House Passes Senate’s Version of Budget Bill Without Changes

Patel Infrastructure, Enerica Win SJVN’s 1.5 GWh Battery Energy Storage Auction

Hazoor Multi Projects Secures EPC Contract for 200 MW Solar Project at Khavda

Tamil Nadu Hikes FY 2026 Electricity Tariffs by 3.16%

Serentica Floats EoI for Land for 5 GW Solar Projects in Rajasthan

GCF Approves $200 Million for ADB’s India Clean Energy Program

IEX Green Energy Market Jumps 30% YoY in June  

Daily News Wrap-Up: Delhi Metro Invites Bids for 5 MW Rooftop Solar Projects

Bajel Projects Wins Renewable Energy Transmission EPC Order

$1.2 Trillion Needed for Battery Storage to Support Renewables by 2034: Report


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					</table><p>The <a href="http://www.house.gov/" target="_blank" rel="noopener">United States House of Representatives</a> has passed the Senate’s version of the budget reconciliation bill without any changes by a vote of 218 to 214. President Trump is expected to sign the bill into law on Friday.</p>
<p>The Senate had <a href="https://www.mercomindia.com/senate-passes-budget-bill-without-excise-tax-on-wind-and-solar-projects" target="_blank" rel="noopener">removed</a> the excise tax on wind and solar projects. The bill’s previous version included a tax of 50% on solar and 30% on wind projects commissioned after December 31, 2027, if they were constructed after the date of enactment and received material assistance from prohibited foreign entities.</p>
<p>Material assistance restrictions would still apply for projects beginning construction after December 31, 2025.</p>
<p>The final Senate version includes a key revision, wherein solar and wind utility-scale projects breaking ground within 12 months of the bill’s passage will still qualify for the full Section 48E Investment Tax Credit (ITC) and the Section 45Y Production Tax Credit (PTC).</p>
<p>However, projects that begin construction after the 12-month grace period must be placed in service by 2027 to remain eligible.</p>
<p>The bill also proposes phasing out the manufacturing production credit for critical minerals. In 2031, the credit for critical minerals would be limited to 75%. It would drop to 50% in 2032, 25% in 2033, and end entirely in 2034. The credit for wind components would phase out earlier, ending for items produced and sold after December 31, 2027.</p>
<p>The bill passed in the Senate by a vote of 51 to 50, with Vice President Vance casting the tie-breaking vote.</p>
<p>The clean energy industry voiced disappointment with the passage of the bill.</p>
<p>Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association (SEIA), said: “The bill being sent to the President’s desk today is a significant step backwards for our nation’s energy economy at a time when we can least afford it. In the face of rising energy costs, global instability, and growing demand for power, Congress has turned its back on the very industries that are adding the majority of the new electricity generating capacity to the grid.</p>
<p>“Regardless of what happens in Washington in the coming months and years, markets will continue to drive outcomes.”</p>
<p>Trade association, the Coalition for Community Solar Access (CCSA), called the House’s final passage of the reconciliation bill an “irrational and punitive choice.” It said, “By voting for this bill, Congress chose to raise energy prices, put at risk thousands of energy projects already under development, destabilize investor confidence in energy markets, and put hundreds of thousands of American jobs at risk.</p>
<p>Donald Trump has <a href="https://www.mercomindia.com/trump-pauses-clean-energy-spending/" target="_blank" rel="noopener">issued</a> a raft of executive orders seeking to reverse his predecessor’s climate and energy agenda soon after assuming office as U.S. president. One of his first orders directed federal agencies to immediately pause the disbursement of funds through the IRA, which <a href="https://www.mercomindia.com/inflation-reduction-act-faster-transition-clean-energy-u-s" target="_blank" rel="noopener">proposed</a> spending millions of dollars to promote clean energy.</p>



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					</table><p>The Green Climate Fund (<a href="https://www.greenclimate.fund/" target="_blank" rel="noopener">GCF</a>) has approved $200 million (~₹17.07 billion) for a new program led by the Asian Development Bank (<a href="https://www.adb.org/" target="_blank" rel="noopener">ADB</a>) to enhance large-scale public and private investments in India’s high-impact and emerging clean energy sectors.</p>
<p>This funding is ADB’s first partnership with GCF in India.</p>
<p>GCF will provide the concessional funding for ADB’s India Green Finance Facility. The facility aims to crowd-in investments in emerging clean energy technologies from the country’s private sector development finance institutions (DFIs).</p>
<p>ADB will use the facility to support lines of credit with qualifying DFIs. These institutions will develop the project pipelines and utilize the lines of credit to accelerate funding for technologies such as round-the-clock renewable energy, green hydrogen, compressed biogas, electric transport in rural areas, and decentralized renewable energy solutions.</p>
<p>According to ADB Director for Energy Transition Pradeep Tharakan, while India had made progress in scaling up wind and solar energy, it was now seeking to decarbonize hard-to-abate sectors such as industry, agriculture, and transportation.</p>
<p>The funding includes a $65 million (~₹ 5.55 billion) risk-sharing facility to provide partial credit guarantees, supporting smaller developers with accessible finance for compressed biogas projects. Commercial lenders usually overlook such projects due to their inherent risks.</p>
<p>In March this year, the ADB <a href="https://www.mercomindia.com/shriram-finance-secures-150-million-from-adb-for-ev-financing" target="_blank" rel="noopener">provided</a> a $150 million (~₹ 12.81 billion) loan to non-banking financial services company Shriram Finance to enhance access to finance for electric and low-emission commercial vehicles in India. The funding is part of a larger $306 million (~₹26.14 billion) financing package, which includes an additional $150 million (~₹ 12.81 billion) from the Japan International Cooperation Agency and ₹500 million (~$5.83 million) from the Export-Import Bank of India.</p>
<p>Last October, ADB <a href="https://www.mercomindia.com/adb-to-invest-certified-climate-bond-issue" target="_blank" rel="noopener">announced</a> it would invest $25 million (~₹2.13 billion) in a certified climate bond issue by Vivriti Capital. The proceeds will be used to finance companies operating in sectors such as electric vehicles, solar and wind energy, and waste management.</p>



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					</table><p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) achieved a monthly electricity volume of 10.85 billion units (BU) in June 2025, representing a 6.5% year-over-year (YoY) increase.</p>
<p>The country’s energy consumption during the month reached 150.04 BU, representing a 1.5% YoY decline due to the early onset of monsoons.</p>
<p><strong>Green Market</strong></p>
<p>IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved a traded volume of 964 million units (MU), a 30% YoY increase from 744 MU.</p>
<p>The weighted average price in the Green Day-Ahead Market for June 2025 was ₹3.3 (~$0.038)/kWh.</p>
<p>In May, the IEX Green Market, had <a href="https://mercomindia.com/iex-green-energy-market-sees-47-increase-in-may-2025" target="_blank" rel="noopener">achieved</a> a volume of 915 MU, a 47% YoY increase from 622 MU.</p>
<p><strong>REC Market</strong></p>
<p>A total of 3.23 million renewable energy certificates (REC) were traded in the trading sessions held on June 11 and 25, 2025, at a clearing price of ₹350 (~$4.09)/REC and ₹360 (~$4.2)/REC, respectively.</p>
<p>Traded volume of RECs in June 2025 increased by 636% YoY.</p>
<p>The next REC trading sessions will be held on July 9 and 30, 2025.</p>
<p><strong>Day-Ahead, Term-Ahead and Real-Time Market</strong></p>
<p>The Market Clearing Price in the Day Ahead Market declined 28% YoY to ₹3.9/ (~$0.04)/kWh.</p>
<p>Similarly, the market-clearing price in the Real Time Market dropped 26% YoY to ₹3.73 (~$0.043)/kWh.</p>
<p>The Real-Time Electricity Market (RTM) volume increased to 4.31 BU, an increase of 34% from 3.21 BU in June 2024.</p>
<p>The Day-Ahead Market (DAM), including High Price Day Ahead Market (HPDAM), declined 5% YoY to 4.61 BU volume in June 2025.</p>
<p>Day Ahead Contingency and Term-Ahead Market (TAM), comprising High Price Term-Ahead Market, contingency, daily &amp; weekly, and monthly contracts up to three months, traded 966 MU, a drop of 30% YoY from 1.38 BU volume.</p>
<p><strong>First Quarter (Q1)</strong></p>
<p>For the first quarter of the fiscal year 2026 , IEX’s electricity traded volume increased 15% YoY to 32.38 BU.</p>
<p>During the first quarter , widespread rains kept temperatures lower, leading to lower-than-expected electricity demand in the summer months. Simultaneously, increased hydro, wind, and sustained supply from coal-based generation resulted in higher supply liquidity on the exchange platform, which led to a substantial drop in DAM and RTM prices.</p>
<p><strong>Green Market</strong></p>
<p>During Q1 FY26, the Green Market achieved a volume of 2.66 BU, representing a 51% increase over Q1 FY25.</p>
<p><strong>REC Market</strong></p>
<p>A total of 5.26 million RECs were traded during the quarter, representing an increase of 149% YoY.</p>
<p><strong>Day-Ahead, Term-Ahead and Real-Time Market</strong></p>
<p>The market clearing price in the Day-Ahead Market declined by 16% YoY to ₹ 4.41 (~$0.051)/kWh during Q1 FY26.</p>
<p>The Market Clearing Price in the Real-Time Market declined 20% YoY to ₹3.91 (~$0.045)/kWh.</p>
<p>Heavy rains pushed RTM prices down to ₹1.53 (~$0.017)/kWh during the quarter, with near-zero prices during several time blocks (9:15 AM to 2:30 PM) on May 25, 2025.</p>
<p>The DAM segment, including HPDAM, registered total volumes of 12.4 BU, a decline of 7% YoY.</p>
<p>The RTM segment registered total volumes of 12.97 BU, an increase of 41% YoY.</p>
<p>The total volume on the Day Ahead Contingency and TAM segment during the quarter was 4.35 BU, an increase of 12% over Q1 FY25.</p>
<p>In April 2025, the Central Electricity Regulatory Commission <a href="https://www.mercomindia.com/cerc-seeks-feedback-on-iexs-proposal-for-real-time-green-energy-trading" target="_blank" rel="noopener">invited</a> stakeholder feedback by April 23, 2025, on a proposal by the IEX to introduce real-time trading in renewable energy.</p>



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					</table><p>The Delhi Metro Rail Corporation <a href="https://www.mercomindia.com/delhi-metro-floats-tender-for-5-mw-rooftop-solar-projects" target="_blank" rel="noopener">invited</a> bids to set up rooftop solar power projects with a capacity of 5 MW over its Phase-IV metro rail network. Bids must be submitted by July 31, 2025. Bids will be opened on August 1. The scope of work involves the design, engineering, supply, erection, installation, testing, and commissioning of the solar projects. It also entails providing operation and maintenance services for 25 years.</p>
<p>Mercom India is back with the fifth edition of its Renewables Summit 2025, <a href="https://www.mercomindia.com/mercom-india-summit-2025-session-grid-stability-renewable-energy-integration" target="_blank" rel="noopener">scheduled</a> to take place on July 24-25, 2025, at the Hyatt Regency in New Delhi. India’s electricity grid plays a critical role in the country’s energy transition. As renewable capacity grows, integrating variable energy sources and meeting the demand for round-the-clock clean power has created significant challenges for grid operators. The panel discussion, “<strong>Hybrid Power: Strengthening Grid Stability and Scaling Renewable Integration</strong>,” on July 24, will delve into the challenges of enhancing renewable integration and maintaining grid stability.</p>
<p>NTPC Vidyut Vyapar Nigam <a href="https://www.mercomindia.com/ntpc-issues-tender-to-empanel-epc-service-providers-for-solar-projects" target="_blank" rel="noopener">issued</a> a tender to empanel engineering, procurement, and construction contractors for developing rooftop and ground-mounted solar projects of up to 20 MW per vendor. Bids must be submitted by July 23, 2025. Bids will be opened on July 24. The empanelment will be valid for one year. The scope of work entails the design, engineering, supply, transportation, unloading, storage, installation, testing, and commissioning of the solar projects. It also involves undertaking all the associated electrical and civil works.</p>
<p>Mumbai-based CleanMax and Toyota Tsusho India <a href="https://www.mercomindia.com/cleanmax-toyota-tsusho-to-develop-300-mw-of-renewable-energy-projects" target="_blank" rel="noopener">formed</a> a new entity to develop 300 MW of renewable energy projects by March 2028, to address the clean energy needs of Japanese corporations in India. The joint venture aims to accelerate renewable energy development and facilitate a nationwide sustainable transition to green energy. It will facilitate clean energy adoption through long-term corporate power purchase agreements tailored for Japanese corporations.</p>
<p>The International Finance Corporation (IFC) and Mumbai-based power transmission and renewable energy company IndiGrid <a href="https://www.mercomindia.com/ifc-indigrid-to-develop-180-mw-360-mwh-standalone-bess-project-in-gujarat" target="_blank" rel="noopener">announced</a> a partnership to develop a 180 MW/360 MWh standalone battery energy storage system project in Gujarat. The partnership aims to strengthen Gujarat’s clean energy infrastructure by enhancing grid stability and ensuring a reliable power supply during periods of peak demand. IFC has committed ₹46 billion (~$534.88 million) in long-term financing to IndiGrid through a subscription to listed non-convertible debentures.</p>
<p>Offshore wind energy capacity additions <a href="https://www.mercomindia.com/global-offshore-wind-capacity-additions-fell-26-in-2024-to-8-gw-gwec" target="_blank" rel="noopener">reached</a> 8 GW at the end of 2024, a 26% decrease from the previous year, according to a report by the Global Wind Energy Council. By the end of 2024, a total of 83 GW of offshore wind power projects had been installed worldwide. The decline in installations in 2024 has been attributed to adverse conditions, including a negative policy environment in the U.S., auction failures in the UK and Denmark, as well as grid transmission delays in Europe, which also contributed to the downward trend in offshore wind capacity additions.</p>



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					</table><p>Mumbai-based <a href="https://www.cleanmax.com/" target="_blank" rel="noopener">CleanMax</a> and Toyota Tsusho India (<a href="https://www.ttipl.co.in/" target="_blank" rel="noopener">TTIPL</a>) have formed a new entity to develop 300 MW of renewable energy projects by March 2028, to address the clean energy needs of Japanese corporations in India.</p>
<p>The joint venture aims to accelerate renewable energy development and facilitate a nationwide sustainable transition to green energy. It will facilitate clean energy adoption through long-term corporate power purchase agreements tailored for Japanese corporations.</p>
<p>The new entity will provide a range of customized green energy solutions, including rooftop solar installations, ground-mounted solar and wind projects, wind-solar hybrid systems, and carbon credits.</p>
<p>CleanMax provides renewable energy and net-zero solutions for India’s commercial and industrial sector. As of March 31, 2025, it had 2.2 GW of functioning, owned, and managed capacity of renewable assets across India, the Middle East, and Southeast Asia.</p>
<p>Toyota Tsusho has a presence in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific region with over 4 GW of renewable energy assets.</p>
<p>Earlier this year, the Japan Bank for International Cooperation <a href="https://www.mercomindia.com/cleanmax-osaka-gas-form-jv-to-develop-renewable-energy-projects" target="_blank" rel="noopener">signed</a> a shareholders’ agreement with Osaka Gas to invest in a joint venture between the Japanese gas company and Clean Max Enviro Energy Solutions.</p>
<p>In February this year, global e-commerce company Amazon <a href="https://www.mercomindia.com/amazon-to-procure-379-mw-power-from-three-wind-projects-in-india" target="_blank" rel="noopener">announced</a> the procurement of power from CleanMax’s 100 MW wind project in Koppal.</p>
<p>Earlier, CleanMax <a href="https://www.mercomindia.com/clean-max-wind-solar-project-concord-biotech" target="_blank" rel="noopener">entered</a> an agreement to supply power from its 6.6 MW wind and 3.3 MW solar projects for Concord Biotech’s facility at Dholka, Gujarat. Concord would procure the power in captive mode for which it acquired a 26% stake in one of CleanMax’s special purpose vehicles.</p>
<p>Last November, digital infrastructure company Equinix <a href="https://www.mercomindia.com/cleanmax-to-supply-33-mw-of-renewable-energy-to-equinixs-data-centers-in-mumbai" target="_blank" rel="noopener">announced</a> its power procurement under a captive arrangement from 33 MW renewable energy projects to be set up by CleanMax to power its data centers in India. The captive power projects to be developed in Maharashtra comprised 26.4 MW of solar and 6.6 MW of wind power.</p>


CleanMax, Toyota Tsusho to Develop 300 MW of Renewable Energy Projects


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					</table><p>Mercom India is back with the fifth edition of its <a href="https://www.mercomindia.com/event/renewables-summit-2025" target="_blank" rel="noopener">Renewables Summit 2025</a>, scheduled to take place on July 24-25, 2025, at the Hyatt Regency in New Delhi.</p>
<p>As India pursues its renewable energy goals, the Summit serves as a prime opportunity to connect with industry leaders and top policymakers to gauge market trends.</p>
<p>India’s electricity grid plays a critical role in the country’s energy transition. As renewable capacity grows, integrating variable energy sources and meeting the demand for round-the-clock clean power has created significant challenges for grid operators.</p>
<p>The panel discussion, <strong>“Hybrid Power: S</strong><span class="yKMVIe" role="heading" aria-level="1"><strong>trengthening</strong> </span><strong>Grid Stability and Scaling Renewable Integration,”</strong> on July 24, will delve into the challenges of enhancing renewable integration and maintaining grid stability.</p>
<p><a href="https://www.mercomindia.com/event/renewables-summit-2025/register" target="_blank" rel="noopener"><img loading="lazy" decoding="async" class="aligncenter wp-image-81498 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Session-Hybrid-1-scaled.jpg" alt="" width="2560" height="1579" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Session-Hybrid-1-scaled.jpg 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Session-Hybrid-1-300x185.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Session-Hybrid-1-2000x1233.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Session-Hybrid-1-768x474.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Session-Hybrid-1-1536x947.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Session-Hybrid-1-2048x1263.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Session-Hybrid-1-650x401.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Session-Hybrid-1-624x385.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Session-Hybrid-1-600x370.jpg 600w" sizes="(max-width: 2560px) 100vw, 2560px" /></a></p>
<p>The panel will comprise industry experts &#8212; Sanjeev Gupta, Director Technical and Projects, <a href="https://hartek.com/" target="_blank" rel="noopener">Hartek Group</a>; Jonas Dalsgaard, Chief Commercial Officer, Sustainable Energy, <a href="https://www.howdengroup.com/in-en" target="_blank" rel="noopener">Howden Group</a>; Amit Jain, Chief Executive Officer and Country Manager India, MD Renewables and Batteries India and South-East Asia, <a href="https://engieindia.com/" target="_blank" rel="noopener">ENGIE India</a>; and Sivakumar V Vepakomma, Director (Power System<a href="https://www.seci.co.in/" target="_blank" rel="noopener">), Solar Energy Corporation of India</a>.</p>
<p>The discussion will center around the challenges related to grid stability and power evacuation infrastructure. The panelists will discuss hybrid power projects that integrate solar, wind, and storage, offering flexible, demand-driven solutions that include peak power and round-the-clock supply.</p>
<p>The 60-minute discussion will explore how hybrid power generation is enhancing grid reliability, optimizing transmission infrastructure, and making renewable energy a reliable and cost-effective alternative to fossil fuels.</p>
<p>The 2025 Summit features three side events: the Mercom India Awards, the Cleantech Startup Pitch Competition, and the inaugural Renewable Energy Exhibition.</p>
<p>The <a href="https://www.mercomindia.com/awards/mercom-india-awards-2025" target="_blank" rel="noopener">Mercom India Awards</a> honor outstanding achievements and the latest technological innovations driving the transformation of India’s energy markets.</p>
<p>The <a href="https://www.mercomindia.com/event/startup" target="_blank" rel="noopener">Startup Pitch Competition</a> will offer startups the opportunity to showcase their innovative technology solutions to potential investors.</p>
<p>With renewable energy companies showcasing a wide range of cutting-edge solutions and services, the <a href="https://www.mercomindia.com/event/renewables-summit-2025/exhibitor" target="_blank" rel="noopener">Mercom India Renewable Summit Expo</a> will provide a platform to connect with industry leaders, unlock new business opportunities, and boost brand visibility.</p>
<p><a href="https://www.mercomindia.com/event/renewables-summit-2025/register" target="_blank" rel="noopener">Register now</a> to attend the event and contribute to shaping the future of India’s vibrant renewable energy landscape.</p>


Enhancing Grid Stability and Expanding Renewable Energy Integration


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					</table><p>Barbrik Projects, Saatvik Green Energy, Kundan Green Energy, Prostarm Info Systems, Hindustan Thermal Project (Hindustan Power), and Suryam International <a href="https://www.mercomindia.com/prostarm-hindustan-power-barbrik-win-bihars-125-mw-420-mwh-bess-auction" target="_blank" rel="noopener">won</a> the Bihar State Power Generation Company’s (BSPGCL) auction to set up standalone battery energy storage systems (BESS) of a cumulative capacity of 125 MW/500 MWh. Prostarm Info Systems won 30 MW/120 MWh, Barbrik Projects 37.5 MW/150 MWh, Suryam International 10 MW/40 MWh, Kundan Green Energy 10 MW/40 MWh, Hindustan Thermal Project 30 MW/120 MWh, and Saatvik Green 7.5 MW/30 MWh.</p>
<p>In the first quarter (Q1) of 2025, Madhya Pradesh <a href="https://www.mercomindia.com/madhya-pradesh-emerges-as-a-key-market-for-solar-open-access" target="_blank" rel="noopener">emerged</a> as one of the leading states in adding solar open access capacity. With 121.5 MW installed, it recorded the fourth-highest addition during the quarter, contributing over 11% of the total solar open access installations across the country, according to Mercom’s Q1 2025 India Solar Open Access Market Report. The state’s installations increased by nearly 8% year-over-year, following a quarter with no installations. India added 1.09 GW of solar open access capacity in the first quarter of 2025, a 47.7% decrease from the previous quarter’s 2.08 GW.</p>
<p>The Jharkhand State Electricity Regulatory Commission <a href="https://www.mercomindia.com/jharkhand-draft-regulations-determine-solar-tariffs" target="_blank" rel="noopener">issued</a> draft regulations to determine the tariff for procuring power from solar and solar-thermal power projects. The tariff for solar projects will be determined through competitive bidding, which the Commission will adopt. However, if no bids are received for projects above 10 MW, the Commission will approve a project-specific tariff. Tariffs will be determined case-by-case for solar projects with less than 10 MW capacity. The Commission will determine project-specific tariffs for ground-mounted solar, rooftop solar, floating solar, solar-thermal, solar-hybrid, and solar projects, including those with storage systems.</p>
<p>SJVN <a href="https://www.mercomindia.com/sjvn-tenders-1-mw-rooftop-solar-project-in-arunachal-pradesh" target="_blank" rel="noopener">invited</a> bids to set up rooftop solar systems with a cumulative capacity of 1 MW at the Civil Secretariat complex in Itanagar, Arunachal Pradesh, and its adjacent areas under the PM Surya Ghar: Muft Bijli Yojana in a capital expenditure mode. The last date to submit bids is July 22, 2025. Bids will be opened on the same day. The scope of work encompasses the design, installation, testing, and commissioning of the rooftop solar systems. It also covers operation and maintenance for a period of five years. Selected bidders must also prepare a site survey and a feasibility report for the project.</p>
<p>SJVN Green Energy, a wholly owned subsidiary of SJVN, <a href="https://www.mercomindia.com/sjvn-green-floats-epc-tender-for-951-mw-solar-projects-in-maharashtra" target="_blank" rel="noopener">issued</a> an engineering, procurement, and construction (EPC) tender for setting up 951 MW of solar projects across Maharashtra under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 program, aligned with the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM-KUSUM) Component C. The 74 projects will be set up in three districts: Pune, Ahmednagar, and Solapur. Bids must be submitted by July 22, 2025. Bids will be opened on the same day. The scope of work encompasses the design, engineering, procurement, construction, and commissioning of the solar projects. It also entails providing operations and maintenance services for three years.</p>
<p>Hartek Group, an EPC company, <a href="https://www.mercomindia.com/hartek-bags-%E2%82%B91-38-billion-substation-contract-from-pgcil-in-karnataka" target="_blank" rel="noopener">secured</a> a contract worth ₹1.38 billion (~$16.05 million) from the Power Grid Corporation of India (PGCIL) to develop a 400 kV air-insulated substation. In February this year, PGCIL had won the transmission project from PFC Consulting. This substation is part of the transmission program to integrate renewable energy zones in Davanagere, Chitradurga, and Ballari districts of Karnataka. The Ministry of New and Renewable Energy has identified 17 GW of renewable energy potential in Karnataka.</p>
<p>The United States Senate <a href="https://www.mercomindia.com/senate-passes-budget-bill-without-excise-tax-on-wind-and-solar-projects" target="_blank" rel="noopener">passed</a> the budget reconciliation bill that removes the proposed excise tax on wind and solar projects. The bill’s previous version included a tax of 50% on solar and 30% on wind projects commissioned after December 31, 2027, if they were constructed after the date of enactment and received material assistance from prohibited foreign entities. Material assistance restrictions would still apply for projects beginning construction after December 31, 2025. The final Senate version includes a key revision, wherein solar and wind utility-scale projects breaking ground within 12 months of the bill’s passage will still qualify for the full Section 48E Investment Tax Credit (and the Section 45Y Production Tax Credit.</p>


Daily News Wrap-Up: Bihar Announces Winners of 500 MWh BESS Auction


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					</table><p>The <a href="https://www.senate.gov/" target="_blank" rel="noopener">United States Senate</a> has passed the budget reconciliation bill that removes the proposed excise tax on wind and solar projects. The bill’s previous version <a href="https://www.mercomindia.com/senate-bill-end-solar-wind-incentives-2028" target="_blank" rel="noopener">included</a> a tax of 50% on solar and 30% on wind projects commissioned after December 31, 2027, if they were constructed after the date of enactment and received material assistance from prohibited foreign entities.</p>
<p>Material assistance restrictions would still apply for projects beginning construction after December 31, 2025.</p>
<p>The final Senate version includes a key revision, wherein solar and wind utility-scale projects breaking ground within 12 months of the bill’s passage will still qualify for the full Section 48E Investment Tax Credit (ITC) and the Section 45Y Production Tax Credit (PTC).</p>
<p>However, projects that begin construction after the 12-month grace period must be placed in service by 2027 to remain eligible.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Changes-to-Specific-Energy-and-Manufacturing-Credits-as-of-July-01-2025.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-81507 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Changes-to-Specific-Energy-and-Manufacturing-Credits-as-of-July-01-2025.png" alt="Changes to Specific Energy and Manufacturing Credits as of July 01, 2025" width="1281" height="1622" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Changes-to-Specific-Energy-and-Manufacturing-Credits-as-of-July-01-2025.png 1281w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Changes-to-Specific-Energy-and-Manufacturing-Credits-as-of-July-01-2025-237x300.png 237w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Changes-to-Specific-Energy-and-Manufacturing-Credits-as-of-July-01-2025-768x972.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Changes-to-Specific-Energy-and-Manufacturing-Credits-as-of-July-01-2025-1213x1536.png 1213w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Changes-to-Specific-Energy-and-Manufacturing-Credits-as-of-July-01-2025-650x823.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Changes-to-Specific-Energy-and-Manufacturing-Credits-as-of-July-01-2025-624x790.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Changes-to-Specific-Energy-and-Manufacturing-Credits-as-of-July-01-2025-600x760.png 600w" sizes="(max-width: 1281px) 100vw, 1281px" /></a></p>
<p>The bill also proposes phasing out the manufacturing production credit for critical minerals. In 2031, the credit for critical minerals would be limited to 75%. It would drop to 50% in 2032, 25% in 2033, and end entirely in 2034. The credit for wind components would phase out earlier, ending for items produced and sold after December 31, 2027.</p>
<p>The bill passed in the Senate by a vote of 51 to 50, with Vice President Vance casting the tie-breaking vote. The bill now returns to the House of Representatives. If the House approves the Senate’s version without changes, the legislation will move directly to President Trump’s desk for signing into law.</p>
<p>Donald Trump has <a href="https://www.mercomindia.com/trump-pauses-clean-energy-spending/" target="_blank" rel="noopener">issued</a> a raft of executive orders seeking to reverse his predecessor’s climate and energy agenda soon after assuming office as U.S. president. One of his first orders directed federal agencies to immediately pause the disbursement of funds through the IRA, which <a href="https://www.mercomindia.com/inflation-reduction-act-faster-transition-clean-energy-u-s" target="_blank" rel="noopener">proposed</a> spending millions of dollars to promote clean energy.</p>


Senate Passes Budget Bill Without Excise Tax on Wind and Solar Projects


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					</table><p>The Central Electricity Regulatory Commission (APERC) <a href="https://www.mercomindia.com/cerc-allows-project-spvs-to-submit-land-documents-for-ists-connectivity" target="_blank" rel="noopener">permitted</a> special purpose vehicles (SPVs) or subsidiaries of renewable energy companies to submit land and financial closure documents in place of their parent companies for the grant of connectivity and general network access. The decision will be effective until the third amendment to the Connectivity and General Network Access to ISTS Regulations, 2022, is formally notified. The petitions were filed by Oyster Renewable Energy and Avaada Energy, along with their SPVs, Oyster Green Hybrid One and Avaada MPSustainable2, respectively, for approval of their land documents.</p>
<p>The Andhra Pradesh Electricity Regulatory Commission (APERC) <a href="https://www.mercomindia.com/andhra-pradesh-commission-releases-draft-bess-regulations" target="_blank" rel="noopener">issued</a> the draft “Planning, Procurement, Deployment, and Utilisation of Battery Energy Storage Systems (BESS)” Regulations, 2025. Stakeholders must submit their comments before July 21, 2025. The regulations aim to enable the deployment and utilization of BESS as part of generation, transmission, and distribution assets. They also promote cost-effective energy storage solutions that support grid stability, frequency management, and renewable energy integration.</p>
<p>The Ministry of Railways <a href="https://www.mercomindia.com/railways-issues-empanelment-tender-for-1-mw-rooftop-projects-in-bihar" target="_blank" rel="noopener">issued</a> a request for qualification to empanel agencies to implement 1 MW rooftop solar projects for Bihar’s Samastipur Division under the East Central Railways. Bids must be submitted by July 21, 2025. Bids will be opened on the same date. The scope of work entails the design, constructing, financing, and transfer of rooftop solar projects at select railway locations. It also includes the supply of electricity to the railways under a long-term fixed-rate power purchase agreement.</p>
<p>The Ministry of Renewable Energy <a href="https://www.mercomindia.com/solar-module-manufacturing-capacity-under-almm-grows-to-91-5-gw" target="_blank" rel="noopener">expanded</a> the Approved List of Models and Manufacturers (ALMM) by adding 742 MW of solar module manufacturing capacity. The cumulative solar module manufacturing capacity under ALMM has now reached 91,458 MW after the latest additions. Nithin Sai Renewables (473 MW) and Worldone Energies (164 MW) are the new entries to the list, adding a cumulative 637 MW. Orb Energy and Swelect HHV Solar increased their capacities by 1 MW and 104 MW, respectively. Jakson Engineers, Pahal Solar, and TP Solar reduced their manufacturing capacities. Jakson’s revised capacity is 1,124 MW, Pahal’s is 264 MW, and TP Solar’s is 187 MW.</p>
<p>In its fifth edition, the Mercom India Renewables Summit will <a href="https://www.mercomindia.com/mercom-renewable-energy-expo" target="_blank" rel="noopener">feature</a> a dedicated renewable energy exhibition for the first time, showcasing the most advanced solutions and services in the clean energy sector. The exhibition will be held on July 24 and 25, 2025, at the Regency Ballroom in the Hyatt Regency, New Delhi, in conjunction with the main sessions of the Summit. The two-day exhibition provides a unique opportunity for attendees to engage directly with over fifty leading renewable energy companies shaping India’s energy transition. The Expo is designed to foster meaningful interactions among top manufacturers, service providers, technology innovators, and key players from across the clean energy value chain.</p>
<p>Electric vehicle sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-clock-34-yoy-growth-in-q2-2025" target="_blank" rel="noopener">reached</a> 530,386 units in the second quarter (Q2) of 2025, an over 34% year-over-year (YoY) increase from 396,719 units. EVs accounted for 8% of the overall automobile sales, which totaled 6,554,775 units in Q2 2025, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard. India now has over 6.44 million registered EVs. Electric two-wheelers comprised nearly 56% (298,690) of the total EVs sold during the quarter. TVS led the segment with sales of 69,997 units, followed by Bajaj Auto with 64,099 units. Ola (58,534), Ather (40,864), and Hero Motocorp (20,997) were among the other companies that registered significant sales.</p>
<p>Government-owned lender Indian Renewable Energy Development Agency’s loan approvals <a href="https://www.mercomindia.com/ireda-loan-approvals-grow-q1-fy-2026" target="_blank" rel="noopener">climbed</a> by 29% YoY to ₹117.4 billion (~$1.37 billion) in Q1 of the financial year 2025-26, compared to ₹91.36 billion (~$1.06 billion). Loan disbursements rose by 31% YoY to ₹69.81 billion (~$815.52 million), up from ₹53.26 billion (~$622.18 million). The company’s outstanding loan book also registered a strong growth, reaching ₹799.6 billion (~$9.34 billion) as of June 30, 2025, reflecting a 27% YoY increase over ₹632.07 billion (~$7.38 billion).</p>
<p>Distribution companies <a href="https://www.mercomindia.com/discoms-owed-power-generators-581-billion-june-2025" target="_blank" rel="noopener">owed</a> power generators ₹581.33 billion (~$6.78 billion) in total dues for the monthly billing cycle in June 2025, according to the Ministry of Power’s payment ratification and analysis portal PRAAPTI. The outstanding dues, excluding the latest monthly dues of ₹365.32 billion (~$4.26 billion), amount to ₹216 billion (~$2.52 billion). The overdue amount before the trigger date is ₹215.95 billion (~$2.52 billion); after this date, the amount will increase by ₹57.69 million (~$673,684) due to the late payment surcharge. The trigger date is one month after the payment due date or two and a half months after the generating company presents the bill, whichever is later.</p>
<p>Japan-based financial services group ORIX Corporation <a href="https://www.mercomindia.com/orix-to-sell-17-5-stake-in-greenko-to-am-green-for-1-28-billion" target="_blank" rel="noopener">announced</a> it will re-enter a share transfer agreement to divest part of its holdings in Hyderabad-based renewable energy company Greenko Energy Holdings to AM Green Power. The transaction involves selling 17.5% of its 20% stake in Greenko to Netherlands-based AM Green Power.  Following the transaction, ORIX’s shareholding in Greenko will stand at 2.5%. The transfer of the shares is priced at approximately $1.28 billion. Regulatory approvals, including those under the Indian Competition Act, have already been secured, and the transaction is scheduled to be completed by the end of July 2025.</p>


Daily News Wrap-Up: CERC Eases Land Documentation Norms for ISTS Connectivity


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-clearway-secures-over-1-billion/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Clearway Energy Group, a developer and operator of clean energy projects, </strong><a href="https://mercomcapital.com/clearway-secures-over-1-billion-in-corporate-credit-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> over $1 billion in corporate credit funding</strong>, with Natixis Corporate and Investment Banking (Natixis CIB) acting as coordinating lead arranger and administrative agent for the financing. The funding consists of a $400 million revolving credit facility, a $350 million letter of credit facility, and a $169 million term loan. Natixis CIB also provided an additional $100 million letter of credit facility.</p>
<p><strong>Enfinity Global, a renewable energy project developer, </strong><a href="https://mercomcapital.com/enfinity-global-expands-structured-credit-facility-to-245-million/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the expansion of its structured credit facility in the U.S. to $245 million</strong>. Nomura was the lead arranger of the asset-based credit facility, with participation from other institutional investors. Proceeds from the funding will be used to finance Enfinity’s development and ready-to-build projects in the U.S.</p>
<p><strong>Japan-based financial services group ORIX Corporation has </strong><a href="https://www.mercomindia.com/orix-to-sell-17-5-stake-in-greenko-to-am-green-for-1-28-billion" target="_blank" rel="noopener"><strong>announced</strong></a><strong> it will reenter a share transfer agreement to divest part of its holdings in Hyderabad-based renewable energy company Greenko Energy Holdings to AM Green Power.</strong> The transaction involves selling 17.5% of its 20% stake in Greenko to Netherlands-based AM Green Power.  Following the transaction, ORIX’s shareholding in Greenko will stand at 2.5%.</p>
<p><strong>Melvan, a renewable energy producer and developer, <a href="https://mercomcapital.com/renewable-energy-producer-and-developer-melvan-raises-29-million/" target="_blank" rel="noopener">raised</a> €25 million (~$29.1 million) in funding from a consortium of investors.</strong> The funding round was led by Bpifrance, through its France Investissement Énergie Environnement 2 fund, and IDIA Capital Investissement, through its Crédit Agricole Energie &amp; Economie Bas Carbone I fund, as well as a pool of investors from the Crédit Agricole group, and OCCTE, through its FPCI OCCTE OCCIGEN fund.</p>
<p><strong>Solar module manufacturer Rayzon Solar has filed a draft red herring prospectus with the Securities and Exchange Board of India to </strong><a href="https://www.mercomindia.com/rayzon-solar-files-for-%E2%82%B915-billion-ipo-to-use-funds-for-cell-manufacturing" target="_blank" rel="noopener"><strong>raise</strong></a><strong> ₹15 billion (~$175 million)</strong> through an initial public offering of shares. The company will utilize up to ₹12.65 billion (~$147.5 million) of the net proceeds to invest in its wholly owned subsidiary, Rayzon Energy, and partly finance the development of a 3.5 GW TOPCon solar cell manufacturing plant in Surat, Gujarat.</p>
<p><strong>Non-banking financial company and lender to the renewable energy sector, Aseem Infrastructure Finance has </strong><a href="https://www.mercomindia.com/aseem-infrastructure-finance-secures-80-million-green-loan-from-dbs-bank" target="_blank" rel="noopener"><strong>secured</strong></a><strong> external commercial borrowing and a green loan amounting to $80 million (~₹6.88 billion) from DBS Bank.</strong> The funding will enable Aseem Infrastructure Finance to accelerate the development of renewable power projects across India. DBS Bank was the sole mandated lead arranger through its branch in the Gujarat International Finance Tec-City.</p>
<p><strong>Adani Electricity Mumbai, India, has concluded the open-market repurchase of its senior <a href="https://www.mercomindia.com/adani-electricity-mumbai-buys-back-49-5-million-debt-bonds#:~:text=Adani%20Electricity%20Mumbai%20(AEML)%20has,by%20AEML%20in%20February%202020." target="_blank" rel="noopener">secured</a> notes worth $49.5 million (~₹4.25 billion).</strong> The transaction is part of a senior secured note issue of $1 billion (~₹86.03 billion) at a coupon rate of 3.9%, secured by AEML in February 2020. The distribution company also confirmed its purchase notes were canceled after acquiring the senior secured notes. The repurchase was funded through Adani Electricity’s internal cash flows.</p>
<p><strong>Enviro Infra Engineers Renewables (EIE Renewables), a subsidiary of Enviro Infra Engineers, has </strong><a href="https://www.mercomindia.com/enviro-infra-acquires-49-stake-in-renewable-energy-firm-soltrix" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> a 49% equity stake in renewable energy company</strong> Soltrix Energy Solutions for ₹13.2 million (~$153,352). Soltrix has been awarded a contract for the engineering, procurement, and construction, and maintenance of a 29 MW solar power project for the Maharashtra State Electricity Distribution Company to be set up in the state.</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://mercomcapital.com/funding-and-ma-roundup-allume-energy-secures-4-6-million/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Clearway Secures Over $1 Billion


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					</table><p>Japan-based financial services group <a href="https://www.orix.co.jp/grp/en/" target="_blank" rel="noopener">ORIX Corporation</a> has announced it will reenter a share transfer agreement to divest part of its holdings in Hyderabad-based renewable energy company <a href="https://www.greenkogroup.com/" target="_blank" rel="noopener">Greenko Energy Holdings</a> to AM Green Power.</p>
<p>The transaction involves selling 17.5% of its 20% stake in Greenko to Netherlands-based AM Green Power.  Following the transaction, ORIX’s shareholding in Greenko will stand at 2.5%.</p>
<p>The transfer of the shares is priced at approximately $1.28 billion. Regulatory approvals, including those under the Indian Competition Act, have already been secured, and the transaction is scheduled to be completed by the end of July 2025.</p>
<p>In addition to the share transfer, ORIX has agreed to invest in a convertible note issued by AM Green (Luxembourg). The total underwriting amount of the convertible note is approximately $731 million.</p>
<p>The agreement for both the share transfer and the convertible note investment was signed recently, with execution scheduled for July 2025.</p>
<p>According to ORIX’s estimation, the transaction is expected to generate a gain of approximately ¥93.4 (~$646.8 million), which includes a valuation gain on the remaining 2.5% stake. However, ORIX has not revised its consolidated financial forecast for the fiscal year ending March 31, 2026, and will continue to monitor developments to determine if adjustments are required.</p>
<p>Greenko Energy Holdings operates renewable energy generation facilities with a total installed capacity of 7.3 GW across solar, wind, and hydroelectric segments in India. It is also developing large-scale pumped storage power projects.</p>
<p>AM Green Power focuses on decarbonization and green solutions, with ongoing projects in green hydrogen and green ammonia production, as well as the manufacturing of water electrolysis equipment necessary for green hydrogen production.</p>
<p>The company plans to produce 5 million tons per annum (MTPA) of green ammonia, with a 1 MTPA project under construction in Kakinada, Andhra Pradesh, and scheduled for commissioning in the second half of 2026.</p>
<p>Last year, AM Green <a href="https://www.mercomindia.com/greenko-green-ammonia-yara" target="_blank" rel="noopener">signed</a> binding term sheets with European company Yara Clean Ammonia for the supply of green ammonia.</p>
<p>In 2021, ORIX had <a href="https://www.mercomindia.com/orix-acquisition-renewable-energy-developer-greenko" target="_blank" rel="noopener">acquired</a> a 21.8% stake in Greenko Energy Holdings.</p>


ORIX to Sell 17.5% Stake in Greenko to AM Green for $1.28 Billion


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					</table><p><a href="https://www.mercomindia.com/maharashtra-tamil-nadu-karnataka-lead-q1-solar-open-access-installations" target="_blank" rel="noopener"><strong>India added 1.1 GW of solar open access capacity in the first quarter (Q1) of 2025, down nearly 48% from 2.1 GW in Q4 2024</strong></a><strong>.</strong> Installations were down 47% year-over-year (YoY) from over 2 GW, according to the Q1 2025 Mercom India Solar Open Access Market report. Domestic solar modules were scarce due to the rush to commission before the end of the financial year. The quarter saw a slowdown in the commissioning of solar open access projects due to a shortage of transmission infrastructure, delays in the clearance procedure for connectivity, and uncertainty regarding the interstate transmission system (ISTS) waiver.</p>
<p><a href="https://www.mercomindia.com/indias-solar-exports-up-26-imports-surge-80-2-qoq-in-q1-2025" target="_blank" rel="noopener"><strong>Indian solar module and cell exports increased 26.1% quarter-over-quarter (QoQ) to $267.6 million (~₹23.1 billion) in Q1 of 2025</strong></a> from $212.2 million (~₹17.92 billion), according to recent data published by the Department of Commerce. However, module and cell exports declined 59.9% YoY to $666.7 million (~₹55.37 billion). Solar exports in the quarter were dominated by photovoltaic modules, which accounted for 98.7% of the total shipments, while solar cells made up the remaining 1.3%. The U.S. was the primary destination for Indian solar cell and module exports, accounting for 99.5% of the total in Q1 2025.</p>
<p><a href="https://www.mercomindia.com/vppas-in-india-not-gained-momentum-cerc-guidelines" target="_blank" rel="noopener"><strong>Virtual power purchase agreements (VPPAs), a financial tool for energy-intensive industries seeking to meet their renewable energy obligations</strong></a>, have not gained momentum in India despite their seemingly promising nature. The Central Electricity Regulatory Commission recently released draft guidelines to enable designated consumers to meet their renewable commitments. Under these guidelines, a VPPA or a designated consumer may enter into long-term bilateral virtual agreements with a renewable energy generator at an agreed-upon price.</p>
<p><a href="https://www.mercomindia.com/solar-module-mounting-structure-market-leaders-in-2024" target="_blank" rel="noopener"><strong>Goodluck India, Strolar Mounting Systems, Raydean Industries, Metalkraft, and MTE Structures were the top five module mounting structure</strong> <strong>suppliers</strong></a> to the Indian solar market in 2024, according to Mercom’s India Solar Market Leaderboard 2025 report. Goodluck India led the solar module mounting structure shipments with a market share of 25.3%. Stolar Mounting Systems and Raydean Industries followed, accounting for 17% and 13.8% of the shipments, respectively, in 2024.</p>
<p><strong><a href="https://www.mercomindia.com/monsoon-winds-weak-links-rooftop-solar" target="_blank" rel="noopener">As solar systems proliferate on India’s rooftops, a silent crisis is unfolding. The promise of clean energy and cost savings is being increasingly undercut</a> </strong>by poor engineering practices and subpar installations, many of which cannot withstand the monsoon winds and cyclonic conditions common in several parts of the country. Recent weather incidents in cities like Bhilwara, Gwalior, Indore, Mira Road, Kanpur, and Lucknow have highlighted this issue.</p>
<p><a href="https://www.mercomindia.com/average-cost-of-large-scale-solar-projects-rose-marginally-in-q1-2025" target="_blank" rel="noopener"><strong>Large-scale solar project costs in India increased for the second consecutive quarter, according to Mercom’s Q1 2025 India Solar Market Update</strong></a>. Average project costs rose 3% QoQ and 1% YoY. The average selling price of Indian-made DCR-compliant modules increased in Q1 2025, fueled by strong demand from government programs like PM Surya Ghar and PM KUSUM and rising component costs. With developers scrambling to secure limited production slots, pricing pressure increased further.</p>
<p><a href="https://www.mercomindia.com/solar-open-access-capacity-additions-in-india-slump-48-qoq-in-q1" target="_blank" rel="noopener"><strong>India’s solar open access capacity additions dropped 47% YoY to 1.1 GW in the Q1 of 2025 from over 2 GW</strong></a>, according to Mercom India’s Q1 2025 Solar Open Access Market Report. Solar open access capacity additions also dropped 48% QoQ from 2.1 GW in Q4 2024. According to Priya Sanjay, Managing Director of Mercom India, the numbers appear down, especially since the comparative quarters recorded high-capacity additions last year due to different reasons.</p>
<p><a href="https://www.mercomindia.com/jinko-waaree-longi-trina-adani-lead-solar-module-supply-in-2024" target="_blank" rel="noopener"><strong>Jinko Solar, Waaree Energies, LONGi Green Energy Technology, Trina Solar, and Adani Solar were the top solar module suppliers in 2024, according</strong></a> to Mercom’s recently released India Solar Market Leaderboard 2025. The demand for solar modules in India has been growing, driven by the unprecedented solar project installations – 25.2 GW in 2024 and India’s goal to install 280 GW of solar by 2030. India added 25.3 GW of solar module capacity, 11.6 GW of cell capacity, and 2 GW of integrated wafer and ingot capacity in 2024, according to Mercom’s “State of Solar PV Manufacturing in India 2025.”</p>
<p><a href="https://www.mercomindia.com/leading-solar-inverter-supplies-2024" target="_blank" rel="noopener"><strong>Sungrow Power Supply, TBEA Energy India, Sineng Electric, FIMER India, and Ginlong (Solis) Technologies were the leading inverter suppliers</strong></a> in India for the calendar year 2024, according to Mercom’s recently released India Solar Market Leaderboard 2025. Sungrow emerged as the leading solar inverter supplier, accounting for 29.1% of the market share. TBEA Energy India ranked second with 21.3%, followed by Sineng Electric at 13.3%. FIMER India and Ginlong (Solis) Technologies ranked fourth and fifth, accounting for 12.2% and 6% of the total market share, respectively.</p>
<p><a href="https://www.mercomindia.com/top-robotic-solar-module-cleaning-equipment-suppliers-in-2024" target="_blank" rel="noopener"><strong>Taypro, Langfang Sol-Bright New Energy Technology, Airtouch Solar, Vayu Solar, and LEAPTING were the top five robotic solar module cleaning equipment suppliers</strong></a> to the Indian solar market in 2024, according to Mercom’s recently released India Solar Market Leaderboard 2025 report. Taypro led the country’s shipments of robotic solar module cleaning equipment, accounting for 27.5%. Langfang Sol-Bright New Energy Technology and Airtouch Solar followed, accounting for 18.8% and 13%, respectively. Vayu Solar and LEAPTING rounded off the top five, with 11.1% and 9.8% market shares, respectively.</p>
<p><a href="https://www.mercomindia.com/from-leader-to-lagging-keralas-net-metering-cap-proposal-threatens-growth" target="_blank" rel="noopener"><strong>The recent proposal from the Kerala State Electricity Regulatory Commission to limit net metering for rooftop solar systems up to 3 kW</strong></a> is likely to slow down the rooftop solar installations in the state. According to the draft regulations, net metering will only be permitted for rooftop solar systems with a capacity between 3 kW and 5 kW, provided they include energy storage systems that account for up to 30% of the rooftop solar capacity.</p>
<p><a href="https://www.mercomindia.com/no-ists-charges-waiver-solar-wind-june-2028" target="_blank" rel="noopener"><strong>The CERC issued a time frame for waiving ISTS charges for renewable energy, energy storage projects, green hydrogen, and green ammonia.</strong></a> Renewable energy generation stations based on wind, solar, or hybrid sources are eligible for waivers based on their commissioning date. Projects commissioned on or before June 30, 2025, will receive a full waiver for 25 years. Projects commissioned in successive years up to June 30, 2028, will receive progressively lower waivers, reducing from 75% to 25%. Projects commissioned after June 30, 2028, are not eligible for a waiver.</p>
<p><a href="https://www.mercomindia.com/cea-issues-draft-safety-guidelines-for-battery-energy-storage-systems" target="_blank" rel="noopener"><strong>The Central Electricity Authority issued draft guidelines relating to the safety and electric supply of battery energy storage systems.</strong></a> Stakeholders can submit their comments and suggestions by July 20, 2025. The chargers used for battery energy storage systems must be specifically designed to match the battery chemistry. The battery system must be built with two-fault tolerance, ensuring it can either continue safe operation or shut down safely even after two separate faults occur.</p>
<p><a href="https://www.mercomindia.com/mnre-invites-proposals-to-promote-circularity-in-solar-and-battery-technologies" target="_blank" rel="noopener"><strong>The Ministry of New and Renewable Energy invited proposals under the ‘Innovation Challenge for Circularity in Renewable Energy Technologies</strong></a> – Batteries and Solar Photovoltaic.’ The challenge will focus on design and manufacturing innovations that promote circularity, facilitating easy dismantling and waste segregation, resource efficiency, the use of alternative materials, chemicals, and technologies for manufacturing, and the manufacture of products from recycled materials.</p>
<p><a href="https://www.mercomindia.com/cpcb-issues-draft-guidelines-for-solar-waste-collection-and-storage" target="_blank" rel="noopener"><strong>The Central Pollution Control Board (CPCB) issued draft guidelines for the collection and storage of waste from solar modules and cells.</strong></a> Stakeholders can submit comments and suggestions to CPCB by June 25, 2025. Solar waste refers to end-of-life solar modules or cells that are discarded whole or in part as waste. It includes rejects and waste generated during manufacturing, refurbishment, and repair processes.  It also covers solar modules that were damaged during transportation, handling, storage, and installation.</p>


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


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					</table><p>The Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-introduces-iot-based-monitoring-of-data-under-biomass-energy-program" target="_blank" rel="noopener">revised</a> the guidelines for the National Biomass Program for the financial years 2022 to 2027 (Phase-I). These amendments aim to promote cleaner energy solutions, ease of doing business, and accelerate the adoption of biomass technologies across India. Under the new framework, several processes relating to paperwork and approvals have been simplified. This will enable the industry, especially micro, small and medium enterprises, to enhance production.</p>
<p>Mercom India’s fifth edition of its flagship event, the Mercom India Renewables Summit, will be <a href="https://www.mercomindia.com/mercom-renewables-summit-fifth-edition-july-2025" target="_blank" rel="noopener">held</a> on July 24 and 25, 2025, at the Hyatt Regency in New Delhi. Recognized as a cornerstone of India’s renewable energy calendar, the Summit brings together industry leaders, policymakers, investors, and innovators to exchange insights and drive progress toward a sustainable energy future. Over the past four years, the event has established itself as a key forum for discussing ways to translate policy goals into practical outcomes.</p>
<p>The Gujarat Electricity Regulatory Commission <a href="https://www.mercomindia.com/gujarat-regulator-grants-343-day-extension-70-mw" target="_blank" rel="noopener">granted</a> a 343-day extension for a 70 MW wind-solar hybrid project to establish its evacuation infrastructure, including the 66 kV transmission line, associated bays, and metering systems. The Commission acknowledged that the petitioner’s delays were largely due to uncontrollable and unforeseen events, including statutory and regulatory bottlenecks. The Commission directed Gujarat Energy Transmission Corporation not to revoke the petitioner’s grid connectivity or encash its bank guarantees during this extended timeline, if the petitioner is willing to pay long-term transmission charges until at least 10% of the project capacity is commissioned.</p>
<p>INOXGFL Group’s subsidiary Inox Neo Energies <a href="https://www.mercomindia.com/inox-acquires-skypower-solar-india-50-mw-solar" target="_blank" rel="noopener">completed</a> the acquisition of Skypower Solar India, which operates a 50 MW solar power project in Madhya Pradesh. Skypower Solar India has an enterprise value of approximately ₹2.65 billion (~$30.97 million), which is 5.3 times the earnings before interest, taxes, depreciation, and amortization over the past 12 months. The 50 MW solar project in Khandwa district was commissioned in the financial year 2018. The power generated from the project is tied up under a 25-year power purchase agreement with the Madhya Pradesh Power Management Company.</p>
<p>Waaree Solar Americas, a wholly owned subsidiary of Waaree Energies, <a href="https://www.mercomindia.com/waaree-solar-secures-540-mw-solar-module-order-from-us-developer" target="_blank" rel="noopener">received</a> an order for the supply of 540 MW of solar modules from a U.S.-based developer of utility-scale solar and energy storage projects. Of the total 540 MW, 270 MW will be supplied by the end of 2025. The remaining 270 MW will be supplied between 2027 and 2028. The latest module supply order follows two other orders this year from the U.S. market. Earlier this month, the company secured a supply order for 599 MW of solar modules from a U.S.-based solar developer.</p>
<p>Independent renewable energy producer Juniper Green Energy <a href="https://www.mercomindia.com/juniper-green-files-draft-papers-with-sebi-for-30-billion-ipo" target="_blank" rel="noopener">filed</a> its draft red herring prospectus to raise over ₹30 billion (~$349 million) through an initial public offering (IPO) with market regulator Securities and Exchange Board of India. The IPO will consist of a fresh issue of equity shares with a face value of ₹10 (~$0.12) each with no offer-for-sale component. The company plans to utilize the funds towards the repayment of its debt, amounting to ₹ 10.92 billion (~$127 million), and ₹11.57 billion (~$135 million) for its subsidiaries.</p>
<p>The Ministry of Power <a href="https://www.mercomindia.com/government-conceives-india-energy-stack-to-digitalize-power-sector" target="_blank" rel="noopener">announced</a> the launch of a task force to establish the India Energy Stack (IES), an initiative aimed at creating a unified, secure, and interoperable digital infrastructure for the country’s energy sector. The task force, comprising experts from the technology, power, and regulatory segments, will be headed by Nandan Nilekani, Co-founder and Non-Executive Chairman, Infosys. It will steer IES’ development, pilot implementation, and nationwide scale-up. The Ministry stated that IES aims to address India’s fragmented energy systems and a lack of seamless digital integration. These issues remain key hurdles to energy transformation, despite the accelerated growth in the country’s renewable energy and electric vehicle sectors, as well as an increase in consumer participation in the energy market.</p>


Daily News Wrap-Up: MNRE Revises Biomass Energy Program Guidelines


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					</table><p>Government-owned lender Indian Renewable Energy Development Agency’s (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>) loan approvals climbed by 29% year-over-year (YoY) to ₹117.4 billion (~$1.37 billion) in the first quarter (Q1) of the financial year (FY) 2025-26, compared to ₹91.36 billion (~$1.06 billion).</p>
<p>Loan disbursements rose by 31% YoY to ₹69.81 billion (~$815.52 million), up from ₹53.26 billion (~$622.18 million).</p>
<p>The company’s outstanding loan book also registered a strong growth, reaching ₹799.6 billion (~$9.34 billion) as of June 30, 2025, reflecting a 27% YoY increase over ₹632.07 billion (~$7.38 billion).</p>
<p>IREDA’s loan approvals <a href="https://www.mercomindia.com/iredas-fy-2025-loan-approvals-grow-27-yoy/" target="_blank" rel="noopener">stood</a> at ₹474.53 billion (~$5.5 billion) in FY 2025 compared to ₹373.54 billion (~$4.3 billion) in FY 2024. Its loan disbursement also increased to ₹301.68 billion (~$3.5 billion) from ₹250.89 billion (~$2.9 billion), an increase of 20% YoY.</p>
<p>Recently, IREDA raised ₹20.06 billion (~$234.71 million) through qualified institutional placement (QIP) of shares. The company issued a total of 121,466,562 equity shares at a price of ₹165.14 (~$1.93) per share, which includes a premium of ₹155.14 (~$1.82). The issue price was set at a 5% discount, or ₹8.69 (~$0.10), on the floor price.</p>
<p>The latest equity issuance was part of IREDA’s broader plan to <a href="https://www.mercomindia.com/ireda-to-raise-%E2%82%B950-billion-through-qip-for-green-energy-growth" target="_blank" rel="noopener">raise</a> ₹50 billion (~$588.24 million) through QIPs, with the strategic goal of limiting the Government of India’s shareholding dilution to a maximum of 7% in the post-issue paid-up equity capital.</p>
<p>In addition to equity fundraising, IREDA has been actively diversifying its capital sources. In March 2025, the agency <a href="https://www.mercomindia.com/ireda-secures-172-million-ecb-facility-from-sbi-tokyo/" target="_blank" rel="noopener">signed</a> a loan agreement with the Tokyo branch of the State Bank of India to raise JPY 26 billion (~$172 million), including a greenshoe option of JPY 10 billion (~$66.2 million).</p>
<p>IREDA has also made progress in the domestic debt market. It recently <a href="https://www.mercomindia.com/ireda-issues-perpetual-bonds-to-raise-%E2%82%B912-47-billion" target="_blank" rel="noopener">issued</a> its first perpetual bonds worth ₹12.47 billion (~$144.5 million) at an annual coupon rate of 8.4%. Further boosting its financial position, IREDA received ₹244.8 million (~$2.6 million) from the Income Tax Department as partial relief for the assessment year 2011–12 related to prior disallowances.</p>


IREDA’s Loan Approvals Grow 29% YoY to ₹117 Billion in Q1 FY 2026


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					</table><p>The Central Electricity Regulatory Commission (<a href="https://cercind.gov.in/" target="_blank" rel="noopener">CERC</a>) has permitted special purpose vehicles (SPVs) or subsidiaries of renewable energy companies to submit land and financial closure documents in place of their parent companies for the grant of connectivity and general network access.</p>
<p>The decision will be effective until the third amendment to the Connectivity and General Network Access (GNA) to ISTS Regulations, 2022, is formally notified.</p>
<p><strong>Background</strong></p>
<p>The petitions were filed by Oyster Renewable Energy (<a href="https://www.oysterrenewable.com/" target="_blank" rel="noopener">OREPL</a>) and Avaada Energy (<a href="https://avaada.com/" target="_blank" rel="noopener">AEPL</a>), along with their SPVs, Oyster Green Hybrid One (OGHOPL) and Avaada MPSustainable2 (AMSPL), respectively, for approval of their land documents.</p>
<p>The Central Transmission Utility of India (<a href="https://www.ctuil.in/" target="_blank" rel="noopener">CTUIL</a>) granted final connectivity to both parent companies in April 2024. However, when the SPVs submitted land documents between March and April 2025, CTUIL rejected them because Regulation 11A required such documents to be in the name of the parent company.</p>
<p>OREPL, which is implementing a hybrid renewable project in Agar, Madhya Pradesh, through its SPV (OGHOPL), submitted that it had already invested ₹7.8 billion (~$90.48 million) in the project, acquired 70% to 97% of the land, and completed up to 31% of the erection work.</p>
<p>Similarly, AEPL, which won a Solar Energy Corporation of India tender, applied for 50 MW connectivity and submitted all project documents through its SPV, AMSPL.</p>
<p>CTUIL maintained that it was bound by the current regulations but expressed no objection to acting on specific or generic directions from the Commission.</p>
<p><strong>Commission’s Analysis</strong></p>
<p>CERC noted that it had used its relaxation powers to allow similar SPV submissions in previous orders. It found that there was no regulatory or commercial risk in allowing land and financial closure documents from SPVs if they are wholly owned subsidiaries of the connectivity grantee.</p>
<p>Recognizing that the draft third amendment to the GNA Regulations already proposes such flexibility, the Commission relaxed Regulations 11A (1) and 11A (2), permitting SPVs to submit the required documents.</p>
<p>The Commission also mandated CTUIL to return the land bank guarantees within seven days of receiving the documents. However, connectivity bank guarantees will be released only after the commercial operation date.</p>
<p>CTUIL was directed to verify the legal status of SPVs and process all submissions accordingly.</p>
<p>Recently, CERC <a href="https://www.mercomindia.com/cerc-approves-tariffs-for-ntpcs-1170-mw-wind-solar-hybrid-projects" target="_blank" rel="noopener">approved</a> tariffs ranging from ₹3.28 (~$0.038) to ₹3.29 (~$0.038)/kWh for NTPC’s 1,170 MW of wind-solar hybrid power projects.</p>
<p>Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.</p>


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