The average system cost of large-scale solar projects remained low in the third quarter of 2025, with cost reductions seen across all module technologies. Projects using Indian TOPCon modules were the premium option in terms of cost, whereas projects using Chinese mono PERC modules remained the most economical. Costs fell across module technologies during the quarter. Projects using Indian mono PERC and TOPCon modules recorded the steepest quarter-over-quarter drop of 1.4%. On a year-over-year (YoY) basis, these projects also saw declines of 0.7% and 0.3% in costs.

The Union Cabinet approved a program to promote the manufacturing of sintered rare earth permanent magnets (REPM) used in electric vehicles and renewable energy, with a financial outlay of ₹72.8 billion (~$815.73 million). The program aims to set up 6,000 metric tons per annum of integrated REPM manufacturing in India. The total financial outlay of the program comprises sales-linked incentives of ₹64.5 billion (~$722.73 million) on REPM sales for five years and a capital subsidy of ₹7.5 billion (~$84.03 million). The program envisions allocating the total capacity to five beneficiaries through a global competitive bidding process.

The Telangana Cabinet gave the go-ahead to create a third electricity distribution company (DISCOM). The new DISCOM will be responsible for the supply of power to farmers, lift-irrigation programs, beneficiaries of Mission Bhagiratha, street lighting, rural and urban public utilities, and various welfare programs. Telangana now has two DISCOMs—Northern Power Distribution Company and Southern Power Distribution Company. Modelled on Bengaluru’s system, Hyderabad will shift to a full underground electricity cable system at an estimated cost is ₹147.25 billion (~$1.65 billion). All utility cables—electricity, T-Fiber, and private network cables will be moved underground. The city will be divided into three power circles for its implementation.

Lending institutions are reporting a sharp rise in demand for clean-energy financing from India’s commercial and industrial (C&I) sector, as companies ramp up investments in rooftop solar, green energy open access, and energy efficiency measures to lower operating costs and advance carbon-reduction goals. With electricity expenses representing a substantial portion of their overhead, C&I consumers are increasingly opting for specialized green-loan products that offer lower interest rates, quicker processing, and, in many cases, collateral-free terms.

The Delhi Electricity Regulatory Commission approved the power sale agreement between BSES Rajdhani Power and Solar Energy Corporation of India (SECI) for the procurement of 1,500 MW of solar power integrated with a 750 MW/3,000 MWh energy storage system (ESS) under the interstate transmission system (ISTS) Tranche XVII. SECI floated a tender in August 2024 to set up 2,000 MW of solar capacity, combined with 1,000 MW/4,000 MWh of ESS.

The Calcutta Electric Supply Corporation (CESC) invited bids to develop 600 MW of ISTS-connected wind-solar hybrid projects under a build-own-operate model. The last date to submit bids is January 19, 2026. Bids will be opened on January 20. The scope of work covers the setting up of the wind-solar hybrid projects, including the transmission network up to the interconnection point. It also entails identifying the land, installing and owning the projects, and obtaining the approvals. The power generated from the projects will help CESC meet its renewable power and renewable consumption obligations.

Uttar Pradesh Jal Nigam (Urban) issued a tender for the operation and maintenance (O&M) of a 1.492 MW grid-connected ground-mounted solar project at the Bharwara sewage treatment plant in the Lucknow district. The estimated contract value is ₹18.97 million (~$212,523.57). Bids must be submitted by December 20, 2025. Bids will be opened on December 22. The O&M work will include providing all the labor, materials, tools, plants, equipment, and their transport. It also involves handling material wastages, carriage and cartage, and hoisting, setting, fitting, and fixing of the necessary components.

Adani Energy Solutions received a letter of intent from PFC Consulting to establish a transmission system to evacuate 2.5 GW of energy from a potential renewable energy zone in Khavda, Gujarat, under Phase V (8 GW): Part C. The project includes the establishment of a 2,500 MW high-voltage direct current system of approximately 1,200 circuit kilometers (ckm) between KPS III and South Olpad, taking AESL’s overall transmission network to 27,905 ckm and 97,236 MVA of transformation capacity.

Sterling and Wilson Renewable Energy announced it has won a turnkey engineering, procurement, and construction (EPC) contract for a 240 MW solar project in South Africa, valued at about ₹13.13 billion (~$148.08 million). This contract is the company’s second international project win from South Africa in the current fiscal year, increasing its international implementation portfolio in the region to four solar projects with four developers. With this award, the company’s total EPC order inflows for the fiscal year have now exceeded ₹50.88 billion (~$573.72 million).

Waaree Group announced that it secured a 10 MWh order for battery energy storage systems from an infrastructure development company for deployment in Tamil Nadu. The company is scaling domestic battery storage manufacturing with a 4 GWh lithium-ion cell production line and a 5 GWh pack-and-container facility, aimed at supporting both utility-scale and commercial and industrial requirements. These facilities are designed to enable fully indigenous systems, reducing reliance on imports.

Grasim Industries, an Aditya Birla Group company, will invest ₹36 million (~$403,320.60) to acquire a 29% equity stake in GMR Kalinga Solar Power, a special-purpose vehicle of GMR Energy. GMR Kalinga is developing a 10 MW solar project from which Grasim will procure power for its chemical manufacturing facility in Ganja, Odisha. The procurement of power from GMR Kalinga will help Grasim optimize its power costs and comply with captive power consumption requirements. The acquisition is expected to be completed within 30 days of the share purchase and shareholders’ agreements.

Pune-based battery-as-a-service company BatteryPool raised ₹80 million (~$895,957) in a pre-series A round led by Inflection Point Ventures. Indian Angel Network, Chennai Angels, and Keiretsu Forum also participated in this round, along with high-net-worth individuals. BatteryPool said it will utilize the funding to scale its battery fleet by 10 times over the next 18 months to strengthen its nationwide footprint. Ashwin Shankar, Founder at BatteryPool, said the company is focused on strengthening its product ecosystem, building battery access, improving the user experience, and supporting the everyday EV rider.

Switzerland-headquartered solar solutions provider Candi Solar secured $58.5 million in a funding round led by the global development institution, International Finance Corporation (IFC), to deliver clean, affordable solar solutions in India and South Africa. This syndicated debt funding facility is Candi Solar’s largest to date, increasing the company’s total capital raised to $200 million. The IFC investment comprises $6.5 million from the Canada-IFC Blended Climate Finance Platform, up to $42 million equivalent from IFC’s own account, partially supported by its managed co-lending portfolio program, and a concessional loan of up to $10 million, with the development institution acting in its capacity as the Climate Investment Funds’ Clean Technology Fund’s implementing agency.

Utility-scale energy storage firm Fluence Energy recorded a revenue of $1.04 billion in the fourth quarter of the fiscal 2025, a 15% year-over-year decrease. The revenue fell short of analysts’ estimates by $350 million. The company saw an earnings per share of $0.13, missing estimates by $0.07. Adjusted earnings before interest, taxes, depreciation, and amortization stood at $72.2 million, a 17% decrease from $86.9 million for the same quarter last year. The company’s net income during the quarter was $24.1 million, a 64% YoY decline from $67.7 million.

China added 12.6 GW of solar power capacity in October 2025, rebounding after dipping to almost a three-year low in August. This is also a clear step up from September’s 9.66 GW, based on the National Energy Administration’s data. Even so, October’s buildout was still well below the 20.4 GW recorded in the same month last year. The final quarter is usually the busiest stretch for China’s solar industry, with project completions accelerating toward December.

U.S.-based solar solutions provider PosiGen filed proceedings under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. The company reported assets and liabilities of $100 million to $500 million, respectively. PosiGen’s filing indicates that it has funds available for distribution to unsecured creditors. It stated that the current U.S. administration’s cuts to solar energy tax credits and subsidies had affected its cash flow. PosiGen had initially focused on scaling development capacity. However, the company’s $600 million first-lien credit facility was fully drawn by July 2025, and lenders were unwilling to commit additional capital.