ALTÉRRA Invests $100 Million in Evren

Uttar Pradesh Tenders 110 MW Projects in Two Solar Parks

REC Raises ₹50 Billion Through Five and Ten-Year Bonds

Military Engineer Services Invites Bids for 1.1 MW Rooftop Solar Systems

Robust Capacity Additions Push Adani Green’s Q4 Revenue Up 37% YoY

Daily New Wrap-Up: Rays Power, Hetvi Win Assam’s 250 MW Solar Projects Auction

Enphase Lowers Q2 Revenue Guidance, Fears Adverse Impact from China Tariffs

NTPC Green Floats Land and Transmission Tender for 900 MW Solar Projects

Savings in Power Bills Key Motivator for C&I Clean Energy Transition

Reliance Bags Project to Evacuate 3 GW of Power for Green Hydrogen Projects


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					</table><p><a href="https://recindia.nic.in/" target="_blank" rel="noopener">REC</a>, a state-owned infrastructure finance company, has raised ₹50 billion (~$586 million) through the issuance of bonds.</p>
<p>The offering included ₹30 billion (~$352 million) of five-year bonds at a coupon of 6.97% and ₹20 billion (~$234.6 million) through ten-year bonds at a coupon of 6.86%.</p>
<p>The bonds received an &#8220;AAA&#8221; rating from credit rating agencies, including <a href="https://www.careratings.com/" target="_blank" rel="noopener">CARE Ratings</a>, <a href="https://www.icra.in/" target="_blank" rel="noopener">ICRA</a>, and <a href="https://www.indiaratings.co.in/" target="_blank" rel="noopener">India Rating and Research</a>.</p>
<p>REC will list the bonds on the Bombay Stock Exchange and the National Stock Exchange.</p>
<p>Last September, REC <a href="https://www.mercomindia.com/rec-raises-500-million-via-green-bonds-to-finance-clean-energy-projects" target="_blank" rel="noopener">raised</a> $500 million through five-year green bonds as part of its $10 billion Global Medium-Term Program in September 2024. The funds will finance eligible green projects per REC’s Green Finance Framework, the Green Bond principles of the Climate Bonds Initiative, London, and RBI’s ECB Guidelines, with a second-party opinion from Sustainable Fitch.</p>
<p>Recently, REC signed a memorandum of understanding with the <a href="https://keralaenergy.gov.in/" target="_blank" rel="noopener">Energy Management Centre</a>, Government of Kerala, to finance pumped storage projects (PSP). Under this agreement, REC intends to finance ₹183.6 billion (~$2.15 billion) in Kerala’s PSP segment over the next five years.</p>
<p>REC <a href="https://www.mercomindia.com/rec-revenue-q3-fy25" target="_blank" rel="noopener">recorded</a> a total income of ₹142.86 billion (~$1.63 billion) for the third quarter (Q3) of the financial year (FY) 2025, an 18% year-over-year (YoY) increase. The company’s net profit for the quarter rose 23% YoY to ₹40.76 billion (~$465.35 million). Its earnings per share came in at ₹15.48 (~$0.18) compared to ₹12.56 (~$0.14) in the corresponding quarter last year.</p>
<p>REC <a href="https://www.mercomindia.com/recs-loans-to-renewable-energy-sector-grew-58-in-q3-2025" target="_blank" rel="noopener">announced</a> a significant increase in loan disbursements for Q3 FY 2025. The non-banking financial company disbursed a total of ₹546.92 billion (~$6.63 billion) in Q3 FY 2025, marking a 17.98% rise from the same period last year. It increased its focus on renewable energy in Q3, with disbursements in this category achieving a 58.09% YoY growth. The company directed loans worth ₹63.14 billion (~$765.94 million) towards green energy initiatives in this quarter.</p>



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					</table><p>Renewable energy company Adani Green Energy (<a href="https://www.adanigreenenergy.com/about-us" target="_blank" rel="noopener">AGEL</a>) generated revenue of ₹26.66 billion (~$312.88 million) from power supply in the fourth quarter (Q4) of the financial year (FY) 2025, a 37% year-over-year (YoY) increase from ₹19.41 billion (~$227.79 million).</p>
<p>The revenue growth was accompanied by a 35% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA), which reached ₹24.53 billion (~$287.88 million) at an EBITDA margin of 91%.</p>
<p>The company also reported an 18% jump in cash profit, which climbed to ₹12.31 billion (~$144.47 million).</p>
<p>Its earnings per share (EPS) came in at ₹1.26 (~$0.015) compared to ₹0.76 (~$0.0089) in the corresponding quarter last year.</p>
<p>The improvement in revenue, EBITDA, and cash profit was primarily driven by robust greenfield capacity addition of 3.3 GW and consistent project performance. AGEL noted that it contributed 16% of the nationwide utility-scale solar and 14% of the wind installations in FY25.</p>
<p>The greenfield additions in FY25 included 1,460 MW of solar and 599 MW of wind capacity in Khavda, 1,000 MW of solar capacity in Rajasthan, and 250 MW of solar capacity in Andhra Pradesh.</p>
<p>Adani Green’s operational capacity increased 30% YoY to 14.2 GW and is expected to rise to 15.2 GW with an additional 1 GW near completion.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/AEGL-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-79002 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/AEGL-1.png" alt="AEGL 1" width="660" height="311" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/AEGL-1.png 660w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/AEGL-1-300x141.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/AEGL-1-650x306.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/AEGL-1-624x294.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/AEGL-1-600x283.png 600w" sizes="(max-width: 660px) 100vw, 660px" /></a></p>
<p><strong>Full-year 2025</strong></p>
<p>Adani Green generated a revenue of ₹94.95 billion (~$1.11 billion) in FY25, a 23% YoY increase from ₹77.35 billion (~$907.98 million).</p>
<p>The revenue growth was accompanied by a 22% increase in EBITDA, which reached ₹88.18 billion (~$1.03 billion) at an EBITDA margin of 91.7%.</p>
<p>The company also reported a 22% YoY jump in cash profit, which climbed to ₹48.71 billion (~$571.78 million).</p>
<p>Its EPS came in at ₹8.37 (~$0.098) compared to ₹6.20 (~$0.073) last year.</p>
<p>AGEL’s solar portfolio achieved a capacity utilization factor (CUF) of 24.8%, supported by 99.5% project availability. Its wind portfolio recorded a CUF of 27.2%, backed by 95.9% availability. The hybrid portfolio achieved a CUF of 39.5% and a project availability of 99.6%.</p>
<p>AGEL <a href="https://www.mercomindia.com/adani-greens-q3-profits-jump-84-operational-capacity-up-37" target="_blank" rel="noopener">posted</a> an 84% year-over-year growth in net profit for Q3 FY25, reaching ₹5.43 billion (~$62.79 million) from ₹2.95 billion ($34.11 million).</p>
<p>AGEL <a href="https://www.mercomindia.com/utility-scale-solar-developers-1h-2024/" target="_blank" rel="noopener">emerged</a> as the top utility-scale solar project developer in the first half of the calendar year 2024, according to Mercom’s India Solar Market Leaderboard 1H 2024. The company topped with a market share of 29.3%. Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker">Market Share Tracker</a> for quarterly data insights on your competitors’ growth rates.</p>



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					</table><p>Rays Power Infra and Hetvi Construction <a href="https://www.mercomindia.com/rays-power-hetvi-win-assams-auction-to-set-up-250-mw-solar-projects" target="_blank" rel="noopener">won</a> the Assam Power Distribution Company’s engineering, procurement, and construction auction to set up 250 MW of solar power projects in Karbi Anglong, Assam. Rays Power Infra and Hetvi Construction won 125 MW each. The tender was floated in May 2024. The projects are part of the 1 GW solar projects being set up in Karbi Anglong.</p>
<p>The Andhra Pradesh Electricity Regulatory Commission <a href="https://www.mercomindia.com/andhra-waives-fees-for-rooftop-solar-projects-10-kw" target="_blank" rel="noopener">waived</a> application fees and net metering charges for domestic consumers installing rooftop solar systems of up to 10 kW under the Pradhan Mantri Surya Ghar: Muft Bijli Yojana. This decision follows a formal request from the Andhra Pradesh Eastern Power Distribution Company, supported by inputs from the Andhra Pradesh Southern Power Distribution Company and Andhra Pradesh Central Power Distribution Corporation, aiming to ease the financial burden on households willing to switch to solar.</p>
<p>Reliance Industries <a href="https://www.mercomindia.com/reliance-bags-project-to-evacuate-3-gw-of-power-for-green-hydrogen-projects" target="_blank" rel="noopener">won</a> PFC Consulting’s tender to set up a transmission system to evacuate 3 GW of power for green hydrogen/ammonia manufacturing projects in the Kandla area, Gujarat. The tender was floated in October last year. Reliance Industries will acquire 100% equity stakes in Kandla GHA Transmission for ₹200 million (~$2.3 million). The transaction is expected to be completed by the end of June 2025.</p>
<p>Reliance Industries <a href="https://www.mercomindia.com/reliance-commissions-solar-module-manufacturing-facility" target="_blank" rel="noopener">commissioned</a> the first production line in its gigawatt-scale solar module manufacturing facility in Gujarat. The facility has an initial production capacity of 10 GW per year and is being rolled out in phases. It will produce 720 Wp heterojunction technology modules. Designed with modularity, the facility allows for expansion of up to 20 GW as required.</p>
<p>U.S.-based power producer NextEra Energy <a href="https://www.mercomindia.com/nexteras-revenue-grows-9-in-q1-reaffirms-guidance-for-2025" target="_blank" rel="noopener">reported</a> operating revenue of $6.25 billion for the first quarter (Q1) of 2025, a 9% year-over-year (YoY) increase from $5.73 billion in Q1 2024. The revenue, however, missed analysts’ expectations by $384.23 million. Net income attributable to NextEra Energy on a GAAP basis was $833 million, or $0.40 per share, down from $2.27 billion, or $1.10 per share, in Q1 2024. The decline reflected unfavorable mark-to-market impacts and other non-cash adjustments.</p>
<p>Global wind energy capacity <a href="https://www.mercomindia.com/global-wind-capacity-117-gw-additions-increase-from-2023" target="_blank" rel="noopener">saw</a> a record 117 GW in new additions in 2024, a marginal increase from the 116.6 GW installed in 2023. The total wind energy capacity installed across the globe stands at 1,136 GW, according to the Global Wind Energy Council’s Global Wind Report 2025. Driven by explosive growth in China and steady installations in India, Asia Pacific retained its leading position with 75% of the global market share and a 7% YoY growth.</p>



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					</table><p>U.S.-based microinverter and battery storage supplier <a href="https://enphase.com/en-in" target="_blank" rel="noopener">Enphase Energy</a> reported a 35.22% year-over-year (YoY) rise in revenue to $356.1 million in the first quarter (Q1) of 2025 from $263.34 million.</p>
<p>The company attributed the revenue growth to rising sales of its microinverters and IQ batteries.</p>
<p>It reported a net profit of $29.73 million, up from a net loss of $16.09 million in the same period last year.</p>
<p>Enphase Energy’s earnings per share (EPS) came in at $0.22 compared to a loss of $0.12 compared to Q1 2024.</p>
<p>The company said it shipped 170.1 MWh of IQ batteries in Q1 2025 and 1.21 million microinverters from its contract manufacturers in the U.S. , which are eligible for the 45X production tax credits.</p>
<p>As of March 2025, the company had cumulatively shipped 81.5 million microinverters with 28.75 GW capacity and 1.86 GWh of energy storage systems.</p>
<p>In April 2025, it announced that more than 2,500 SunPower customers have transitioned to Enphase Energy monitoring since SunPower’s bankruptcy filing in August 2024.</p>
<p>The company has a global capacity of around 7.25 million microinverters per quarter, with five million of these inverters in the U.S. Its domestically produced microinverters help residential lease/power purchase agreement providers and commercial asset owners qualify for the 10% domestic content ITC tax benefit.</p>
<p>The company shipped 44 MWh of batteries from their Texas facility during the quarter.</p>
<p>In an earning’s call, the company said the recently announced 145% tariff on Chinese products and the 10% reciprocal tariffs on imports from other countries are expected to have minimal impact on its microinverters and accessories due to a diversified supply chain.</p>
<p>However, it expects a higher impact on its batteries as it sources nearly 95% of battery cell packs from China. The tariffs are expected to reduce Enphase Energy’s gross margin by approximately 2% in Q2 of the financial year 2025. The tariff’s effect is expected to be limited in Q2 due to the company’s pre-tariff inventory.</p>
<p>In Q3, the company anticipates a 6% to 8% impact on its total gross margin after accounting for pricing adjustments due to reciprocal tariffs.</p>
<p>The company has already identified tangible sourcing options outside China.</p>
<p>It expects its revenue for Q2 to range from $340 million to $380 million, which includes shipments of 160 MWh to 180 MWh of IQ Batteries.</p>
<p>In Q4 2024, Enphase Energy <a href="https://www.mercomindia.com/enphase-exceeds-q4-revenue-eps" target="_blank" rel="noopener">recorded</a> a total revenue of $382.71 million, reflecting a 26.5% YoY increase and exceeding analyst expectations by $5.21 million. The company’s revenue in the U.S. increased approximately 6% sequentially, driven by higher microinverter sales, while revenue in Europe declined by 25% due to softening regional demand.</p>
<p>In Q3 2024, the company <a href="https://mercomindia.com/enphase-q3-revenue-drops" target="_blank" rel="noopener">reported</a> a revenue of $380.9 million, a 31% drop from $551.08 million a year ago. It faced weakening demand in Europe, where revenue fell by 15%. Despite this, U.S. sales surged 43% quarter-over-quarter as inventory normalization boosted shipments.</p>



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					</table><p><a href="https://www.ril.com/" target="_blank" rel="noopener">Reliance Industries</a> has won <a href="https://www.pfcclindia.com/" target="_blank" rel="noopener">PFC Consulting</a>’s tender to set up a transmission system to evacuate 3 GW of power for green hydrogen/ammonia manufacturing projects in the Kandla area, Gujarat.</p>
<p>The tender was <a href="https://www.mercomindia.com/pfc-invites-bids-to-evacuate-6-gw-of-power-for-green-hydrogen-projects" target="_blank" rel="noopener">floated</a> in October last year.</p>
<p>Reliance Industries will acquire 100% equity stakes in Kandla GHA Transmission (KGTL) for ₹200 million (~$2.3 million). The transaction is expected to be completed by the end of June 2025.</p>
<p>Post acquisition, KGTL will become a wholly owned subsidiary of Reliance Industries.</p>
<p>Other bidders who qualified were <a href="https://www.adanienergysolutions.com/" target="_blank" rel="noopener">Adani Energy Solutions</a>, <a href="https://www.powergrid.in/" target="_blank" rel="noopener">Power Grid Corporation of India</a>, <a href="https://www.sterliteelectric.com/" target="_blank" rel="noopener">Resonia</a>, and the <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power Company</a>.</p>
<p>Reliance Industries will design, engineer, provide equipment and material, construct, erect, test, and commission the transmission project on a build, own, operate, and transfer basis. It will also operate and maintain the project.</p>
<p>Additionally, the company will complete all the associated activities, including survey, detailed project report formulation, arranging finance, project management, necessary consents, clearances and permits, and land compensation.</p>
<p>It will ensure that the project’s design, construction, and testing of all equipment, facilities, components, and systems comply with the transmission service agreement and applicable rules and guidelines issued by the Central Government.</p>
<p>Reliance will also ensure the transfer of all project assets, along with substation land, right of way, and clearances, after 35 years from the commercial operational date of the project at zero cost and free from any encumbrance and liability.</p>
<p>In January, Reliance Industries <a href="https://www.mercomindia.com/reliance-industries-bags-%E2%82%B980-million-transmission-project-from-recpdcl" target="_blank" rel="noopener">announced</a> that it would acquire a 100% equity stake in Lakadia B Power Transmission from REC Power Development and Consultancy for ₹80 million (~$923,782) to set up an interstate transmission system to evacuate up to 3.5 GW of renewable energy from Lakadia in Gujarat.</p>
<p>In December 2024, Reliance Power, along with NTPC Renewable Energy, Sembcorp Green Infra, Solarcraft Power India 8 (Blupine Energy), and Hero Solar Energy, <a href="https://www.mercomindia.com/ntpc-sembcorp-reliance-hero-solar-bess-auction" target="_blank" rel="noopener">won</a> the Solar Energy Corporation of India’s Tranche XVII auction to develop 2,000 MW of interstate transmission system-connected solar power projects integrated with 1,000 MW/4,000 MWh energy storage systems.</p>



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					</table><p>With just over two months to go before the interstate transmission system (ISTS) charges waiver ends, the Indian renewable energy project developers are <a href="https://www.mercomindia.com/ists-charges-waiver-ends-developers-hope-for-extension-mnre" target="_blank" rel="noopener">keeping</a> their fingers crossed for an extension. The ISTS-charges waiver will end on June 30, 2025. While the waiver is in effect, commercial and industrial consumers can access renewable energy from various states at a more affordable price.</p>
<p>Corporate funding for energy storage companies, including venture capital, debt, and public market financing, <a href="https://www.mercomindia.com/energy-storage-funding-declines-sharply-in-q1-2025" target="_blank" rel="noopener">totaled</a> $2.2 billion across 31 deals in the first quarter (Q1) of  2025, according to Mercom Capital Group’s newly released Q1 2025 Funding and M&amp;A Report for Energy Storage. This represents an 81% year-over-year (YoY) drop from the $11.7 billion raised in 29 deals in Q1 2024.</p>
<p>The Maharashtra Electricity Regulatory Commission <a href="https://www.mercomindia.com/merc-orders-arbitration-to-resolve-delayed-500-mw-solar-project-dispute" target="_blank" rel="noopener">directed</a> the Maharashtra State Electricity Distribution Company and the Braithwaite Nacof Solar Project (Braithwaite) to resolve a power purchase agreement dispute through arbitration. The MERC direction follows a Bombay High Court order directing the same.</p>
<p>REC Power Development and Consultancy <a href="https://www.mercomindia.com/recpdcl-invites-bids-to-evacuate-3-7-gw-power-from-pumped-storage-projects" target="_blank" rel="noopener">invited</a> bids to develop an interstate transmission system to evacuate power from Pumped Storage Projects in Sonbhadra district, Uttar Pradesh, under a build, own, operate, and transfer model. Bids must be submitted by June 27, 2025. Bids will be opened on the same day. The scope of work entails establishing the 765/400 kV Robertsganj pooling station, providing loop-in loop-out of the existing 765 kV Varanasi-Gaya transmission lines, constructing a new 765 kV double circuit transmission line to Prayagraj, installing switchable line and bus reactors, and developing future provision infrastructure.</p>
<p>The Central Electronics, a Ministry of Science and Technology undertaking, <a href="https://www.mercomindia.com/central-electronics-invites-bids-for-200-mw-solar-module-plant" target="_blank" rel="noopener">floated</a> a tender to set up a 200 MW solar module manufacturing line in Sahibabad, Uttar Pradesh. The project will be set up on a revenue-sharing model under the Make in India initiative. The last date to submit bids is May 14, 2025. Bids will be opened on the same day.</p>
<p>NTPC Renewable Energy (NTPC REL) <a href="https://www.mercomindia.com/ntpc-rel-invites-bids-for-a-2-mw-green-hydrogen-electrolyzer" target="_blank" rel="noopener">invited</a> bids to set up a 2 MW green hydrogen generation system/electrolyzer for a green hydrogen mobility project at Sipat, Chhattisgarh. The last date to submit bids is May 7, 2025. Bids will be opened on May 8. The final project capacity may range between 1 MW and 2 MW based on NTPC REL’s requirements. Selected bidders must design, engineer, erect, test, and commission the hydrogen mobility project. They must also deliver and receive the project equipment and conduct all the safety studies, including the Hazard Identification and Risk Assessment study.</p>
<p>Indian Energy Exchange <a href="https://www.mercomindia.com/trading-volume-surge-pushes-iex-revenue-up-17-in-q4-fy-2025" target="_blank" rel="noopener">reported</a> a consolidated profit after tax of ₹1.17 billion (~$13.7 million) in the Q4 of the financial year (FY) 2025, a 21.1% increase YoY from ₹967 million (~$11.3 million). Consolidated revenue stood at ₹1.7 billion (~$19.9 million), a 17% increase from ₹1.49 billion (~$17.4 million). The growth can be attributed to the highest-ever quarterly traded electricity volume of 31.7 billion units, an increase of 18% YoY.</p>
<p>Sterling and Wilson Renewable Energy, the engineering, procurement, and construction arm of the Shapoorji Pallonji Group, <a href="https://www.mercomindia.com/sterling-and-wilsons-q4-fy-2025-revenue-highest-ever-order-books-swells" target="_blank" rel="noopener">recorded</a> its highest-ever quarterly revenue of ₹25.19 billion (~$296.35 million) in Q4 FY 2025, a 114% YoY and 37% quarter-on-quarter growth. The company reported a net profit of ₹550.1 million (~$6.42 million) for the quarter. The net profit stood at ₹855.5 million (~$9.99 million) for FY 2025.</p>
<p>China <a href="https://www.mercomindia.com/china-adds-60-gw-of-solar-capacity-in-q1-2025" target="_blank" rel="noopener">added</a> 59.71 GW of solar power capacity in Q1 2025, a 30.54% YoY growth from 45.74 GW. The country’s cumulative installed solar power capacity reached 950 GW as of March 2025. According to China’s National Energy Administration, solar comprised 69.65% of the country’s total power capacity additions in Q1 2025.</p>


Daily News Wrap-Up: Uncertainty Prevails as ISTS Waiver End Near


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					</table><p>U.S.-based power producer <a href="https://www.nexteraenergy.com/" target="_blank" rel="noopener">NextEra Energy</a> reported operating revenue of $6.25 billion for the first quarter (Q1) of 2025, a 9% year-over-year (YoY) increase from $5.73 billion in Q1 2024. The revenue, however, missed analysts&#8217; expectations by $384.23 million.</p>
<p>Net income attributable to NextEra Energy on a GAAP basis was $833 million, or $0.40 per share, down from $2.27 billion, or $1.10 per share, in Q1 2024. The decline reflected unfavorable mark-to-market impacts and other non-cash adjustments.</p>
<p>On an adjusted basis, NextEra Energy&#8217;s earnings grew 8.8% YoY, reaching $2.04 billion, or $0.99 per share, compared to $1.87 billion, or $0.91 per share, in the same period last year. The adjusted EPS figures beat analysts&#8217; expectations by $0.01.</p>
<p>&#8220;We&#8217;re off to a strong start in 2025,&#8221; said John Ketchum, Chairman, President, and CEO. &#8220;This nearly 9% growth in adjusted EPS reflects solid financial and operational execution across both our utility and renewables platforms.&#8221;</p>
<p><strong>Florida Power &amp; Light (FPL)</strong></p>
<p>The company&#8217;s regulated retail utility, FPL, reported revenue of $3.99 billion, up from $3.83 billion in Q1 2024. Net income rose to $1.32 billion, or $0.64 per share, from $1.17 billion, or $0.57 per share, in the same period last year. The growth was fueled by continued capital investment, with $2.4 billion spent in the quarter and an 8.1% increase in regulatory capital employed.</p>
<p>FPL also installed 894 MW of new solar capacity, bringing its total solar portfolio to more than 7.9 GW.</p>
<p><strong>NextEra Energy Resources (NEER)</strong></p>
<p>The company&#8217;s renewable business, NEER, reported revenue of $2.16 billion, up from $1.86 billion in Q1 2024. However, net income declined sharply to $172 million, or $0.08 per share, from $966 million, or $0.47 per share, a year earlier. The decline was largely due to mark-to-market hedge losses and investment revaluations.</p>
<p>On an adjusted basis, NEER earned $908 million, or $0.44 per share, compared to $828 million, or $0.40 per share, in the prior year. The renewables unit had a robust quarter, adding approximately 3.2 GW of new clean energy and storage projects to its backlog, pushing the total to around 28 GW.</p>
<p>Ketchum emphasized that renewables and battery storage are currently the lowest-cost form of power generation and can be deployed in just 12 to 18 months and serve as a &#8220;critical bridge&#8221; until other large-scale technologies, like new gas-fired plants, become viable.</p>
<p>The corporate and other segments recorded a loss of $655 million, or -$0.32 per share, compared to a gain of $130 million, or $0.06 per share, in Q1 2024. Adjusted losses for the segment were $186 million, or -$0.09 per share, versus -$127 million, or -$0.06, a year ago.</p>
<p><strong>Outlook</strong></p>
<p>NextEra reaffirmed its guidance for 2025, projecting adjusted earnings per share between $3.45 and $3.70. For 2026 and 2027, the company expects adjusted EPS to be in the ranges of $3.63 to $4.00 and $3.85 to $4.32, respectively. The company also plans to grow its dividend at a roughly 10% annual rate through at least 2026.</p>
<p>Ketchum also addressed current trade tensions and tariff-related disruptions. Unlike many smaller developers, NextEra said it has spent the last three years diversifying and domesticating its supply chain, ensuring solar panels are not sourced from countries affected by <a href="https://www.mercomindia.com/us-steep-anti-dumping-solar-imports-southeast-asia" target="_blank" rel="noopener">recent</a> antidumping and countervailing duties.</p>
<p>&#8220;Because of our buying power, we&#8217;ve shifted most tariff risk to suppliers,&#8221; Ketchum noted. &#8220;Our $150 million tariff exposure is expected to be significantly reduced—possibly to zero—after customer discussions.&#8221;</p>
<p>Furthermore, NextEra has already secured U.S.-made batteries for a significant portion of its backlog, and the remaining battery supply comes from outside China, with tariff liability contractually assigned to suppliers.</p>
<p>Ketchum also revealed that it has nearly $37 billion in interest rate hedges, covering 100% of its backlog and a large portion of upcoming debt maturities. The programmatic hedging strategy includes swaps entered in early April, setting a hedged risk-free rate at approximately 3.9%.</p>
<p>The company expects to operate an over 70 GW renewables and storage portfolio by the end of 2027.</p>
<p>NextEra Energy <a href="https://www.mercomindia.com/nextera-energys-q4-2024-revenue-drops-21-69/" target="_blank" rel="noopener">reported</a> a 21.69% YoY drop in consolidated revenue to $5.38 billion in the fourth quarter of 2024 from $6.88 billion.</p>


NextEra’s Revenue Grows 9% in Q1, Reaffirms Guidance for 2025


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					</table><p><strong>Kuwait’s Ministry of Electricity, Water, and Renewable Energy</strong> <a href="https://www.saudigulfprojects.com/2025/04/kuwait-receives-bids-for-400kv-ohtl-shagaya-solar-power-plant/" target="_blank" rel="noopener">received</a> proposals for the 400 kV overhead transmission line project connecting the Al Shaqaya Solar Power Station to the Al Wafra (Z) substation. <strong>Larsen &amp; Toubro</strong> submitted the lowest bid at KWD1.45 million (~$135.19 million). This project is part of Phase I of the Shagaya Renewable Energy Project, developed by the Kuwait Institute for Scientific Research, which includes a 50 MW concentrated solar power facility, a 10 MW wind farm, and a 10 MW solar facility.</p>
<p>The <strong>Electricity and Water Authority of Bahrain</strong> <a href="https://www.saudigulfprojects.com/2025/04/bahrain-receives-commercial-bids-for-44-mw-solar-pv-project/" target="_blank" rel="noopener">received</a> commercial bids for a 44 MW solar project to be developed at the University of Bahrain. Nine bidders submitted proposals for the initiative in January 2025. The solar project is expected to produce approximately 75 GW of clean energy annually. It will be executed on a turnkey basis, encompassing engineering, design, material supply, installation, testing, commissioning, and civil and electromechanical works.</p>
<p><strong>Shanghai Electric</strong> <a href="https://www.stocktitan.net/news/SIELY/shanghai-electric-forms-major-partnerships-with-masdar-and-mawarid-ds5x1xcgr7ks.html" target="_blank" rel="noopener">entered</a> two renewable energy agreements in the Middle East. The company signed a 2 GW solar project with <strong>Masdar</strong> in Saudi Arabia and a comprehensive wind energy partnership with the Mawarid Group in Oman. The Saudi Arabia-based Sadawi solar project, covering 40 sq m, will supply over 6 billion kWh annually. Shanghai Electric’s partnership with the Mawarid Group includes wind turbine supply, technology transfer, and localized factory design.</p>
<p>The <strong>Oman Convention and Exhibition Centre</strong> <a href="https://solar-me.totalenergies.com/en/news/totalenergies-and-ocec-officially-commission-landmark-solar-rooftop-project" target="_blank" rel="noopener">launched</a> a large-scale rooftop solar project in Muscat in partnership with <strong>TotalEnergies</strong> Renewables Distributed Generation Middle East and Africa. The country’s <strong>OMRAN Group</strong> also supports the project. Commissioned in early 2025, the project includes 8,300 solar modules covering 16,600 sq m and is expected to meet around 25% of OCEC’s energy needs.</p>
<p>China’s <strong>LONGi</strong> has <a href="https://news.goalfore.com/detail/81885/longi-eyes-solar-panel-manufacturing-project-in-algeria.html" target="_blank" rel="noopener">expressed</a> interest in launching a large-scale solar manufacturing plant in Algeria. The company has presented a roadmap for its proposed project, including the full-scale production of solar panels. The Chinese delegation also outlined the project’s technical and logistical requirements, its implementation phases, and its potential value for the Algerian economy and the energy sector.</p>


MENA Round-Up: L&T Lowest Bidder for Kuwait Solar Project’s Transmission Line


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					</table><p>Sterling and Wilson Renewable Energy (<a href="https://www.sterlingandwilsonre.com/" target="_blank" rel="noopener">SWREL</a>), the engineering, procurement, and construction (EPC) arm of the <a href="https://www.shapoorjipallonji.com/" target="_blank" rel="noopener">Shapoorji Pallonji Group</a>, recorded its highest-ever quarterly revenue of ₹25.19 billion (~$296.35 million) in the fourth quarter (Q4) of the financial year (FY) 2025, a 114% year-over-year (YoY) and 37% quarter-on-quarter growth.</p>
<p>The company reported a net profit of ₹550.1 million (~$6.42 million) for the quarter. The net profit stood at ₹855.5 million (~$9.99 million) for FY 2025.</p>
<p>The company’s revenue for FY 2025 was ₹63.02 billion (~$30.94 million), increasing 108% YoY from ₹30.35 billion (~$18.59 million).</p>
<p>Gross margins for Q4 were ₹2.63 billion (~$741.88 million), and the earnings before interest, tax, depreciation, and amortization (EBITDA) were ₹1.58 billion (~$357 million).</p>
<p>For FY 2025, SWREL reported a gross margin of ₹6.38 billion (~$75.06 million) and an operational EBITDA of ₹2.91 billion (~$34.24 million).</p>
<p>As of March 31, 2025, the company&#8217;s order book was approximately worth ₹90.96 billion (~$1.07 billion), compared to ₹80.84 billion (~$951.06 million) during the previous year.</p>
<p>FY 2025 saw overall order inflows of ₹70.51 billion (~$829.53 million). Domestic order inflows accounted for ₹58.97 billion (~$693.76 million), a 21% YoY increase.</p>
<p>CK Thakur, Global CEO, Sterling and Wilson Renewable Energy Group, stated that the company is positioned for significant growth across markets due to a strong project pipeline in domestic and international segments.</p>
<p>“With our recent foray into wind EPC and continued focus on hybrid energy projects, we are optimistic about expanding our renewable portfolio and delivering integrated clean energy solutions,” he said.</p>
<p>SWREL provides EPC services for utility-scale and floating solar, hybrid and energy storage, and wind projects. The company has a total portfolio of over 23 GW, which includes commissioned and under-construction projects. It also manages an operation and maintenance portfolio of 8.8 GW solar projects, including projects by third parties.</p>
<p>SWREL <a href="https://www.mercomindia.com/epc-growth-propels-sterling-wilson-to-fourth-straight-profitable-quarter" target="_blank" rel="noopener">posted</a> a net profit of ₹171.4 million (~$1.97 million) in the third quarter of FY 2025, swinging from a net loss of ₹623.9 million (~$7.21 million) in the same quarter the previous year.</p>
<p>In January this year, Sterling and Wilson <a href="https://www.mercomindia.com/andhra-high-court-solar-gst" target="_blank" rel="noopener">received</a> relief from the Andhra Pradesh High Court in a ₹630 million (~$7.28 million) dispute. The court ruled that solar power projects are ‘composite supplies’ of moveable property, attracting 5% GST, not ‘works contracts’ taxable at 18%.</p>


Sterling and Wilson’s Q4 FY 2025 Revenue Highest-Ever, Order Book Swells


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					</table><p>Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) reported a consolidated profit after tax of ₹1.17 billion (~$13.7 million) in the fourth quarter (Q4) of the financial year (FY) 2025, a 21.1% increase year-over-year (YoY) from ₹967 million (~$11.3 million).</p>
<p>Consolidated revenue stood at ₹1.7 billion (~$19.9 million), a 17% increase from ₹1.49 billion (~$17.4 million). The growth can be attributed to the highest-ever quarterly traded electricity volume of 31.7 billion units (BU), an increase of 18% YoY.</p>
<p>In Q4, 6.8 million Renewable Energy Certificates (REC) were traded, a 108% YoY increase. This is the highest number of RECs traded in a quarter ever.</p>
<p>For FY 2025, IEX announced a consolidated profit after tax of ₹4.29 billion (~$50.2 million), up 22.3% from ₹3.5 billion (~$40.9 million).</p>
<p>The company’s consolidated revenue increased 19.3% YoY from ₹5.5 billion (~$64.3 million) to ₹6.5 billion (~$76.1 million).</p>
<p>The year also saw the highest quarterly traded electricity volume of 121 BU, an 18.7% rise from the previous year. The number of RECs also increased 136.3% YoY to reach 17.8 million in FY 2025.</p>
<p>IEX’s electricity market share for FY 25 stood at 84.2%. The company’s earnings per share were recorded at ₹4.83 (~$0.05), an increase from ₹3.94(~$0.04).</p>
<p>In FY 25, Real Time Market (RTM) and green markets registered substantial growth of 29% and 171% YoY, respectively. The collective (Day Ahead Market, RTM, G-DAM) remained steady at 80% of IEX’s volumes.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Screenshot-2025-04-25-154755.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-78941 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Screenshot-2025-04-25-154755.png" alt="" width="656" height="372" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Screenshot-2025-04-25-154755.png 656w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Screenshot-2025-04-25-154755-300x170.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Screenshot-2025-04-25-154755-650x369.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Screenshot-2025-04-25-154755-624x354.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Screenshot-2025-04-25-154755-600x340.png 600w" sizes="(max-width: 656px) 100vw, 656px" /></a></p>
<p>In Q3, IEX <a href="https://www.mercomindia.com/iex-reports-16-9-growth-in-q3-fy-2025-profit-trades-30-5-bu-of-energy" target="_blank" rel="noopener">reported</a> a consolidated revenue of ₹1.605 billion (~$19.32 million) for the third quarter ofFY 2025, up 13.7% YoYfrom ₹1.412 billion (~$17.02 million).</p>
<p>It <a href="https://www.mercomindia.com/green-energy-trade-on-iex-up-85-yoy-in-february-2025" target="_blank" rel="noopener">traded</a> 552 million units (MU) of green energy in February 2025, an 85% YoY increase from 298 MU. The Green Day-Ahead Market traded 519 MU during February with a weighted average price of ₹4.59 (~$0.052)/kWh, an increase of 95% YoY from 266 MU.</p>


Trading Volume Surge Pushes IEX Revenue Up 17% in Q4 FY 2025  


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					</table><p>The Karnataka Electricity Regulatory Commission <a href="https://www.mercomindia.com/karnataka-open-access-regulations-2025" target="_blank" rel="noopener">issued</a> the Karnataka Electricity Regulatory Commission (Terms and Conditions for Open Access) Regulations, 2025. This regulation follows the Karnataka High Court’s decision to strike down the previous Electricity (Promoting Renewable Energy Through Green Energy Open Access) Rules 2022 and the KERC (Terms and Conditions for Green Energy Open Access) Regulations, 2022. The Court directed KERC to frame new regulations aligned with the National Electricity Policy and the tariff policy and to consider the interests of all stakeholders.</p>
<p>As India accelerates its clean energy goals, financing has <a href="https://www.mercomindia.com/a-guide-to-solar-financing-options-for-msmes-at-competitive-lending-rates" target="_blank" rel="noopener">become</a> a critical enabler for commercial and industrial (C&amp;I) entities adopting solar. Structured funding options, ranging from MSME-focused bank loans to lease-based and turnkey financing, are making solar adoption more accessible and cost-effective. At the recent C&amp;I Clean Energy Meet hosted by Mercom India in Mumbai, leading financial services companies and solar solution providers came together to share details on obtaining green loans for rooftop and captive open-access solar systems.</p>
<p>Grid Corporation of Odisha <a href="https://www.mercomindia.com/odisha-eoi-renewable-energy-demand-aggregation" target="_blank" rel="noopener">invited</a> expressions of interest from consumers with a contract demand of at least 500 kW, expressing their willingness to meet their power demand through renewable energy. The initiative is also intended to assess the extent to which applicants aim to achieve decarbonization goals and comply with renewable purchase obligation targets. Bids must be submitted by May 28, 2025. Applicants having a contract demand of 500 kW or more, operating within Odisha, and sourcing power through Odisha DISCOMs, captive generation, open access, or third-party arrangements with power generators are eligible.</p>
<p>The Northern Power Distribution Company of Telangana <a href="https://www.mercomindia.com/telangana-tender-21-mw-solar-projects" target="_blank" rel="noopener">issued</a> multiple tenders for installing ground-mounted solar projects of a total capacity of 21 MW at 24 locations in the state. The capacities of the individual projects range from 600 kW to 1.5 MW. The projects will be implemented under a build, operate, maintain, and transfer model on a 100% turnkey basis. Bids must be submitted by May 1, 2025. Bids will be opened on May 3, 2025. The scope of works entails the design, installation, testing, and commissioning of the projects at their region’s 33/11kV substations.</p>
<p>Nagpur-headquartered Sunflag Iron and Steel will <a href="https://www.mercomindia.com/sunflag-iron-and-steel-to-procure-power-from-sunsures-11-mw-solar-project" target="_blank" rel="noopener">procure</a> power from an 11 MW solar project being set up by Sunsure Energy’s special purpose vehicle Sunsire Solarpark Thirty Seven in Dhule, Maharashtra. The two companies entered into a long-term power purchase agreement which will enable Sunflag Iron and Steel to source solar power from the under-construction project in captive mode for 25 years.</p>
<p>Germany’s Federal Network Agency (Bundesnetzagentur) <a href="https://www.mercomindia.com/germany-awards-latest-solar-auction" target="_blank" rel="noopener">awarded</a> 2,638 MW of ground-mounted solar projects categorized under the ‘first segment,’ which are installations located on structures that are neither buildings nor noise barriers. The tender, which closed on March 1, 2025, saw high demand, with 420 bids submitted for a total capacity of 3,839 MW, exceeding the tendered volume of 2,625 MW. Of these, 271 bids amounting to 2,638 MW were awarded contracts, while 35 were disqualified.</p>
<p>Germany <a href="https://www.mercomindia.com/germany-installs-3-8-gw-solar-capacity-in-q1-2025-down-11-62-yoy" target="_blank" rel="noopener">installed</a> 3.8 GW of solar capacity in the first quarter (Q1) of 2025, an 11.62% year-over-year (YoY) drop from 4.3 GW, according to data from the Federal Network Agency, Bundesnetzagentur. Mercom reported that Germany installed 3.7 GW of solar power in Q1 2024, but the Federal Network Agency later revised this figure to 4.3 GW. The drop in installations could be due to the Solarspitzengesetz law that came into force in February. The law has removed subsidies for solar projects when the electricity price is negative in the spot market. The country’s cumulative solar capacity reached 103.8 GW with the recent addition.</p>
<p>Electric vehicle maker Tesla <a href="https://www.mercomindia.com/tesla-misses-analysts-expectations-in-q1" target="_blank" rel="noopener">reported</a> a net income of $934 million for Q1 2025, a drop of 39% YoY from $1.54 billion. The decline in profitability was attributed to a broad operational transition involving a global production line switchover for its flagship Model Y and a broader strategic push into artificial intelligence and energy solutions. The automotive revenue decreased largely due to a decline in vehicle deliveries. Tesla delivered approximately 336,681 vehicles in the quarter, a 13% drop from the prior year.</p>


Daily News Wrap-Up: Karnataka Announces Open Access Regulations 2025


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					</table><p>NTPC Renewable Energy (<a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC REL</a>) invited bids to set up a 2 MW green hydrogen generation system/electrolyzer for a green hydrogen mobility project at Sipat, Chhattisgarh.</p>
<p>The last date to submit bids is May 7, 2025. Bids will be opened on May 8.</p>
<p>Bidders must submit a security amount of ₹2 million (~$23,414).</p>
<p>The final project capacity may range between 1 MW and 2 MW based on NTPC REL&#8217;s requirements.</p>
<p>Bidders must be electrolyzer technology providers selected by NTPC REL through an expression of interest called earlier. They must have entered electrolyzer technology provider agreements with NTPC REL.</p>
<p>Selected bidders must design, engineer, erect, test, and commission the hydrogen mobility project. They must also deliver and receive the project equipment and conduct all the safety studies, including the Hazard Identification and Risk Assessment study.</p>
<p>Selected bidders must finalize a hydrogen generation layout for the Petroleum and Explosives Safety Organization and local administration approvals.</p>
<p>The project must be completed in eight months.</p>
<p>In November 2024, the Ministry of New and Renewable Energy (MNRE) <a href="https://www.mercomindia.com/mnre-issues-innovation-in-green-hydrogen" target="_blank" rel="noopener">unveiled</a> a program to promote innovative production and utilization of green hydrogen across various sectors. The initiative aims to support pilot projects exploring novel methods and pathways for green hydrogen production and use, particularly in residential, commercial, and decentralized applications.</p>
<p>In August 2024, the Solar Energy Corporation of India <a href="https://mercomindia.com/seci-invites-proposals-to-set-up-green-hydrogen-hubs" target="_blank" rel="noopener">invited</a> proposals to identify an executing agency to set up Green Hydrogen Hubs under the National Green Hydrogen Mission.</p>
<p>In July 2024, the MNRE <a href="https://mercomindia.com/mnre-450000-mtpa-green-hydrogen" target="_blank" rel="noopener">issued</a> guidelines for incentive disbursement for up to 450,000 metric tons per annum of green hydrogen production under Component II of the Strategic Interventions for Green Hydrogen Transition (SIGHT) program.</p>
<p>The SIGHT program is a key component of the ₹130.5 billion (~$1.57 billion) National Green Hydrogen Mission, which aims to catalyze the growth of the green hydrogen economy in India from fiscal year 2025-26 through 2029-30.</p>


NTPC REL Invites Bids for a 2 MW Green Hydrogen Electrolyzer


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					</table><p>With just over two months to go before the interstate transmission system (ISTS) charges waiver ends, the Indian renewable energy project developers are keeping their fingers crossed for an extension.</p>
<p>The ISTS-charges waiver will end on June 30, 2025. While the waiver is in effect, commercial and industrial consumers can access renewable energy from various states at a more affordable price.</p>
<p>The waiver was intended to foster renewable energy transition by lowering generation costs and help India reach its 500 GW goal of non-fossil fuel energy capacity by 2030.</p>
<p>In 2024, the <a href="https://cercind.gov.in/" target="_blank" rel="noopener">Central Electricity Regulatory Commission</a> <a href="https://www.mercomindia.com/cerc-amends-regulations-waiver-applicability" target="_blank" rel="noopener">expanded</a> the transmission charges waiver eligibility by adding renewable energy generation systems based on offshore wind to the energy sources list, which already includes hydropower generation.</p>
<p>About 3 GW projects were auctioned in 2023, which are yet to sign power purchase agreements (PPA). Rajasthan has the highest capacity, with 18% of the projects with PPAs yet to be signed, followed by Madhya Pradesh with 7% and Karnataka with 4%. Around 13 GW projects, which were auctioned in 2023, have signed PPAs but have not been commissioned yet due to several factors.</p>
<p>These projects will lose the benefit of the waiver, pushing their project costs significantly.</p>
<p>“The uncertainty around the ISTS waiver extension has brought project development to a near standstill. Without an extension, India’s 2030 renewable energy targets are at serious risk. Many projects won’t be financially viable, and the momentum the industry has built over the years could slow dramatically. With so much geopolitical uncertainty already in play, this the time for India to shine as a leading destination for renewable energy investments by providing policy support, stability and clarity that the market is urgently seeking,” said Raj Prabhu, CEO of Mercom Capital Group.<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/ists-indepth-1-.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-78902 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/ists-indepth-1-.png" alt="" width="632" height="405" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/ists-indepth-1-.png 632w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/ists-indepth-1--300x192.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/ists-indepth-1--624x400.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/ists-indepth-1--600x384.png 600w" sizes="(max-width: 632px) 100vw, 632px" /></a></p>
<p>&nbsp;</p>
<p><strong>Developers Push for Extension</strong></p>
<p>The government has already <a href="https://www.mercomindia.com/no-ists-charges-solar-wind-december-2022" target="_blank" rel="noopener">extended</a> the waiver multiple times since 2016. The last waiver extension was issued in 2022 for projects to be commissioned by June 30, 2025. After this deadline, 25% of the applicable ISTS charges will be <a href="https://www.mercomindia.com/ists-charges-levied-solar-wind" target="_blank" rel="noopener">levied</a> on projects commissioned between July 1, 2025, and June 30, 2026. Increased by 25% annually, 100% of ISTS charges will be levied from July 1, 2028.</p>
<p>Developers, independent power producers (IPPs), and other market players hope for another extension.</p>
<p>A developer commented, “We are in a ‘wait and watch’ situation. We see the power ministry has stated that where there is a genuine delay, supported by evidence, some concessions will be provided, but it has refrained from granting a blanket extension of the exemption.”</p>
<p>The developer contended that another extension is crucial. IPPs and developers have experienced massive delays in converting bids to power purchase agreements (PPAs). “There is a huge backlog of auctions where PPAs are yet to be signed due to delays relating to land acquisition and permits, infrastructure deficits, etc.”</p>
<p>These delays can cause huge losses to the bidders. “If a developer placed a bid assuming the ISTS waiver would apply, and if the waiver is no longer available, it would be unfair to penalize the developer, especially since the bidder didn’t cause the delay,” goes the refrain of renewable energy developers.</p>
<p>Kannan Krishnan, Managing Director, <a href="https://www.jakson-green.com/" target="_blank" rel="noopener">Jakson Green</a>, made out a case for another ISTS charges waiver extension. “With more than 50 GW of PPAs yet to be signed, the burden of ISTS charges will further slow down the offtake. The government needs to extend the waiver until the PPA backlogs are cleared to enable projects to be installed.”</p>
<p>Timely government action is key, according to developers. As Ateesh Samant, COO of <a href="https://www.oysterrenewable.com/" target="_blank" rel="noopener">Oyster Renewable Energy</a>, put it, “Timely communication about the extension from the government is certainly beneficial, as it allows the entire ecosystem to align expectations and planning horizons. The renewable industry has matured significantly since this waiver was first implemented, and we’re now better positioned to absorb policy transitions through technological advancements and business model innovations.”</p>
<p><strong>Market Implications</strong><strong> </strong></p>
<p>Stakeholders estimate a huge impact on the market if the waiver is not extended. Those with delayed PPAs will suffer from losses, increasing generation costs, and infrastructure bottlenecks.</p>
<p>“If the exemption isn’t extended, we estimate the cost impact to be around ₹0.40 (~$0.0047)/kWh- ₹0.50 (~$0.0059)/kWh. That’s significant, especially for solar projects bidding around ₹2.40 (~$0.028)/kWh to ₹2.50 (~$0.029)/kWh. Losing ₹0.40 (~$0.0047)/kWh to ₹0.50 (~$0.0059)/kWh (16% to 17% decrease) can bring the effective tariff down to ₹2 (~$0.023)/kWh. That can seriously affect the financial viability of projects,” according to one estimate by a developer.</p>
<p>For developers who factored in the ISTS exemption in their bids, its absence can be significant.</p>
<p>Developers believe that if the waiver is not extended, the government’s planned 50 GW annual tendering trajectory until 2030 could be in jeopardy.</p>
<p>“It could adversely affect the renewable energy sector, signaling a lack of sustained policy commitment. Such a move could undermine the confidence of offtakers and financing institutions, which is crucial for the sector’s growth. It will slow down our growth towards the ambitious target of 500 GW from non-fossil fuel sources by 2030,” said Krishnan.</p>
<p>Samant said that if the waiver is not extended, the market will go through a period of adjustment if not disruption. “Project economics would certainly be recalibrated, with potential tariff adjustments of ₹0.70 (~$0.0082) &#8211; ₹1.20 (~$0.014)/kWh over the next three years, when the full impact of the removal of the waiver kicks in, depending on the source of energy.”</p>
<p>While the deadline is only weeks away, there has been silence from the government so far.</p>
<p>A few developers have started to plan in case there is no extension. “We’ve been strategically preparing for multiple scenarios regarding the ISTS waiver. We’ve begun diversifying our project pipeline geographically, increasing our focus on intrastate projects where we can co-locate generation closer to consumption centers,” said Samant.</p>
<p>Another developer noted, “While it seems a bit unlikely that there will be an extension, the government works at its own pace. The market is currently apprehensive; there’s a widespread belief that the government might go ahead and extend it for a meaningful period. But despite that perception, decisions are not being made on that assumption.”</p>
<p>The Indian solar sector is no stranger to market fluctuations and policy shifts. What the industry needs now is clarity. At a minimum, the government should communicate its decision on the ISTS waiver quickly so the companies can plan effectively and minimize disruptions to ongoing and upcoming projects.</p>


Without ISTS Waiver Extension, India’s 2030 Renewable Energy Goals Will Be at Risk


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					</table><p>Grid Corporation of Odisha (<a href="https://www.gridco.co.in/Home.aspx" target="_blank" rel="noopener">GRIDCO</a>) has invited expressions of interest (EoI) from consumers with a contract demand of at least 500 kW, expressing their willingness to meet their power demand through renewable energy.</p>
<p>The initiative is also intended to assess the extent to which applicants aim to achieve decarbonization goals and comply with renewable purchase obligation targets.</p>
<p>Bids must be submitted by May 28, 2025.</p>
<p>Applicants having a contract demand of 500 kW or more, operating within Odisha, and sourcing power through Odisha DISCOMs, captive generation, open access, or third-party arrangements with power generators are eligible.</p>
<p>Based on the responses, GRIDCO will aggregate the demand for renewable power, including solar, wind, hybrid, and storage-based solutions, and take measures to ensure the renewable energy supply meets the interested parties’ requirements.</p>
<p>GRIDCO aims to develop approximately 10.96 GW of renewable energy capacity by 2030. This capacity includes 7.5 GW of solar power, 2 GW of wind energy, 0.19 GW from small hydroelectric projects, 0.06 GW from large hydro projects, and 1.2 GW from pumped storage projects.</p>
<p>Applicants procuring renewable energy through GRIDCO can receive multiple incentives and benefits, including the opportunity to procure renewable energy at a lower cost, owing to GRIDCO’s role in facilitating bulk procurement. No cross-subsidy surcharge will be levied on applicants sourcing renewable energy from GRIDCO.</p>
<p>Captive or open access consumers who consume energy from renewable energy projects within Odisha during the Odisha Renewable Energy Policy 2022 period are eligible for an exemption of ₹0.50 (~$0.0058)/kWh on the electricity duty. This exemption is applicable for fifteen years from the commissioning date of the project. If the project is commissioned on or before March 30, 2026, the exemption period is extended by an additional five years.</p>
<p>Additionally, energy storage projects employing any technology are exempt from paying electricity duty on input energy at ₹0.50 (~$0.0058)/kWh for fifteen years from the commercial operation date, provided the input energy is sourced from renewable energy projects located in Odisha.</p>
<p>Captive or open access consumers are also entitled to an exemption of ₹0.20 (~$0.0023)/kWh on state transmission utility charges for energy consumed from renewable energy projects commissioned during the policy period. This benefit is available for fifteen years. In cases where the project is commissioned on or before March 31, 2026, the exemption is extended to twenty years. The Odisha Electricity Regulatory Commission will issue the necessary orders to operationalize these provisions.</p>
<p>Additionally, a 25% exemption on wheeling charges is available to captive or open access consumers for power from renewable energy projects commissioned within the state during the policy period. This exemption applies for fifteen years. If the injection and drawal points are connected to two different power distribution companies, the exemption on wheeling charges increases to 50%. The Commission will issue corresponding orders in this regard.</p>
<p>In January, the Odisha Renewable Energy Development Agency <a href="https://www.mercomindia.com/odisha-issues-eoi-for-rooftop-solar-feasibility-survey/" target="_blank" rel="noopener">invited</a> EoI to conduct detailed surveys and prepare feasibility reports for grid-connected rooftop solar power projects.</p>
<p>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 real-time tender activity.</p>


Odisha Invites EoI for Renewable Energy Demand Aggregation


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					</table><p>KPI Green Energy, Juniper Green Energy, JGRJ Four Renewable (Jakson Green), and Inox Neo Energies (Inox Clean Energy) <a href="https://www.mercomindia.com/kpi-juniper-jakson-inox-win-guvnls-250-mw-wind-auction" target="_blank" rel="noopener">won</a> Gujarat Urja Vikas Nigam’s (GUVNL) auction (Phase IX) to set up 250 MW grid-connected wind power projects with a greenshoe option of 250 MW in Gujarat.</p>
<p>The Madhya Pradesh government <a href="https://www.mercomindia.com/madhya-pradesh-issues-incentives-for-biofuel-projects-above-%E2%82%B9100-million" target="_blank" rel="noopener">issued</a> an incentive program to implement biofuel projects with investments above ₹100 million (~$1.17 million) through its ‘Scheme for Implementation of Biofuel Projects in Madhya Pradesh’ program. The program covers all aspects of biofuel production, including feedstock cultivation, prediction technologies, distribution, and utilization.</p>
<p>The Assam Electricity Regulatory Commission <a href="https://www.mercomindia.com/assam-regulator-rejects-discoms-plea-to-procure-solar-power-at-%E2%82%B93-92-kwh" target="_blank" rel="noopener">directed</a> the Assam Power Distribution Company (APDCL) to procure solar power at tariffs lower than ₹3.92 (~$0.046)/kWh. The Commission observed that APDCL awarded the 50 MW and 70 MW projects at a tariff of ₹3.92 (~$0.046)/kWh, which includes the land costs. It added that a tariff of ₹3.92 (~$0.046)/kWh for 15 MW solar projects without the land cost will be higher and adversely impact the end consumers.</p>
<p>Assam Power Distribution Company <a href="https://www.mercomindia.com/assam-issues-eoi-to-set-up-357-mw-solar-projects-on-agricultural-land" target="_blank" rel="noopener">issued</a> an expression of interest to install solar projects of a cumulative capacity of 357 MW on agricultural land within a 5 km radius of 33/11 kV substations. Each project will be between 500 kW and 2 MW. However, in specific cases, APDCL may also allow implementing projects with a less than 500 kW capacity. Bids must be submitted by May 8, 2025. Bids will be opened on May 9. Selected bidders must set up decentralized grid-connected ground or stilt-mounted solar systems at various locations within a 5 km radius of the 33/11 kV substations.</p>
<p>The Solar Energy Corporation of India <a href="https://www.mercomindia.com/seci-tenders-6-25-mw-rooftop-solar-projects-in-six-states" target="_blank" rel="noopener">issued</a> a request for selection to develop grid-connected rooftop solar projects with a cumulative capacity of 6.25 MW. These projects will be implemented on a build-own-operate basis. The scope of work entails the design, engineering, storage, installation, testing, and commissioning of the rooftop solar systems. It also includes obtaining net-metering approvals and grid connectivity.</p>
<p>Religious institutions across India are increasingly <a href="https://www.mercomindia.com/uttara-guruvayurappan-temple-rooftop-solar-system" target="_blank" rel="noopener">turning</a> to solar energy to meet their energy needs and showcase their commitment to cutting down their carbon footprint. One of the more recent examples is the Uttara Guruvayurappan Temple in Delhi, which has embraced clean energy by installing an 80 kW grid-connected rooftop solar system at the shrine.</p>
<p>Solar module manufacturer Waaree Energies’ total income for the fourth quarter of the financial year 2025 <a href="https://www.mercomindia.com/waaree-energies-income-up-q4-fy25" target="_blank" rel="noopener">rose</a> 37.69% year-over-year (YoY) to ₹41.41 billion (~$484.52 million) from ₹30.07 billion (~$351.85 million). The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization rose 116.27% YoY to ₹10.6 billion (~$124.03 million) from ₹4.9 billion (~$57.33 million). Waaree Energies’ quarterly net profit grew 35.63% YoY to ₹6.44 billion (~$75.35 million) from ₹4.75 billion (~$55.58 million).</p>
<p>The U.S. Department of Commerce <a href="https://www.mercomindia.com/us-steep-anti-dumping-solar-imports-southeast-asia" target="_blank" rel="noopener">announced</a> its final determinations in the anti-dumping and countervailing duty investigations concerning crystalline silicon photovoltaic cells and modules imported from Cambodia, Malaysia, Thailand, and Vietnam. These findings confirmed that exporters from the four nations sold solar cells in the U.S. at less than fair value and that producers in these countries benefited from subsidies, some of which originated from a third country—China. These discoveries mark one of the first instances in which Commerce has found transnational subsidies provided by a third-party nation.</p>


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