The Himachal Pradesh Electricity Regulatory Commission has allowed Himachal Pradesh State Electricity Board to procure 550 MW of inter-state transmission system-connected solar power from the Solar Energy Corporation of India for a period of 25 years. The agreed tariff for the power is ₹2.56 (~$0.030)/kWh, with an additional trading margin of ₹0.07 (~$0.00082)/kWh payable to SECI.

The Karnataka Renewable Energy Development has floated a tender for the engineering, procurement, and construction of a 1.2 MW ground-mounted, grid-connected solar power project with a 300 kW green hydrogen project in Bellary, Karnataka. Selected bidders must design, fabricate, supply, install, test, commission, and provide operation and maintenance services for ten years. They must also provide a power evacuation setup within the Karnataka Power Corporation’s Bellary premises.

Hindustan Petroleum Corporation has issued a tender for designing, supplying, installing, and commissioning a 1.2 MW ground-mounted solar power project at its Palanpur Vadodara pipeline in Gujarat. Selected bidders must design, engineer, procure and supply materials, and construct the project. They must also test, commission, and demonstrate the project’s performance, alongside laying an 11 kV transmission line for power evacuation.

RMC Switchgears has announced plans to develop a solar module manufacturing project with an annual production capacity of 1 GW in Jaipur, Rajasthan. The project includes an estimated capital expenditure of ₹1 billion (~$12.5 million). The new facility will be adjacent to the company’s current operational project to ensure efficient integration with existing operations. Both projects are expected to become operational by July 2025, with commercial revenues anticipated to begin by August 2025.

Government-owned transmission utility Power Grid Corporation of India (POWERGRID) has approved the issuance of bonds worth up to ₹42.5 billion (~$499.62 million) on a private placement basis. The 80th issue of POWERGRID bonds (2024–25) comes with a base size of ₹10 billion (~$117.56 million) and a greenshoe option of ₹32.5 billion (~$382.07 million). These bonds are unsecured, non-convertible, non-cumulative, redeemable, and taxable. They are structured for 10 years and redeemable at par at the end of the term. Interest on the bonds will be paid annually.

Solar module manufacturer SWELECT Energy Systems has proposed raising ₹1.38 billion (~$16.22 million) by issuing 1,385 non-convertible debentures (NCDs) with a face value of ₹1 million (~$11,757) each through private placement. These secured, unlisted, rated, redeemable, non-cumulative, taxable NCDs will have a tenure of 12.5 years and a 9.5% average interest rate. The funds will strengthen the company’s finances. The company board has also approved the conversion of ₹400 million (~$4.7 million) in loans into 4 million preference shares at ₹100 (~$1.18) each for its wholly owned subsidiary, SWELECT HHV Solar Photovoltaics.

Maharashtra-based agri-solar solutions provider GK Energy has filed the draft red herring prospectus to raise over ₹5.01 billion (~$60.02 million) through an initial public offering (IPO). The IPO consists of a fresh issue of equity shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹5 billion (~$58.84 million), and an offer for sale of equity shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹16.8 million (~$197,714). The company will utilize the funds raised for its long-term working capital requirements of ₹4.22 billion (~$49.66 million) and the remaining towards its general corporate purposes.