Renewable Energy Capacity in India’s Power Mix Reaches 48.3% in Q2 2025

US Median Solar Prices Declined 2% in July 2025 to $0.49/W

Lower Home Solution Sales Reduce SMA Solar’s 1H 2025 Revenue by 10% YoY

Renewables Growth Drives Tata Power’s Revenue, Profit Up in Q1 FY 2026

Uttar Pradesh Regulator Approves Tariffs for 1,280 FDRE Procurement

Supreme Court Orders States to Pay ₹1.74 Trillion Dues to DISCOMs in Four Years

Oriana Power Wins SECI’s Auction to Supply 60,000 TPA of Green Ammonia

Maharashtra Issues Draft Deviation Settlement Mechanism Regulations

Daily News Wrap-Up: Power Ministry Ends URET Mechanism

EU Solar Market to Shrink 1.4% in 2025, First Decline Since 2015


					<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/2025/08/amazon_polly_82893.mp3?version=1754632888">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>India’s renewable energy capacity, including large hydroelectric projects, made up 48.3% of the country’s cumulative power capacity, with 234.2 GW installed at the end of the second quarter (Q2) of 2025, according to data from the Central Electricity Authority (<a href="https://cea.nic.in/?lang=en" target="_blank" rel="noopener">CEA</a>), the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/en/" target="_blank" rel="noopener">MNRE</a>), and Mercom’s India Solar Project Tracker.</p>
<p>Solar power accounted for 24% of the total installed power capacity and 49.7% of the total installed renewable capacity as of June 2025.</p>
<p>In the previous quarter ending March 2025, renewable energy capacity with 218.6 GW <a href="https://www.mercomindia.com/solars-share-in-indias-renewable-energy-capacity-increases-to-47-6-in-q1-2025" target="_blank" rel="noopener">accounted</a> for 46.1% of the power mix. Solar power accounted for 22% of the total installed capacity and 47.6% of the installed renewable energy capacity.</p>
<p>While renewable energy capacity in the installed power mix increased by 19% year-over-year (YoY) and 7.1% quarter-over-quarter (QoQ), the solar capacity in the installed power mix grew by 33.5% YoY and 11.8% QoQ.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-82905 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Power-mix-Q2.png" alt="Power mix Q2" width="782" height="468" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Power-mix-Q2.png 782w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Power-mix-Q2-300x180.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Power-mix-Q2-768x460.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Power-mix-Q2-650x389.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Power-mix-Q2-624x373.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Power-mix-Q2-600x359.png 600w" sizes="(max-width: 782px) 100vw, 782px" /></p>
<p>India <a href="https://www.mercomindia.com/indias-solar-power-generation-rises-19-2-yoy-in-q2-2025" target="_blank" rel="noopener">generated</a> approximately 43 billion units (BU) of solar power in Q2 2025, marking a 19.2% YoY increase. On a QoQ basis, generation rose by 2.5%, up from 42.1 BU in the previous quarter.</p>
<p>Large hydropower, with a total installed capacity of 49.4 GW, accounted for nearly 10.2% of the total installed power capacity as of June 2025.</p>
<p>Substantial pumped storage capacity additions were made, with THDC’s Tehri PSP Unit-1 (250 MW) and Greenko’s Pinnapuram HPS Units 1–5 (5*240 MW), contributing an additional 1,200 MW of pumped hydro capacity.</p>
<p>Wind installations reached 51.7 GW, accounting for 10.7% of the country’s total installed power capacity, a 3.3% increase from Q1 2025.</p>
<p>Biomass and small hydropower contributed 2.2% and 1.1% to the total installed power capacity as of June 2025, respectively.</p>
<p><strong>Energy from conventional sources</strong></p>
<p>At the end of Q2 2025, the country’s installed conventional power capacity stood at 250.8 GW, accounting for 51.7% of all installations. This represents a decrease from 53.9% in the previous quarter and 43.9% in the same period last year.</p>
<p>Electricity generation from thermal sources is mainly fueled by coal (44.3%), gas (4.2%), nuclear (1.8%), lignite (1.4%), and diesel (0.12%). The total installed capacity of conventional power declined during the quarter. Coal-based thermal capacity decreased by 0.23%, even though two major coal projects were commissioned in Q2 2025: NTPC’s Barh I Unit-3 (660 MW) and UPRVUNL’s Obra C Unit-2 (660 MW), adding a combined 1.3 GW. However, this increase was offset by the decommissioning of around 2 GW of coal-based thermal capacity during the same period.</p>
<p>The quarter also witnessed the decommissioning of gas-based thermal units, leading to a 17.9% reduction in gas capacity. In contrast, nuclear power capacity increased by 7.3% compared to Q1 2025.</p>
<p>Despite the continued dominance of conventional power, its declining share in the total installed capacity highlights the accelerating growth of renewable energy across the country.</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/2025/08/amazon_polly_82891.mp3?version=1754575980">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Germany-based solar energy equipment supplier <a href="https://www.sma.de/en/" target="_blank" rel="noopener">SMA Solar Technology</a> reported sales of €684.9 million (~$795.6 million) for the first half (1H) of 2025, marking a 9.8% year-over-year (YoY) decline from €759.3 million (~$881.9 million).</p>
<p>Sales in the Home and Business Solutions division fell by 48.1% to €116.1 million (~$134.7 million), attributed to weaker demand and intensified competitive pressure.</p>
<p>The Large Scale and Project Solutions division posted an increase of 6.2%, reaching €568.8 million (~$660.9 million). This division accounted for 83% of SMA Group’s total sales, while the Home and Business Solutions segment contributed the remaining 17%.</p>
<p>During the first half of 2025, SMA sold 8,327 MW of solar inverters, down from 9,107 MW in 1H 2024. Of this total, 79.6% was exported to international markets. The company’s external sales were geographically distributed with 48.6% in Europe, the Middle East, and Africa; 32.7% in the North and South American region; and 18.8% in the Asia-Pacific region. The main markets during the reporting period included Germany, the U.S., the United Kingdom, and Australia.</p>
<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) plummeted by 88.7% YoY to €9.1 million (~$10.6 million) from €80.6 million (~$93.6 million). The decline in EBITDA was primarily due to lower sales volumes, reduced fixed-cost degression in the Home and Business Solutions segment, as well as inventory write-offs resulting from impairment tests. Additional factors included allocations to provisions for purchase commitments and provisions for doubtful receivables in the U.S., which stemmed from a customer’s insolvency filing.</p>
<p>SMA Solar Technology reported a net loss of €42.4 million (~$492.5 million) for 1H 2025, a stark reversal from the net income of €4.1 million (~$4.8 million) recorded in the same period last year, reflecting a YoY drop of 196.1%. Loss per share stood at €1.22 (~$1.42), compared to earnings of €1.27 (~$1.48) per share in 1H 2024.</p>
<p>As of June 30, 2025, SMA Group’s order backlog totaled €1,161.4 million (~$1,348.4 million). This represented a decline in line with overall market conditions and was largely comprised of orders within the Large Scale and Project Solutions division. Of the total, €848.3 million (~$983.7 million) was attributed to the product business. In comparison, the service business accounted for €313.1 million (~$363.9 million), primarily related to extended warranties purchased for periods ranging from five to ten years.</p>
<p>SMA adjusted its full-year 2025 guidance downward due to weaker-than-expected first-half results and ongoing market pressures<strong>. </strong>Sales are now expected to range between €1.45 billion (~$1.683 billion) and €1.55 billion (~$1.79 billion), down from the previous forecast of €1.7 billion ~$1.974 billion) to €1.85 billion ($2.14 billion). EBITDA is forecasted between €80 million (~$92.9 million) and €130 million (~$150.9 million), revised from the earlier guidance of €220 million (~$255.5 million) to €290 million (~$336.8 million).</p>
<p>This adjustment reflects persistent low demand in the Home and Business Solutions segment, and a slower recovery in the global solar inverter market. Inventory impairments and provisions related to customer insolvency in the U.S and competitive pricing pressures across key markets are also factors behind this adjustment.</p>
<p>SMA Solar’s Home Solutions division has been under pressure, contributing to a 9.4% YoY <a href="https://www.mercomindia.com/sma-solar-technologys-net-income-falls-80-misses-analyst-expectations/" target="_blank" rel="noopener">decrease</a> in Q1 2025 sales, extending the downward trend seen in 2024 when the company posted a 19.7% <a href="https://www.mercomindia.com/lower-home-solution-segment-sales-reduce-sma-solars-revenue-by-20/" target="_blank" rel="noopener">drop</a>.</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/2025/08/amazon_polly_82884.mp3?version=1754567872">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The Uttar Pradesh Electricity Regulatory Commission (<a href="https://www.uperc.org/Default2.aspx" target="_blank" rel="noopener">UPERC</a>) has approved the power sale agreement (PSA) between Uttar Pradesh Power Corporation (<a href="https://uppcl.org/uppcl/hi/" target="_blank" rel="noopener">UPPCL</a>) and <a href="https://www.nhpcindia.com/" target="_blank" rel="noopener">NHPC</a> for the procurement of 1,280 MW of firm and dispatchable renewable energy (FDRE) at tariffs ranging from ₹4.7 (~$0.0547)/kWh to ₹4.71 (~$0.0548)/kWh.</p>
<p>The Commission also approved a trading margin of ₹0.07 (~$0.0008)/kWh.</p>
<p><strong>Background</strong></p>
<p>The case originated from a petition filed by UPPCL seeking approval for the PSA with NHPC for procuring 1,280 MW of FDRE. NHPC was designated as the renewable energy implementing agency to conduct competitive bidding for the FDRE projects.</p>
<p>UPPCL argued that the procurement was necessary to fulfill its renewable purchase obligation (RPO) targets and reduce power procurement costs.</p>
<p>For the financial year 2025, the RPO target for distribution companies was set at 29.91%. UPPCL cited the Ministry of New and Renewable Energy’s February 1, 2024, letter that specified a penalty of ₹1 million (~$11,627.91) for failure to comply and an additional penalty of ₹3.72 (~$0.043)/kWh shortfall.</p>
<p>NHPC, through a petition filed before the Central Electricity Regulatory Commission (CERC), had sought adoption of the discovered tariffs. It submitted the final CERC order, which <a href="https://www.mercomindia.com/central-regulator-approves-tariffs-for-nhpcs-1-4-gw-fdre-projects" target="_blank" rel="noopener">confirmed</a> approval of tariffs for the 1,400 MW capacity (of which 1,280 MW would be allocated to UPPCL) and declared the bidding process transparent and compliant with government requirements.</p>
<p><strong>Commission’s Analysis</strong></p>
<p>UPERC noted that CERC had already adopted the tariffs for 1,400 MW of FDRE capacity, affirming that the process adhered to the specified guidelines. UPPCL’s allocation of 1,280 MW under the PSA was found to be in line with competitive procurement norms.</p>
<p>The Commission approved the PSA for the procurement of 1,280 MW of FDRE.</p>
<p>It also held that if NHPC fails to provide an escrow arrangement or an irrevocable, unconditional, and revolving letter of credit to the renewable energy power generators, the trading margin would be limited to ₹0.02 (~$0.0002)/kWh.</p>
<p>The approved tariffs for the six PPAs are as follows:</p>
<ul>
<li>Clean Renewable Energy AP One (100 MW at ₹4.70 (~$0.0547)/kWh)</li>
<li>Solarcraft Power India 20 (50 MW at ₹4.70 (~$0.0547)/kWh)</li>
<li>Juniper Green Light Ten (200 MW at ₹4.71 (~$0.0548)/kWh)</li>
<li>Renew Wind Energy (AP Five) (250 MW at ₹4.71 (~$0.0548)/kWh)</li>
<li>ACME Venus Urja (400 MW at ₹4.71 (~$0.0548)/kWh)</li>
<li>ACME Hybrid Urja (280 MW at ₹4.71 (~$0.0548)/kWh)</li>
</ul>
<p>Recently, UPERC <a href="https://www.mercomindia.com/uperc-approves-tariff-of-%E2%82%B93-84-kwh-for-300-mw-wind-solar-project" target="_blank" rel="noopener">approved</a> a tariff of ₹3.84 (~$0.044)/kWh for the procurement of 300 MW wind-solar hybrid power by Noida Power Company.</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>



					<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/2025/08/amazon_polly_82869.mp3?version=1754628508">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://orianapower.com/" target="_blank" rel="noopener">Oriana Power </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 60,000 tons per annum (TPA) of green ammonia under the Strategic Interventions for Green Hydrogen Transition (SIGHT) program (Mode-2A-Tranche-I).</p>
<p>The company quoted a tariff of ₹52.25 (~$0.59)/kg to win the auction.</p>
<p>The green ammonia will be supplied to Madhya Bharat Agro Products in Sagar, Madhya Pradesh, for 10 years.  This is the third auction under the same tranche.</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>The total available capacity under bidding increased to 739,000 TPA from 539,000 TPA.</p>
<p>Oriana Power 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 delivery point.</p>
<p>It must also identify the production facility land, construct and own the facility, and handle all logistics up to delivery.</p>
<p>Oriana Power must ensure the supply of at least 90% of the annual requirement as agreed with SECI. It must not engage in trading/arbitrage of green ammonia for supply to SECI.</p>
<p>The green ammonia supplied can be produced using renewable energy sourced from either a co-located or remotely located project. The producer or a third party can own these projects. They can also procure renewable energy from power exchanges.</p>
<p>In July 2025, SECI <a href="https://www.mercomindia.com/acme-cleantech-wins-secis-auction-to-supply-75000-mt-of-green-ammonia" target="_blank" rel="noopener">awarded</a> ACME Cleantech Solutions the auction to supply 75,000 TPA of green ammonia to 12 fertilizer plants under the same tranche.</p>
<p>Under the same tranche, SECI <a href="https://www.mercomindia.com/ntpc-renewable-seci-green-ammonia-auction" target="_blank" rel="noopener">awarded</a> NTPC Renewable Energy for the supply of 70,000 TPA of green ammonia in August 2025.</p>
<p>In 2023, the Union Cabinet <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>



					<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/2025/08/amazon_polly_82864.mp3?version=1754549360">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The Ministry of Power <a href="https://www.mercomindia.com/power-ministry-ends-uniform-renewable-energy-tariff-mechanism" target="_blank" rel="noopener">ended</a> the uniform renewable energy tariff (URET) mechanism in response to concerns of renewable energy implementing agencies and developers over the reluctance of procurers to sign power purchase agreements. The Ministry said that in light of the substantial renewable energy capacity awaiting the signing of power sale agreements and to expedite the deployment of renewable energy, it had decided to withdraw the URET mechanism.</p>
<p>The Ministry of Power <a href="https://www.mercomindia.com/government-exempts-off-stream-pumped-storage-projects-from-cea-concurrence" target="_blank" rel="noopener">exempted</a> off-stream closed-loop pumped storage projects (PSP), irrespective of the quantum of capital expenditure, from the requirement of concurrence by the Central Electricity Authority (CEA). However, the developers of such PSPs must seek technical guidance from the CEA, the Ministry said in a gazette notification. The notification said hydroelectric generating stations, involving an estimated capital expenditure exceeding ₹30 billion (~$342 million), will require the CEA’s concurrence. PSPs are seen as a viable energy storage solution to overcome the intermittency of renewable energy sources. India has an installed capacity of approximately. 6.4 GW of pumped storage capacity and a PSP potential of more than 200 GW.</p>
<p>The Supreme Court of India <a href="https://www.mercomindia.com/supreme-court-upholds-primacy-of-public-interest-in-renewables-procurement" target="_blank" rel="noopener">dismissed</a> appeals filed by Gujarat Urja Vikas Nigam (GUVNL) against the orders of the Gujarat Electricity Regulatory Commission (GERC) and the Appellate Tribunal for Electricity that upheld the decisions allowing four wind energy companies to seek separate tariff determinations for not availing the benefit of accelerated depreciation under the Income Tax Act. The Court held that the tariff of ₹3.56 (~$0.040)/kWh, determined by the GERC in its 2010 order, applied only to wind energy projects that availed accelerated depreciation. Since the respondent companies did not avail such benefit and GUVNL had failed to obtain any binding commitment from them regarding depreciation choice, the companies were entitled to seek separate tariff determinations.</p>
<p>The Solar Energy Corporation of India <a href="https://www.mercomindia.com/seci-invites-bids-for-600-mw-1200-mwh-bess-in-andhra-pradesh" target="_blank" rel="noopener">issued</a> a Request for Proposal to select a supplier for a 600 MW/1,200 MWh standalone grid-connected Battery Energy Storage System (BESS) at Kolimigundla, Nandyal District, Andhra Pradesh. The project is eligible for grants under the Viability Gap Funding program for BESS Tranche-II. Bids must be submitted by September 10, 2025. The bids will be opened on September 11. The scope of work includes the design, engineering, manufacturing, testing, commissioning, and comprehensive operation and maintenance for 15 years.</p>
<p>Government-owned transmission utility, Power Grid Corporation of India (POWERGRID), <a href="https://www.mercomindia.com/powergrid-to-raise-%E2%82%B950-billion-via-private-placement-of-bonds" target="_blank" rel="noopener">received</a> approval to raise up to ₹50 billion (~$569.3 million) via private placement of bonds. The 82nd issue of POWERGRID bonds in FY 2026 comprises a base size of ₹10 billion (~$113.86 million) and a greenshoe size of ₹40 billion (~$455.4 million). The bonds will be unsecured, non-convertible, non-cumulative, redeemable, and taxable. The bonds will be redeemable at the end of the tenth year, and interest will be paid annually. The coupon/interest offered, the schedule of payment of coupon or interest, and principal will be decided after bidding at the electronic book provider.</p>
<p>Fuel cell and electrolyzer manufacturer Bloom Energy <a href="https://www.mercomindia.com/data-center-business-fuels-bloom-energys-revenue-growth-in-q2-2025" target="_blank" rel="noopener">reported</a> a revenue of $401.2 million for the second quarter (Q2) of 2025, a 25.9% year-over-year (YoY) increase from $278.8 million. The revenue exceeded analysts’ expectations by $22.33 million. The company’s earnings per share came in at $0.10, exceeding analysts’ expectations by $0.08. Its adjusted earnings before interest, taxes, depreciation, and amortization increased to $41.23 million from $10.21 million in the corresponding quarter last year.</p>
<p>Gujarat-based Torrent Power’s revenue from operations <a href="https://www.mercomindia.com/torrent-power-q1-revenue-down-12-yoy#:~:text=Gujarat%2Dbased%20Torrent%20Power's,15.88%20billion%20(~%24180.9%20million)." target="_blank" rel="noopener">decreased</a> 12% YoY to ₹79.06 billion (~$900.3 million) in the Q1 of the financial year 2026. Its earnings before interest, tax, depreciation, and amortization for the quarter also fell 18% to ₹15.88 billion (~$180.9 million). Total comprehensive income declined by 26% to ₹7.39 billion (~$84.1 million). All the figures were impacted due to lower power demand following the early onset of monsoon and elevated gas prices, impacting merchant gains from gas-based generation. Torrent Power currently has an operational renewable capacity of 868 MW in solar and 921 MW of wind. These projects are across Gujarat, Maharashtra, Karnataka, Rajasthan, Madhya Pradesh, Telangana, and other states. An additional 41 MW of commercial and industrial solar projects have been commissioned in states like Haryana, Tamil Nadu, Andhra Pradesh, and Uttar Pradesh.</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/2025/08/amazon_polly_82830.mp3?version=1754541827">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Renewable energy is set to achieve a historic milestone by overtaking coal-fired generation either in 2025 or by 2026 at the latest, according to the International Energy Agency’s (<a href="https://www.iea.org/" target="_blank" rel="noopener">IEA</a>) Electricity Mid-Year Update 2025.</p>
<p>Solar and wind power are leading this transformation, together expected to meet over 90% of the net increase in global electricity demand in 2025.</p>
<p>Combined output from these two technologies exceeded 4,000 TWh in 2024, is projected to surpass 5,000 TWh in 2025 and approach 6,000 TWh by 2026. Their share of total electricity generation is expected to rise from 15% in 2024 to 17% in 2025 and almost 20% in 2026, compared with just 4% a decade earlier.</p>
<p>Hydropower, which remains the largest single renewable source with a global share of 14 %, will likely remain stable in 2025 before growing by more than 2% in 2026, assuming normal rainfall patterns.</p>
<p>Coal-fired generation, after expanding by 1.3 % in 2024, is expected to decline slightly in 2025 as growth in India, the U.S., and parts of Asia is outweighed by reductions in China and Europe. The global decline will accelerate in 2026 to about 1.3 % as renewable capacity growth continues and coal-to-gas switching increases.</p>
<p>Gas-fired generation is expected to increase by 1.3% in 2025, driven by Middle Eastern oil-to-gas transitions and continued growth in Asia, before rising by the same rate in 2026.</p>
<p>Nuclear generation is on track to reach a record high in 2025 due to new reactor startups in China, India, Korea, and other countries, plant restarts in Japan, and sustained strong output from the U.S. and France. Nuclear output is projected to grow by about 2 % annually, reaching close to 3,000 TWh in 2026.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-82832 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/IEA-new.png" alt="IEA new" width="737" height="357" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/IEA-new.png 737w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/IEA-new-300x145.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/IEA-new-650x315.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/IEA-new-624x302.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/IEA-new-600x291.png 600w" sizes="(max-width: 737px) 100vw, 737px" /></p>
<p><strong>Electricity Demand</strong></p>
<p>The IEA forecasts global electricity consumption to increase by 3.3% in 2025 and 3.7% in 2026, moderating from the exceptionally high 4.4% recorded in 2024 but still among the fastest rates seen in the past decade.</p>
<p>This expansion is occurring despite downgraded global GDP growth expectations, with demand driven by rising industrial activity, continued electrification of transport and heating, the expansion of air conditioning in response to recurring heatwaves, and the rapid growth of electricity-intensive data centers. By 2026, electricity demand will grow more than twice as fast as total energy demand, pushing global consumption above 29,000 TWh.</p>
<p>China remains the single largest driver of global electricity growth. After surging by 7% in 2024, demand in China is expected to rise by 5% in 2025, a slowdown linked to weaker industrial development and the impact of tariffs on exports. Nevertheless, the country will account for around half of the world’s total increase in electricity use this year. The growth rate is projected to accelerate to 5.7 % in 2026 as industrial activity recovers.</p>
<p>India follows a similar pattern, with <a href="https://www.mercomindia.com/iea-global-electricity-consumption-grow-annually-4/" target="_blank" rel="noopener">demand</a> growth slowing to 4% in 2025 from 6% the previous year due to a cooler summer and subdued industrial activity, before rebounding to 6.6% in 2026.</p>
<p>In the U.S., electricity consumption is projected to expand by 2.3% in 2025 and 2.2% in 2026, supported by new high-tech manufacturing facilities, continued electrification, and the rapid scaling of data center capacity, which consumed around 180 TWh in 2024 and is projected to rise sharply in the coming years.</p>
<p>The EU is still in a phase of gradual recovery, with demand expected to grow by 1.1% in 2025 and 1.5% in 2026, following a rebound of 1.6% in 2024 after two years of contraction.</p>
<p>Global investments in the energy sector are set to <a href="https://www.mercomindia.com/global-investment-energy-sector-3-3-trillion-2025/" target="_blank" rel="noopener">reach</a> a record $3.3 trillion in 2025, a 2% increase from 2024. Approximately $2.2 trillion is being invested collectively in renewables, nuclear energy, grids, storage, low-emission fuels, efficiency, and electrification. This investment is twice the $1.1 trillion allocated to oil, natural gas, and coal.</p>
<p><strong>Prices and Electricity System Security</strong></p>
<p>Electricity prices have shown sharply diverging regional trends in 2025. Wholesale prices in the European Union and the U.S. rose by between 30 and 40 % in the first half of the year due to higher natural gas prices, lower wind and hydropower output, and increased reliance on fossil-fired generation.</p>
<p>By contrast, India and Australia experienced price declines of between 5 and 15%, supported by lower fuel costs, new capacity additions, and strong seasonal renewable generation.</p>
<p>Negative wholesale prices, a symptom of high renewable penetration and inflexible demand, have become more frequent in European markets such as Germany, the Netherlands, and Spain, where they accounted for 8 to 9% of total hours in the first half of 2025, up from 4 to 5% the year before.</p>
<p>The IEA warns that recent large-scale blackouts underline the need for greater investment in electricity system security. In February 2025, a transmission failure left 99% of Chile without power for 17 hours, while in April, a cascade of events caused a blackout across Spain and Portugal, affecting tens of millions of people for more than 10 hours.</p>
<p>As electrification spreads across industries, transport, and heating, ensuring a reliable supply will require not only expanding generation capacity but also strengthening grid infrastructure, enhancing operational flexibility, and updating regulatory frameworks.</p>
<p><strong>Carbon Emissions</strong></p>
<p>The shift toward low-emission sources is helping to curb carbon dioxide emissions from electricity generation. After rising by 1.2% in 2024, emissions are expected to plateau in 2025 and decline slightly in 2026. This is despite continued global temperature records and associated increases in cooling demand.</p>
<p>The carbon intensity of global electricity generation is projected to fall from 445 grams of CO₂/kWh in 2024 to 415 grams by 2026, a reduction of nearly 7% in just two years. The European Union is expected to see the steepest drop, from 175 grams to 140 grams/kWh, while China is projected to achieve a reduction from 565 grams to 505 grams over the same period.</p>


Renewables on the Verge of Overtaking Coal Globally As Demand Surges: IEA


					<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/2025/08/amazon_polly_82822.mp3?version=1754479963">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The <a href="https://powermin.gov.in/" target="_blank" rel="noopener">Ministry of Power</a> has exempted off-stream closed-loop pumped storage projects (PSP), irrespective of the quantum of capital expenditure, from the requirement of concurrence by the Central Electricity Authority (CEA).</p>
<p>However, the developers of such PSPs must seek technical guidance from the CEA, the Ministry said in a gazette notification.</p>
<p>The notification said hydroelectric generating stations, involving an estimated capital expenditure exceeding ₹30 billion (~$342 million), will require the CEA’s concurrence.</p>
<p>PSPs are seen as a viable energy storage solution to overcome the intermittency of renewable energy sources. India has an installed capacity of approximately. 6.4 GW of pumped storage capacity and a PSP potential of more than 200 GW.</p>
<p>A little over 3 GW of off-river PSP capacity was under construction as of February 1, 2025.</p>
<p>To accelerate PSP development, the government has exempted the systems from free power obligations and rationalized the environmental clearance process.</p>
<p>It has also waived the interstate transmission system (ISTS) charges for PSPs for which construction work is awarded on or before June 30, 2028.</p>
<p>The timeline for CEA concurrence of the detailed project reports (DPR) has been brought down from 90 to 50 days for all types of PSPs.</p>
<p>In April this year, the CEA <a href="https://www.mercomindia.com/cea-approves-detailed-project-reports-for-7-5-gw-pumped-storage-projects" target="_blank" rel="noopener">greenlighted</a> the DPRs of six PSPs with a total capacity of 7.5 GW. The projects were: Upper Indravati (600 MW) in Odisha, Sharavathy (2,000 MW) in Karnataka, Bhivpuri (1,000 MW) in Maharashtra, Bhavali (1,500 MW) in Maharashtra, MP-30 (1,920 MW) in Madhya Pradesh, and Chitravathi (500 MW) in Andhra Pradesh.</p>
<p>The government <a href="https://www.mercomindia.com/guidelines-pumped-storage-projects" target="_blank" rel="noopener">issued</a> tariff-based competitive bidding guidelines to procure stored energy from existing, under-construction, or new PSPs. The minimum bid capacity for ISTS projects is 50 MW and 10 MW for intrastate transmission projects.</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>


Government Exempts Off-Stream Pumped Storage Projects from CEA Concurrence


					<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/2025/08/amazon_polly_82815.mp3?version=1754469460">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Gujarat-based <a href="https://www.torrentpower.com/" target="_blank" rel="noopener">Torrent Power</a>’s revenue from operations decreased 12% year-over-year (YoY) to ₹79.06 billion (~$900.3 million) in the first quarter (Q1) of the financial year (FY) 2026.</p>
<p>Its earnings before interest, tax, depreciation, and amortization for the quarter also fell 18% to ₹15.88 billion (~$180.9 million).</p>
<p>Total comprehensive income <a href="https://www.mercomindia.com/torrent-powers-profit-grows-fy-2025" target="_blank" rel="noopener">declined</a> by 26% to ₹7.39 billion (~$84.1 million). All the figures were impacted due to lower power demand following the early onset of monsoon and elevated gas prices, impacting merchant gains from gas-based generation.</p>
<p>Torrent Power currently has an operational renewable capacity of 868 MW in solar and 921 MW of wind. These projects are across Gujarat, Maharashtra, Karnataka, Rajasthan, Madhya Pradesh, Telangana, and other states. An additional 41 MW of commercial and industrial solar projects have been commissioned in states like Haryana, Tamil Nadu, Andhra Pradesh, and Uttar Pradesh.</p>
<p>The company aims to increase its total renewable capacity to approximately 4.9 GW. This capacity would comprise about 2.1 GW of contracted capacity and 3.3 GW under development. Key projects under execution include those tied up with Maharashtra State Electricity Distribution Company, Solar Energy Corporation of India, Torrent Power DISCOM, REMCL, merchant market, and various commercial and industrial clients. These projects are scheduled to be commissioned progressively from 2025 to 2027.</p>
<p>Torrent has also signed an agreement with Maharashtra State Electricity Distribution to develop a pumped storage hydro project with a capacity of 2 GW/16 GWh in Raigad, Maharashtra, for 40 years. Overall, Torrent is planning pumped storage projects totaling approximately 8.4 GW in Maharashtra and Uttar Pradesh.</p>
<p>In Q1, the company’s renewable performance improved with solar achieving a plant load factor of 22% and wind reaching 31.6%, compared to 19.6% and 28.3% respectively in Q1 FY 2025. Favorable wind conditions and the addition of solar capacity drove this.</p>
<p>Torrent is also pursuing green hydrogen and ammonia projects and has been awarded 18,000 tonnes per annum of capacity under the production-linked incentive program. The company states that over 50% of its renewable capacity is tied to its own distribution business.</p>
<p>Torrent’s revenue from operations <a href="https://www.mercomindia.com/power-distribution-businesses-drive-torrents-net-profit-up-142-in-q4/" target="_blank" rel="noopener">dropped</a> by 1% YoY to ₹64.56 billion (~$756.4 million) in the previous quarter.</p>


Lower Power Demand Drives Torrent Power’s Q1 Revenue Down 12% YoY


					<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/2025/08/amazon_polly_82809.mp3?version=1754462255">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>NTPC Renewable Energy <a href="https://www.mercomindia.com/ntpc-renewable-seci-green-ammonia-auction" target="_blank" rel="noopener">won</a> Solar Energy Corporation of India’s auction to supply 70,000 tons per annum of green ammonia under the Strategic Interventions for Green Hydrogen Transition program (Mode-2A-Tranche-I). NTPC quoted a tariff of ₹51.8 (~$0.591)/kg to win the auction. The green ammonia will be supplied to Krishana Phoschem in Meghnagar, Madhya Pradesh, for ten years. The tender was initially floated in June 2024 and subsequently amended to increase the projects under its scope.</p>
<p>The Ministry of Power <a href="https://www.mercomindia.com/power-ministry-amends-vgf-guidelines-for-battery-energy-storage-projects" target="_blank" rel="noopener">issued</a> amendments to the operational guidelines of the Viability Gap Funding (VGF) program for Battery Energy Storage System (BESS) projects, which are supported through the Power System Development Fund. The Ministry issued the operational guidelines for the ₹94 billion (~$1.1 billion) program to provide VGF of up to 40% to develop 4,000 MWh of BESS capacity across the country. One amendment allows BESS projects to be connected to either the intra-state transmission system or the interstate transmission system.</p>
<p>The Haryana Electricity Regulatory Commission (HERC) <a href="https://www.mercomindia.com/haryana-issues-draft-amendment-to-rooftop-solar-rules#:~:text=The%20Haryana%20Electricity%20Regulatory%20Commission,energy%20accounting%20and%20surplus%20power" target="_blank" rel="noopener">issued</a> a draft of the second amendment to “HERC (Rooftop Solar Grid Interactive Systems Based on Net Metering/Gross Metering), Regulations, 2021,” relating to rooftop solar grid-interactive systems, proposing key changes in energy accounting and surplus power compensation. Under the draft amendment, distribution licensees must compensate surplus electricity injected at the end of April for the March settlement period at 75% of the last discovered Solar Energy Corporation of India tariff for solar energy, or at a reference rate determined by the Commission.</p>
<p>NTPC Renewable Energy <a href="https://www.mercomindia.com/ntpc-rel-issues-module-supply-tender-for-1-gw-solar-projects" target="_blank" rel="noopener">invited</a> bids for the supply of crystalline bifacial modules for its upcoming solar projects in Lalitpur and Chitrakoot districts of Uttar Pradesh with a total capacity of 1,000 MW. The modules must have a minimum rating of 570 Wp. The project has been split into three main blocks: Lalitpur-1 and Lalitpur-2, each requiring 435 MW DC of modules, and Chitrakoot-1 requiring 580 MW DC. The total module capacity required is 1,450 MW DC, corresponding to a 1,000 MW solar project. Bids must be submitted by August 19, 2025. Bids will be opened on the same day. The scope of work entails the manufacturing, supply, packing and forwarding, and transportation of the solar modules to the designated project sites. It also involves the supply of an extra 1% of the total module quantity as spares.</p>
<p>NTPC Green Energy <a href="https://www.mercomindia.com/ntpc-green-invites-bids-to-select-qca-for-296-mw-solar-project" target="_blank" rel="noopener">invited</a> bids to deploy a qualified coordinating agency for forecasting, scheduling, and aggregation services at a 296 MW solar power project in Fategarh, Uttar Pradesh. Bids must be submitted by August 7, 2025. Bids will be opened on the same day. The scope of work encompasses collecting real-time data on power generation and installing modem-based energy meters. Alternatively, selected bidders must make arrangements for real-time data from the supervisory control and data acquisition systems site, as well as the analysis of all available static and historical data. The scope of work also entails integrating weather data, setting up the forecast model, collecting available data for solar inverters/transformers, and collecting weather data from reputable forecasting agencies.</p>
<p>Multinational engineering and technology company Bosch will <a href="https://www.mercomindia.com/bosch-to-procure-power-from-jsw-neos-12-66-mw-captive-solar-project#:~:text=The%20company%20will%20invest%20%E2%82%B940.5%20million%20(~%24461%2C236)%20in,close%20by%20January%2031%2C%202026." target="_blank" rel="noopener">procure</a> power from a 12.66 MW group captive solar power project set up by JSW Neo Energy‘s special purpose vehicle JSW Renew C&amp;I One in Maharashtra. The company will invest ₹40.5 million (~$461,236) in one or more tranches to purchase 4,052,160 shares, each with a face value of ₹10 (~$0.11). The company will maintain a 26% equity stake in JSW Renew C&amp;I One. The investment is expected to close by January 31, 2026. Bosch, in its bourse filing, noted that the acquisition is not a related party transaction and that the promoter, promoter group, and affiliated companies have no vested interest in the entity slated for acquisition.</p>
<p>Amazon Web Services (AWS) will <a href="https://www.mercomindia.com/amazon-to-source-power-from-gentaris-80-mw-wind-project" target="_blank" rel="noopener">procure</a> power from Gentari’s 80 MW wind power project in Tamil Nadu. The project is expected to begin operations in mid-2027 and is projected to generate roughly 300,000 MWh of energy annually. AWS, which signed a power purchase agreement (PPA) with Gentari, aims to utilize the project to reach its net-zero carbon emissions goals by 2040. The PPA follows a collaboration agreement signed by the two parties in 2023. As part of the agreement, Amazon announced a strategic fleet management partnership with Gentari to boost zero-tailpipe emission deliveries in India. This partnership was aimed at supporting Amazon’s last-mile electric fleet program locally, providing delivery service partners access to more three-wheeler electric vehicles for Amazon deliveries.</p>
<p>Haryana-based battery manufacturer, Pastiche Energy Solutions, will <a href="https://www.mercomindia.com/battery-manufacturer-pastiche-to-set-up-1-gw-bess-plant-in-punjab" target="_blank" rel="noopener">set</a> up a 1.5 GW lithium iron phosphate BESS manufacturing plant near Chandigarh, Punjab. Pastiche will invest ₹10 million (~$114,588) in the first phase of the project. The facility is expected to be commissioned by the third quarter of 2025. The company plans to expand the project capacity to 5 GW. Pastiche plans to manufacture battery packs for electric vehicles and the BESS segment. It has received orders for ₹250 million (~$2.86 million) to ₹ 300 million (~$3.4 million).</p>
<p>Climate Policy Initiative, a finance and policy advisory group, <a href="https://www.mercomindia.com/climate-policy-initiative-to-support-distributed-renewable-energy-projects#:~:text=Climate%20Policy%20Initiative%20(CPI)%2C,accelerate%20commercialization%20and%20mobilize%20commercial" target="_blank" rel="noopener">invited</a> applications for the next round of India Clean Energy Finance from enterprises and projects in distributed renewable energy for its subsequent round of catalytic support to accelerate commercialization and mobilize commercial capital. The program invites applications from enterprises offering rooftop solar solutions, e-mobility/ solar-powered electric vehicle charging, and renewable energy-powered cooling solutions. Applicants can send their submissions by August 18, 2025. The selected applications will be announced on August 28, 2025.</p>
<p>Despite the risks <a href="https://www.mercomindia.com/indian-solar-exporters-claim-us-anti-dumping-petitions-unfounded" target="_blank" rel="noopener">posed</a> by U.S. anti-dumping/countervailing duty (AD/CVD) petitions, Indian solar companies are downplaying potential impacts on their exports. Solar cell and module manufacturers exporting to the U.S. dismiss claims that Indian companies are selling below cost or that the government has subsidized them. A few prominent American companies, under the banner of The Alliance for American Solar Manufacturing and Trade, recently filed petitions seeking AD/CVD investigations into solar imports from India, Indonesia, and Laos.</p>


Daily News Wrap-Up: NTPC Wins SECI’s 70,000 TPA Green Ammonia Auction


					<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/2025/08/amazon_polly_82800.mp3?version=1754457484">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Fuel cell and electrolyzer manufacturer <a href="https://www.bloomenergy.com/" target="_blank" rel="noopener">Bloom Energy</a> has reported a revenue of $401.2 million for the second quarter (Q2) of 2025, a 25.9% year-over-year (YoY) increase from $278.8 million. The revenue exceeded analysts&#8217; expectations by $22.33 million.</p>
<p>The company&#8217;s earnings per share (EPS) came in at $0.10, exceeding analysts&#8217; expectations by $0.08.</p>
<p>Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) <a href="https://www.mercomindia.com/bloom-q2-24-revenue" target="_blank" rel="noopener">increased</a> to $41.23 million from $10.21 million in the corresponding quarter last year.</p>
<p>The company reported a net loss of $42.61 million compared to $61.18 million in Q2 2024.</p>
<p>During the earnings call, KR Sridhar, Founder, Chairman, and CEO at Bloom Energy, highlighted the surge in demand for clean, reliable, and rapidly deployable power, especially from the artificial intelligence (AI) and hyperscaler segments. He confirmed Bloom&#8217;s direct agreement with Oracle to power its AI data centers. This partnership is Bloom&#8217;s first direct engagement with a hyperscaler, where Bloom will serve as both the primary and secondary power source for a standalone AI facility.</p>
<p>Sridhar elaborated on Bloom Energy&#8217;s plans to double its manufacturing capacity from 1 GW to 2 GW annually by the end of 2026. He explained that this expansion is driven by strong commercial momentum and a robust sales pipeline that justifies forward investment. Sridhar stated that Bloom is well-capitalized to undertake this scale-up, estimating approximately $100 million in total capital expenditure, which will be spread over multiple quarters.</p>
<p>Addressing tax incentives and regulatory policy, Sridhar provided clarity on the Investment Tax Credit (ITC) landscape. He affirmed that Bloom customers would continue to benefit from the ITC throughout 2025, as the company has secured sufficient supply under &#8220;safe harbor&#8221; provisions. This allows customers to claim the ITC at rates of 40% or 50%, depending on their location in or outside designated energy communities. Sridhar reassured investors that there will be no incentive for customers to delay purchases into 2026, as the reinstated ITC under the Biden administration will offer a flat 30% credit starting next year.</p>
<p>He further noted that Bloom&#8217;s continuous cost reduction efforts and the rising cost of grid electricity ensure that their solutions remain competitive and financially attractive even with the reduced future ITC rates. This favorable policy outlook is expected to serve as an additional tailwind for Bloom&#8217;s ongoing commercial growth.</p>
<p>The company expects full-year revenue to range from $1.65 billion to $1.85 billion and non-GAAP operating income to fall between $135 million and $165 million.</p>
<p>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 Q1 2025, a 38.6% YoY increase from $235.3 million.</p>


Data Center Business Fuels Bloom Energy’s Revenue Growth in Q2 2025


					<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/2025/08/amazon_polly_82793.mp3?version=1754457054">
			</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-bluewave-secures-247m-debt-financing/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>BlueWave, a solar and storage developer, owner, operator, and a subsidiary of Axium Infrastructure, an independent portfolio management firm, has </strong><a href="https://mercomcapital.com/renewable-energy-developer-bluewave-debt-financing/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $247 million from two credit facilities.</strong> The first $125 million revolving construction-to-term loan facility was led by KeyBank and the National Bank of Canada, which is said to provide construction debt. The remaining $122 million corporate revolving credit facility was provided by KeyBank and the Canadian Imperial Bank of Commerce, the New York branch.</p>
<p><strong>Greenvolt Group, a developer of clean energy projects, </strong><a href="https://mercomcapital.com/greenvolt-group-increases-share-capital/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> a €150 million (~$173 million) share capital increase</strong>, fully subscribed by its shareholder KKR. The share capital increase will be implemented in two phases. The first phase of this capital increase, totaling €100 million (~$115 million), is expected to be completed soon. The second phase, corresponding to the remaining €50 million (~$58 million) already approved, is expected to be completed by September 30, 2025.</p>
<p><strong>Planted Solar, a company that provides solar energy project deployment platforms, has </strong><a href="https://mercomcapital.com/planted-solar-secures-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a $12 million </strong>funding round led by Piva Capital, with participation from existing investors Breakthrough Energy Ventures, Khosla Ventures, and Team Builder Ventures. With this funding, the company plans to accelerate the development of its digital and hardware solutions, expand deployment capacity, and strengthen its partnerships globally.</p>
<p><strong>Sun King, a company focusing on off-grid solar solutions, has </strong><a href="https://www.citigroup.com/global/news/press-release/2025/citi-sun-king-securitization-deliver-solar-million-kenyans" target="_blank" rel="noopener"><strong>closed</strong></a><strong> $156 million (KES20.1 billion) securitization. </strong>Arranged and structured by Citi with Stanbic Bank Kenya acting as the placement agent, the securitization is backed by five international and local commercial banks and three development finance institutions. It builds on the company’s $130 million securitization completed in 2023. The securitization enables Sun King to raise long-term local currency debt by converting future customer repayments for financed solar products into investable assets.</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-cleanpeak-energy-raises-328-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Bluewave Secures $247 Million Debt Financing


					<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/2025/08/amazon_polly_82774.mp3?version=1754392489">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://www.mercomindia.com/mnre-to-launch-utility-led-program-for-rural-households-under-surya-ghar" target="_blank" rel="noopener">The government will soon announce a utility-led program under the PM Surya Ghar: Muft Bijli Yojana to enable households without suitable rooftop space </a>to benefit from the program, Union Minister of New and Renewable Energy Pralhad Joshi said. He was speaking before presenting the Mercom India Awards at the Mercom India Renewables Summit 2025. Joshi said 1.72 million rooftop solar systems have been installed under the PM Surya Ghar program as of date.</p>
<p><a href="https://www.mercomindia.com/india-sets-target-of-1-8-tw-of-renewable-energy-capacity-by-2047" target="_blank" rel="noopener">India has set a target of 1,800 GW of renewable energy capacity by 2047, said Sudeep Jain, Additional Secretary, Ministry of New and Renewable Energy, </a>at the Mercom India Renewables Summit 2025. India had hit the target of 50% non-fossil fuel-based power capacity by 2030, five years in advance. However, India would require 1,800 GW to 2,000 GW of renewable energy capacity by 2047 to support its growing demand, he said.</p>
<p><a href="https://www.mercomindia.com/corporate-solar-funding-declines-39-yoy-amid-policy-uncertainties" target="_blank" rel="noopener">Total global corporate funding for the solar sector dropped by 39% year-over-year (YoY) to $10.8 billion in the first half (1H) of 2025 from $17.6 billion</a>, according to Mercom India’s 1H and Q2 2025 Solar Funding and M&amp;A Report. The number of deals also decreased by 11% to 78 deals from 88 during the same period last year.</p>
<p><a href="https://www.mercomindia.com/maharashtras-energy-banking-rules-could-limit-solar-capacity-additions" target="_blank" rel="noopener">Solar project developers fear a significant drop in capacity additions among Maharashtra’s prosumers </a>because of the Maharashtra Electricity Regulatory Commission’s (MERC) proposal to impose energy banking restrictions. The MERC tariff order has come under severe criticism from solar project developers as the energy banking rules can effectively reduce the savings generated from a solar project and disincentivize solar adoption for the Maharashtra State Electricity Distribution Company consumers.</p>
<p><a href="https://mercomindia.com/cerc-directs-phased-rollout-of-power-market-coupling-from-january-2026" target="_blank" rel="noopener">The Central Electricity Regulatory Commission has directed a phased implementation of market coupling across power exchanges, </a>starting with the day-ahead market (DAM) coupling by January 2026. The DAM coupling will be executed in round-robin mode, with the role of market coupling operator (MCO) rotating among the three operational power exchanges—Indian Energy Exchange, Power Exchange India, and Hindustan Power Exchange. Grid-India will serve as the fourth MCO for audit and backup purposes.</p>
<p><a href="https://www.mercomindia.com/use-of-almm-listed-solar-cells-mandatory-a-month-after-list-publication" target="_blank" rel="noopener">The Ministry of New and Renewable Energy (MNRE) has exempted government projects mandated to use solar modules from the Approved List of Models and Manufacturers</a> (ALMM -List-I) from complying with ALMM List-II for solar cells, if the bid submission deadline is on or before the cut-off date. The cut-off date will be one month after the publication of the first ALMM List for cells.</p>
<p><a href="https://www.mercomindia.com/mnre-amends-pm-surya-ghars-incentive-to-local-bodies-component" target="_blank" rel="noopener">MNRE has amended the ‘incentive to local bodies’ component of the Implementation Guidelines under the PM Surya Ghar: Muft Bijli Yojana</a>. The National Programme Implementation Agency will disburse funds to the State Implementation Agencies according to the number of rooftop solar installations undertaken in their respective areas under the program.</p>
<p><a href="https://www.mercomindia.com/mnre-revises-guidelines-for-model-solar-villages-under-pm-surya-ghar" target="_blank" rel="noopener">MNRE has amended the guidelines for implementing the Model Solar Village under the PM Surya Ghar: Muft Bijli Yojana.</a> This amendment focuses on eligibility and selection processes to ensure more practical and inclusive execution. The ministry issued operational guidelines to set up one model solar village in every district of the country last August.</p>
<p><a href="https://www.mercomindia.com/delhi-raises-residential-rooftop-solar-subsidy-to-%E2%82%B910000-kw#:~:text=The%20Delhi%20Government%20has%20notified,of%20up%20to%203%20kW." target="_blank" rel="noopener">The Delhi Government has notified the first amendment to the Delhi Solar Energy Policy 2023, increasing the state capital subsidy for residential rooftop solar systems.</a> The revised subsidy now stands at ₹10,000 (~$116.28)/kW, capped at ₹30,000 (~$348.84) for systems with a capacity of up to 3 kW. In the draft Delhi Solar Energy Policy, 2023, the Delhi government offered a state capital subsidy of ₹2,000 (~$23.26)/kW with a cap of ₹10,000 (~$116.28)/consumer.</p>
<p><a href="https://www.mercomindia.com/draft-guidelines-capture-secure-rooftop-solar-data" target="_blank" rel="noopener">The MNRE has mandated that all original equipment manufacturers enlisted for the supply of inverters under the PM Surya Ghar: Muft Bijli Yojana</a> integrate inverter communication devices with the PM Surya Ghar portal. The inverters must also be connected to software managed by the MNRE or any other agency designated by it.</p>
<p><a href="https://www.mercomindia.com/mnre-issues-clarifications-on-almm-mandate-for-behind-the-meter-projects" target="_blank" rel="noopener">The MNRE has clarified that behind-the-meter projects for captive consumption by government entities or public sector enterprises must use solar modules from the</a> ALMM. However, these projects are exempt from using ALMM-compliant cells if they were commissioned before June 1, 2026.</p>
<p><a href="https://www.mercomindia.com/mnre-amends-pm-surya-ghars-incentive-to-local-bodies-component#:~:text=Recently%2C%20the%20ministry%20amended%20guidelines,additional%20subsidy%20for%20rooftop%20systems." target="_blank" rel="noopener">The MNRE has issued amendments to the guidelines for implementing the CFA under the PM Surya Ghar: Muft Bijli Yojana</a>. Under the amendments, the state or union territory government can supplement the CFA provided by the central government with an additional subsidy for rooftop systems.</p>
<p><a href="https://www.mercomindia.com/cea-guidelines-propose-weather-stations-in-renewable-energy-projects" target="_blank" rel="noopener">The Central Electricity Authority has proposed the installation of one automatic weather station for each renewable energy project with a capacity of 50 MW.</a> The proposal is in the context of the need for real-time weather measurement to optimize renewable energy generation, as solar and wind generation depend on weather conditions.</p>
<p><a href="https://www.mercomindia.com/mnre-says-solar-projects-set-up-to-charge-ess-not-exempt-from-almm" target="_blank" rel="noopener">The Ministry of New and Renewable Energy (MNRE) has clarified that solar projects installed exclusively to charge energy storage systems (ESS) </a>will not be exempted from complying with the requirements under ALMM. If a solar project is feeding power or charging an ESS, which is directly or indirectly supplying electricity to the grid, then such solar projects do not fall under the category of behind-the-meter projects solely used for captive consumption.</p>
<p><a href="https://www.mercomindia.com/mnre-releases-%E2%82%B9679-5-million-funding-to-four-hydrogen-valley-clusters" target="_blank" rel="noopener">The MNRE has approved the release of ₹679.5 million (~$7.8 million) as the first tranche of central financial assistance to four Hydrogen Valley Innovation Clusters</a> under the National Green Hydrogen Mission. A hydrogen valley is a specific geographical region where hydrogen is utilized for multiple applications across various sectors, including industry, energy, and mobility.</p>
<p><a href="https://www.mercomindia.com/mhi-announces-demand-incentives-for-electric-trucks-under-pm-e-drive" target="_blank" rel="noopener">The Ministry of Heavy Industries has issued a notification for the PM Electric Drive Revolution in Innovative Vehicle Enhancement program, </a>offering demand incentives for electric trucks (e-trucks). Incentives will be disbursed to N2–trucks with a gross vehicle weight of more than 3.5 tons but not exceeding 12 tons and N3–trucks with a GVW exceeding 12 tons but under 55 tons.</p>
<p><a href="https://www.mercomindia.com/petroleum-ministry-amends-subsidy-terms-for-compressed-biogas-machinery" target="_blank" rel="noopener">The Ministry of Petroleum and Natural Gas has amended the disbursal pattern of financial assistance for compressed biogas (CBG) projects </a>to procure biomass aggregation machinery. According to the amendments, CBG plants utilizing more than 50% biomass as feedstock for a two-ton per day capacity project are eligible for a financial support of ₹9 million (~$104,970).</p>
<p><a href="https://www.mercomindia.com/government-amends-pm-e-drive-program-to-focus-on-indigenization" target="_blank" rel="noopener">The Ministry of Heavy Industries (MHI) has amended the Phased Manufacturing Programme for the electric vehicle public charging stations component</a> of the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) program. According to MHI’s revised guidelines, domestic manufacturing of charger enclosures or panels, internal wiring harnesses, and IS/IEC 60309 connectors must have commenced by December 1, 2021.</p>
<p><a href="https://www.mercomindia.com/mcx-to-start-electricity-futures-trading-from-july-10-2025#:~:text=The%20exchange%20had%20received%20approval,hedging%2C%20speculation%2C%20or%20arbitrage." target="_blank" rel="noopener">The Multi Commodity Exchange of India, a commodity derivatives and options exchange, will launch electricity futures contracts from July 10, 2025,</a> enabling power producers, distributors, and large power consumers to manage risks associated with price volatility. The exchange had received approval from the Securities and Exchange Board of India in June to launch electricity derivatives.</p>


Month in a Minute: Top Headlines from the Indian Renewable Sector in July 2025


					<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/2025/08/amazon_polly_82770.mp3?version=1754383422">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The renewable energy market in the <strong>Middle East and North Africa</strong> (<strong>MENA</strong>) region is <a href="https://www.prnewswire.com/news-releases/mena-renewable-energy-market-to-reach-59-9-billion-by-2030--driving-a-regional-green-energy-boom--bcc-research-llc-302516460.html" target="_blank" rel="noopener">expected</a> to witness a significant boom, reaching a valuation of $59.9 billion by 2030, according to the latest report by <strong>BCC Research</strong>. The study, titled “Renewable Energy Regional Analysis Market: Middle East and North Africa”, forecasts a compound annual growth rate of 14.4% between 2025 and 2030. It highlights a growing shift in MENA economies such as <strong>Saudi Arabia</strong>, <strong>UAE</strong>, <strong>Egypt</strong>, and <strong>Morocco</strong> toward clean energy adoption, while excluding more developed markets like <strong>Turkey</strong> and <strong>Israel</strong> to maintain a focus on emerging opportunities.</p>
<p><strong>Saudi Arabia</strong> is <a href="https://www.chemanalyst.com/NewsAndDeals/NewsDetails/saudi-arabia-unveils-plans-for-world-leading-green-hydrogen-hub-in-yanbu-38295" target="_blank" rel="noopener">launching</a> the Yanbu Green Hydrogen Hub, spearheaded by <strong>ACWA Power</strong> in partnership with <strong>Germany</strong>’s <strong>EnBW</strong>. The facility will feature 4 GW of electrolysis capacity, aiming to produce 400,000 tons of green hydrogen annually, which will be converted to green ammonia for global export. The project aligns with Saudi Arabia’s target of investing $270 billion in energy by 2030 and exporting 10% of the world&#8217;s hydrogen.</p>
<p><strong>Emerge</strong> (a joint venture between <strong>Masdar</strong> and <strong>EDF</strong>) <a href="https://masdar.ae/en/news/newsroom/emerge-and-misk-city-sign-landmark-solar-agreement" target="_blank" rel="noopener">signed</a> a 20-year solar agreement with <strong>Misk City</strong> to deliver 621 kW rooftop solar installations on carports and facilities in Riyadh. This project will support certifications like LEED and ParkSmart. Emerge will provide full turnkey solutions for the projects, including financing, design, construction, operations, and maintenance.</p>
<p><strong>AMEA Power</strong> <a href="https://www.ameapower.com/amea-power-joins-second-phase-of-the-agadir-desalination-project-in-morocco-and-uses-its-wind-farm-in-laayoune-to-generate-150mw-of-green-energy/" target="_blank" rel="noopener">joined</a> the second phase of the Agadir desalination plant in <strong>Morocco</strong>, marking its first water project in <strong>North Africa</strong>. The plant will be powered by 150 MW of wind energy from AMEA’s Laayoune wind farm. Once completed by 2026, the facility will reach a capacity of 400,000 m³/day. The project will be developed in partnership with the Spanish firm, <strong>Cox</strong>. Total investment for this phase is expected to exceed €250 million (~$288.88 million). The wind farm is expected to be commissioned in 2027.</p>


MENA Weekly Roundup: Middle East and North Africa to See Renewables Boom


					<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/2025/08/amazon_polly_82749.mp3?version=1754377407">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Larsen and Toubro Renewables (L&amp;T) <a href="https://www.mercomindia.com/lt-bags-epc-contract-for-116-mw-241-mwh-solar-plus-battery-storage-project" target="_blank" rel="noopener">won</a> Bihar State Power Generation Company’s auction for the engineering, procurement, and construction of a 116 MW solar power project integrated with a 241 MWh battery energy storage system (BESS) in Kajra, Lakhisarai district, Bihar. The project’s estimated cost is ₹10.64 billion (~$123.39 million). It must be completed within 18 months. L&amp;T must ensure that it delivers a maximum power of 50.5 MWh for four hours.</p>
<p>India’s renewable energy landscape is <a href="https://www.mercomindia.com/ai-forecasting-and-market-tools-power-dynamic-energy-dispatch-interview" target="_blank" rel="noopener">undergoing</a> a shift, with standalone, vanilla power projects giving way to hybrid projects that combine energy storage systems to ensure a round-the-clock and firm power supply, as well as grid stability. The sector is also navigating issues related to land acquisition, regulatory hurdles, and a power transmission infrastructure shortage. Speaking with Mercom India, Amit Jain, CEO and Country Manager for India, MD Renewables and Batteries India, and South-East Asia at Engie, discussed how his company is navigating this complex landscape and ensuring timely project completion.</p>
<p>The Meghalaya State Electricity Regulatory Commission <a href="https://www.mercomindia.com/meghalaya-notifies-new-dsm-regulations-2025-to-enforce-grid-discipline" target="_blank" rel="noopener">notified</a> the “Intra-State Deviation Settlement Mechanism (DSM) and Related Matters Regulations, 2025” applicable across the entire state. The regulations aim to establish a structured commercial framework to manage deviations from the scheduled electricity injections or drawal by grid-connected entities. These rules align with the Central Electricity Regulatory Commission’s DSM Regulations, 2024, and aim to ensure grid reliability, frequency discipline, and equitable penalization of deviation-related imbalances.</p>
<p>The Odisha Electricity Regulatory Commission <a href="https://www.mercomindia.com/odisha-electricity-regulator-issues-draft-deviation-settlement-guidelines" target="_blank" rel="noopener">issued</a> the draft Intrastate Deviation Settlement Mechanism and Related Matters Regulations, 2025, to establish a commercial mechanism to ensure grid users’ adherence to scheduled electricity drawal and injection, and maintain grid security and stability. These regulations will apply to electricity sellers and buyers who use the intrastate transmission or distribution system through open access. The deviation settlement mechanism under these regulations applies to all sellers with an installed generating capacity of 100 kW or more who schedule their power through the state load dispatch center.</p>
<p>The Chhattisgarh State Electricity Regulatory Commission <a href="https://www.mercomindia.com/chhattisgarh-proposes-rpo-norms-for-distributed-energy-and-storage" target="_blank" rel="noopener">issued</a> the draft Renewable Purchase Obligation (RPO) and REC Framework Implementation (Second Amendment) Regulations, 2025, proposing sweeping changes to the state’s renewable energy procurement norms. The amendments introduce new RPO categories, revised multi-year obligation trajectories, mandatory compliance by captive fossil fuel-based cogeneration users, and an energy storage obligation applicable to all obligated entities. These amendments follow major national policy shifts, including the Ministry of Power’s notifications dated October 20, 2023, and April 16, 2025, as well as the Appellate Tribunal for Electricity judgment in February 2024, which mandated RPO compliance for all captive users, including those using fossil fuel-based cogeneration.</p>
<p>The Kerala State Electricity Regulatory Commission <a href="https://www.mercomindia.com/kerala-electricity-regulator-approves-tariff-for-500-mwh-bess-project" target="_blank" rel="noopener">approved</a> a tariff of ₹441,000 (~$5,053)/MW/month for Kerala State Electricity Board‘s (KSEB) 125 MW/500 MWh battery energy storage system project at the Mylatti substation in Kasargod. The Commission adopted the discovered tariff quoted by JSW Neo Energy and approved a trading margin of ₹0.07 (~$0.0008)/kWh to be paid to the Solar Energy Corporation of India (SECI). The Commission also sanctioned the battery energy storage sale agreement signed between the SECI and KSEB. The trading margin must explicitly include the cost of providing payment security to the developer.</p>
<p>Jodhpur Vidyut Vitran Nigam <a href="https://www.mercomindia.com/jodhpur-discom-invites-price-bids-for-8-mw-solar-power-projects" target="_blank" rel="noopener">invited</a> price bids for commissioning 8 MW of solar projects along with its associated transmission lines and remote monitoring system under component A of the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan. This tender covers four 2 MW projects in Kaliberi, Uchiyara, and Mogra Gumti and is open only to already empaneled bidders. The ceiling tariff is set at ₹3.04 (~$0.0348)/kWh.</p>
<p>Telecommunication Consultants India <a href="https://www.mercomindia.com/tcil-floats-tender-for-5-mw-rooftop-solar-projects-in-mauritius" target="_blank" rel="noopener">invited</a> expressions of interest to develop 5 MW rooftop solar power projects on public buildings in the Republic of Mauritius and Rodrigues. The scope of work covers the supply, pre-installation works, installation of the mounting structure and solar modules, cabling works, testing, and commissioning of the projects.</p>
<p>GAIL (India), a central public sector undertaking, and Rajasthan Rajya Vidyut Utpadan Nigam <a href="https://www.mercomindia.com/gail-ruvnl-joint-venture-to-develop-renewable-energy-projects" target="_blank" rel="noopener">entered</a> a joint venture agreement for the development of large-scale renewable energy projects and the transfer of existing gas-based power assets in Rajasthan. The joint venture company will target developing approximately 750 MW of solar and 250 MW of wind capacity. The renewable energy projects are expected to be bundled with the existing gas-based power output to ensure efficient and complementary power generation. Under the agreement, two gas-based power plants, one of 330 MW capacity at Dholpur and another of 270.5 MW capacity at Ramgarh, will be transferred to the joint venture company.</p>
<p>Independent power producer JSW Energy <a href="https://www.mercomindia.com/jsw-energy-reports-78-yoy-rise-in-revenue-in-q1-fy-2026" target="_blank" rel="noopener">reported</a> a revenue of ₹54.11 billion (~$620.58 million) in the first quarter (Q1) of the financial year (FY) 2026, an increase of 78% year-over-year (YoY) from ₹30.43 billion (~$349.01 million). The rise in revenue was due to a combination of strategic acquisitions, capacity expansions, and higher generation across the thermal and renewable segments. Over the last 12 months, JSW Energy added more than 3 GW of renewable energy capacity. Renewable energy generation rose by 54% YoY, contributing 4,990 million units (MUs) in Q1 FY 2026 compared to 3,242 MUs in Q1 FY 2025.</p>
<p>Solar module and cell manufacturer Premier Energies <a href="https://www.mercomindia.com/full-scale-solar-module-plant-operations-drive-premier-energies-profit-up" target="_blank" rel="noopener">reported</a> a net profit of ₹3.08 billion (~$36.94 million) in the Q1 FY 2026, a 55% YoY rise from ₹1.98 billion (~$23.78 million). The company’s income rose 12.03% to ₹18.7 billion (~$224.33 million) from ₹16.68 billion (~$191.4 million) in the same quarter of the previous year.<strong>  </strong>The company attributed the strong quarterly performance to full-scale operations at its new 1.2 GW tunnel oxide passivated contact cell and 1.4 GW module manufacturing facilities in Hyderabad, which were commissioned in June and May 2025, respectively. Capacity utilization for cell lines stood at 94% while module lines operated at 77%.</p>
<p>U.S.-based energy storage solutions provider Eos Energy Enterprises <a href="https://www.mercomindia.com/eos-misses-analyst-expectations-despite-record-revenues-in-q2-2025" target="_blank" rel="noopener">reported</a> a record quarterly revenue of $15.2 million in Q2 of 2025, a 1,597% increase YoY driven by increased production volumes. However, it still missed analysts’ expectations by $9.71 million. The company reported a loss per share of $0.37, missing the analysts’ estimate by $0.25. It posted an earnings before interest, taxes, depreciation, and amortization loss of $51.6 million compared to a loss of $29.1 million in the corresponding quarter last year. Eos reported a net loss of $222.9 million compared to a net loss of $28.2 million in Q2 2024.</p>


Daily News Wrap-Up: L&T Wins BSGCL’s Solar Plus Storage Auction


					<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/2025/08/amazon_polly_82741.mp3?version=1754489307">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://www.ntpcrel.co.in/" target="_blank" rel="noopener">NTPC Renewable Energy</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 70,000 tons per annum (TPA) of green ammonia under the Strategic Interventions for Green Hydrogen Transition (SIGHT) program (Mode-2A-Tranche-I).</p>
<p>NTPC quoted a tariff of ₹51.8 (~$0.591)/kg to win the auction.</p>
<p>The green ammonia will be supplied to Krishana Phoschem in Meghnagar, Madhya Pradesh, 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>SECI said the discovered price translates to approximately $591/MT, a substantial <a href="https://www.mercomindia.com/acme-cleantech-wins-secis-auction-to-supply-75000-mt-of-green-ammonia/" target="_blank" rel="noopener">drop</a> from the previously discovered price of $641/MT. This 10-year fixed-price bid provides a strong economic rationale for offtakers to initiate their clean energy transition journey.</p>
<p>NTPC Renewable Energy 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 delivery point.</p>
<p>They 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 by the producer, as trading or arbitrage is not permitted. However, NTPC 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. The producer or a third party may own these projects. It may also procure renewable energy from the power exchanges.</p>
<p>The Union Cabinet <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>


Other

Get the most relevant India solar and clean energy news.

RECENT POSTS