Month in a Minute: Top Headline from the Indian Renewable Sector in March 2025

Government Tightens Solar Cell Manufacturing Norms

The Top Five States for Solar Open Access Installations in CY 2024

Daily News Wrap-Up: EV Industry Braces for Price Surge Due to DCR Mandate

HPERC Sets ₹3.45/kWh as Levelized Tariff for Solar Projects Up to 1 MW

Swaraj Tractors to Source Power from Mahindra Susten’s 26 MW Solar Project

Jaipur DISCOM Floats Tenders for 1.2 GW Solar Projects Under KUSUM

Telangana Issues Two EPC Tenders for 5.4 MW Solar Projects

PSERC Approves Punjab Transmission Corporation’s FY 2026 Revenue Requirement

Funding and M&A Roundup: Apricus Generation Secures $30 Million


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					</table><p>India added 6.9 GW of solar open access capacity in 2024, a 77% year-over-year (YoY) increase from 3.9 GW, according to the newly-released <a href="https://www.mercomindia.com/product/q4-2024-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener">Mercom India Q4 &amp; Annual 2024 India Solar Open Access Market Report</a><strong>.</strong></p>
<p>This growth represents the highest annual installations recorded in the solar open access segment. The fourth quarter (Q4) of 2024 alone saw 2.1 GW of new installations, reflecting a 92% quarter-over-quarter (QoQ) growth from 1.1 GW and a 142% YoY increase from 852.7 MW.</p>
<p>The increase in solar open access was primarily driven by the availability of low-cost Chinese modules, which were imported before the reimposition of the Approved List of Models and Manufacturers from April 2024.</p>
<p>Developers rushed to commission projects in Q1 before the order deadline, leading to a spike in capacity addition. However, uncertainty in Q2 and Q3 resulted in a temporary slowdown as stakeholders awaited possible exemptions. With no confirmation of further exemptions, developers resumed projects in Q4 to meet their sustainability commitments, leading to another installation growth.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-77294 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-1.png" alt="Mercom research image 1" width="931" height="544" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-1.png 931w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-1-300x175.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-1-768x449.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-1-650x380.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-1-624x365.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-1-600x351.png 600w" sizes="(max-width: 931px) 100vw, 931px" /></p>
<p><i><span style="font-weight: normal !msorm;">&#8220;Open access installations saw remarkable growth in 2024 as businesses increasingly prioritized cleaner power generation to meet green mandates and reduce electricity costs. However, rising component prices, along with land procurement and grid connectivity hurdles, are creating challenges. To maintain this growth trajectory, the deadline for inter-state transmission system (ISTS) charge exemptions, set to expire on June 30, must be extended. Without it, continued growth in the open access segment could be at risk,&#8221;</span></i> said Raj Prabhu, CEO of Mercom Capital Group.</p>
<p><strong>State-Wise Installations</strong></p>
<p>Maharashtra led India&#8217;s solar open access market in 2024, accounting for 18% of the total installations. Rajasthan and Karnataka followed, contributing 15% and 14% respectively. Maharashtra (24%), Uttar Pradesh (21%), and Gujarat (20%) had the highest capacity additions in Q4.</p>
<p>By the end of 2024, India&#8217;s cumulative installed solar open access capacity stood at 20.2 GW. Karnataka led the sector with 25% of the total capacity, followed by Maharashtra (16%) and Gujarat (12%).</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-77296 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-2.png" alt="Mercom research image 2" width="770" height="667" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-2.png 770w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-2-300x260.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-2-768x665.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-2-650x563.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-2-624x541.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-2-600x520.png 600w" sizes="(max-width: 770px) 100vw, 770px" /></p>
<p>Priya Sanjay, Managing Director, Mercom India, commented, &#8220;Policy flip-flops, price fluctuations, and distribution company (DISCOM) reluctance to approve projects have not been able to thwart the demand for solar open access as industries rush to advance their clean energy initiatives. 2025 will be a year to watch companies exporting to European markets report their green energy progress under the Carbon Border Adjustment Mechanism, which is expected to be fully in place by 2026.&#8221;</p>
<p>The upcoming solar open access projects pipeline includes over 25.7 GW of capacity under development and pre-construction by the end of 2024.</p>
<p>The states with the highest project activity were Karnataka, Maharashtra, Rajasthan, Tamil Nadu, and Gujarat.</p>
<p>Sanjay said these states are preferred due to their business-friendly policies, land availability, and robust infrastructure. She emphasized that seamless approvals and economic feasibility make these regions attractive for developers.</p>
<p><a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a> was the top seller in the Green Day-Ahead Market (G-DAM), comprising 34% of the total electricity sold in the power exchanges. On the buyer&#8217;s side, Punjab led the electricity purchases, contributing 28% of traded electricity.</p>
<p>Despite the overall growth in the sector, the cleared volume of renewable energy certificates on the Indian Energy Exchange (IEX) fell by 58% QoQ. Similarly, the Green Term Ahead Market (G-TAM) trading volume declined by 67% QoQ.</p>
<p><strong>Outlook</strong></p>
<p>Sanjay was optimistic about the continued growth in solar open access in 2025, particularly as commercial and industrial consumers move toward sustainability.</p>
<p>While the open access solar market continues to grow, industrial consumers still face challenges related to state-specific regulations. Sanjay pointed out that businesses operating across multiple states struggle with varied regulatory frameworks, making procurement decisions complex.</p>
<p>Sanjay highlighted the need for streamlined approval processes to make solar open access more attractive. Delays in DISCOM clearances often hinder project implementation, negating the benefits of favorable policies. She suggested that regulatory bodies ensure timely approvals and maintain predictable pricing structures to prevent excessive charges that could erode savings.</p>
<p>Additionally, she stressed that states should align their policies with central government guidelines to create a more uniform and stable regulatory environment, encouraging higher adoption of solar open access.</p>
<p>The Q4 &amp; Annual 2024 Mercom India Solar Open Access Market Report is 64 pages long and covers vital information and data on the market.</p>
<p>For the complete report, visit: <a href="https://www.mercomindia.com/product/q4-2024-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener">https://www.mercomindia.com/product/q4-2024-mercom-india-solar-open-access-market-report</a></p>


India Adds 6.9 GW of Solar Open Access Capacity in 2024


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					</table><p>India installed 3.2 GW of rooftop solar capacity in 2024, an 86% increase from 2023, according to Mercom India Research&#8217;s newly released <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q4-2024" target="_blank" rel="noopener">Q4 &amp; Annual 2024 India Rooftop Solar Market Report.  </a></p>
<p>The capacity additions were mainly driven by the record commissioning of rooftop solar systems under the PM Surya Ghar: Muft Bijli Yojana.</p>
<p>Consumers in the residential segment benefitted from the PM Surya Ghar program, accounting for 74% of the installations in 2024. Industrial, commercial, and government segments contributed 19%, 6%, and 0.8% to the total capacity added during the year.</p>
<p>Installations under the capital expenditure (CAPEX) model comprised 88% of the year&#8217;s installations, and capacity additions under the operational expenditure or renewable energy service company (OPEX/RESCO) model accounted for the rest.</p>
<p>&#8220;The overwhelming response to the PM Surya Ghar residential solar program is a testament to growing homeowner interest in solar adoption, making up over 72%  of rooftop installations in India. However, long-term success will depend on stabilizing module costs and streamlining supply constraints to support both residential and C&amp;I solar expansion,&#8221; said Raj Prabhu, CEO of Mercom Capital Group.</p>
<p>Gujarat led the rooftop solar capacity additions in 2024, with 36% of the total installations, followed by Maharashtra, with 20%, and Kerala, adding 9%.</p>
<p><img loading="lazy" decoding="async" class="wp-image-77064 size-full aligncenter" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture1-final.png" alt="" width="940" height="533" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture1-final.png 940w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture1-final-300x170.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture1-final-768x435.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture1-final-650x369.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture1-final-624x354.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture1-final-600x340.png 600w" sizes="(max-width: 940px) 100vw, 940px" /></p>
<p>India&#8217;s cumulative rooftop solar installations reached 13.7 GW at the end of December 2024.</p>
<p>During the year, 2.8 GW of rooftop solar tenders were released, marking a increase year-over-year (YoY).</p>
<p>Over 43% of this capacity came from tenders aimed at installing rooftop solar systems on government buildings throughout India.</p>
<p>In the fourth quarter (Q4) of 2024, India added 1.3 GW of rooftop solar, a 64% quarter-over-quarter increase from 791.1 MW. The installations in Q4 surpassed all previous quarterly additions to date.</p>
<p>Installations in the residential segment under the PM Surya Ghar program drove capacity additions in the quarter, accounting for over 85% of the capacity additions. Capacity additions under the CAPEX model accounted for over 95% of the quarter&#8217;s installations.</p>
<p>Priya Sanjay, Managing Director, Mercom India, said, &#8220;In previous quarters, C&amp;I consumers were holding back on installations waiting for clarity on the exemption from ALMM. With better clarity, they are now focusing on procuring modules and building the projects.&#8221;</p>
<p><strong>State-wise installations</strong></p>
<p>Gujarat, Maharashtra, and Uttar Pradesh led rooftop solar installations in Q4, accounting for around 33%, 26%, and 8%, respectively.</p>
<p>&#8220;Gujarat has always been rigorous in eliminating two subsidized consumers – residential and farmers. Gujarat&#8217;s DISCOMs are making residential consumers independent by setting up rooftop solar projects and solar pumps for the farmers. That explains why the state has been leading the installations,&#8221; Sanjay said.</p>
<p>She anticipates Gujarat continuing its growth in the upcoming quarters as well.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-77065 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture2-final.png" alt="" width="909" height="667" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture2-final.png 909w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture2-final-300x220.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture2-final-768x564.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture2-final-650x477.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture2-final-624x458.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture2-final-600x440.png 600w" sizes="(max-width: 909px) 100vw, 909px" /></p>
<p>The PM Surya Ghar program installations significantly boosted capacity this quarter, accounting for more than 85% of total additions. The industrial, commercial, and government sectors contributed 10%, 4%, and 0.6% to the quarter&#8217;s installations.</p>
<p>Under the CAPEX model, capacity additions accounted for over 95% of the quarter&#8217;s installations.  In all, over 1 GW of tenders were announced, over 185% QoQ increase from 364.5 MW and more than 84% YoY from 564.8 MW.</p>
<p>Gujarat remains the leading state, accounting for over 29% of cumulative rooftop solar installations, followed by Maharashtra and Rajasthan, comprising around 15% and 7%, respectively.</p>
<p>The top 10 states accounted for over 80% of cumulative rooftop solar installations as of December 2024.</p>
<p>The Q4 &amp; Annual 2024 India Rooftop Solar Market Report is 79 pages and covers all facets of India&#8217;s rooftop solar market. For the complete report, visit: <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q4-2024" target="_blank" rel="noopener">https://www.mercomindia.com/product/rooftop-solar-market-report-q4-2024 </a></p>


India’s Rooftop Solar Installations Reach a Record 3.2 GW in 2024


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					</table><p>India installed 1.7 GW of rooftop solar capacity in 2023, the second-highest annual installation numbers on record, according to Mercom India Research&#8217;s newly unveiled <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q4-2023" target="_blank" rel="noopener">2023 Q4 &amp; Annual Mercom India Rooftop Solar Market Report</a>.</p>
<p>However, the capacity addition rose only by 3.7% as many commercial and industrial (C&amp;I) consumers held off on new projects while waiting for solar module prices to stabilize. Lower module prices forecasted in early 2024 are expected to help companies reduce project costs.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-63931" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Annual-Rooftop-Solar-Installations-in-2023-Chart.png" alt="Annual Rooftop Solar Installations in 2023 - Chart" width="600" height="316" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Annual-Rooftop-Solar-Installations-in-2023-Chart.png 890w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Annual-Rooftop-Solar-Installations-in-2023-Chart-300x158.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Annual-Rooftop-Solar-Installations-in-2023-Chart-768x404.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Annual-Rooftop-Solar-Installations-in-2023-Chart-650x342.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Annual-Rooftop-Solar-Installations-in-2023-Chart-624x328.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Annual-Rooftop-Solar-Installations-in-2023-Chart-600x316.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<p>&#8220;The cost of modules was still high in the first half of the year,&#8221; said Priya Sanjay, Managing Director, Mercom India, explaining the rationale behind C&amp;I consumers holding back on installations in 2023. &#8220;There was a lot of confusion about the applicability of ALMM (Approved List of Models and Manufacturers) mandate to rooftop solar projects.&#8221;</p>
<p>Earlier this month, the Ministry of New and Renewable Energy<a href="https://www.mercomindia.com/mnre-holds-almm-reimposition-order-abeyance" target="_blank" rel="noopener"> kept in abeyance</a> its recent order reimposing the ALMM regulation from April 1, 2024. The ministry had earlier <a href="https://www.mercomindia.com/almm-reimposed-exempt-open-access-solar-projects-advanced-stages" target="_blank" rel="noopener">confirmed</a> the reimposition of ALMM with exemptions for projects set up under open-access solar and those in advanced stages of construction and rooftop solar projects with no subsidy.</p>
<p>India&#8217;s cumulative rooftop solar installations reached 10.5 GW by the end of December 2023.</p>
<p>The residential segment was the primary driver of new rooftop solar additions in 2023, accounting for over half of the capacity added. The report also found that rooftop solar system costs decreased 10% quarter-over-quarter and 21.6% year-over-year (YoY), helped by falling prices of solar modules.</p>
<p>In the fourth quarter (Q4) of 2023, rooftop solar installations declined 5.8% from the previous quarter to 406 MW. Installations fell 15.9% from 483 MW last year.</p>
<p>&#8220;The cost started falling in the later part of the year, and installers waited for it to stabilize,&#8221; said Priya Sanjay.</p>
<p><strong>State-wise installations</strong></p>
<p>Gujarat led rooftop solar additions in Q4, representing 42.6% of the quarter&#8217;s total. At the end of 2023, Gujarat was once again the leader, accounting for 27.3% of cumulative solar rooftop installations, followed by Maharashtra and Rajasthan, with 13.3% and 8.1%, respectively.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-63928" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Q4-2023-Rooftop-Solar-Installations-by-States.png" alt="Q4 2023 Rooftop Solar Installations by States" width="600" height="556" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Q4-2023-Rooftop-Solar-Installations-by-States.png 557w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Q4-2023-Rooftop-Solar-Installations-by-States-300x278.png 300w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<p>&#8220;Gujarat DISCOMs mean business,&#8221; said Priya Sanjay, adding that the state&#8217;s distribution companies, some of the highest rated in the country, are consistently reducing the subsidized consumer numbers by installing rooftop solar systems for agricultural and residential users.</p>
<p>But tendered rooftop solar capacity fell 45.7% in 2023 from 2022. Uttar Pradesh was the most active state for tenders, accounting for 44.2% of the 1.2 GW capacity tendered during the year.</p>
<p>Tenders for rooftop solar systems on government buildings accounted for nearly 57% of the announced tender capacity.</p>
<p>The top 10 states made up 77.3% of India&#8217;s total installed rooftop solar capacity.</p>
<p>The 59-page report provides an in-depth analysis of India&#8217;s rooftop solar market development, trends, state-wise installations, policies, and outlook. For the complete report, visit: <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q4-2023" target="_blank" rel="noopener">https://www.mercomindia.com/product/rooftop-solar-market-report-q4-2023</a></p>


India’s Rooftop Solar Installations Reach 1.7 GW in 2023

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