SECI Tenders 6.25 MW Rooftop Solar Projects in Six States

KPI, Juniper, Jakson, Inox Win GUVNL’s 250 MW Wind Auction

Assam Issues EoI to Set Up 357 MW Solar Projects on Agricultural Land

Assam Regulator Rejects DISCOM’s Plea to Procure Solar Power at ₹3.92/kWh

Higher Solar Module Sales Drive Waaree Energies’ Income Up 38% in Q4 FY 2025

Daily News Wrap-Up: MNRE Expands Solar Module Capacity Under ALMM by 14,670 MW

US Slaps Steep Anti-dumping and Anti-Subsidy Duties on Solar Imports from Southeast Asia

Madhya Pradesh Issues Incentives for Biofuel Projects Above ₹100 Million

Funding and M&A Roundup: Solar Energy Startup Arnergy Raises $15 Million

Delhi’s Uttara Guruvayurappan Temple Turns Green with 80 kW Rooftop Solar System


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					</table><p>Solar module manufacturer <a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Energies’</a> total income for the fourth quarter (Q4) of the financial year (FY) 2025 rose 37.69% year-over-year (YoY) to ₹41.41 billion (~$484.52 million) from ₹30.07 billion (~$351.85 million).</p>
<p>The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose 116.27% YoY to ₹10.6 billion (~$124.03 million) from ₹4.9 billion (~$57.33 million).</p>
<p>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 company’s Earnings Per Share (EPS) came in at ₹21.51 (~$0.25) during the quarter compared to ₹17.85 (~$0.21) during the same period the previous year.</p>
<p>Waaree’s module and cell production for the quarter stood at 2.06 GW compared to 1.35 GW in the corresponding quarter last year.</p>
<p>The company’s manufacturing capacity includes 15 GW solar modules and 5.4 GW solar cells. It has an order book of around 25 GW worth about ₹470 billion (~$5.49 billion) stepping into FY26.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Waaree-FY25.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-78820 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Waaree-FY25.png" alt="Waaree FY25" width="1597" height="772" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Waaree-FY25.png 1597w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Waaree-FY25-300x145.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Waaree-FY25-768x371.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Waaree-FY25-1536x743.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Waaree-FY25-650x314.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Waaree-FY25-624x302.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Waaree-FY25-600x290.png 600w" sizes="(max-width: 1597px) 100vw, 1597px" /></a></p>
<p><strong>Full-year 2025</strong></p>
<p>In FY 2025, Waaree Energies’ total income rose 27.62% YoY to ₹148.46 billion (~$1.73 billion) from ₹116.33 billion (~$1.36 billion).</p>
<p>The company’s EBITDA rose 72.59% YoY to ₹31.23 billion (~$365.49 million) from ₹18.1 billion (~$211.83 million).</p>
<p>Waaree Energies’ annual net profit grew 51.30% YoY to ₹19.28 billion (~$225.64 million) from ₹12.74 billion (~$149.1 million).</p>
<p>The company’s EPS came in at ₹67.96 (~$0.80) during the quarter compared to ₹47.86 (~$0.56) in the previous year.</p>
<p>Waaree’s solar module and cell production for the year stood at 7.13 GW compared to 4.77 GW last year.</p>
<p>The company expects its EBITDA for FY26 to range from ₹55 billion (~$643.67 million) to ₹60 billion (~$702.19 million).</p>
<p>Waaree Energies recently <a href="https://www.mercomindia.com/waaree-to-double-texas-solar-module-manufacturing-plant-capacity-to-3-2-gw/" target="_blank" rel="noopener">announced</a> an expansion of its solar module manufacturing operations in the U.S. The company will set up an additional 1.6 GW capacity solar module manufacturing unit at its existing facility in Brookshire, Texas. With this move, Waaree’s total manufacturing capacity in the U.S. will increase to 3.2 GW.</p>
<p>Earlier this year, Waaree <a href="https://www.mercomindia.com/waaree-energies-acquires-enel-india" target="_blank" rel="noopener">entered</a> into a share purchase agreement with Enel Green Power Development to acquire 100% of the share capital of Enel Green Power India for ₹7.92 billion (~$91.73 million). Enel owns a solar and wind projects portfolio totaling 640 MWac (760 MWdc), including operational and projects under development in the country.</p>



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					</table><p>The MNRE <a href="https://www.mercomindia.com/mnre-adds-14670-mw-solar-module-capacity-under-almm" target="_blank" rel="noopener">updated</a> the Approved List of Models and Manufacturers (ALMM) by adding 14,670 MW of solar module manufacturing capacity. The cumulative module manufacturing capacity reached 88,905 MW after the latest additions. New entries included Websol Energy System, adding 242 MW; Knack Energy, adding 598 MW; Loom Solar, adding 43 MW; and Rayon Illuminations Solar Solutions, adding 62 MW, increasing the total number of module manufacturers to 99.</p>
<p>Santosh Kumar Sarangi, a 1994-batch Indian Administrative Service officer from the Odisha cadre, <a href="https://www.mercomindia.com/santosh-kumar-sarangi-appointed-as-the-new-mnre-secretary" target="_blank" rel="noopener">took</a> over as the new Secretary in the Ministry of New and Renewable Energy (MNRE). He succeeds Nidhi Khare, a 1992-batch IAS officer who had been holding the additional charge of the post since January 2025. The Appointments Committee of the Cabinet approved Sarangi’s appointment.</p>
<p>The Uttar Pradesh Electricity Regulatory Commission <a href="https://www.mercomindia.com/uperc-approves-tariff-for-5-mw-of-bagasse-based-rtc-power-procurement" target="_blank" rel="noopener">approved</a> NIDP Developers’ request for a tariff of ₹5.95 (~$0.07)/kWh for procuring 5 MW of bagasse-based round-the-clock power between April 1, 2025, and July 31, 2025. Bagasse is a fibrous by-product of crushed sugarcane. The Commission also approved the power purchase agreement for the electricity purchase. Additionally, it allowed the purchase of energy over 5 MW through the power exchange route via a trading license, with a trading margin of ₹0.02 (~$0.0002)/kWh.</p>
<p>The Damodar Valley Corporation (DVC) <a href="https://www.mercomindia.com/damodar-valley-corporation-invites-bids-for-250-mw-500-mwh-bess-project" target="_blank" rel="noopener">invited</a> bids to set up a 250 MW/500 MWh battery energy storage system (BESS) project in Maithon, Jharkhand. The project is part of Phase I of DVC’s plan to install a cumulative 500 MW/1,000 MWh BESS projects in Jharkhand and West Bengal. Bids must be submitted by May 21, 2025. Bids will be opened on May 22. The scope of work entails the design, engineering, installation, testing, and commissioning of the BESS project.</p>
<p>GAIL (India), a central public sector undertaking <a href="https://www.mercomindia.com/gail-invites-bids-for-17-5-mw-floating-solar-project-in-uttar-pradesh" target="_blank" rel="noopener">floated</a> an engineering, procurement, and construction tender for a 17.5 MW (AC) floating solar project at its facility in Pata, Uttar Pradesh. Bids must be submitted by May 21, 2025. Bids will be opened on May 22. The scope of work includes the design, engineering, construction, erection, testing, and commissioning of the floating solar project and the associated power evacuation infrastructure.</p>
<p>Ohms Energy <a href="https://www.mercomindia.com/religious-institutions-are-cutting-electricity-costs-with-solar-installations" target="_blank" rel="noopener">completed</a> solar installations with capacities ranging from 20 kW to 1,100 kW across multiple states. It has installed solar projects at the following religious sites, including Chinmaya Mission, Anoopam Mission, Satyanarayan Goenka Bhavan in Maharashtra, and Sri Satya Sai Trust in Telangana.</p>
<p>The Gulf Cooperation Council (GCC) countries are quickly <a href="https://www.mercomindia.com/top-solar-projects-driving-energy-transition-in-the-gcc-countries#:~:text=This%20move%20has%20led%20to,solar%20projects%20in%20the%20GCC." target="_blank" rel="noopener">expanding</a> their renewable energy portfolios, with utility-scale solar projects leading this transformation. As the region’s power generation comprises nearly half of its carbon emissions, GCC governments are shifting considerably towards clean energy. This move has led to the completion of numerous projects, with many more under construction.</p>



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					</table><p>The <a href="https://mp.gov.in/" target="_blank" rel="noopener">Madhya Pradesh</a> government has issued 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.</p>
<p>The program covers all aspects of biofuel production, including feedstock cultivation, prediction technologies, distribution, and utilization.</p>
<p>The program targets developing bio-refinery clusters and infrastructure for biomass, waste collection, and storage and transportation. It will also establish biofuel dispensing outlets across urban and rural areas.</p>
<p>Additionally, the program aims to support research, development, and innovation in biofuel technologies.</p>
<p>The Commissioner of the New and Renewable Energy Department will register the biofuel unit, with only one bio-energy project allowed to be registered in a block area.</p>
<p>Biofuel manufacturing and biomass supply chain units investing over ₹100 million (~$1.17 million) will be eligible for the incentives.</p>
<p>However, the ₹100 million (~$1.17 million) limit will not apply to biomass briquette/pellet manufacturing plants, biomass-based steam generation units, power and cogeneration projects, biomass supply chain companies, and conversion of existing sewage treatment projects to biofuel projects.</p>
<p><strong>Incentives</strong></p>
<ul>
<li>Developers can avail of basic investment promotion assistance for each project for up to ₹2 billion (~$23.48 million). The incentive will be disbursed in seven equal installments</li>
<li>Developers can avail 50% assistance of up to ₹50 million (~$587,020) for developing infrastructure if they acquire private land or get undeveloped government land</li>
<li>Developers can avail 50% assistance of up to ₹50 million (~$587,020) for developing waste management systems and up to ₹100 million (~$1.17 million) for developing effluent treatment plants. This assistance will be disbursed in two equal installments</li>
<li>Developers can avail 100% reimbursement on expenses for filing patents, copyrights, trademarks, and geographical indications of up to ₹1 million (~$11,740)/kWh for the first five years</li>
<li>Developers will receive 50% reimbursement of quality certification cost or ₹100,000 (~$1,174) , whichever is lower</li>
<li>Developers will receive a 100% electricity duty exemption for ten years</li>
<li>Developers will be exempted from paying energy development cess for ten years</li>
<li>Developers will be exempted from paying cross-subsidy surcharge and/or additional surcharge for ten years</li>
<li>Developers will receive a 50% reimbursement on stamp duty on the purchase of private land for the project</li>
<li>Mega industrial units with investments above ₹5 billion (~$58.7 million) can avail of customized incentives</li>
</ul>
<p><strong>Incentives on Project Land</strong></p>
<p>Revenue land will be provided at 50% of the circle rate for establishing and operating bioenergy projects and machinery.</p>
<p>The program has stipulated different minimum land requirements for only the following projects:</p>
<p>A compressed biogas project of ten-ton capacity must have at least ten acres of land, a bio-coal/briquette plant must have 0.02 acres for every ton per day of plant capacity, and a biodiesel project must have 0.015 acres/kL/day of capacity.</p>
<p>The state’s animal husbandry department will facilitate land for animal shelters. It will also ensure cow dung availability in state animal shelters. The state will also develop a mechanism to transfer cow dung from gaushalas and waste from state agricultural produce markets to compressed biogas projects.</p>
<p>To avail of incentives, developers must use technologies approved by the Ministry of New and Renewable Energy or under the National Biofuels Policy 2018.</p>
<p>The state agriculture department will mandate the sale and purchase of bio-manure from bio-CNG projects at all licensed fertilizer shops.</p>
<p>In July 2024, the MNRE <a href="https://www.mercomindia.com/mnre-revises-cfa-rate-for-biomass-pellet-manufacturing-units" target="_blank" rel="noopener">revised</a> the Central Financial Assistance rates for biomass pellet manufacturing units under the National Bioenergy Program.</p>
<p>In February 2025, the government <a href="https://www.mercomindia.com/madhya-pradesh-targets-meeting-50-of-power-needs-from-renewables-by-2030" target="_blank" rel="noopener">set</a> a target of 50% of annual power consumption from renewable energy resources by 2030 under the Madhya Pradesh Renewable Energy Policy 2025.</p>
<p>Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.</p>



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					</table><p>The Uttar Pradesh Electricity Regulatory Commission (<a href="https://www.uperc.org/Default2.aspx" target="_blank" rel="noopener">UPERC</a>) has approved NIDP Developers’ request for a tariff of ₹5.95 (~$0.07)/kWh for procuring 5 MW of bagasse-based round-the-clock (RTC) power between April 1, 2025, and July 31, 2025.</p>
<p>Bagasse is a fibrous by-product of crushed sugarcane.</p>
<p>The Commission also approved the power purchase agreement (PPA) for the electricity purchase. Additionally, it allowed the purchase of energy over 5 MW through the power exchange route via a trading license, with a trading margin of ₹0.02 (~$0.0002)/kWh.</p>
<p><strong>Background</strong></p>
<p>The petitioner, NIDP Developers, develops and manages data centers, infrastructure facilities, and other allied business activities such as electricity distribution.</p>
<p>The Commission had issued a distribution license to the petitioner for supplying electricity to certain regions. The petitioner’s immediate power requirement within the area of supply roughly ranged from 5.25 MW to 5.5 MW.</p>
<p>NIDP Developers issued a request for proposal (RfP) on February 12, 2025, to procure firm/RTC renewable energy (excluding solar, wind, or conventional energy) on a short-term basis (April 1, 2025, to July 31, 2025).</p>
<p>Kreate Energy was selected  after the bid examination and the e-reverse auction, with a tariff of ₹5.95 (~$0.07)/kWh. The power would be sourced from the Balrampur Chini Mills in Balrampur district, Uttar Pradesh.</p>
<p>The petitioner and Kreate Energy executed a PPA on April 4, 2025, having tied up 5 MW of energy.</p>
<p>The petitioner approached UPERC to approve the final accepted tariff.</p>
<p>It submitted that the RfP was published on the Discovery of Efficient Electricity Price platform, adhering to the Ministry of Power guidelines. The petitioner stated that the tender was published in two national newspapers in their Delhi and Mumbai editions, respectively. The petitioner also contended that procuring RTC power from a bagasse-based source would match its load curve requirement and help meet its renewable purchase obligations (RPOs).</p>
<p>It also petitioned the Commission to approve its PPA with Kreate Energy.</p>
<p><strong>Commission’s Analysis</strong></p>
<p>The Commission observed that the petitioner’s RfP was competitive and adhered to the Ministry of Power’s tender guidelines. It also noted that the agreed tariffs were economical.</p>
<p>Additionally, the Commission acknowledged that procuring bagasse-based power would help the petitioner meet its RPO requirements.</p>
<p>The Commission approved the tariff of ₹5.95 (~$0.07)/kWh and the PPA between the petitioner and Kreate Energy.</p>
<p>It also allowed the petitioner to procure energy over the tied-up 5 MW through the power exchange route via a trading license, with a trading margin of ₹0.02 (~$0.0002)/kWh.</p>
<p>The Commission directed the petitioner to explore power procurement opportunities through medium and long-term routes to meet its load demand, optimize power purchase cost, and meet its RPO efficiently.</p>
<p>In January this year, UPERC <a href="https://www.mercomindia.com/uttar-pradesh-deviations-solar-tender" target="_blank" rel="noopener">approved</a> the Uttar Pradesh New and Renewable Energy Development Agency’s revised tender to supply 3,205 MW of solar power to Uttar Pradesh Power Corporation under Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan Component C2.</p>
<p>Subscribe to Mercom’s real-time <a href="https://www.uperc.org/Default2.aspx" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.</p>


UPERC Approves Tariff for 5 MW of Bagasse-based RTC Power Procurement


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					</table><p>Santosh Kumar Sarangi, a 1994-batch Indian Administrative Service (IAS) officer from the Odisha cadre, has taken over as the new Secretary in the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>).</p>
<p>He succeeds Nidhi Khare, a 1992-batch IAS officer who had been holding the additional charge of the post since January 2025. The Appointments Committee of the Cabinet approved Sarangi&#8217;s appointment.</p>
<p>Before this role, Sarangi served as the Director General in the Directorate General of Foreign Trade under the Ministry of Commerce and Industry. His administrative experience includes positions such as district magistrate in three districts of Odisha and leadership roles in departments related to education, tourism, mining, tribal affairs, and science and technology.</p>
<p>At the central level, he was a Joint Secretary in the Ministry of Commerce and Industry from 2013 to 2019. He also served as Chairman of the Agricultural and Processed Food Products Export Development Authority and the Tea Board of India.</p>
<p>More recently, he was the Additional Secretary in the Department of School Education and Literacy and concurrently chaired the National Council for Teacher Education.​</p>
<p>Sarangi holds a Master of Arts in Political Science from the University of Delhi and a Master&#8217;s in Public Policy from Duke University in North Carolina, USA.</p>
<p>Sarangi took over as MNRE Secretary when the Indian government set an agenda to install 500 GW of non-fossil fuel-based energy capacity by 2030. India added 25.2 GW of solar capacity in the calendar year 2024, a 204% increase compared to the 8.3 GW added in 2023. According to Mercom India&#8217;s latest <a href="https://www.mercomindia.com/product/q4-2024-india-solar-market-update" target="_blank" rel="noopener">Q4 and Annual 2024 India Solar Market Update Report</a>, this marks the highest annual capacity addition in the country&#8217;s history.</p>
<p>By the end of 2024, India&#8217;s total installed solar capacity stood at 98.7 GW, with large-scale solar projects making up 86% and rooftop solar installations contributing 14%. Solar energy represented over 21% of India&#8217;s total installed power capacity and nearly 47% of the country&#8217;s total renewable capacity.</p>


Santosh Kumar Sarangi Appointed as the New MNRE Secretary


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					</table><p>Solar companies <a href="https://www.mercomindia.com/solar-corporate-funding-in-q1-2025-declines-41-as-uncertainty-weighs-on-market" target="_blank" rel="noopener">secured</a> $4.8 billion in corporate funding in 39 deals in the first quarter (Q1) of 2025, a 41% year-over-year (YoY) decrease from $8.2 billion raised in 42 deals. However, funding increased 20% quarter-over-quarter (QoQ) compared to $4 billion raised in 40 deals in Q4 2024. In Q1 2025, the solar sector’s global venture capital funding was $1.4 billion in 14 deals, a 237% YoY increase from $406 million raised in 13 deals. Compared to Q4 2024, the funding rose 40% QoQ from $1 billion raised in 21 deals.</p>
<p>Solarworld Energy Solutions and H.G. Infra Engineering <a href="https://www.mercomindia.com/solarworld-and-h-g-infra-win-gujarats-500-mw-1000-mwh-bess-auction" target="_blank" rel="noopener">won</a> Gujarat Urja Vikas Nigam’s (GUVNL) auction to set up a 500 MW/1,000 MWh standalone battery energy storage systems (BESS) under tariff-based competitive bidding (Phase VI). Solar World won 200 MW at a tariff of ₹280,000 (~$3,288.31)/MW/month, and H.G. Infra Engineering won 300 MW at a tariff of ₹285,600 (~$3,345.08)/MW/month.</p>
<p>The Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-releases-draft-rlmm-amendments-for-wind-turbine-inclusion" target="_blank" rel="noopener">released</a> draft amendments to the procedure for including wind turbine models in the Revised List of Models and Manufacturers. The Ministry has requested all stakeholders to provide comments or suggestions within three weeks. Manufacturers must disclose the turbine’s blade, tower, gearbox, and generator source. They must also share their tower type, rate power, technical collaboration details, type certification, and IS/ISO certification.</p>
<p>The Uttar Pradesh Power Corporation <a href="https://www.mercomindia.com/uttar-pradesh-floats-tenders-for-2-gw-pumped-hydro-storage-projects" target="_blank" rel="noopener">invited</a> bids to procure 2,000 MW of pumped hydro storage capacity to be developed on a build, own, operate, and maintain basis for 40 years from the commercial operation date. The contracted capacity must have a scheduled discharge capability of eight hours per day, with a maximum continuous discharge of six hours.</p>
<p>Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) <a href="https://www.mercomindia.com/uttar-pradesh-tenders-500-mw-rooftop-solar-projects" target="_blank" rel="noopener">issued</a> a request for selection to set up 500 MW rooftop solar projects at government, semi-government, and other institutions in Uttar Pradesh. Bids must be submitted by May 16, 2025. Bids will be opened on May 17. The scope of work entails the design, engineering, erection, warranty, testing, and commissioning of the solar projects. It also involves submitting project proposals to UPNEDA and ensuring net metering/net billing per the Uttar Pradesh Electricity Regulatory Commission Regulation, 2019.</p>
<p>A Cornell University-led research team <a href="https://www.mercomindia.com/researchers-use-sunlight-and-seawater-to-produce-low-cost-green-hydrogen" target="_blank" rel="noopener">developed</a> a sustainable and low-cost method to produce carbon-free green hydrogen using just sunlight and seawater as inputs. The team devised a prototype by leveraging one of the drawbacks of photovoltaics —relatively low efficiency.</p>


Daily News Wrap-Up: Corporate Solar Funding Reaches $4.8 Billion in Q1 2025


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					</table><p>The Uttar Pradesh Power Corporation (<a href="https://uppcl.org/uppcl/hi/" target="_blank" rel="noopener">UPPCL</a>) has invited bids to procure 2,000 MW of pumped hydro storage capacity to be developed on a build, own, operate, and maintain basis for 40 years from the commercial operation date (COD).</p>
<p>The contracted capacity must have a scheduled discharge capability of eight hours per day, with a maximum continuous discharge of six hours.</p>
<p>Bids must be submitted by May 16, 2025. Bids will be opened on May 19.</p>
<p>Bidders must furnish an earnest money deposit of ₹500,000 (~$5,835)/MW, a tender document fee of ₹11,800 (~$137.61), an additional tender processing fee of ₹11,800 (~$137.61), and a bidding fee of ₹20,000 (~$233.40) (excluding GST).</p>
<p>Successful bidders must submit a performance bank guarantee of ₹1.2 million (~$14,004)/MW of the contracted capacity, which must remain valid for 12 months beyond the scheduled COD.</p>
<p>The scope of work entails the survey, investigation, designing, construction, erection, testing, and commissioning the project. It also involves providing operation and maintenance services and obtaining statutory approvals.</p>
<p>Successful bidders must achieve the pumped hydro storage project’s financial closure within 36 months of the agreement date.</p>
<p>Failure to meet the project requirements on time will attract liquidated damages at a rate of 0.2% of the performance security per day of delay, up to a maximum of 120 days.</p>
<p>Bidders must comply with the technical requirements for pumped hydro storage projects per the applicable grid code or Central Electricity Authority (CEA)/ central or state guidelines. They must also provide documentary evidence for compliance, including a detailed project report approved by the CEA, proof of technical tie-ups, and documents detailing adherence to the RLDC/SLDC guidelines for scheduling and dispatch.</p>
<p>The Central Electricity Authority has <a href="https://www.mercomindia.com/cea-approves-detailed-project-reports-for-7-5-gw-pumped-storage-projects" target="_blank" rel="noopener">greenlighted</a> Detailed Project Reports of six pumped hydro storage projects with a total capacity of 7.5 GW across Odisha, Karnataka, Maharashtra, Andhra Pradesh and Madhya Pradesh.</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 the tender activity in real-time.</p>


Uttar Pradesh Floats Tenders for 2 GW Pumped Hydro Storage Projects


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					</table><p>Solar generation depends on the solar irradiation that <a href="https://www.mercomindia.com/most-of-india-saw-3-10-decline-in-solar-radiation-in-2024-interview" target="_blank" rel="noopener">falls</a> on photovoltaic panels. India has witnessed up to 7% below-average solar radiation variability between 2018 and 2022 and between 3% and 10% in 2024. Slovakia-headquartered Solargis is an online platform with solar design, energy simulation, data analytics, and solar and meteorological data to support various stages of solar power projects. In this interview, Solargis’ CEO Marcel Suri speaks about the impact of a drop in irradiance on solar project performance, his company’s solutions for the solar industry, and forecasting technology trends.</p>
<p>The draft Punjab Green Hydrogen Policy, <a href="https://www.mercomindia.com/punjab-draft-policy-aims-at-100-ktpa-green-hydrogen-production-by-2030" target="_blank" rel="noopener">released</a> by the Punjab Energy Development Agency, targets achieving a 100 kilo tons per annum production capacity of green hydrogen and ammonia by 2030. Per the draft, the existing incentives under the “Punjab Industrial and Business Development Policy 2022” will be extended to new green hydrogen and ammonia ventures and the expansion of existing units.</p>
<p>UltraTech Cement, an Aditya Birla Group company, will <a href="https://www.mercomindia.com/ultratech-cement-to-source-power-from-ampins-75-mw-solar-project" target="_blank" rel="noopener">source</a> renewable energy from AMPIN Energy Transition’s special purpose vehicle (SPV) AMPIN C&amp;I Power Eight. The company entered energy supply, share subscription, and shareholders agreements to acquire a 26% equity share in AMPIN C&amp;I Power Eight, investing ₹255 million (~$2.98 million). The SPV was incorporated in January to set up a 75 MW DC/50 MW AC solar power project on a captive basis at the Sindhari village in Rajasthan’s Balotara district.</p>
<p>Coal India <a href="https://www.mercomindia.com/coal-india-floats-tender-for-1-gw-solar-project-in-rajasthan" target="_blank" rel="noopener">invited</a> bids to set up a 1,000 MW (AC) ground-mounted solar project on a turnkey basis at the Rajasthan Rajya Vidyut Utpadan Nigam’s 2,000 MW solar park in Rajasthan’s Bikaner district. Bids must be submitted by May 7, 2025. Bids will be opened on May 8. The scope of work entails the design, engineering, procurement, construction, and commissioning of the project. It also involves conducting the associated civil works and providing comprehensive operation and maintenance services for two years.</p>
<p>Rajasthan Electronics and Instruments <a href="https://www.mercomindia.com/reil-issues-rate-contract-tender-for-1-14-mw-rooftop-solar-projects" target="_blank" rel="noopener">invited</a> bids for rate contracts to develop 1.14 MW grid-connected rooftop solar projects on government buildings in Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, Telangana, Puducherry, and Lakshadweep. The rate contracts will be valid for one year and can be extended per requirement. Bids must be submitted by May 6, 2025. Bids will be opened on May 7. The scope of work entails the design, engineering, survey, manufacturing, unloading, storage, erection, testing, and commissioning of the solar projects. It also involves integrating the projects up to the ground floor level with the grid.</p>
<p>Waaree Renewable Technologies, the solar engineering, procurement, and construction arm of the Waaree Group, has <a href="https://www.mercomindia.com/epc-contracts-push-waarees-revenue-up-83-10-in-fy25" target="_blank" rel="noopener">reported</a> a 74.84% year-over-year (YoY) rise in revenue to ₹4.81 billion (~$56.15 million) from ₹2.75 billion (~$32.1 million) in the fourth quarter (Q4) of the financial year (FY) 2024-25. The company’s net profit jumped 82.72% to ₹939.12 million (~$10.96 million) from ₹513.97 million (~$6 million) in the same quarter of the previous year. Its earnings before interest, taxes, depreciation and amortization rose by 67.79% YoY to ₹1.26 billion (~$14.68 million) in Q4 FY 25 from ₹752.9 million (~$8.7 million). It reported earnings per share (EPS) of ₹8.98 (~$0.104) compared to an EPS of ₹4.91 (~$0.057) in Q4 FY 24.</p>
<p>The Fraunhofer Institute for Solar Energy Systems ISE <a href="https://www.mercomindia.com/uv-tests-exaggerate-degradation-in-topcon-modules-fraunhofer-ise" target="_blank" rel="noopener">announced</a> that its latest research has found that ultraviolet tests rate degradation of tunnel oxide passivated contact silicon solar modules significantly higher than performance reduction in real-life conditions. The research shows that common UV tests can significantly exaggerate the degradation effect.</p>


Daily News Wrap-Up: Solar Irradiation in India Fell by 3-10% in 2024


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					</table><p>A <a href="https://www.cornell.edu/" target="_blank" rel="noopener">Cornell University</a>-led research team has developed a sustainable and low-cost method to produce carbon-free green hydrogen using just sunlight and seawater as inputs.</p>
<p>The team devised a prototype by leveraging one of the drawbacks of photovoltaics —relatively low efficiency.</p>
<p>Most solar cells can only convert up to 30% of solar energy into electricity, and the remaining is dissipated as waste heat. The team was able to harness the waste heat to warm the seawater until it evaporated. Once the seawater evaporates and the desalinated vapor condenses into clean water, it is passed through an electrolyzer. The electrolyzer splits the water molecules into hydrogen and oxygen.</p>
<p>“The short-wavelength sunlight interacts with the solar cell to generate electricity, and the longer wavelength light generates the waste heat to power the seawater distillation. This way, all the solar energy can be fully used. Nothing is wasted,” said Lenan Zhang,  lead researcher and assistant professor in the Sibley School of Mechanical and Aerospace Engineering at Cornell Engineering.</p>
<p>The device also uses a capillary wick that traps the water in direct contact with the solar panel into a thin film. This boosts the evaporation efficiency to more than 90%, allowing for the heating of large volumes of water.</p>
<p>Solar-powered water electrolysis holds significant promise for the mass production of green hydrogen. However, to produce one kilogram of hydrogen, at least nine kilograms of water is required. The huge quantities of water consumed increase the cost of green hydrogen and raise conservation concerns.</p>
<p>The manufacturing costs of green hydrogen production can be roughly 10 times higher than those of regular hydrogen due to the large amounts of water needed for the process.</p>
<p>On the other hand, seawater is an abundant resource for water, but generating green hydrogen from seawater can be challenging.</p>
<p>Zhang was at the Massachusetts Institute of Technology exploring ways to use solar power to convert seawater into potable water through thermal desalination. After arriving at Cornell University, Zhang and his team started working on expanding the technology to produce green hydrogen.</p>
<p>In June 2024, engineers from the University of Illinois, Chicago, <a href="https://www.mercomindia.com/researchers-produce-and-agricultural-waste" target="_blank" rel="noopener">developed</a> a novel method to produce hydrogen from water utilizing only solar power and agricultural waste such as manure or husks. This novel technique claimed to reduce the energy required to extract hydrogen from water by 600%.</p>
<p>In 2023, engineers at the Massachusetts Institute of Technology <a href="https://www.mercomindia.com/mits-design-harness-40-suns-heat-produce-hydrogen" target="_blank" rel="noopener">developed</a> a conceptual design to produce totally green, carbon-free hydrogen fuel with a trainlike system of reactors that is driven solely by solar energy.</p>


Researchers Use Sunlight and Seawater to Produce Low-Cost Green Hydrogen


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					</table><p>The <strong>Iraqi Ministry of Oil </strong><a href="https://www.enerdata.net/publications/daily-energy-news/iraq-moves-ahead-125-gw-solar-project-and-517-mcmyear-gas-field.html" target="_blank" rel="noopener">signed</a> an agreement with <strong>TotalEnergies </strong>and<strong> QatarEnergy</strong> to develop a 1.25 GW solar project as part of the Gas Growth Integrated Project in the country&#8217;s Basra region. Both companies would equally own the project, and it will consist of two million bifacial solar panels mounted on single-axis trackers to be installed in five 250 MW phases to come online between 2025 and 2027. Once completely operational, the solar project is expected to generate up to 1.25 GW of energy<strong>. </strong>The project will supply clean energy to approximately 350,000 homes in southern Iraq.</p>
<p>The <strong>International Finance Corporation (IFC)</strong> <a href="https://www.zawya.com/en/projects/industry/ifc-to-support-usps-16bln-solar-polysilicon-project-in-oman-p9byq8s8" target="_blank" rel="noopener">signed</a> an agreement with <strong>Oman-based United Solar Polysilicon </strong>to support its $1.6 billion greenfield polysilicon facility. It will be built in Oman&#8217;s Sohar Port and Freezone and have an annual production capacity of 100,000 tons. <strong>Future Fund Oman</strong> invested $156 million in the project. The project has reached the installation phase.</p>
<p><strong>Algeria</strong> <a href="https://www.zawya.com/en/projects/utilities/algeria-launches-renewable-energy-hydrogen-plan-n2di1ny2" target="_blank" rel="noopener">plans</a> to develop renewable energy and green hydrogen projects to reduce its reliance on conventional energy sources and save fossil fuels for exports. The <strong>European Union </strong>and the<strong> German Federal Ministry for Economic Cooperation and Development</strong> will fund the plan, which costs roughly €28 million ($32 million). The plan aims to establish a national database to assess green hydrogen potential and implement monitoring tools to reduce emissions and enhance energy efficiency. Algeria aims to achieve 27% renewable energy in its energy mix by 2026 and install 15 GW by 2030.</p>
<p><strong>Shanghai Electric</strong>, a power generation and electrical equipment manufacturing company, <a href="https://www.zawya.com/en/business/energy/shanghai-electric-in-deal-to-develop-2gw-saudi-pv-plant-hlzlg2ai" target="_blank" rel="noopener">entered</a> an agreement with <strong>Abu Dhabi-based Masdar</strong> for its Sadavi solar project. The project is part of Round 5 of Saudi Arabia&#8217;s National Renewable Energy Program. It is expected to deliver a total capacity of 2,000 MW. On completion, it will become Shanghai Electric&#8217;s biggest EPC project.</p>


MENA Weekly Roundup: Iraq Partners with Total, QatarEnergy for 1.25 GW Solar Project


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					</table><p>The draft Punjab Green Hydrogen Policy, released by the Punjab Energy Development Agency (<a href="https://www.peda.gov.in/" target="_blank" rel="noopener">PEDA</a>), targets achieving a 100 kilo tons per annum (KTPA) production capacity of green hydrogen and ammonia by 2030.</p>
<p>Per the draft, the existing incentives under the &#8220;Punjab Industrial and Business Development Policy 2022&#8221; will be extended to new green hydrogen and ammonia ventures and the expansion of existing units.</p>
<p>However, the exact benefits will depend on the project category, e.g., a large-scale project might get different incentives than a small-scale one.</p>
<p>The draft policy highlights the regulatory support available under the state’s &#8220;New &amp; Renewable Sources of Energy Policy 2012,&#8221; including a full 100% exemption on electricity duty during the construction phase of projects.</p>
<p>It also proposes waiving the change of land use and external development charges for converting agricultural land for industrial purposes related to green hydrogen production. Additionally, it proposes a 100% exemption on stamp duty for land registration and lease transactions.</p>
<p>The draft policy also includes exemptions on energy-related charges to enhance the economic viability of green hydrogen production. Cross-subsidy and additional surcharge will not apply to green energy consumed in producing green hydrogen and ammonia.</p>
<p>The policy proposes concessions in contract demand charges for entities utilizing green energy and a 50% exemption on intra-state transmission and wheeling charges for the green energy used. It also proposes waiving the inter-state transmission charges levied by the Central Transmission Utility for 25 years for green hydrogen and ammonia manufacturers whose projects are commissioned before December 31, 2030.</p>
<p>Additionally, the policy incorporates the renewable purchase obligation (RPO) framework, allowing obligated entities to meet their RPO targets by purchasing green hydrogen or ammonia, with a mechanism for converting green hydrogen to MWh for RPO compliance.</p>
<p>It also states that the Punjab State Power Corporation (<a href="https://pspcl.in/" target="_blank" rel="noopener">PSPCL</a>) may procure and supply renewable energy to green hydrogen and ammonia manufacturers at tariffs determined by the Punjab State Electricity Regulatory Commission (<a href="https://pserc.punjab.gov.in/" target="_blank" rel="noopener">PSERC</a>).</p>
<p>Incentives such as a capital subsidy of up to ₹150 million (~$1.75 million) per project, capped at ₹30 million (~$350,000) ton per day (TPD) for biomass-to-green hydrogen projects with a maximum capacity of 5 TPD are among the incentives proposed. The incentives will be limited to the first 10 such projects.</p>
<p>The policy proposes a 20% capital subsidy, up to ₹5 million (~$58,350) per vehicle, for the initial 100 hydrogen-based fuel cell trucks and buses. It also includes a subsidy of ₹50 (~$0.58)/kg for the first 10 industries in Punjab that consume green hydrogen for five years. It offers a 20% capital cost subsidy, up to a maximum of ₹30 million (~$350,000), for the first 10 hydrogen refueling stations established in the state.</p>
<p>Recently, the Indian government <a href="https://www.mercomindia.com/government-launches-pilot-project-for-hydrogen-fueled-buses-and-trucks" target="_blank" rel="noopener">launched</a> five pilot projects under the National Green Hydrogen Mission to introduce hydrogen-fueled buses and trucks.</p>
<p>In October 2024, the government <a href="https://www.mercomindia.com/mnre-approves-three-pilot-projects-for-green-hydrogen-use-in-steel-production" target="_blank" rel="noopener">approved</a> three pilot projects to use hydrogen in steel production under the National Green Hydrogen Mission.</p>


Punjab Draft Policy Aims at 100 KTPA Green Hydrogen Production by 2030


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					</table><p>Solar generation depends on the solar irradiation that falls on photovoltaic panels. India has witnessed up to 7% below-average solar radiation variability between 2018 and 2022 and between 3% and 10% in 2024.</p>
<p>Slovakia-headquartered <a href="https://solargis.com/" target="_blank" rel="noopener">Solargis</a> is an online platform with solar design, energy simulation, data analytics, and solar and meteorological data to support various stages of solar power projects. In this interview, Solargis’ CEO Marcel Suri speaks about the impact of a drop in irradiance on solar project performance, his company’s solutions for the solar industry, and forecasting technology trends.</p>
<p><strong>How do Solargis’ solutions help the industry design solar photovoltaic projects?</strong></p>
<p>At Solargis, we offer an online platform that includes solar design, energy simulation, data analytics, forecasting software, and accurate and validated solar and meteorological data to support every stage of solar power projects, from pre-feasibility and planning to operation and management.</p>
<p>On the project design side, we recently launched Solargis Evaluate 2.0, a new cloud-based solution that integrates high-resolution solar and meteorological data, a 3D energy system designer, a photovoltaic (PV) components catalog, reliable energy yield simulations, and analytical reporting.</p>
<p>As the solar industry scales to meet global demand, project evaluation has grown increasingly complex due to evolving financial, technological, and climate-related risks. Tackling this complexity requires advanced, data-driven, and verifiable modeling approaches that challenge outdated industry standards. This solution is what Evaluate 2.0 aims to provide.</p>
<p><strong>What have been the historical trends in irradiance levels in India?</strong></p>
<p>Climate science is a highly complex field, so without robust evidence from a full and rigorous scientific study, it would be misleading to talk about long-term historical ‘trends’ such as a decline in solar irradiance.</p>
<p>Solargis radiation data shows that the Indian solar market has been considerably impacted by resource variability in recent years.</p>
<p>In 2022, we published a 10-year solar performance study highlighting how solar irradiance levels have deviated from the long-term averages often used to underpin production estimates and financial models.</p>
<p>We found that India experienced solar radiation variability, with up to 7% below average across the subcontinent between 2018 and 2022. This variability validated our concerns with PV asset managers about lower-than-expected irradiance levels.</p>
<p>More recent research published last year showed that in 2024, most of India experienced a dip in solar radiation between 3% and 10%, marking another year of below average solar resources.</p>
<p><strong>What factors are behind the lower irradiance levels in India in recent years?</strong></p>
<p>Several factors have contributed to the recent decline in solar irradiance in India. The first is extreme weather. In 2024, the monsoon season was among the wettest in recent years, with rainfall exceeding the long-term average by nearly 8%. While beneficial for agriculture and water reservoirs, this had a negative impact on solar energy production.</p>
<p>Another key factor is poor air quality caused by increased pollution. Solargis research published in April last year found that air pollution has significantly impacted India’s solar industry, especially during winter. In January 2024, Northern India experienced some of the poorest air quality in decades, with persistent fog and smog lasting up to 20 days in some areas.</p>
<p>High aerosol levels have had a direct effect on PV performance. Our Global Horizontal Irradiance map for January 2024 showed substantial drops of between 30% and 50% compared to the long-term average.</p>
<p>These reductions were particularly notable around highly developed areas, where aerosols and cloud cover further limit resource availability. If not accounted for during project development, such conditions can cause underperformance and erode investor confidence in one of the world’s fastest-growing solar markets.</p>
<p><strong>Which regions in India have witnessed lower-than-usual irradiance?</strong></p>
<p>In 2024, most of India experienced a decline in solar irradiation of 3% to 10%. The monsoon season was particularly intense, exceeding the long-term rainfall average by nearly 8%.</p>
<p>This development led to prolonged periods of cloud cover, especially in regions like Central India and the Western Ghats, and caused reduced irradiance availability. Key solar hubs like Gujarat and Maharashtra also recorded extended below-average solar radiation, making it clear that project developers in these areas must factor in more significant resource uncertainty.</p>
<p><strong>What has been the impact of the drop in irradiance on solar generation in the Indian context?</strong></p>
<p>Solar radiation closely correlates with energy generation over longer time frames, such as a month or a year. Generally, a 5% decline in solar radiation typically results in a similar 5% drop in electricity generation. This relationship is largely linear, especially when data is aggregated over time.</p>
<p>However, the actual impact on generation can vary depending on a PV project’s specific design and configuration. Factors such as the ambitious DC/AC ratios, the use of tracking systems versus fixed structures, and the overall system design can influence how sensitively a plant responds to changes in irradiation levels.</p>
<p><strong>What tools does Solargis employ to monitor irradiance levels? How does satellite monitoring compare with on-ground monitoring?</strong></p>
<p>Developing large-scale solar projects requires access to long-term solar and meteorological data – ideally 20 years or more.</p>
<p>Satellites and meteorological models are global and offer extensive coverage, tracking parameters such as clouds, aerosols, air temperature, and wind. However, their spatial and temporal granularity may not capture local climate variations, especially in areas with complex terrain or near cities, large industries, and coastlines.</p>
<p>For this reason, satellite data and models should be complemented with ground-based, site-specific measurements, ideally taken over at least one year. This hybrid approach – that we at Solargis apply – enables developers to validate long-term trends and better reflect the actual environmental conditions on-site.</p>
<p><strong>What are the latest trends in forecasting technologies? With the evolution of artificial intelligence (AI) and machine learning (ML), can we expect more accurate predictive models?  </strong></p>
<p>Yes, especially when AI and ML are applied to solar radiation forecasting, which is the primary source of error in solar power forecasts.</p>
<p>Traditionally, forecasts have relied on numerical weather prediction models, and some providers also use satellite-based cloud motion vector models.</p>
<p>What’s changing now is the smarter integration of these models using AI and ML. These technologies allow us to refine forecasts by learning from past errors and dynamically weighing inputs based on ever more input data. They’re particularly useful for predicting extreme weather events, such as dust storms or high winds, which can significantly affect the power project’s output.</p>
<p>By improving the accuracy of forecasts, AI- and ML-enhanced models allow solar operators to make more informed real-time decisions and minimize deviations from the expected generation.</p>
<p><strong>To what extent have Indian solar companies adopted irradiance monitoring technologies?</strong></p>
<p>Solargis has supported Indian solar companies for many years. Our customers prioritize dependable irradiance data to address performance variability.</p>
<p>For instance, companies use Solargis’ real-time datasets to improve forecasting and operational monitoring. Solargis provided them with high-quality, one- and five-minute resolution data. This data-sharing enabled more accurate ground measurement verification and project optimization – from design to operations.</p>
<p>Some companies are also integrating advanced technologies such as bifacial PV modules, intelligent trackers, and storage. Our partnership with them ensures they have the data to predict performance confidently.</p>
<p><strong>How does Solargis help the solar industry cope with extreme weather events?</strong></p>
<p>The growing frequency of extreme weather events makes access to granular, historical, and real-time data more essential than ever.</p>
<p>Solargis helps developers from the early project stages by offering access to 26 years of high-resolution irradiance data, helping them understand interannual variability and assess long-term resource risks.</p>
<p>We also offer real-time and forecast datasets that enable more accurate asset performance evaluation and proactive operational decisions and help reduce the financial impact of weather and technology underperformance. Our advanced modeling and data products are designed to improve system resilience, accuracy, and overall project bankability in an increasingly volatile climate.</p>


Most of India Saw 3-10% Decline in Solar Irradiation in 2024: Interview


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					</table><p>The Central Electricity Regulatory Commission <a href="https://www.mercomindia.com/cerc-seeks-feedback-on-iexs-proposal-for-real-time-green-energy-trading" target="_blank" rel="noopener">invited</a> stakeholder feedback by April 23, 2025, on a proposal by the Indian Energy Exchange (IEX) to introduce real-time trading in renewable energy. Considering that IEX could not meet the significant demand for renewable energy through firm trading, the exchange has proposed introducing the Green Real-Time Market to address the dynamic nature of green energy. In FY 2024, around 2.5 billion units of renewable energy were traded in the Green Day Ahead Market on the IEX platform.</p>
<p>The Andhra Pradesh Electricity Regulatory Commission <a href="https://www.mercomindia.com/aperc-orders-transmission-provider-to-refund-unduly-collected-om-charges" target="_blank" rel="noopener">directed</a> the Transmission Corporation of Andhra Pradesh (APTRANSCO) to refund the Operation and Maintenance (O&amp;M) charges of ₹4.8 million (~$55,954) to Aurobindo Pharma. The charges were levied on the petitioner for the O&amp;M activities carried out by APTRANSCO on two transmission projects until their handover. The Commission ordered a refund of the O&amp;M charges, stating that APTRANSCO owns the transmission line and must pay for the maintenance charges.</p>
<p>The hospitality industry is <a href="https://www.mercomindia.com/maharashtras-100-solar-powered-eco-resort-saves-%E2%82%B92-9-million-annually" target="_blank" rel="noopener">emerging</a> as a leader in the transition to renewable energy, joining a growing number of commercial and industrial units in India with high power consumption that are turning to green energy. This shift is helping businesses lower energy costs while significantly reducing their carbon emissions. Nashik-based Grape County Eco Resorts &amp; Spa has installed a 183 kW ground-mounted solar system, which fully meets its energy needs.</p>
<p>The Rajasthan Solar Park Development Company, a subsidiary of Rajasthan Renewable Energy Corporation, <a href="https://www.mercomindia.com/rajasthan-floats-epc-tender-for-power-evacuation-system-of-2-4-gw-solar-park" target="_blank" rel="noopener">invited</a> bids for the engineering, procurement, and construction of the power evacuation system for its 2,450 MW solar park in Bikaner district. The project is divided into three lots: Lot-1 (1,000 MW Phase-I), Lot-2 (1,000 MW Phase-II), and Lot-3 (450 MW Phase-III). Bids must be submitted by May 13, 2025. Bids will be opened on May 14. The scope of work for all lots entails the survey, design, engineering, supply of equipment and materials, civil works, erection, testing, and commissioning of the projects.</p>
<p>Government-owned lender Indian Renewable Energy Development Agency (IREDA) <a href="https://www.mercomindia.com/iredas-q4-fy-2025-profits-up-49-as-non-performing-assets-drop" target="_blank" rel="noopener">reported</a> a 49% year-over-year (YoY) increase in profit after tax for the fourth quarter of the financial year 2025 to ₹5.02 billion (~$56.6 million) from ₹3.37 billion (~$39.3 million). IREDA attributed the increase to a decline in non-performing assets. The lender’s revenue from operations stood at ₹19.04 billion (~$222.3 million), a 37% rise from ₹13.91 billion (~$232.4 million) in the same quarter the previous year. At the end of the quarter, IREDA reported an outstanding loan book of ₹762.81 billion (~$8.9 billion), a 20% YoY increase.</p>


Daily News Wrap-Up: IEX Proposes Real-Time Green Energy Trading


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					</table><p>The <a href="https://cercind.gov.in/" target="_blank" rel="noopener">Central Electricity Regulatory Commission</a> has invited stakeholder feedback by April 23, 2025, on a proposal by the Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) to introduce real-time trading in renewable energy.</p>
<p>Considering that IEX could not meet the significant demand for renewable energy through firm trading, the exchange has proposed introducing the Green Real-Time Market (G-RTM) to address the dynamic nature of green energy.</p>
<p>In FY 2024, around 2.5 billion units (BUs) of renewable energy were traded in the Green Day Ahead Market on the IEX platform.</p>
<p>Purchase bids reached up to 16.5 BUs. However, IEX only met the demand for 4.6 BUs, leaving nearly 72% of the renewable energy demand unmet.</p>
<p>According to IEX, out of the 56 BUs traded in the integrated Day Ahead Market, 2.5% was green power.</p>
<p>IEX’s proposal has received support from several stakeholders in the renewable energy sector. They told IEX that G-RTM would address fluctuations in renewable energy generation and allow trading within shorter time windows. Introducing G-RTM could also serve as another venue for renewable energy generators to sell to obligated entities to fulfill their RPOs.</p>
<p>Additionally, they asked IEX to facilitate power sales from merchant projects through G-RTM.</p>
<p>IEX has proposed that the G-RTM will include an integrated Real-Time Market (RTM) in the power exchange with separate price formation for renewable and conventional energy. The G-RTM will be the sole market for real-time renewable energy transactions. Unsold power in G-RTM can also be sold in the larger RTM.</p>
<p>All the bids will be cleared one after another. Bids in RTM will be removed after bid allocations under G-RTM.</p>
<p>Power sold through G-RTM will be eligible for meeting Renewable Purchase Obligations for eligible entities.</p>
<p>The price determination will include a two-step process. It will be determined by taking bids from buyers and sellers and then setting a uniform market price.</p>
<p>The auction will take place through a double-sided, closed-bid auction.</p>
<p>Other methods, such as bidding, settlement, and scheduling, will be combined for RTM and G-RTM.</p>
<p>All grid-connected entities can sell power in G-RTM, and all entities procuring power under open access can buy power in this market.</p>
<p>Each trading session will be a 15-minute time block with a gap of 15 minutes between each session. Power delivery will happen every half an hour, comprising two 15-minute time blocks.</p>
<p>Bidders must apply for a minimum volume of 0.1 MW and quote at least ₹1 (~$0.011)/MWh.</p>
<p>Buyers and sellers will be able to place advanced bids before the start of the trading session for a delivery period.</p>
<p>In April 2025, the Grid Controller of India <a href="https://www.mercomindia.com/moves-on-to-increase-rec-trading-sessions-on-power-exchanges-from-two-a-month" target="_blank" rel="noopener">announced</a> that government agencies are exploring the possibility of increasing the frequency of Renewable Energy Certificate trading sessions on power exchanges.</p>
<p>Subscribe to Mercom’s real-time <a href="https://www.mercomindia.com/product/mercoms-renewable-energy-regulatory-updates" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.</p>


CERC Seeks Feedback on IEX’s Proposal for Real-Time Green Energy Trading


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					</table><p>Government-owned lender Indian Renewable Energy Development Agency (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>) has reported a 49% year-over-year (YoY) increase in profit after tax for the fourth quarter (Q4) of the financial year (FY) 2025  to ₹5.02 billion (~$56.6 million) from ₹3.37 billion (~$39.3 million).</p>
<p>IREDA attributed the increase to a decline in non-performing assets (NPA).</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-78649 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Screenshot-2025-04-16-130003.png" alt="" width="540" height="228" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Screenshot-2025-04-16-130003.png 540w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Screenshot-2025-04-16-130003-300x127.png 300w" sizes="(max-width: 540px) 100vw, 540px" /></p>
<p>The lender’s revenue from operations stood at ₹19.04 billion (~$222.3 million), a 37% rise from ₹13.91 billion (~$232.4 million) in the same quarter the previous year.</p>
<p>At the end of the quarter, IREDA reported an outstanding loan book of ₹762.81 billion (~$8.9 billion), a 20% YoY increase.</p>
<p><strong>Full Year 2025</strong></p>
<p>The company’s net profit for FY 2025 was ₹16.99 billion (~$198.3 million), a 36% YoY increase from ₹12.52 billion (~$146.1 million).</p>
<p>Its revenue from operations was ₹67.42 billion (~$787.2 million), a 36% increase from ₹49.64 billion (~$579.5 million) in the previous year.</p>
<p>The lender’s net worth grew 28% YoY to ₹102.6 billion (~$1.2 billion).</p>
<p>At the end of FY 2025, the company’s earnings per share came in at ₹6.32 (~$0.074), a 22% increase from ₹5.16 (~$0.06) in FY 2024.</p>
<p>As of March 2025, the solar sector comprised the highest share of outstanding loans by IREDA at 24%. Wind and hydropower followed at 14% and 11% respectively.</p>
<p>The manufacturing sector comprised 6% of the outstanding loans, followed by the hybrid (wind and solar) segment at 4%. The electric vehicle and transmission segments constituted 1% and 3%, respectively.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-78650 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Screenshot-2025-04-16-132810.png" alt="" width="457" height="487" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Screenshot-2025-04-16-132810.png 457w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/04/Screenshot-2025-04-16-132810-282x300.png 282w" sizes="(max-width: 457px) 100vw, 457px" /></p>
<p>Rajasthan (17%), Karnataka (13%), Andhra Pradesh (12%), Gujarat (8%), Telangana (8%), and Tamil Nadu (10%) were among the top states with outstanding loans from IREDA.</p>
<p>Recently, IREDA <a href="https://www.mercomindia.com/iredas-fy-2025-loan-approvals-grow-27-yoy" target="_blank" rel="noopener">announced</a> a 27% rise in loan approvals for FY 2025, per the provisional data.</p>
<p>In March this year, IREDA <a href="https://www.mercomindia.com/ireda-raises-%E2%82%B99-1-billion-through-privately-placed-tier-ii-bonds" target="_blank" rel="noopener">raised</a> ₹9.1 billion (~$106.16 million) by issuing privately placed subordinated Tier II bonds.</p>
<p>IREDA <a href="https://www.mercomindia.com/iredas-q3-profits-record-a-27-yoy-increase" target="_blank" rel="noopener">reported</a> a profit after tax of ₹4.25 billion (~$49.52 million) during Q3 FY 2025, a YoY growth of 27%.</p>


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