahead, Real-time, and Term Ahead</strong></p>
<p>Despite the increased demand, the average market-clearing price in the day ahead market (DAM) during April 2025 remained stable at ₹5.20 (~$0.062)/kW, maintaining parity with the average price recorded in April 2024.</p>
<p>Anticipating a further increase in peak power demand, which is expected to cross 270 GW in the financial year (FY) 2026, the government enforced several measures, including the compulsory operation of imported coal and gas-based projects, alongside enhancing coal availability.</p>
<p>The DAM recorded a volume of 4,231 MU in April 2025, a 3% growth over the 4,116 MU traded in April 2024.</p>
<p>The real-time market increased significantly in activity, with volumes rising to 3,893 MU, a 48% YoY growth from 2,629 MU.</p>
<p>The term-ahead market, which includes the day-ahead contingency, daily and weekly contracts, and monthly contracts of up to three months, achieved a trading volume of 1,639 MU in April 2025, rising 28% from 1,276 MU in April 2024.</p>
<p>IEX <a href="https://www.mercomindia.com/trading-volume-surge-pushes-iex-revenue-up-17-in-q4-fy-2025" target="_blank" rel="noopener">reported</a> a consolidated profit after tax of ₹1.17 billion (~$13.7 million) in the fourth quarter of FY 2025, a 21.1% YoY increase from ₹967 million (~$11.3 million).</p>
<p>The power exchange <a href="https://www.mercomindia.com/iex-trades-record-121-bu-in-fy-2025-posts-100-rise-in-q4-green-energy-market" target="_blank" rel="noopener">achieved</a> its highest-ever electricity traded volume of 121 billion units in FY 2025, a 19% YoY increase.</p>


IEX Green Electricity Market Sees 95% YoY Increase in April


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/05/amazon_polly_79209.mp3?version=1746509754">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Smart Roof Solar Solutions and Gourav EnerGen India have <a href="https://www.mercomindia.com/smart-roof-solar-gourav-energen-win-powergirds-3-mw-rooftop-solar-auction" target="_blank" rel="noopener">won</a> Power Grid Corporation of India’s auction to implement 3 MW of rooftop solar systems on its buildings in India’s western regions under the PM Surya Ghar: Muft Bijli Yojana. Both companies won 1 MW at a contract value of ₹36.8 million (~$436,638) each. The remaining 1 MW capacity will be divided among other qualified bidders, including Suncraft Energy, Sunshell Power, and Rajasthan Electronics and Instruments.</p>
<p>Distribution companies (DISCOMS) <a href="https://www.mercomindia.com/discom-dues-power-generators-april-2025" target="_blank" rel="noopener">owed</a> power generators ₹717.5 billion (~$8.51 billion) in total dues for the monthly billing cycle in April 2025, according to the Ministry of Power’s payment ratification and analysis portal PRAAPTI. The DISCOMs owed power generators ₹528.6 billion (~$6.17 billion) in March. The outstanding dues, excluding the latest monthly dues of ₹444.42 billion (~$5.27 billion), are ₹273.07 billion (~$3.24 billion).</p>
<p>The Central Electricity Regulatory Commission <a href="https://www.mercomindia.com/cerc-cracks-down-on-flexible-power-contracts" target="_blank" rel="noopener">issued</a> directions to power exchanges, focusing on reforming contract design, trading mechanisms, and operational transparency. The principal trigger for this order was the consistent price deviation in day-ahead contingency contracts from the day-ahead market, alongside concerns of potential manipulation and market fragmentation caused by overly flexible contract structures.</p>
<p>ITI, a public sector undertaking under the Department of Telecommunications, <a href="https://www.mercomindia.com/iti-invited-bids-for-5-mw-solar-project-in-mizoram" target="_blank" rel="noopener">invited</a> expressions of interest to implement a 5 MW grid-connected solar project at Sumsuih in Mizoram. Bids must be submitted by May 13, 2025. Bids will be opened on the same date. The scope of work entails the design, engineering, erection, testing, and commissioning of the project. It also involves procuring and supplying equipment and providing comprehensive operation and maintenance services for five years.</p>
<p>Mahanadi Coalfields, a subsidiary of Coal India, <a href="https://www.mercomindia.com/mahanadi-coalfields-floats-epc-tender-for-25-mw-solar-projects" target="_blank" rel="noopener">invited</a> bids for the engineering, procurement, and construction of 25 MW of ground-mounted solar power projects at Rampur Colliery and Samaleswari Opencast Project in Odisha. The estimated work cost is ₹1.44 billion (~$17.11 million). Bids must be submitted by May 19, 2025. Bids will be opened on May 21. Selected bidders must complete the project within 730 days of receiving the work order. They must also provide ten years of comprehensive operation and maintenance services.</p>
<p>Rajasthan Electronics and Instruments <a href="https://www.mercomindia.com/reil-issues-rate-contract-tender-for-1-mw-rooftop-solar-systems" target="_blank" rel="noopener">invited</a> bids for rate contracts to implement 1 MW of grid-connected rooftop solar systems on government buildings in Gujarat, Madhya Pradesh, Dadra and Nagar Haveli, Daman and Diu, Maharashtra, Goa, and Chhattisgarh. Bids must be submitted by May 17, 2025. Bids will be opened on May 19. The scope of work entails the survey, design, engineering, erection, testing, and commissioning of the project. It also includes providing comprehensive operation and maintenance services for five years and supplying project equipment, except solar modules.</p>
<p>JSW Neo Energy, a wholly owned subsidiary of JSW Energy, <a href="https://www.mercomindia.com/jsw-neo-energy-pumped-storage-uppcl" target="_blank" rel="noopener">entered</a> a power procurement agreement with the Uttar Pradesh Power Corporation to provide 1,500 MW/12,000 MWh of pumped hydro energy storage capacity. Under this agreement, JSW will provide the storage capacity for 40 years and receive a fixed capacity charge of ₹7.72 million (~$91,623)/MW/Year.</p>
<p>Solar tracker systems, which help <a href="https://www.mercomindia.com/indias-geography-demands-a-practical-approach-to-solar-tracker-design-interview" target="_blank" rel="noopener">optimize</a> power generation by ensuring panels face the sun’s path, have an important role to play in energy transition. Solar projects with trackers use smaller space to produce the same amount of energy as projects not using trackers. GameChange Solar, headquartered in Norwalk, Connecticut, U.S., specializes in high-performance trackers, racking, and balance of systems for the renewable energy sector. In this exclusive interview with Mercom India, Andrew Worden, the company’s Founder and CEO, shares his insights on India’s solar tracker market and his company’s offerings for the renewable energy sector.</p>
<p>Solar module prices in the U.S. <a href="https://www.mercomindia.com/us-solar-module-prices-dropped-to-0-25-w-between-november-and-february-2025" target="_blank" rel="noopener">dropped</a> to a near record low of $0.25 per watt from November 2024 to February 2025, according to a report by Anza Renewables. The company noted that module prices declined steadily through November 2024 from last summer’s highs of $0.28 per watt. Prices increased by 4% between December 2024 and January 2025. This increase occurred due to the market pricing recalibration in response to President Trump’s tariff policies, forcing expectations to reset after months of gradual declines.</p>


Other

Get the most relevant India solar and clean energy news.

RECENT POSTS