The Union Budget 2026 provided a new focus to India’s renewable energy strategy, moving from capacity addition to developing a sustainable, resilient domestic clean energy ecosystem, with energy storage systems as the key pillar. Industry stakeholders across the renewable energy value chain have broadly welcomed the government’s emphasis on battery energy storage systems (BESS) to manage intermittency and strengthen grid reliability.

The Ministry of New and Renewable Energy (MNRE) issued the fourth revised Approved List of Models and Manufacturers List-II for solar cells, raising the total enlisted capacity to 26 GW. Evervolt Solar Technology (Evervolt Green Energy) makes its entry to the ALMM List-II with a capacity of 1,074 MW. The company’s manufacturing facility is located in Tirupati district, Andhra Pradesh. The company uses bifacial monocrystalline silicon PERC solar cells with dimensions of 182.2 mm × 182.2 mm and a 10-busbar configuration.

The Uttar Pradesh Electricity Regulatory Commission approved a tariff of ₹2.57 (~$0.028)/kWh for procuring power from 400 MW of solar projects by Uttar Pradesh Power Corporation (UPPCL). The Commission also approved the Power Purchase Agreement executed between UPPCL and Adani Green Energy Sixty-Nine, a special purpose vehicle of Adani Green Energy, for 25 years.

India’s national power transmission utility stressed that grid expansion must align with realistic demand growth and resource adequacy planning rather than by connectivity applications. The Central Transmission Utility of India warned that in the absence of such an alignment, there is a risk of building capacity that the grid cannot effectively absorb.

NTPC Renewable Energy issued a tender for the supply of bifacial crystalline solar modules with a minimum rating of 570 Wp for a 400 MW solar project in Chitrakoot, Uttar Pradesh. Bids must be submitted by March 2, 2026. Bids will be opened on the same day. The scope of work entails the manufacturing, supplying, packing, and transporting of the solar modules. The solar modules and cells must comply with the ALMM List I and II, respectively.

Oil India invited expressions of interest to enlist engineering, procurement, and construction vendors to establish at least 100 MW of grid-connected solar projects in any state in India. The solar projects can include ground-mounted, floating/reservoir/canal-top, or systems integrated with BESS, per Oil India’s or its renewable energy arm, OIL Green Energy’s requirements.

Himachal Pradesh State Electricity Board invited bids to conduct a detailed survey and prepare a detailed project report for a 3 MW ground-mounted solar project with a 2 MW/4 MWh BESS in Dehra town, Himachal Pradesh. The last date to submit bids is February 17, 2026. Bids will be opened on the same day.

Power Finance Corporation (PFC) acquired 52.63% of the Government of India’s stake in REC Limited, making REC a subsidiary of PFC. The PFC Board took note of the Union Budget 2026–27 announcement proposing the restructuring of public sector Non-Banking Financial Companies and granted in-principle approval for the merger of PFC and REC, subject to requisite approvals, while ensuring that the merged entity remains a government company under applicable laws.

Adani Energy Solutions (AESL) delivered 10 million smart electricity meters to distribution companies, with another 10 million deliveries expected in the coming financial year. AESL said it completed the installation of these smart meters within 24 months. The company has secured a mandate to install an estimated 25 million smart meters across five states.

Hero MotoCorp approved an additional investment of up to ₹2.75 billion (~$30.45 million) in Euler Motors. The investment is to be made in one or more tranches through a combination of primary infusion and/or secondary purchase. Euler Motors is an associate company of Hero MotoCorp, in which the company currently holds a 34.1% stake on a fully diluted basis.

Wind turbine manufacturer Suzlon Group’s revenue rose 42.4% year-over-year (YoY) to ₹42.28 billion (~$467.44 million) in the third quarter of the financial year 2026 from ₹29.69 billion (~$328.24 million). Earnings before interest, taxes, depreciation, and amortization stood at ₹7.39 billion (~$81.7 million), rising 47.8% YoY from ₹5 billion (~$55.28 million). Profit after tax came in at ₹4.45 billion (~$49.2 million), increasing 14.7% from ₹3.88 billion (~$43 million) in the same quarter in the previous year.