Mercom Research Focus
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VGF, LCOS, and the Changing Economics of Battery Storage in India

Bid prices in the battery energy storage system (BESS) market are declining sharply, driven by viability gap funding (VGF) support and intense competition. While VGF has reduced upfront project costs, it has also spurred aggressiv...

February 9, 2026

Energy Storage

Industry Opines Budget 2026 Marks a Focus Shift to Stable Renewables

The Union Budget 2026 has 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 pill...

February 6, 2026

Finance and M&A

PFC Acquires Majority Stake in REC, Board Greenlights Merger

Power Finance Corporation (PFC) has 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...

February 6, 2026

Mercom Research Focus

India’s Solar Power Generation Rises 22% YoY in 2025 on Project Commissioning Surge

Solar power generation in India rose nearly 22% year-over-year (YoY) to 164.5 billion units (BU) in 2025, up from 133.7 BU, according to data published by the Central Electricity Authority (CEA). Solar power generation growth in Q...

February 5, 2026

Latest News

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Enphase’s Q4 2025 Revenue Down on Softening US, Europe Demand

Microinverter and battery storage supplier Enphase Energy reported revenue of $343.32 million for the fourth quarter (Q4) of 2025, down 10.29% year-over-year (YoY) from $382.71 million. The revenue, however, in Q4 surpassed analysts’ expectations by...

February 9, 2026

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Fluence Energy’s Revenue Jumps 154% to $475.2 Million in Q1 FY2026

Utility-scale energy storage firm Fluence Energy recorded revenue of  $475.2 million, an increase of approximately 154.4% year-over-year (YoY), in the first quarter (Q1) of the financial year (FY) 2026. The company recorded a net loss of $62.6...

February 9, 2026

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Hero MotoCorp Approves Investment of ₹2.75 Billion in Euler Motors

Hero MotoCorp has 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...

February 6, 2026

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Uttar Pradesh Adopts ₹2.57/kWh Tariff for a 400 MW Solar Project in Rajasthan

The Uttar Pradesh Electricity Regulatory Commission (UPERC) has 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...

February 6, 2026

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Adani Energy Solutions Delivers 10 Million Smart Meters Across Five DISCOMs

Adani Energy Solutions (AESL) has delivered 10 million smart electricity meters to distribution companies (DISCOM), with another 10 million deliveries expected in the coming financial year. AESL said it completed the installation of these smart...

February 6, 2026

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Suzlon’s Revenue Up 42% in Q3 FY 2026 on Higher Wind Turbine Orders

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 (Q3) of the financial year (FY) 2026 from ₹29.69 billion (~$328.24 million). Earnings before interest, taxes,...

February 6, 2026

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Himachal Pradesh Invites Bids for DPR of 3 MW Solar Plus 2 MW BESS Project

Himachal Pradesh State Electricity Board (HPSEBL) has invited bids to conduct a detailed survey and prepare a detailed project report (DPR) for a 3 MW ground-mounted solar project with a 2 MW/4 MWh battery energy storage system (BESS) in Dehra town,...

February 6, 2026

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