Climate Tech Asset Financing Firm Stride Green Raises $3.5 Million in Seed Funding

Jindal Stainless to Procure 700 MU of Hybrid Renewable Power from Oyster

Monsoon Winds Reveal Weak Links in Rooftop Solar Installation Practices

Madhya Pradesh Tenders 1.2 GW Solar Projects for Agricultural Feeders

Daily News Wrap-Up: Leading Solar Inverter Suppliers in 2024

Saatvik Begins Work on 4.8 GW Solar Cell and 4 GW Module Facility in Odisha

NLC and MAHAPREIT Join Hands to Develop 5 GW Renewable Energy Projects

Waaree Energies to Divest 1.15% in Solar Cell Manufacturer Indosolar

ChargePoint’s Q1 Revenue Declines 9% YoY, Misses Analyst Expectations

Serentica Secures $100 Million Loan for 300 MW Solar Project


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					</table><p>India’s solar open access capacity additions <a href="https://www.mercomindia.com/solar-open-access-capacity-additions-in-india-slump-48-qoq-in-q1" target="_blank" rel="noopener">dropped</a> 47% year-over-year (YoY) to 1.1 GW in the first quarter (Q1) of 2025 from over 2 GW, according to Mercom India’s Q1 2025 Solar Open Access Market Report. Solar open access capacity additions also dropped 48% quarter-over-quarter from 2.1 GW in Q4 2024. Solar open access projects accounted for 19.8% of the total large-scale solar installations during the quarter. Of the open access projects installed in Q1 2025, 67.4% were standalone solar, 32% wind-solar hybrid energy projects, and 0.6% floating solar.</p>
<p>Servotech Renewable Power System has <a href="https://www.mercomindia.com/servotech-wins-northeast-frontier-railways-7-8-mw-rooftop-solar-auction" target="_blank" rel="noopener">secured</a> Northeast Frontier Railway’s auction to develop 7.8 MW rooftop solar power projects in Assam’s Rangiya division. The projects estimated contract value is ₹336 million (~$3.9 million). The project’s scope of work encompasses the supply, design, installation, testing, and commissioning of rooftop solar systems with capacities ranging from 3 kW to 10 kW.</p>
<p>With a 55 kW rooftop solar power project in its Nellore factory, Iceberg Organic Ice Creams was able to <a href="https://www.mercomindia.com/nellore-ice-cream-factory-switches-to-solar-saves-%E2%82%B9150000-per-month" target="_blank" rel="noopener">save</a> ₹150,000 (~$1,753)/month. When the company expanded to over 70 outlets nationwide, it resulted in increased electricity consumption.  In 2021, it decided to switch to solar power to reduce its rising electricity bills. Currently, about 80% of its electricity needs are met through the solar system and it has recovered its initial investment.</p>
<p>Indian Energy Exchange electricity traded volume <a href="https://www.mercomindia.com/iex-green-energy-market-sees-47-increase-in-may-2025" target="_blank" rel="noopener">reached</a> 10,946 million units in May 2025, a 2.9% YoY rise from 10,633 MU. In May 2025, the country’s energy consumption stood at 148.7 billion units, down 4% YoY. The decline can be attributed to unseasonal rains and the early onset of the monsoon, which kept temperatures lower than usual, resulting in reduced electricity demand. The Real Time Market on the platform saw market-clearing prices plunge to near-zero levels due to a surge in power supply and a simultaneous dip in demand caused by unseasonal rains and thunderstorms.</p>
<p>Metals and mining company Lloyds Metals will <a href="https://www.mercomindia.com/lloyds-metals-to-procure-28-mw-of-wind-solar-power-from-hexa-climate" target="_blank" rel="noopener">procure</a> power from Hexa Climate’s 28.2 MW wind-solar hybrid power projects in Maharashtra. Lloyds will acquire a 26% equity stake in special purpose vehicles, Hexa Energy MH3 and Hexa Energy for ₹100 million (~$1.17 million) and Hexa Energy W2 for ₹120 million (~$1.4 million). The wind-solar power project comprises an 8.4 MW wind power project and a 19.8 MW solar power project.</p>
<p>Automaker Maruti Suzuki India has <a href="https://www.mercomindia.com/maruti-suzuki-solar-capacity-79-mw" target="_blank" rel="noopener">commissioned</a> a 20 MW solar power project at its new facility in Kharkhoda and added another 10 MW of capacity at its Manesar plant, both in Haryana. The company’s total solar capacity across its sites has increased from 49 MW to 79 MW over the past year. Maruti Suzuki India said it aims to achieve a solar capacity of 319 MW, with an investment exceeding ₹9.25 billion (~$107.63 million) by the end of FY 2031. The company installed its first solar power project in 2014 at its Manesar facility, which was later upgraded to 1.3 MW in 2018.</p>
<p>Kolkata-based solar module manufacturer Vikram Solar has <a href="https://www.mercomindia.com/vikram-solar-gets-sebi-approval-for-ipo-to-fund-expansion-plans" target="_blank" rel="noopener">received</a> approval from the Securities and Exchange Board of India to proceed with its Initial Public Offering (IPO). The company filed the draft red herring prospectus for the IPO in October 2024. The IPO will consist of a fresh issue of equity shares worth up to ₹15 billion (~$176.25 million) and an offer for sale of up to 17.45 million equity shares by the promoter and promoter group selling shareholders. The face value of each equity share is ₹10 (~$0.11).</p>
<p>The Asian Development Bank has <a href="https://www.mercomindia.com/protests-lead-to-adb-nixing-434-million-loan-for-1-gw-assam-solar-project" target="_blank" rel="noopener">withdrawn</a> loan approval of $434.25 million for a 1 GW solar project in Assam following a request from India’s Finance Ministry. The solar projects were to be implemented under the ‘Mukhya Mantri Sauro Shakti Prokolpo’ program. A 500 MW solar project and a battery energy storage system were to be set up in the state’s Karbi Anglong district. Another 250 MW solar project was planned in the same district, out of a total 1 GW capacity.</p>
<p>In 2024, RE100 member companies <a href="https://www.mercomindia.com/businesses-are-powering-the-renewable-revolution-but-systemic-gaps-persist-report" target="_blank" rel="noopener">consumed</a> over 545 TWh of electricity. More than half of that power, 53%, was attributed to renewable sources. Yet only 42% was verified under RE100’s recognition criteria, revealing persistent gaps in data quality, regulatory frameworks, and market access. RE100 companies are businesses that have committed to sourcing 100% of their electricity from renewable sources by a specific target year.</p>
<p>Solar cell and module manufacturer Meyer Burger Technology has <a href="https://mercomindia.com/meyer-burger-shuts-arizona-facility-as-german-subsidiaries-file-for-insolvency" target="_blank" rel="noopener">announced</a> that its German subsidiaries, Meyer Burger (Industries) and Meyer Burger (Germany), have initiated insolvency proceedings as restructuring efforts were unsuccessful. Meyer Burger stated that it had made intensive efforts to keep the sites operational during the restructuring negotiations. However, the efforts yielded no success, and the company will continue the proceedings, together with a provisional insolvency administrator to be appointed by the court.</p>


Daily News Wrap-Up: Solar Open Access Capacity Additions Drop 47% in Q1


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					</table><p><a href="https://www.servotech.in/" target="_blank" rel="noopener">Servotech Renewable Power System</a> has secured <a href="https://nfr.indianrailways.gov.in/" target="_blank" rel="noopener">Northeast Frontier Railway</a>’s auction to develop 7.8 MW rooftop solar power projects in Assam’s Rangiya division.</p>
<p>The projects estimated contract value is ₹336 million (~$3.9 million).</p>
<p>The tender was <a href="https://www.mercomindia.com/north-east-frontier-railway-rooftop-solar-systems" target="_blank" rel="noopener">floated</a> in November 2024.</p>
<p>The project’s scope of work encompasses the supply, design, installation, testing, and commissioning of rooftop solar systems with capacities ranging from 3 kW to 10 kW.</p>
<p>Servotech must use monocrystalline solar modules and include inverters with remote monitoring capabilities. The contract also covers five years of comprehensive annual maintenance for various buildings within the Rangiya division.</p>
<p>The modules used must be listed in the Approved List of Models and Manufacturers.</p>
<p>The projects must be completed within six months.</p>
<p>According to the tender, for solar power projects with a minimum capacity of 1 MW, bidders must have a local service center at Katihar, New Jalpaiguri, Siliguri, New Cooch Behar, New Alipurduar, New Bongaigaon, Guwahati, Dibrugarh, Tinsukia, Jorhat, Agartala, or Silchar.</p>
<p>The service centers must be staffed with trained technicians and fully equipped with maintenance spares, tools, and instruments to address service requests from the railway authorities.</p>
<p>In December 2024, the Tinsukia Division of Northeast Frontier Railway <a href="https://www.mercomindia.com/northeast-frontier-railway-mw-rooftop-solar-systems" target="_blank" rel="noopener">floated</a> a tender to provide 1.41 MW rooftop solar power systems at the station, service buildings, residential buildings, and gates under its jurisdiction. The advertised value of the project is ₹78.17 million (~$927,678).</p>
<p>In November 2024, the North East Frontier Railway <a href="https://www.mercomindia.com/north-east-frontier-railway-floats-tenders-for-5-mw-rooftop-solar-systems" target="_blank" rel="noopener">issued</a> three tenders for a cumulative capacity of 5 MW of rooftop solar systems in Guwahati, New Guwahati, Goshala, and Nambari areas.</p>
<p>In November 2024, the Katihar Division of the North East Frontier Railway <a href="https://www.mercomindia.com/railways-invite-bids-for-systems-in-katihar-division" target="_blank" rel="noopener">issued</a> two tenders to install a cumulative capacity of 3.4 MW of rooftop solar systems across railway stations, level crossing gates, service buildings, and residential buildings.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of real-time tender activity.</p>


Servotech Wins Northeast Frontier Railway’s 7.8 MW Rooftop Solar Auction


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					</table><p>Electric vehicle (EV) charger and energy efficiency products manufacturer <a href="https://www.servotech.in" target="_blank" rel="noopener">Servotech Power Systems</a> recently won an order worth ₹1.02 billion (~$12.31 million) for 1,500 DC fast EV chargers from Hindustan Petroleum Corporation (<a href="https://www.hindustanpetroleum.com/" target="_blank" rel="noopener">HPCL</a>).</p>
<p>In addition to this order, which consists of two charger variations of 60 kW and 120 kW, the company will also manufacture and supply EV chargers to original equipment manufacturers.</p>
<p>The company manufactures both AC and DC chargers that are compatible with different EVs.</p>
<p>&#8220;We are confident that our high-quality and technologically advanced DC fast EV chargers will help to establish e-mobility touchpoints, optimize transactions, improve availability, simplify discovery, and facilitate navigation for EV users. Our active support ensures a smooth transition towards a cleaner, more sustainable transport ecosystem,” said Sarika Bhatia, director of Servotech.</p>
<p>This is the second such order for the company recently. Earlier this month, Servotech <a href="https://mercomindia.com/servotech-contract-deploy-1800-ev-chargers-bpcl" target="_blank" rel="noopener">secured</a> an order from Bharat Petroleum Corporation for 1,800 DC Fast EV chargers to be installed pan-India.</p>
<p>Last year, Union Minister for Power and New and Renewable Energy R K Singh <a href="https://www.mercomindia.com/india-aims-at-9-fold-in-public-ev-charging-2030" target="_blank" rel="noopener">informed</a> Parliament that India had only 5,254 public charging stations in operation. The government aims to install a total of 46,397 public charging stations in nine major cities by the end of the decade.</p>
<p>To boost public EV charging infrastructure in the country, the government has clarified that charging EVs through charging stations does not require licenses.</p>
<p>The Central Electricity Authority has also issued amendments to the regulations regarding technical standards pertaining to grid connectivity and the safety of supply for charging stations.</p>
<p>This year, the Ministry of Heavy Industry <a href="https://www.mercomindia.com/fame-ii-budgetary-vehicles-increased-by-million" target="_blank" rel="noopener">increased</a> the budgetary outlay for the Faster Adoption and Manufacturing of Hybrid &amp; Electric Vehicles program by $180.7 million in a bid to offer subsidies for EV manufacturers and increase the adoption of EVs in India.</p>


Servotech Wins $12 Million Order for 1,500 DC EV Chargers from HPCL


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					</table><p><a href="https://www.mercomindia.com/budget-2024-free-electricity-rooftop-solar-vgf-offshore-wind" target="_blank" rel="noopener"><strong>Union Finance Minister Nirmala Sitharaman unveiled key measures during the presentation of the 2024 interim budget, signaling a significant push towards sustainable energy and electric mobility.</strong></a> One of the standout announcements involves providing up to 300 units of free electricity every month to 10 million households through rooftop solarization. This move aims not only to make clean energy accessible to a large segment of the population but also to encourage the widespread adoption of solar power.</p>
<p><a href="https://www.mercomindia.com/servotech-contract-deploy-1800-ev-chargers-bpcl" target="_blank" rel="noopener"><strong>Servotech Power Systems, an electric vehicle (EV) charger and energy efficiency products manufacturer has won an order for 1,800 DC Fast EV Chargers to be installed across India</strong></a> from government-owned oil and gas major Bharat Petroleum Corporation. The order is valued at ₹1.2 billion (~$14.46 million) and encompasses the installation and commissioning of two charger variants, 60 kW and 120 kW in the 70:30 ratio.</p>
<p><a href="https://www.mercomindia.com/sales-volume-amara-rajas-q3-profits-up-15" target="_blank" rel="noopener"><strong>Amara Raja Energy &amp; Mobility recorded a net profit of ₹2.55 billion (~$30.7 million) during the third quarter of the financial year 2024, a year-over-year (YoY) increase of 14.8%,</strong></a> primarily driven by the increased sales volumes of automotive batteries in both domestic and international markets. During the quarter, the company posted revenue of ₹30.68 billion (~$369.7 million), a YoY increase of 15% from ₹26.64 billion (~$321 million) fueled by the increased demand for lead-acid batteries.</p>
<p><a href="https://www.mercomindia.com/jabalpur-municipal-tender-for-10-mw-solar-projects" target="_blank" rel="noopener"><strong>The Municipal Corporation of Jabalpur has invited proposals from eligible consultants to set up 10 MW solar projects under captive/net metering mode to supply power to its high-tension connections.</strong></a> The last date for submitting bids is February 29, 2024. Bids will be opened on March 1. The corporation is responsible for supplying water to residents within its jurisdiction and operates multiple water pumping stations equipped with electrical connections at 132/33 or 11 kV Voltage. The corporation aims to transition to solar energy, within the existing regulations, to meet its electrical energy needs as much as possible.</p>
<p><a href="https://www.mercomindia.com/thdc-issues-floating-solar-park-in-karnataka" target="_blank" rel="noopener"><strong>THDC India has invited bids from consultants for the preparation of a detailed project report and bathymetric survey of a 100 MW floating solar power project at the Kadra Dam reservoir in Karnataka</strong></a>. The last date for submission of bids is September 15, 2024. Bids will be opened the next day. The study’s scope encompasses an in-depth project report, incorporating an evaluation of suitability, engineering surveys, cost estimates, and assessments of technical, economic, and financial viability for solar power projects.</p>


Daily News Wrap-Up: Budget 2024 Highlights


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					</table><p><strong>Here are some noteworthy cleantech announcements of the day from around the world:</strong></p>
<p><a href="https://www.servotech.in/" target="_blank" rel="noopener"><strong>Servotech Power Systems</strong></a><strong> has been awarded a Letter of Intent by the Uttar Pradesh New &amp; Renewable Energy Development Agency (</strong><a href="http://upneda.org.in/" target="_blank" rel="noopener"><strong>UPNEDA</strong></a><strong>) for a 1.8 MW off-grid solar project</strong> with solar-powered modules of different capacities across the state. The project&#8217;s contract value is approximately ₹300 million (~$3.68 million). This is the second key project that Servotech acquired from UPNEDA after bagging a 4.1 MW grid-interactive rooftop solar power project from the authority earlier this month. The project will see Servotech perform key responsibilities such as empanelling and rate contracts for designing, manufacturing, supply, erection, testing, and commissioning off-grid solar plants throughout Uttar Pradesh.</p>
<p><strong>Inox Wind </strong><a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/ddff4887-0a0f-4f6c-a7a6-44e6d90549dd.pdf" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the commissioning of India&#8217;s first 3.3 MW wind turbine in the Rajkot district of Gujarat.</strong> The 3.3 MW wind turbine, developed with AMSC as a technology partner, features a 100 m tubular tower and 146 m rotor blades -one of the largest in its class. This wind turbine offers one of the lowest possible energy costs. The new wind turbine is dedicated to achieving India&#8217;s vision of 50% electric power from non-fossil fuel-based energy resources by 2030.</p>
<p><strong>Corio Generation will </strong><a href="https://www.coriogeneration.com/news/corio-generation-partners-with-q-energy-to-unleash-spains-offshore-wind-potential" target="_blank" rel="noopener"><strong>partner</strong></a><strong> with Q-Energy, a global investment and management platform focused on renewable energy, to explore opportunities to develop floating offshore wind power in Spain.</strong> The two companies signed a partnership agreement and began preliminary work to identify suitable sites for floating offshore wind across the Spanish coastline. Spain is looking to increase the share of renewables in domestic electricity generation by 2030.</p>
<p><strong>Abu Dhabi Future Energy Company (Masdar) and Germany&#8217;s RWE Renewables </strong><a href="https://news.masdar.ae/en/News/2022/09/26/12/16/Masdar-and-RWE-Sign-Agreement-to-Target-Key-Global-Offshore" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a Memorandum of Understanding to explore collaboration on developing offshore wind projects in various key markets.</strong> Masdar and RWE Renewables will explore the development of offshore wind projects in several countries and explore project opportunities identified by both parties.</p>
<p><strong>Leroy Merlin, France&#8217;s leading home improvement retail company, and Voltalia </strong><a href="https://www.voltalia.com/news-releases/news-release-details/leroy-merlin-chooses-voltalia-supply-solar-energy-its-sites" target="_blank" rel="noopener">announced</a><strong> the signing of a sales contract to develop a new 30 MW solar power plant in the Centre-Val de Loire region. </strong>The agreement will be valid at a pre-determined tariff for a minimum of 15 years (with the possibility of extension). It will allow Leroy Merlin to source approximately 15% of its electricity consumption from renewable energy. The solar power project is scheduled to be commissioned in 2025</p>
<p><strong>Iberdrola and Solvay will </strong><a href="https://www.iberdrola.com/press-room/news/detail/iberdrola-and-solvay-team-up-to-produce-green-electricity" target="_blank" rel="noopener"><strong>partner</strong></a><strong> in a new project to supply green electricity to Solvay&#8217;s projects in Tavauxand Saint Fons, France.</strong> Under the agreement, a 172-hectare site will be used to develop a solar power project, part of whose output will be purchased by Solvay for its industrial plants through a 20-year corporate power purchase agreement. The solar installation, which will be built and operated by Inderdrola Renouvelables France, will occupy 77 hectares of land and have around 100,000 solar modules. The project will produce around 75 GWh/year of power, making it one of the largest in Europe.</p>


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