Daily News Wrap-Up: Global Corporate Solar Funding Fell 16% YoY in 2025

Solar Tender and Auction Activity Slumps in 2025

Antimony Chalcogenide Solar Cell Efficiency Hits a New High of 10.7%

C&I Power Procurement Shifts to Open Access and Rooftop Solar Amid Rising Tariffs

POWERGRID Invites Bids to Select Partner for 1.5 GWh BESS in Tamil Nadu

CIE India to Procure Power from Two Captive Solar Projects of 8.3 MW

Higher Solar Module Sales Boost Waaree Energies’ Revenue in Q3 FY 2026

GreenCell Mobility Secures $89 Million Funding Led by BII, IFC, and Tata Capital

Uttar Pradesh Commission Adopts Tariff for a 1,500 MWh BESS Project

Tamil Nadu Tweaks Wind Policy to Ease Repowering and Life Extension Norms

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					</table>Rajasthan Solar Park Development Company (RSDCL) has invited bids to set up 2,450 MW solar projects with 1,600 MW/6,400 MWh battery energy storage systems (BESS) for peak power supply at Pugal Solar Park in Bikaner, Rajasthan.
RSDCL is a subsidiary of <a href="https://energy.rajasthan.gov.in/rrecl/" target="_blank" rel="noopener">Rajasthan Renewable Energy Corporation</a>.
Bids must be submitted by March 9, 2026. Bids will be opened on March 12.
Bidders must furnish a tender processing fee of ₹2 million (~$22,167) and a document fee of ₹50,000 (~$554).
They must also submit an earnest money deposit of ₹1.38 million (~$15,300)/MW.
Successful bidders must submit a separate performance bank guarantee for the power purchase agreement (PPA) of ₹2.76 million (~$30,600)/MW to the Rajasthan Urja Vikas and IT Services (RUVITL) within 15 days of the issuance of the letter of award.
They must also submit a separate performance bank guarantee for the implementation support agreement of ₹691,000 (~$7,660)/MW to the RSDCL  within 15 days of the issuance of the letter of award.
The work has been divided into two lots:
<ul>
<li>Lot-1: 2,000 MW solar plus 1,320 MW/5,280 MWh BESS (8 plots of 250 MW each)</li>
<li>Lot-2: 450 MW solar plus 280 MW/1,120 MWh BESS (2 plots of 225 MW each)</li>
</ul>
The interconnection point will be 33 kV bays of the pooling substations inside the Pugal Solar Park, where the power from the projects is injected into the allocated bays.
The delivery point will be the 400 kV side for Lot-1 and the 220 kV side for Lot-2 at 765/400/220 kV Rajasthan Rajya Vidyut Prasaran’s State Transmission Utility Grid Substation at Pugal.
Developers must ensure that the annual capacity utilization factor is in no case more than 28%.
They ensure that the BESS is available for at least 95% of its capacity on a monthly basis.
The scheduled commencement date for supplying power from the full project capacity will be 24 months from the effective date of the PPA.
RUVITL will intimate the BESS discharge duration with a total of 16 blocks during which it intends to draw the energy from the BESS on daily basis.
Only commercially established and operational technologies should be used to minimize the technology risk and to achieve timely commencement of power supply from the projects.
The net worth of the bidders should be at least ₹13.82 million (~$153,200)/MW as on the last date of the previous financial year.
They must have a minimum annual turnover of ₹6.91 million (~$76,600)/MW during the previous financial year.
In November, the Rajasthan Renewable Energy Corporation <a href="https://www.mercomindia.com/rajasthan-launches-plug-and-play-2-45-gw-solar-park-with-5-gwh-bess-in-pugal/" target="_blank" rel="noopener">announced</a> a plug-and-play solar park for 2,450 MW solar and 5,000 MWh BESS projects in Pugal, Rajasthan.
In September 2025, Rajasthan Rajya Vidyut Utpadan Nigam <a href="https://mercomindia.com/rajasthan-issues-consultancy-tender-for-31-6-gw-solar-parks" target="_blank" rel="noopener">issued</a> requests for proposals to prepare feasibility-cum-detailed project reports for developing solar parks with a cumulative capacity of 31.6 GW across six locations in Rajasthan.
<a href="https://mercomindia.com/product/india-solar-tender-tracker/">Subscribe</a> to Mercom’s India Solar Tender Tracker to stay on top of real-time tender activity.

Rajasthan Invites Bids 2.45 GW Solar Plus 1.6 GW/6.4 GWh BESS

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					</table>Government-owned power generation company <a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a> has invited bids from developers to supply 6 GWh (1.5 GW x 4 Hours) assured peak power from inter-state transmission system (ISTS)-connected renewable energy projects with energy storage system (ESS).
The last day to submit the bids is January 24, 2025, and the bids will be opened on January 29.
Bidders must submit a bid processing fee of ₹1.5 million (~$17,676) and an earnest money deposit of ₹1.23 million (~$14,494)/MW. Selected bidders must submit a performance guarantee of ₹3.06 million (~$36,062)/MW.
The minimum project capacity or contracted capacity that the bidder can offer will be 50 MW, and the maximum project capacity will be 750 MW. The total cumulative project capacity to be awarded will be 1500 MW.
The peak time is four hours between 00:00 to 08:00 in the morning and 17:00 to 24:00 midnight daily.
Renewable energy or ESS projects can participate in this tender if they meet specific conditions. Eligible projects include those under construction, yet to be commissioned, or already commissioned but selling power on a short-term merchant basis. However, such projects must not be part of any state or central government program nor be obligated to sell power to designated beneficiaries.
The tender proposes to promote commercially established and operational technologies to mitigate technology risks and ensure the timely commissioning of the projects.
The wind turbines used in the projects must be type-certified models listed in the Revised List of Models and Manufacturers issued by the Ministry of New and Renewable Energy (MNRE).
Additionally, the solar photovoltaic modules used in the projects must be included in MNRE’s List-I under the Approved Models and Manufacturers of Solar Photovoltaic Modules.
Bidders must have a minimum net worth of ₹12.26 million (~$144,487)/MW as of the end of the previous financial year and their minimum annual turnover should be at least ₹18.39 million (~$216,731)/MW of the quoted capacity during the same period.
The bidders’ internal resource generation capability in the form of profit before depreciation, interest, and taxes should be at least ₹3.68 million (~$43,369)/MW of the quoted capacity as of the last day of the previous financial year.
Bidders should have an approval letter from lending institutions committing a line of credit for a minimum of ₹7.66 million (~$90,275)/MW of the quoted capacity towards meeting the working capital requirement of the project.
Recently, SJVN <a href="https://www.mercomindia.com/sjvn-tenders-1-2-gw-solar-projects-energy-storage/" target="_blank" rel="noopener">invited</a> bids to develop 1,200 MW ISTS-connected solar projects with 600 MW/2400 MWh ESS under tariff-based competitive bidding.
Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of tender activity in real-time.

SJVN Invites Bids for 6 GWh Peak Power Supply from Renewable Projects

India recorded an overall average power supply deficit of 0.6 percent during the six-month period between April to September 2018, according to the Central Electricity Authority (<a href="http://www.cea.nic.in/" target="_blank" rel="noopener">CEA</a>).
During this six-month period, 654,153 million units (MU) of energy was supplied against a demand of 657,999 MU leading to a deficit of 3,846 MU. The supply deficit as well as peak power deficit for the six-month period stood at 0.6 percent.
Compared to the same period in 2017 (April to September), the supply deficit dropped by 0.1 percent and the peak power deficit dropped by 1.4 percent.
<a href="https://mercomindia.com/wp-content/uploads/2018/11/Region-wise-Power-Supply-Position-and-Peak-Demand-for-Apr-Sep-2018.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-11747" src="https://mercomindia.com/wp-content/uploads/2018/11/Region-wise-Power-Supply-Position-and-Peak-Demand-for-Apr-Sep-2018.png" alt="Region-wise Power Supply Position and Peak Demand for Apr-Sep 2018" width="704" height="526" srcset="https://cms.mercomindia.com/wp-content/uploads/2018/11/Region-wise-Power-Supply-Position-and-Peak-Demand-for-Apr-Sep-2018.png 704w, https://cms.mercomindia.com/wp-content/uploads/2018/11/Region-wise-Power-Supply-Position-and-Peak-Demand-for-Apr-Sep-2018-600x448.png 600w, https://cms.mercomindia.com/wp-content/uploads/2018/11/Region-wise-Power-Supply-Position-and-Peak-Demand-for-Apr-Sep-2018-300x224.png 300w, https://cms.mercomindia.com/wp-content/uploads/2018/11/Region-wise-Power-Supply-Position-and-Peak-Demand-for-Apr-Sep-2018-650x486.png 650w, https://cms.mercomindia.com/wp-content/uploads/2018/11/Region-wise-Power-Supply-Position-and-Peak-Demand-for-Apr-Sep-2018-624x466.png 624w" sizes="auto, (max-width: 704px) 100vw, 704px" /></a>
During the six-month period ending in September 2018, the Northeastern region faced the largest peak power supply deficit of 3.6 percent, followed by the Northern region at 1.3 percent, the Eastern region at 0.5 percent and the Southern region at 0.2 percent.
During the same period in 2018, Northeastern region faced the highest peak power deficit of 3.9 percent, followed by Northern region at 2.3 percent, the Western region at 1.8 percent, the Eastern region at 0.8 percent and the Southern region at 0.6 percent.
In the latest Load Generation Balance Report (<a href="https://mercomindia.com/cea-report-ndia-energy-surplus-2018-19/" target="_blank" rel="noopener">LGBR</a>), which studies the anticipated power supply position for FY 2018-19, CEA forecasts India is likely to have a peak surplus of 2.5 percent and an energy surplus of 4.6 percent.
It is interesting to note that spot power price witnessed an unprecedented spike in <a href="https://mercomindia.com/spot-power-price-rise-september-2018/" target="_blank" rel="noopener">September 2018</a> in which the recorded spot power price was ₹4.69 (~$0.063)/kWh. This is 41 percent more than the spot power price of ₹3.34 (~$0.044)/kWh recorded in <a href="https://mercomindia.com/spot-power-price-august-2018/" target="_blank" rel="noopener">August 2018</a>. According to the Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>), “The all India peak demand touched 176 GW in September 18, 2018, registering a three percent increase over August 2018 and 11 percent increase over September 2017, per the national load dispatch center (NLDC) statistics.”

India Records Power Supply Deficit of 0.6 Percent During Apr-Sep 2018

During the first quarter (Q1) of financial year (FY) 2018-19, India’s power supply deficit declined to 0.6 percent, according to the Central Electricity Authority (<a href="http://www.cea.nic.in/">CEA</a>).
During the three-month period of April &#8211; June 2018, 323,418 million units (MUs) of electricity were supplied against a demand of 325,428 MUs. This was a decrease of 2,009 MUs over the targeted energy requirement.
During the same period, against a peak demand of 171,973 MUs of electricity, 170,765 MUs were supplied. This was 1,208 MUs fewer than the required supply to meet the peak demand, resulting in a peak power supply deficit of 0.7 percent.
The power supply deficit and peak power deficit listed by regions is presented in the chart below:
<a href="https://mercomindia.com/wp-content/uploads/2018/08/bangalo.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-10903" src="https://mercomindia.com/wp-content/uploads/2018/08/bangalo.png" alt="India’s Peak Power Supply Deficit Dipped to 0.7% in Q1 FY 2018-19" width="483" height="362" srcset="https://cms.mercomindia.com/wp-content/uploads/2018/08/bangalo.png 483w, https://cms.mercomindia.com/wp-content/uploads/2018/08/bangalo-300x225.png 300w" sizes="auto, (max-width: 483px) 100vw, 483px" /></a>
During the first quarter (Q1) of 2018-19, the northeastern region faced the highest supply deficit of 4.1 percent, followed by northern region at 1.4 percent, eastern region at 0.7 percent, southern region at 0.2 percent, and western region at 0 percent.
In terms of peak supply deficit in Q1 2018-19, the northeastern region led with 3.6 percent, followed by the western region at 2.6 percent, northern region at 0.8 percent, southern region at 0.6 percent, and eastern region at 0.2 percent.
Mercom <a href="https://mercomindia.com/avg-peak-power-deficit-2017-18/" target="_blank" rel="noopener">previously reported</a> that India’s power supply deficit was 0.7 percent during financial year (FY) 2017-18, coming in roughly unchanged from the figures reported during financial year FY 2016-17.
Mercom <a href="https://mercomindia.com/solar-top-renewable-source-india-2017/" target="_blank" rel="noopener">reported</a> earlier this year that solar was the leading source of power capacity additions during calendar year 2017, with installed capacity of approximately 9.5 GW accounting for 45 percent of total power capacity additions.
In the latest Load Generation Balance Report (<a href="https://mercomindia.com/cea-report-ndia-energy-surplus-2018-19/" target="_blank" rel="noopener">LGBR</a>), which studies the anticipated power supply position for FY 2018-19, Central Electricity Authority’s (CEA) is forecasting that India is likely to have a peak surplus of 2.5 percent and an energy surplus of 4.6 percent.

India’s Peak Power Supply Deficit Dipped to 0.7% in Q1 FY 2018-19

India recorded a low power supply deficit of 0.7 percent in the financial year (FY) 2016-17. More than 1,134,631 million units of electricity were produced, which was 7,461 million units less than the targeted 1,142,092 million units, according to the Central Electricity Authority (CEA).
<img loading="lazy" decoding="async" class="aligncenter" src="https://mercomcapital.com/assets/images/India_Power_Deficit_(1991-92_to_2016-17).png" alt="" width="502" height="301" />
The supply deficit was 0.7 percent and the peak deficit stood at 1.6 percent. Compared to the FY2015-16, both the supply deficit and peak deficit dropped by 1.4 percent and 1.6 percent, respectively.
A senior official at the CEA told Economic Times that the deficit in FY2016-17 was lowest since the agency started maintaining the reports in 1992.
The CEA <a href="https://mercomindia.com/central-electricity-authority-releases-draft-national-electricity-plan-2017-2022/" target="_blank" rel="noopener noreferrer">estimated</a> peak demand and energy requirements in the five-year period, 2017-2022, to be 235,317 MW and 1,611 billion units.
Image Credit: World Bank Group

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