ANDRITZ Bags Order from Adani Green for 1.5 GW Pumped Storage Project in Maharashtra

Mazagon Shipbuilders Issues O&M Tender for 1.85 MW Rooftop Solar Projects

RECPDCL Invites Bids to Evacuate 2 GW of Power from Solar Park in Tumkur

MNRE Invites Proposals to Promote Circularity in Solar and Battery Technologies

Daily News Wrap-Up: India’s Solar Exports Rise 26% in Q1 2025

Utilities Blame High-Intensity Winds for Transmission Tower Failures

Four Textile and Ceramic Companies Save ₹152 Million in a Year by Going Solar

India’s Solar Exports Up 26%, Imports Surge 80.2% QoQ in Q1 2025

REMCL Floats Tender for 1.25 MW Rooftop Solar Projects in Maharashtra

NCR Transport Corporation Tenders 3 MW Rooftop Solar Projects


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					</table><p>Indian solar module and cell exports <a href="https://www.mercomindia.com/indias-solar-exports-up-26-imports-surge-80-2-qoq-in-q1-2025" target="_blank" rel="noopener">increased</a> 26.1% quarter-over-quarter to $267.6 million (~₹23.1 billion) in the first quarter of 2025 from $212.2 million (~₹17.92 billion), according to recent data published by the Department of Commerce. However, module and cell exports declined 59.9% year-over-year to $666.7 million (~₹55.37 billion). Solar exports in the quarter were dominated by photovoltaic modules, which accounted for 98.7% of the total shipments, while solar cells made up the remaining 1.3%.</p>
<p>The National Capital Region Transport Corporation <a href="https://www.mercomindia.com/ncr-transport-corporation-tenders-3-mw-rooftop-solar-projects" target="_blank" rel="noopener">invited</a> bids to set up 3 MW rooftop solar projects in the Delhi–Ghaziabad–Meerut Namo Bharat Corridor. Bids must be submitted by July 14, 2025. Bids will be opened on July 15. The scope of work entails the design, engineering, supply, installation, testing, and commissioning of the solar projects. It also involves providing comprehensive operation and maintenance services for 25 years.</p>
<p>REMCL, a joint venture between the Ministry of Railways and Rail India Technical and Economic Service, <a href="https://www.mercomindia.com/remcl-floats-tender-for-1-25-mw-rooftop-solar-projects-in-maharashtra" target="_blank" rel="noopener">invited</a> bids to set up a cumulative 1.25 MW of rooftop solar projects at four railway stations in Maharashtra. These projects will be set up at the Mira Road (120 kW), Neral (465 kW), Virar (475 kW), and Palghar (190 kW) railway stations. Bids must be submitted by July 4, 2025. Bids will be opened on July 7. The scope of work entails the design, engineering, supply, construction, erection, testing, and commissioning of the solar projects. It also covers operation and maintenance for five years.</p>
<p>With a growing push for renewable energy <a href="https://www.mercomindia.com/karnataka-farm-products-cooperative-sales-unit-turns-to-solar-saves-big" target="_blank" rel="noopener">adoption</a> in India, it is not only commercial and industrial units that are turning to solar energy, but also businesses in the agricultural sector. One such example is the supermarket of Tota Utpannagala Marata Sahakara Sangha Niyamith (TUMCOS) in Channagiri, Davanagere district, Karnataka. TUMCOS is a cooperative society that helps farmers market their farm produce, like areca nut and pepper, at its sales outlets.</p>



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					</table><p>Torrent Green Energy (Torrent Power) <a href="https://www.mercomindia.com/torrent-green-energy-wins-secis-400-mw-wind-auction" target="_blank" rel="noopener">won</a> Solar Energy Corporation of India’s auction to set up 600 MW interstate transmission system-connected wind power projects under Tranche XVIII. Torrent Power has won 300 MW at a tariff of ₹3.97 (~$0.046)/kWh. The tender was floated in March 2025 for 400 MW, which was later increased to 600 MW. Out of the total 600 MW capacity that was tendered, only 300 MW was awarded because the total eligible bids received were significantly lower than the floated capacity.</p>
<p>The Ministry of New and Renewable Energy (MNRE) <a href="https://www.mercomindia.com/mnre-revises-guidelines-for-installation-of-prototype-wind-turbines" target="_blank" rel="noopener">issued</a> guidelines setting the validity of the prototype certificate for a wind turbine at three years. The guidelines include a framework for installing prototype wind turbine models. They will apply to all wind turbine manufacturers in India and will be implemented by the National Institute of Wind Energy, Chennai.</p>
<p>The Central Electricity Regulatory Commission (CERC) <a href="https://www.mercomindia.com/cerc-approves-tariffs-for-secis-600-mw-wind-solar-hybrid-projects" target="_blank" rel="noopener">approved</a> tariffs of ₹3.25 (~$0.037)/kWh and ₹3.26 (~$0.038)/kWh for Solar Energy Corporation of India’s (SECI) 600 MW interstate transmission system-connected wind-solar hybrid power projects (Tranche IX). CERC, however, refused to award a trading margin of ₹0.07 (~$0.008)/kWh. It stated that since the awarded capacity had not yet been tied up, the trading margin would be determined according to the power sale agreement that would be signed between SECI and the distribution licensees.</p>
<p>The Rajasthan Electricity Regulatory Commission <a href="https://www.mercomindia.com/rajasthan-issues-draft-intrastate-transmission-system-connectivity-regulations" target="_blank" rel="noopener">issued</a> a draft procedure for granting connectivity to the intrastate transmission system. The procedure, which governs access to the intrastate transmission system at 33 kV and above, applies to all entities, whether seeking new connections or modifying existing ones. The procedure is issued in accordance with Regulation 17 of the Rajasthan Electricity Regulatory Commission (Rajasthan Electricity Grid Code) Regulations, 2024.</p>
<p>Kerala’s Agency for New and Renewable Energy Research and Technology (ANERT) <a href="https://www.mercomindia.com/anert-invites-proposals-for-green-energy-demonstration-projects" target="_blank" rel="noopener">invited</a> expressions of interest for demonstration projects in green hydrogen, smart energy, and industrial decarbonization. Bids must be submitted by June 18, 2025. ANERT will shortlist and communicate the selection by June 20.</p>
<p>SECI <a href="https://www.mercomindia.com/seci-tenders-2-gw-solar-projects-with-4-gwh-energy-storage-systems" target="_blank" rel="noopener">issued</a> a request for selection to set up 2,000 MW interstate transmission system (ISTS)-connected solar projects, along with 1,000 MW/4,000 MWh energy storage systems. Bids must be submitted by July 22, 2025. Bids will be opened on July 25. Selected bidders must set up a transmission network up to the interconnection/ delivery point for the project. They must identify the land, install the project, ensure its ownership, and obtain connectivity, approvals, and interconnection with the ISTS network.</p>


Daily News Wrap-Up: Torrent Power Wins SECI’s 600 MW Wind Auction


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					</table><p>The <strong>African Development Bank Group (AfDB)</strong> <a href="https://www.afdb.org/en/news-and-events/press-releases/egypt-african-development-bank-provide-1841-million-africas-largest-solar-energy-and-battery-storage-project-84504" target="_blank" rel="noopener">approved</a> a financing package of up to $184.1 million to support the 1 GW Obelisk solar project in <strong>Egypt</strong>’s Qena Governorate. This project will also include a 200 MWh battery energy storage system. With a total investment exceeding $590 million, the Obelisk project will be the largest solar project in Africa. The financing includes $125.5 million from AfDB’s resources, $20 million from the <strong>Sustainable Energy Fund for Africa</strong>, $18.6 million from the <strong>Canada-AfDB Climate Fund</strong>, $20 million from the <strong>Clean Technology Fund</strong>, and additional support from other development finance institutions.</p>
<p><strong>Dubai Electricity and Water Authority (DEWA) </strong><a href="https://www.aninews.in/news/world/middle-east/uae-dewa-adds-800mw-of-clean-energy-production-capacity-to-its-energy-mix-in-202520250609193438/" target="_blank" rel="noopener">announced</a> that the Mohammed bin Rashid Al Maktoum Solar Park’s total production capacity has increased to 3,860 MW following the addition of 800 MW under its sixth phase in 2024. The park now contributes 21.5% of DEWA’s total energy mix through solar and concentrated solar power technologies. By 2030, the solar park’s capacity is projected to reach 7,260 MW.</p>
<p><strong>GameChange Solar</strong> <a href="https://www.prnewswire.com/ae/news-releases/gamechange-solar-secures-450-mwp-order-for-green-ammonia-project-in-oman-302478911.html" target="_blank" rel="noopener">secured</a> a contract from <strong>ACME Greentech Ventures FZCO</strong> to supply its Genius Tracker 1P Single Row system for a 450 MWp solar project in Duqm, <strong>Oman</strong>. The solar installation will power ACME’s green hydrogen and ammonia production facilities. The project spans 92 sq km and is being developed in phases. Phase 1 aims to produce 100,000 tons of green ammonia annually, while future phases will scale up to 71,000 tons of green hydrogen and 400,000 tons of green ammonia per year. The facility’s full capacity targets 0.9 million tons of green ammonia annually.</p>
<p>China-based company <strong>Tinci Materials Technology</strong> <a href="https://northafricapost.com/87910-chinese-company-tinci-chooses-morocco-to-build-a-280-million-battery-electrolyte-plant.html" target="_blank" rel="noopener">announced</a> a $280 million investment to establish a battery electrolyte and raw materials plant in Jorf Lasfar, <strong>Morocco</strong>. The facility will produce 150,000 tons of battery electrolytes and key components, such as lithium hexafluorophosphate, annually for the global electric vehicle market. The Moroccan government supports the project through incentives and subsidies.</p>


MENA Weekly Roundup: AfDB Approves $184 Million for Solar Project in Egypt


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					</table><p>Kerala’s Agency for New and Renewable Energy Research and Technology (<a href="https://anert.gov.in/" target="_blank" rel="noopener">ANERT</a>) has invited expressions of interest for demonstration projects in green hydrogen, smart energy, and industrial decarbonization.</p>
<p>Bids must be submitted by June 18, 2025. ANERT will shortlist and communicate the selection by June 20.</p>
<p>Selected projects must focus on the following areas of thematic interests:</p>
<p><strong>Green Hydrogen Technologies </strong></p>
<ul>
<li>Hydrogen production from renewable energy sources, such as electrolysis, biomass, and biogas</li>
<li>Hydrogen storage, transportation, and distribution infrastructure</li>
<li>End-use applications such as hydrogen mobility (buses, trucks, vessels, aviation), power generation, or hydrogen blending for industrial use</li>
<li>System integration solutions involving hybrid renewable energy and hydrogen</li>
</ul>
<p><strong>Smart Energy Systems</strong></p>
<ul>
<li>AI-based grid or energy optimization tools</li>
<li>Digital twin applications for system control and simulation</li>
<li>Blockchain-enabled energy traceability or transactions</li>
<li>Virtual power projects and distributed energy orchestration</li>
<li>Electric vehicle-grid response systems and rail-to-grid energy storage models</li>
<li>Intelligent converters and demand-side automation technologies</li>
</ul>
<p><strong>Industrial Decarbonization</strong></p>
<ul>
<li>Low-carbon fuels and electrification of industrial heat</li>
<li>Integration of renewable energy in energy-intensive sectors</li>
<li>Circular economy models such as waste-to-fuel or waste heat recovery</li>
<li>Efficient energy management systems for manufacturing and processing units</li>
<li>Clean transition of industrial clusters or micro, small, and medium enterprises through shared infrastructure</li>
</ul>
<p><strong>Hybrid and Integrated Demonstrations</strong></p>
<ul>
<li>Combined applications of renewable energy and hydrogen for logistics, ports, or agriculture</li>
<li>Multi-utility demonstration zones integrating storage, renewable energy, and green fuels</li>
<li>Community-scale pilot models with replication potential</li>
</ul>
<p>Selected bidders can apply for external funding, capped at 50%.</p>
<p>The projects will be funded under two categories based on total project size, the level of external support sought, and the co-funding commitments expected from ANERT and the project developers:</p>
<ul>
<li>Projects costing up to $10 million (~₹861.82 million) will be allowed external funding of up to $5 million (~₹430.72 million). The remaining cost will be shared between ANERT and the project developer, with the agency’s share ranging from 20% to 50%</li>
<li>Projects costing up to $40 million (~₹3.44 billion) will be allowed external funding of up to $20 million (~₹1.72 billion). The remaining cost will be shared between ANERT and the project developer, with the agency’s share capped at 20%</li>
</ul>
<p>ANERT’s share in project costs can increase to between 60% and 70% if the project is expected to have a wide-ranging impact and is considered an important asset for Kerala or the country.</p>
<p>Bidders must be Indian entities with the technical, financial, and institutional capacity to implement late-stage demonstration projects in the domains of clean energy, green hydrogen, or industrial decarbonization.</p>
<p>Bidders must also fulfill the following criteria:</p>
<ul>
<li>Bidders must be either private companies, public sector undertakings, research institutions, or consortiums. Bidders, or the leading entity in consortiums, must have at least three years of operational history as of the bid submission date</li>
</ul>
<ul>
<li>Proposed projects must have a minimum technology readiness level of 6. This level would indicate that the project solution is beyond laboratory validation and ready for real-world demonstration in operational environments</li>
</ul>
<ul>
<li>Bidders must propose projects with a clear implementation pathway with identified sites, local partnerships, and preliminary regulatory clarity. Projects demonstrating readiness for deployment within a reasonable timeframe will be preferred</li>
</ul>
<ul>
<li>Bidders must possess, or demonstrate access to, technical and managerial capabilities necessary for project execution, directly or through confirmed partnerships</li>
</ul>
<ul>
<li>Bidders must include a co-funding plan in their proposals, along with indicative commitments from themselves and/or their collaborators. Proposals with external funding will not be considered</li>
</ul>
<ul>
<li>Bid proposals must clearly outline the intended impact, scalability, and relevance to Kerala or India’s clean energy transition, along with environmental and social safeguards</li>
</ul>
<p>Recently, the National Institute of Solar Energy <a href="https://www.mercomindia.com/nise-issues-eoi-for-defining-tender-terms-for-green-hydrogen-facility" target="_blank" rel="noopener">invited</a> proposals to define the scope and draft the tender terms and conditions for the operation and maintenance of its green hydrogen generation, storage, and refueling facility in Gurugram, Haryana.</p>
<p>Earlier, the Ministry of New and Renewable Energy and the European Union’s Trade and Technology Council <a href="https://www.mercomindia.com/mnre-eu-trade-council-call-for-proposals-on-waste-to-green-hydrogen-projects" target="_blank" rel="noopener">invited</a> bids to generate renewable hydrogen from agricultural, forest, and industrial biogenic waste.</p>


ANERT Invites Proposals for Green Energy Demonstration Projects


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					</table><p>Large-scale solar project costs in India <a href="https://www.mercomindia.com/average-cost-of-large-scale-solar-projects-rose-marginally-in-q1-2025" target="_blank" rel="noopener">increased</a> for the second consecutive quarter, according to Mercom’s Q1 2025 India Solar Market Update, average project costs rose 3% quarter-over-quarter and 1% year-over-year. The average selling price of Indian-made DCR-compliant modules increased in Q1 2025, fueled by strong demand from government programs like PM Surya Ghar and PM KUSUM and rising component costs. With developers scrambling to secure limited production slots, pricing pressure increased further. Meanwhile, non-DCR module prices declined slightly due to a correction following last quarter’s surge, primarily driven by anti-dumping duties on solar glass and aluminum frames.</p>
<p>The Ministry of Power <a href="https://www.mercomindia.com/power-ministry-proposes-sale-lease-renting-of-energy-storage-systems" target="_blank" rel="noopener">proposed</a> an amendment to the Electricity Rules 2025 to permit the sale, lease, and renting of energy storage systems (ESS). The Ministry invited comments on the draft amendment from stakeholders to be sent by July 10, 2025. The amendment provides a wider regulatory framework for ESS in India to introduce it as an independent energy infrastructure. ESS can be utilized either as an independent project or as part of a generation, transmission, or distribution system. It can also be developed, owned, leased, or operated by a generating company or a transmission, or a distribution licensee.</p>
<p>The Ministry of Power is <a href="https://www.mercomindia.com/india-plans-530-billion-ultra-high-voltage-ac-transmission-system-by-2034" target="_blank" rel="noopener">enhancing</a> India’s power transmission infrastructure with an ultra-high voltage alternating current transmission system. Nine 1,100 kV lines and ten substations have been identified for development by 2034, with an investment of ₹530 billion (~$6.2 billion). The Central Power Research Institute is developing the system’s testing facilities, according to Power Minister Manohar Lal.</p>
<p>Mercom India is <a href="https://www.mercomindia.com/low-cost-clean-energy-solutions-to-help-ci-businesses-become-sustainable" target="_blank" rel="noopener">hosting</a> the fourth edition of its ‘C&amp;I Clean Energy Meet’ in Coimbatore, Tamil Nadu, on June 13, 2025. Registration for the day-long event will start at 9:30 AM at the Welcomhotel by ITC Hotels. These clean energy meets aim to educate commercial and industrial energy consumers on the adoption of clean energy to reduce costs and make their operations sustainable. As a major industrial hub and textile capital, Coimbatore is witnessing an increase in rooftop solar installations.</p>
<p>Solar engineering, procurement, and construction firm SEPC <a href="https://www.mercomindia.com/sepc-bags-133-mw-solar-epc-contract-in-maharashtra" target="_blank" rel="noopener">received</a> a letter of award from Parmeshi Urja for the EPC of 133 MW of solar projects under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) program in Maharashtra. The contract value for the works is ₹6.5 billion (~$76 million). In September 2024, Parmeshi Urja, a subsidiary of India Power, won the auction to develop the same 133 MW project across four districts in Maharashtra. The project originated from a tender floated by MSEB Solar Agro Power, a wholly owned subsidiary of the Maharashtra State Electricity Board Holding Company, in January 2024.</p>
<p>The West Bengal Power Development Corporation <a href="https://www.mercomindia.com/west-bengal-floats-om-tender-for-10-mw-solar-projects" target="_blank" rel="noopener">invited</a> bids for biennial operation and maintenance of 10 MW ground-mounted solar power projects at the Sagardighi Thermal Power Project for two years. Bids must be submitted by July 9, 2025. Bids will be opened on July 11. The scope of work entails daily solar module washing, removal of ground faults and any other faults to ensure 100% project availability, and monitoring of string current, ambient temperature, and wind speed on an hourly basis. It also covers checking for defects at night before the start of solar hours.</p>
<p>NHPC <a href="https://www.mercomindia.com/nhpc-issues-tender-for-2-5-mw-rooftop-solar-projects-in-nagaland" target="_blank" rel="noopener">issued</a> a request for proposal for setting up 2.56 MW rooftop solar projects at various government buildings in Nagaland. Bids must be submitted by July 11, 2025. Bids will be opened on July 13. The scope of work includes the design, engineering, component procurement and supply, erection, and commissioning of the solar projects.  It also entails obtaining all the project permits and licenses. Selected bidders must provide net metering and obtain a no-objection certificate for the projects’ grid connectivity, if required. They must also ensure synchronization with the existing distribution network grid at the project locations. Only modules from the Approved List of Models and Manufacturers of a minimum 500 W capacity must be used in the projects.</p>
<p>NTPC <a href="https://www.mercomindia.com/ntpc-raises-750-million-via-external-commercial-borrowing" target="_blank" rel="noopener">raised</a> an unsecured $750 million via an external commercial borrowing syndicated term loan facility. This loan will include a base issue of $500 million and a greenshoe option of $250 million, with a door-to-door tenor of 10 years and an average maturity of seven years. The proceeds will be utilized towards financing NTPC’s capital expenditure for existing or new capacity addition programs, including flue gas desulphurization projects, renewable energy projects, and refinancing of existing external commercial borrowing for capital expenditure purposes. Bank of Baroda acted as the transaction’s mandated lead arranger and underwriter of the transaction. HDFC Bank was the mandated lead arranger and bookrunner for the greenshoe portion of the transaction. The deal was executed through the IFSC banking units of Bank of Baroda and HDFC Bank in GIFT City, Gandhinagar.</p>
<p>U.S.-based energy storage firm Powin and its eight other subsidiaries <a href="https://www.mercomindia.com/energy-storage-firm-powin-and-its-subsidiaries-file-for-bankruptcy-in-new-jersey" target="_blank" rel="noopener">filed</a> for Chapter 11 bankruptcy protection in New Jersey. The company and its subsidiaries, PEOS Holdings, Powin China Holdings 1 and 2, Charger Holdings, Powin Energy Ontario Storage, Powin Energy Operating Holdings, Power Energy Operating, and Powin Project, list estimated assets and liabilities ranging from $100 million to $500 million. Powin’s creditors include Ace Engineering, Qingdao CIMC-POWIN New Energy Technology, Contemporary Amperex Technology, Celestica, Clean Energy Services CES, Formosa Electronic Industries, among others.</p>
<p>Hit by multiple macroeconomic challenges, U.S. residential solar fintech and energy-efficient home improvement platform Solar Mosaic <a href="https://www.mercomindia.com/clean-energy-lender-solar-mosaic-files-for-bankruptcy" target="_blank" rel="noopener">filed</a> for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. The company aims to complete its restructuring and recapitalization through this filing. Solar Mosaic stated that its capital flows had been impacted by challenges, including high interest rates and legislation that threatened to remove residential solar tax credits. The company determined that a court-supervised restructuring and recapitalization process was the best option to maintain its loan servicing platform, achieve a full sale and marketing process for its assets, and maximize value for its stakeholders.</p>


Daily News Wrap-Up: Utility Solar Project Costs Up Slightly in Q1 2025


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					</table><p><a href="https://ntpc.co.in/" target="_blank" rel="noopener">NTPC</a> has raised an unsecured $750 million via an external commercial borrowing syndicated term loan facility. This loan will include a base issue of $500 million and a greenshoe option of $250 million, with a door-to-door tenor of 10 years and an average maturity of seven years.</p>
<p>The proceeds will be utilized towards financing NTPC’s capital expenditure for existing or new capacity addition programs, including flue gas desulphurization projects, renewable energy projects, and refinancing of existing external commercial borrowing for capital expenditure purposes.</p>
<p>Bank of Baroda acted as the transaction’s mandated lead arranger and underwriter of the transaction. HDFC Bank was the mandated lead arranger and bookrunner for the greenshoe portion of the transaction. The deal was executed through the IFSC banking units of Bank of Baroda and HDFC Bank in GIFT City, Gandhinagar.</p>
<p>Jaikumar Srinivasan, Director (Finance) NTPC, stated that the public sector undertaking is expanding its energy portfolio to achieve 60 GW of renewable capacity by 2032 and increase its total installed capacity from 80 GW to over 130 GW.</p>
<p>NTPC’s renewable energy arm, NTPC REL, has an installed capacity of 703 MW, comprising 653 MW of solar power and 50 MW of wind power. It had estimated a capacity addition of around 15 GW by the end of the financial year 2025. About 10 GW of renewable energy capacity is under various stages of tendering.</p>
<p>This financing comes at a time when corporate funding in the solar and energy storage sectors is struggling globally. Solar companies secured $4.8 billion in corporate funding in 39 deals in the first quarter (Q1) of 2025, a 41% year-over-year decrease from $8.2 billion raised in 42 deals, according to Mercom Capital Group’s <a href="https://mercomcapital.com/product/q1-2025-solar-funding-ma-report/" target="_blank" rel="noopener">Q1 2025 Solar Funding and M&amp;A Report.</a></p>
<p>NTPC Green Energy’s ₹100 billion (~$1.19 billion) initial public offering was <a href="https://www.mercomindia.com/ntpc-green-energy-ipo-oversubscribed" target="_blank" rel="noopener">oversubscribed</a> 2.42 times at the end of the bidding window on November 22, 2024.</p>


NTPC Raises $750 Million via External Commercial Borrowing


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					</table><p>The <a href="https://powermin.gov.in/" target="_blank" rel="noopener">Ministry of Power</a> is enhancing India’s power transmission infrastructure with an ultra-high voltage alternating current transmission (UHV AC) system. Nine 1,100 kV lines and ten substations have been identified for development by 2034, with an investment of ₹530 billion (~$6.2 billion).</p>
<p>The Central Power Research Institute is developing the system’s testing facilities, according to Power Minister Manohar Lal.</p>
<p>Power evacuation infrastructure in India has <a href="https://www.mercomindia.com/renewable-capacity-growth-severely-hit" target="_blank" rel="noopener">lagged</a> behind the pace of solar and wind energy capacity additions. Several transmission projects have been delayed due to challenges from right-of-way (RoW) issues, land acquisition, litigation, and securing forest, wildlife and tree-cutting approvals.</p>
<p>According to the Central Electricity Authority (CEA), delays due to implementation challenges on the ground have stretched timelines of transmission projects for up to 24 months to over five years in some cases.</p>
<p>Minister Lal said the government has increased compensation for land used for transmission lines to ease the RoW issues. Tower area compensation has gone up from 85% to 200% of the land value and from 15% to 30% for the RoW to directly link land value to market rates.</p>
<p>Haryana and Delhi had already adopted the new guidelines issued on March 21, 2025, he told a press conference.</p>
<p>In a move to attract more private investment and ensure financial discipline, the Late Payment Surcharge (LPS) Rules have been expanded to include intrastate transmission systems.  This crucial reform, previously applied only to interstate transmission systems, aims to expand the transmission networks within states to integrate higher levels of renewable energy.</p>
<p>The government had also expanded the Late Payment Scheme Rules to include intra-state transmission system networks, aiming to attract increased private investment. The expansion aims to have these networks absorb renewable energy, he said.</p>
<p>Lal said India successfully met its peak power demand of 241 GW on June 9, 2025.</p>
<p>The CEA has <a href="https://www.mercomindia.com/india-braces-for-sizzling-summer-power-demand-to-peak-to-270-gw" target="_blank" rel="noopener">predicted</a> India’s peak demand to touch 270 GW in 2025.</p>
<p>The Minister stated that India added 34 GW of energy generation capacity during 2024-2025, the country’s highest ever. Renewable energy accounted for 29.5 GW of this addition. India’s total installed capacity currently stands at 472.5 GW, increasing from 249 GW in 2014.</p>
<p>Lal said India’s national energy shortage has declined to 0.1% as of April 2025, reducing from 4.2% in 2013-2014.</p>


India Plans ₹530 Billion Ultra-High Voltage AC Transmission System by 2034


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					</table><p>The Reserve Bank of India’s (RBI) recent decision to cut interest rates by 50 basis points has <a href="https://www.mercomindia.com/renewable-energy-sector-cheers-rbi-interest-rate-cut-expects-lending-boost" target="_blank" rel="noopener">brought</a> cheer to the renewable energy sector, with stakeholders describing the announcement as a significant tailwind. Industry insiders said the rate cut, the third since the year began, has the potential to reduce the borrowing costs for renewable energy projects. Besides the repo rate cut, the 100 basis-point reduction in the Cash Reserve Ratio will unlock ₹2.5 trillion (~$29.1 billion) for onward lending by banks. Stakeholders said the rate cut will mean more liquidity will get injected into the system, which is already conducive to renewable energy development.</p>
<p>The Appellate Tribunal for Electricity <a href="https://www.mercomindia.com/aptel-directs-discom-to-pay-%E2%82%B96-89-kwh-to-solar-developer-for-50-mw-projects" target="_blank" rel="noopener">ordered</a> a distribution company (DISCOM) in Karnataka to pay a tariff of ₹6.89 (~$0.08)/kWh for 50 MW solar projects. It also directed the refund of the deductions made by the DISCOM from the discovered tariff to Azure Sunrise, a special purpose vehicle of Azure Power India. APTEL noted that the petitioner’s prayer was within the confines of what was finally adjudicated. It stated that the DISCOM’s conduct was highly objectionable, and it not only militated against the binding nature of judicial pronouncements but also bordered on contemptuous disregard for the rule of law.</p>
<p>The Kerala State Electricity Regulatory Commission <a href="https://www.mercomindia.com/kerala-releases-draft-renewable-energy-and-related-matters-regulations" target="_blank" rel="noopener">released</a> the draft ‘Renewable Energy and Related Matters Regulations, 2025’. Stakeholders can submit their suggestions and objections to KSERC within one month. These regulations apply to grid-interactive renewable energy systems, consumers and prosumers, captive consumers and generating projects, generating companies and distribution licensees, as well as other obligated entities. All consumers and prosumers billed under the agriculture, domestic, and industrial tariffs are eligible to opt for net metering. However, they must have a minimum capacity of 1 kW and a maximum of 3 kW.</p>
<p>The Punjab Energy Development Agency <a href="https://www.mercomindia.com/peda-floats-tender-for-30-mw-solar-projects-in-punjab-and-chandigarh" target="_blank" rel="noopener">invited</a> bids for the engineering, procurement, and construction of 30 MW grid-interactive solar projects at government buildings in Punjab and Chandigarh. The projects encompass rooftop and ground-mounted installations. Bids must be submitted by July 1, 2025. Bids will be opened on July 2. The project capacity is categorized into five segments: 1 kW to 3 kW, 3 kW to 10 kW, 10 kW to 100 kW, 100 kW to 500 kW, and 500 kW to 1.5 MW. The scope of work entails the design, manufacture, supply, erection, testing, and commissioning of the solar projects.</p>
<p>The National Institute of Solar Energy, an autonomous institute under the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/nise-issues-eoi-for-defining-tender-terms-for-green-hydrogen-facility" target="_blank" rel="noopener">issued</a> an expression of interest (EoI) for defining the scope and drafting the tender terms and conditions for the operation and maintenance (O&amp;M) of its green hydrogen generation, storage, and refueling facility at the NISE Hydrogen Facility in Gurugram, Haryana. Bids must be submitted by July 9, 2025. The tender is for assisting NISE in formulating a comprehensive and technically sound tender for selecting a future O&amp;M service provider for the solar-powered green hydrogen generation, storage, and refueling facility.</p>
<p>The Tamil Nadu Green Energy Corporation (TNGECL) <a href="https://www.mercomindia.com/tamil-nadu-floats-eoi-for-leasing-land-parcels-for-kusum-projects" target="_blank" rel="noopener">invited</a> EoI to empanel landowners willing to provide land for developing 1 MW to 4 MW solar power projects under Components A and C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) program. The land will be used for decentralized, grid-connected solar projects, either ground or stilt-mounted. Bids must be submitted by July 4, 2025.  Bids will be opened on July 5, 2025. TNGECL will release information about the identified land under a separate request for selection tender to the solar project developers.</p>
<p>Turnkey solar solutions provider Solarium Green Energy <a href="https://www.mercomindia.com/solarium-to-set-up-1-gw-solar-module-manufacturing-plant-in-ahmedabad" target="_blank" rel="noopener">announced</a> its re-entry into the solar module manufacturing space with the establishment of a 1,000 MW facility in Ahmedabad, Gujarat. The proposed facility will involve a capital expenditure of ₹700 million (~$8.14 million). The facility’s funding will be raised through a 3:1 ratio debt-to-equity mix. The plant, which will manufacture TOPCon solar modules, is expected to be operational by the end of the fourth quarter of the current financial year. Solarium Green Energy said the production line would feature imported tabber-stringers, laminators, and sun simulators to ensure high-quality and efficient output.</p>
<p>Government-owned lender, Indian Renewable Energy Development Agency <a href="https://www.mercomindia.com/ireda-20-billion-qualified-institutional-placement" target="_blank" rel="noopener">raised</a> ₹20.06 billion (~$234.71 million) through qualified institutional placement (QIP) of shares. The company issued a total of 121,466,562 equity shares at a price of ₹165.14 (~$1.93) per share, which includes a premium of ₹155.14 (~$1.82). The issue price was set at a 5% discount, or ₹8.69 (~$0.10), on the floor price. Among the participants, the Life Insurance Corporation of India emerged as the largest investor in the QIP, securing 60,733,280 shares, comprising half of the total allotment.</p>
<p>The National Company Law Tribunal, Chandigarh bench, <a href="https://www.mercomindia.com/company-law-tribunal-approves-inox-wind-energys-merger-with-inox-wind" target="_blank" rel="noopener">approved</a> the merger between Inox Wind Energy (IWEL) and Inox Wind (IWL), both INOXGFL Group companies. The company announced the merger in a BSE listing. As a result of the merger, 632 equity shares of face value of ₹10 (~$0.12) each of IWL will be allotted for every 10 equity shares of face value of ₹10 (~$0.12) each of IWEL. The shares are expected to be credited to shareholders of IWEL within one and a half months, subject to regulatory processes and clearances. The merger will reduce IWL’s liabilities by ₹20.5 billion (~$239 million), strengthening the company’s balance sheet.</p>
<p>Waaree Solar Americas, a subsidiary of Waaree Energies, <a href="https://www.mercomindia.com/waaree-bags-599-mw-module-supply-order-from-us-solar-developer" target="_blank" rel="noopener">secured</a> a supply order for 599 MW of solar modules from a U.S.-based developer and owner-operator of utility-scale solar and energy storage projects. The modules will be manufactured in Waaree’s manufacturing facility in Brookshire, Texas.  The modules are expected to be delivered by 2026. The company has secured 1.2 GW of new module orders in the first quarter of fiscal year 2026. The module supply is scheduled to commence from the financial year 2027.</p>
<p>France <a href="https://www.mercomindia.com/france-records-1-4-gw-solar-installations-in-first-quarter-of-2025" target="_blank" rel="noopener">added</a> 1,442 MW of solar capacity in the first quarter (Q1) of 2025, a 34.76% year-over-year increase from 1,070 MW, according to the country’s Ministry of Energy Transition. Solar installations during the quarter were also the highest for any Q1 since 2010. In Q1 2025, the highest solar capacity additions came from projects sized between 100 kW and 250 kW, totaling 624 MW. Projects above 500 kW contributed the second-highest additions with 395 MW, followed by 165 MW from systems ranging between 3 kW and 9 kW. France’s cumulative installed solar capacity has reached 26.8 GW. Electricity production from solar projects reached 5.4 TWh in Q1 2025, up 40% YoY from 3.9 TWh.</p>


Daily News Wrap-Up: Clean Energy Sector Welcomes RBI Interest Rate Cut


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					</table><p>U.S.-based energy storage firm <a href="https://powin.com/" target="_blank" rel="noopener">Powin</a> and its eight other subsidiaries have filed for Chapter 11 bankruptcy protection in New Jersey.</p>
<p>The company and its subsidiaries,  PEOS Holdings, Powin China Holdings 1 and 2, Charger Holdings, Powin Energy Ontario Storage, Powin Energy Operating Holdings, Power Energy Operating, and Powin Project, list estimated assets and liabilities ranging from $100 million to $500 million.</p>
<p>Powin’s creditors include <a href="https://powin.com/" target="_blank" rel="noopener">Ace Engineering</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Qingdao CIMC-POWIN New Energy Technology</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Contemporary Amperex Technology</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Celestica</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Clean Energy Services CES</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Formosa Electronic Industries</a>, among others.</p>
<p>Powin is a battery solutions company established in 2016. As of 2023, the company had over 17 GWh of projects deployed and under construction.</p>
<p>Last year, the company secured a revolving credit facility of up to $200 million primarily from insurance accounts managed by global investment firm KKR.</p>
<p>The credit facility was supposed to support Powin’s working capital needs, drive continued innovation, and further enhance the company’s financial flexibility as it expands its leadership position in the storage industry.</p>
<p>In March 2025, Powin signed a memorandum of understanding to establish a partnership aimed at scaling the Brazilian energy storage market. The partnership was focused on addressing the growing demand for utility-scale energy storage solutions (30 MW+), driven by the country’s renewable energy expansion and grid reliability needs.</p>
<p>Recently, another U.S.-based residential clean energy company, Sunnova Energy, <a href="https://powin.com/" target="_blank" rel="noopener">filed</a> for Chapter 11 bankruptcy protection on Sunday. The company was under pressure from increasing debt and falling demand.  Earlier this month, Sunnova TEP Developer, Sunnova Energy’s subsidiary, filed a voluntary petition for relief under Chapter 11 before the United States Bankruptcy Court for the Southern District of Texas.</p>
<p>Last year, another battery developer and manufacturer, Northvolt AB <a href="https://powin.com/" target="_blank" rel="noopener">filed</a> for bankruptcy protection in the U.S. The company will seek to restructure under Chapter 11 of the bankruptcy code.</p>


Energy Storage Firm Powin and Its Subsidiaries File for Bankruptcy in New Jersey


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					</table><p>The National Institute of Solar Energy (<a href="https://training.nise.res.in/" target="_blank" rel="noopener">NISE</a>), an autonomous institute under the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/en/" target="_blank" rel="noopener">MNRE</a>), has issued an expression of interest (EoI) for defining the scope and drafting the tender terms and conditions for the operation and maintenance (O&amp;M) of its green hydrogen generation, storage, and refueling facility at the NISE Hydrogen Facility in Gurugram, Haryana.</p>
<p>Bids must be submitted by July 9, 2025.</p>
<p>The tender is for assisting NISE in formulating a comprehensive and technically sound tender for selecting a future O&amp;M service provider for the solar-powered green hydrogen generation, storage, and refueling facility.</p>
<p>The scope of work entails proposing detailed inputs for a suitable O&amp;M model, such as public-private partnerships, third-party O&amp;M contracts, or performance-linked payment mechanisms, while advising on the cost structure, risk-sharing mechanisms, performance incentives, and eligibility criteria.</p>
<p>The O&amp;M of all subsystems, including electrolyzers, compressors, storage, dispensers, and the solar installation is covered under the scope.</p>
<p>The project involves a green hydrogen facility with a production capacity of 15 normal cubic meters per hour (Nm³/hr) (approximately 1.35 kg/hr) and hydrogen storage of 60 kg at 495 bar. This facility is powered by a dedicated 120 kWp rooftop solar system. The technology employed includes 5 Nm³/hr and 10 Nm³/hr alkaline electrolyzers, a 350 bar hydrogen dispenser, a Type-1 cylinder hydrogen storage, and a high-pressure compressor.</p>
<p>Bidders must provide a cost structure based on their proposed model, including fixed and variable O&amp;M costs. The cost structure must include a breakdown of expenses such as manpower, consumables, spares, utilities, and overheads.</p>
<p>Bidders must have completed operation and maintenance contracts for hydrogen generation systems, hydrogen storage systems, electrolyzer plants, or equivalent gas-based energy systems. Experience in operating and maintaining electrolyzer plants is desirable but not mandatory.</p>
<p>Last year, NISE <a href="https://www.mercomindia.com/nise-funding-green-hydrogen" target="_blank" rel="noopener">invited</a> proposals to develop testing facilities, infrastructure, and institutional support to develop standards and regulatory frameworks under the National Green Hydrogen Mission.</p>
<p>In April this year, the Government of India <a href="https://www.mercomindia.com/government-issues-green-hydrogen-certification-program" target="_blank" rel="noopener">introduced</a> the Green Hydrogen Certification Scheme of India, a critical component of the National Green Hydrogen Mission, according to which hydrogen can be officially recognized as “green” only if its non-biogenic greenhouse gas emissions do not exceed 2 kg of CO₂ equivalent (CO₂e)/kg of hydrogen, averaged over 12 months.</p>


NISE Issues EoI for Defining Tender Terms for Green Hydrogen Facility


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					</table><p>The Kerala State Electricity Regulatory Commission (<a href="https://www.erckerala.org/" target="_blank" rel="noopener">KSERC</a>) has released the draft ‘Renewable Energy and Related Matters Regulations, 2025’.</p>
<p>Stakeholders can submit their suggestions and objections to KSERC within one month.</p>
<p>These regulations apply to grid-interactive renewable energy systems, consumers and prosumers, captive consumers and generating projects, generating companies and distribution licensees, as well as other obligated entities.</p>
<p>All consumers and prosumers billed under the agriculture, domestic, and industrial tariffs are eligible to opt for net metering. However, they must have a minimum capacity of 1 kW and a maximum of 3 kW.</p>
<p>All consumers and prosumers are eligible to opt for net billing, and gross metering, behind-the-meter, virtual net metering, and group net metering systems.</p>
<p>For net billing and gross metering, the minimum capacity of the renewable energy generating system (REGS) must be 1 kW.</p>
<p>In net billing, the maximum REGS capacity a prosumer can install must not exceed the connected load in kW for connected load-based billing consumers, the contract demand in kVA for demand-based consumers, or 500 kW, whichever is lower.</p>
<p>For a behind-the-meter system, the maximum permissible capacity of the REGS installed behind the consumer’s meter must be limited to the connected load or contract demand. The decentralized renewable energy (DRE) project’s minimum capacity under the virtual net metering system must be at least 10 kW.</p>
<p>Eligible consumers will be responsible for the safe operation, maintenance, and rectification of defects in the REGS and storage, if applicable, up to the interconnection point.</p>
<p>The distribution licensee can disconnect any REGS and storage from its network at any time due to an accident or damage threat.</p>
<p>Every renewable energy-generating system must be equipped with an automatic synchronization device to ensure seamless operation.</p>
<p><strong>Metering Infrastructure </strong></p>
<p>All meters installed at the REGS must comply with the Central Electricity Authority (CEA) regulations and have a communication port with an RS-485 (or higher) standard.</p>
<p>The meter at the interconnection points for net metering, net billing, group net metering, and the generation meter in respect of gross metering and virtual net metering will be:</p>
<ul>
<li>Availability-based tariff (ABT)-compatible special energy meters (SEMs) for systems with a minimum capacity of 1 MW</li>
<li>Smart meters for systems with a capacity ranging between at least 100 kW and below 1 MW</li>
<li>Smart meters for systems with a capacity of less than 100 kW installed on or after April 4, 2027</li>
</ul>
<p>Consumers with ABT-compliant and smart meters need not install a separate net meter. Additionally, existing prosumers with distributed renewable energy systems of at least 1 MW capacity must install ABT-compatible SEMs within six months of the notification of these Regulations.</p>
<p>The distribution licensee will be responsible for testing, installing, and maintaining the metering equipment, as well as ensuring its adherence to applicable standards and specifications.</p>
<p>Eligible consumers will procure a renewable energy generation meter, tested and maintained by the distribution licensee at their own cost.  This generation meter must conform to the applicable CEA Regulations.</p>
<p>The cumulative capacity of the distributed energy systems connected to the HT feeder of the distribution system will not exceed its rated capacity.</p>
<p>The cumulative capacity allowed to be interconnected with the distribution transformer will not exceed 90% of its capacity, and the DRE system on each phase of the transformer will not exceed 30% of the capacity of the transformer.</p>
<p>The maximum capacity of a single-phase inverter that can be connected to the system is 3 kW. Eligible consumers must submit the receipt of technical feasibility within 45 days.</p>
<p><strong>Connectivity for IPPs and Captive Projects</strong></p>
<p>The distribution licensee or the state transmission utility (STU) will, upon demand, provide connectivity for independent power producers (IPPs) and captive consumers who intend to install grid-interactive renewable energy generation systems.</p>
<p>The IPP and captive consumers must bear the cost of upgrading the transmission/distribution system to connect their REGS.</p>
<p>Any person generating electricity from renewable sources has the right to open access to the distribution or transmission system of the licensee or STU for transmitting and/or wheeling renewable energy.</p>
<p>Charges such as application fees, state load dispatch center/national load dispatch center charges, transmission/distribution losses, transmission/wheeling charges, reactive energy charges, deviation compensation charges, grid support charges, and surcharges will apply to anyone availing open access.</p>
<p>Virtual power plants (VPPs) must be registered with the distribution licensee, ensuring that real-time data exchange and monitoring systems are in place to track VPP operations and maintain grid stability and reliability.</p>
<p>All electric vehicle (EV) owners, charging station operators, and distribution licensees can participate in vehicle-to-grid integration within the state.</p>
<p><strong>Renewable Purchase Obligation and Energy Storage Obligation (ESO)</strong></p>
<p>The state Commission is mandated to promote cogeneration and generation of electricity from renewable sources. It must specify a minimum percentage of the energy generated from such sources to be procured.</p>
<p>Every obligated entity in the state will procure electricity generated from eligible renewable energy sources and install or procure an electricity/energy storage system (ESS) capable of delivering energy as a percentage of the electrical energy’s quantity.</p>
<p>The extent of energy stored in the ESS from renewable sources, as part of the ESO, will be considered a part of the total renewable purchase obligation’s fulfillment.</p>
<p>Within three months of receiving notification of these regulations, the Commission may designate an entity, such as a government agency, startup, NGO, or cooperative, as the state agency to monitor and enforce the functions under the regulations.</p>
<p>The state agency will subsequently create a web portal to share information about development within the state. Every obligated entity must enter its fossil fuel-based electricity generation and details of open access transactions within 30 days on the portal.</p>
<p><strong>Tariff Determination</strong></p>
<p>Tariff-based competitive bidding will be the preferred mode for power procurement by distribution licensees for all renewable sources. The tariff period for renewable energy projects will be the same as that of their useful life.</p>
<p>If necessary, the Commission may determine the generic tariff for each financial year(s) or for the control period for the electricity generated from renewable sources.</p>
<p>Until the KSERC specifies separate norms, the norms specified by CERC will be used to determine the tariff for the electricity generated from various renewable sources.</p>
<p>The determined generic tariff will be the upper ceiling limit. It will not prevent the generator and distribution licensee from agreeing to a lower tariff than that determined by the Commission.</p>
<p>The Commission can, upon receipt of a petition regarding tariff determination under the Electricity Act 2003, establish a project-specific tariff through an order on a case-by-case basis.</p>
<p>The tariff for renewable energy technologies will comprise a single-part tariff that includes a return on equity. The maximum allowable equity for this return is capped at 30% of the capital cost. It also includes loan capital, depreciation, interest on working capital, and operation and maintenance expenses.</p>
<p>The debt-equity ratio will normally be 70:30 of the capital cost for all renewable energy projects. A normative loan tenure of 15 years will be considered for determining tariffs.</p>
<p>The proceeds from the carbon credit generated by the approved clean development mechanism project will be shared between the generating company and the relevant beneficiaries.</p>
<p><strong>Technology-Specific Parameters </strong></p>
<p>For wind energy, the Commission will determine only the project-specific capital cost, considering prevailing market trends. The annual mean wind power density specified above must be measured at a hub height of 100 meters.</p>
<p>For small hydro projects, the normative capacity utilization factor must be considered as 30%, excluding pump mode operation.</p>
<p>For solar photovoltaic, thermal, and floating projects, the Commission will determine project-specific capital costs, considering prevailing market trends.</p>
<p>For renewable hybrid energy projects, decisions must be made on a project-specific basis, considering prevailing market trends. Grid-scale standalone battery energy storage systems must have a minimum round-trip efficiency of 85%.</p>
<p>The Commission can amend, suspend, modify, or repeal any provisions of these Regulations.</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 do not miss any critical updates from the renewable industry.</p>


Kerala Releases Draft Renewable Energy and Related Matters Regulations


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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 raised ₹20.06 billion (~$234.71 million) through qualified institutional placement (QIP) of shares.</p>
<p>The company issued a total of 121,466,562 equity shares at a price of ₹165.14 (~$1.93) per share, which includes a premium of ₹155.14 (~$1.82). The issue price was set at a 5% discount, or ₹8.69 (~$0.10), on the floor price.</p>
<p>Among the participants, the Life Insurance Corporation of India emerged as the largest investor in the QIP, securing 60,733,280 shares, comprising half of the total allotment.</p>
<p>Other notable investors included Societe Generale – Overseas Direct Investment (ODI), which received 10,910,257 shares, representing 8.98% of the total issue. Morgan Stanley Asia (Singapore) PTE – ODI was allotted 11,078,144 shares, amounting to 9.12%, while Vikasa India EIF I Fund received 6,234,433 shares, equivalent to 5.13% of the placement.</p>
<p>The latest equity issuance is part of IREDA’s broader plan to <a href="https://www.mercomindia.com/ireda-to-raise-%E2%82%B950-billion-through-qip-for-green-energy-growth" target="_blank" rel="noopener">raise</a> ₹50 billion (~$588.24 million) through QIPs, with the strategic goal of limiting the Government of India’s shareholding dilution to a maximum of 7% in the post-issue paid-up equity capital.</p>
<p>In addition to equity fundraising, IREDA has been actively diversifying its capital sources. In March 2025, the agency <a href="https://www.mercomindia.com/ireda-secures-172-million-ecb-facility-from-sbi-tokyo/" target="_blank" rel="noopener">signed</a> a loan agreement with the Tokyo branch of the State Bank of India to raise JPY26 billion (~$172 million), including a greenshoe option of JPY10 billion (~$66.2 million).</p>
<p>IREDA has also made progress in the domestic debt market. It recently <a href="https://www.mercomindia.com/ireda-issues-perpetual-bonds-to-raise-%E2%82%B912-47-billion" target="_blank" rel="noopener">issued</a> its first perpetual bonds worth ₹12.47 billion (~$144.5 million) at an annual coupon rate of 8.4%. Further boosting its financial position, IREDA received ₹244.8 million (~$2.6 million) from the Income Tax Department as partial relief for the assessment year 2011–12 related to prior disallowances.</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) through the issuance of privately placed subordinated Tier II bonds. The proceeds from this issuance are intended to augment the agency’s Tier II capital and help it improve its overall net worth and capital-to-risk weighted assets ratio.</p>


IREDA Raises ₹20 Billion Through Qualified Institutional Placement


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					</table><p>The Ministry of Power <a href="https://www.mercomindia.com/government-54-billion-vgf-battery-storage" target="_blank" rel="noopener">announced</a> the second tranche of viability gap funding (VGF) to support battery energy storage systems (BESS) development in India. Under this tranche, a VGF of ₹1.8 million (~$21,043)/MWh will be provided to support the development of 30 GWh of BESS capacity. The funding will be sourced from the Power System Development Fund (PSDF), with a total financial outlay of ₹54 billion (~$631.30 million). Of the proposed 30 GWh, 25 GWh of storage capacity has been allocated across 15 states to help them address their energy storage requirements. NTPC will develop the remaining 5 GWh. This allocation is intended to maximize the utilization of NTPC’s existing thermal generation and transmission infrastructure while ensuring a reliable and cost-effective electricity supply during non-solar hours.</p>
<p>The Ministry of Power <a href="https://www.mercomindia.com/power-ministry-announces-100-ists-charges-waiver-for-psps-co-located-bess" target="_blank" rel="noopener">granted</a> a 100% interstate transmission system (ISTS) waiver for pumped storage projects for which construction works were awarded on or before June 30, 2028. A 100% waiver has also been granted to co-located BESS that will be commissioned on or before June 30, 2028. This waiver will be granted if the power from such BESS projects is consumed outside the state where these systems are commissioned. A BESS project will be considered as co-located if the BESS and renewable project are situated at the same ISTS substation. For non-co-located BESS projects, the ISTS charges waiver will be per the extant orders issued by the Ministry of Power and the Central Electricity Regulatory Commission regulations.</p>
<p>With a rapid increase in energy storage systems (ESS) deployments in India, Maharashtra-based ESS provider AmpereHour Energy is <a href="https://www.mercomindia.com/energy-storage-enables-greater-renewable-integration-with-reliability-interview" target="_blank" rel="noopener">taking</a> it one step further by deploying intelligent ESS. This technology enables the systems to respond dynamically to grid conditions, predict demand patterns, and deliver multiple services, including frequency regulation. Speaking with Mercom India, Ayush Misra, CEO at AmpereHour Energy, highlighted the emergence of intelligent ESS, its growing adoption trend in the country, and the obstacles to its large-scale deployment.</p>
<p>The Central Pollution Control Board (CPCB) <a href="https://www.mercomindia.com/cpcb-issues-draft-guidelines-for-solar-waste-collection-and-storage" target="_blank" rel="noopener">issued</a> draft guidelines for the collection and storage of waste from solar modules and cells. Stakeholders can submit comments and suggestions to CPCB by June 25, 2025. Solar waste refers to end-of-life solar modules or cells that are discarded whole or in part as waste. It includes rejects and waste generated during manufacturing, refurbishment, and repair processes.  It also covers solar modules that were damaged during transportation, handling, storage, and installation. Under the E-Waste (Management) Rules, 2022, solar waste is categorized as electrical and electronic equipment waste. The rules place the onus of managing solar waste on the manufacturers of solar components. Manufacturers must store solar waste up to the end of the financial year 2035.</p>
<p>The Maharashtra Electricity Regulatory Commission <a href="https://www.mercomindia.com/maharashtra-regulator-rejects-plea-to-scrap-rooftop-solar-grid-support-charges" target="_blank" rel="noopener">rejected</a> a petition filed by a renewable energy consultant seeking the abolition of grid support charges imposed on rooftop solar systems with capacities above 10 kW and below 1 MW. The Commission ruled that grid support charges are a valid regulatory tool implemented through due legal and consultative processes and cannot be scrapped based on the contentions raised in the petition. It emphasized that the existing charges are not discriminatory and serve a critical function in enabling the distribution license to recover legitimate costs related to grid infrastructure and service provisioning.</p>
<p>Punjab Energy Development Agency <a href="https://www.mercomindia.com/punjab-invites-bids-for-solarization-of-200-irrigation-pumps-under-kusum" target="_blank" rel="noopener">issued</a> a request for selection for the solarization of 200 irrigation pumps under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Uthan Mahabhiyaan (PM-KUSUM) in various divisions in Punjab. Bids must be submitted by June 25, 2025. Bids open on the same day.  Bidders must design, survey, supply, install, test, and commission 200 individual irrigation pumps to be solarized with net metering. All the existing AC pumps must be replaced with a minimum three-star energy-efficient pump.</p>
<p>HPCL Renewable and Green Energy (HPRGE) <a href="https://www.mercomindia.com/hpcl-tenders-monitoring-and-analytics-system-for-3-3-gw-renewable-projects" target="_blank" rel="noopener">issued</a> a tender to set up a central monitoring and analytics system for four renewable energy projects with a cumulative capacity of 3.3 GW across various states. Bids must be submitted by June 20, 2025. Bids will be opened on the same day. The four renewable energy projects are 629 MW of ground-mounted solar installations, 2,665.5 MW of rooftop solar systems, a 46 MW wind project, and a 1 MW solar project in the LNG Terminal Chhara, Gujarat. The scope of work involves deriving insights from data collected from HPRGE’s renewable energy projects. It also includes providing a centralized asset performance monitoring software solution that can integrate with HPRGE’s solar and wind farms.</p>
<p>New Delhi-based sustainability and clean mobility startup Vecmocon <a href="https://www.mercomindia.com/clean-mobility-startup-vecmocon-raises-18-million-in-series-a-funding" target="_blank" rel="noopener">raised</a> $18 million (~₹1.54 billion) in a Series A funding round from Ecosystem Integrity Fund, Aavishkaar Capital, and the U.K.’s development finance institution, British International Investment. The investment round also saw participation from existing investor, Blume Ventures. This funding will be used to support the company’s plans to expand market presence and enable its solutions to power over 100,000 vehicles on Indian roads.  It will also utilize the funding to advance capabilities in embedded design, power electronics, the Internet of Things, and data science. A portion of the funding supports team expansion and the establishment of research and development infrastructure for the electric vehicle sector.</p>


Daily News Wrap-Up: MoP Announces ₹54 Billion BESS VGF Tranche Two


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-hybrid-energy-storage-solutions-raises-14m/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Hybrid Energy Storage Solutions, an energy storage solutions provider, </strong><a href="https://mercomcapital.com/hybrid-energy-storage-solutions-raises-14-million-in-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €12 million (~$13.6 million) in a funding round.</strong> The funding round saw participation from ABB, SC Net Zero Ventures (managed by Suma Capital), and VERBUND X Ventures, a venture capital unit of Austria’s energy supplier VERBUND. The company offers turnkey energy storage and grid asset optimization solutions for renewable integration, distribution, and transmission grid applications, electric vehicle infrastructure, and microgrids, both isolated and connected.</p>
<p><strong>Partners Group, a private equity firm, has </strong><a href="https://mercomcapital.com/partners-group-acquire-renewable-energy-developer-powertransitions/" target="_blank" rel="noopener"><strong>agreed</strong></a><strong> to acquire PowerTransitions</strong>, a utility-scale project developer in the U.S., from EnCap Investments. PowerTransitions acquires and redevelops retiring thermal power assets with existing grid connections that can be enhanced or modified to integrate new generation through the co-location of solar or battery energy storage projects, or both combined. Partners Group also intends to invest over $450 million in capital to accelerate the company’s future growth.</p>
<p><strong>Swap Robotics, a utility-scale solar robotic operations company, has </strong><a href="https://mercomcapital.com/swap-robotics-closes-3-million-in-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $3 million in funding, bringing the company’s total funding raised to date to $15 million.</strong> Silicon Ranch, a developer, owner, and operator of solar projects, provided this funding. The investment from Silicon Ranch follows previous investments in Swap Robotics, including a $7 million investment led by SOLV Energy and a $3 million investment from Array Technologies.</p>
<p><strong>Climate technology-focused asset financing company Stride Green has </strong><a href="https://www.mercomindia.com/climate-tech-asset-financing-firm-stride-green-raises-3-5-million-in-seed-funding" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $3.5 million as part of its seed funding round</strong> led by Micelio Technology Fund, Incubate Fund Asia, and other strategic investors. These funds will be utilized to provide innovative, tech-enabled financing and leasing solutions for India’s clean energy transition sectors, such as renewable energy, electric mobility, and battery storage. The funds will also be used to expand the company’s team, bringing in critical expertise to strengthen capabilities and support future growth.</p>
<p><strong>Eternal Sun, a provider of solar module testing solutions, has </strong><a href="https://mercomcapital.com/eternal-sun-acquires-key-assets-of-wavelabs/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> the key assets of WAVELABS, a company that develops LED-based solar simulators for solar cell measurement</strong>.  The combined product portfolio is expected to offer a full spectrum of solar testing technology solutions. The acquisition was structured as an asset deal, resulting in the formation of a new subsidiary, WAVELABS Eternal Sun, which will be a wholly owned subsidiary of Eternal Sun Group and will be based in Leipzig, Germany.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week’s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-ampyr-secures-229-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Hybrid Energy Storage Solutions Raises $14 Million


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					</table><p>The Reserve Bank of India’s (<a href="https://www.rbi.org.in/" target="_blank" rel="noopener">RBI</a>) recent decision to cut interest rates by 50 basis points has brought cheer to the renewable energy sector, with stakeholders describing the announcement as a significant tailwind.</p>
<p>Industry insiders said the rate cut, the third since the year began, has the potential to reduce the borrowing costs for renewable energy projects.</p>
<p>Besides the repo rate cut, the 100 basis-point reduction in the Cash Reserve Ratio (CRR) will unlock ₹2.5 trillion (~$29.1 billion) for onward lending by banks.</p>
<p>Stakeholders said the rate cut will mean more liquidity will get injected into the system, which is already conducive to renewable energy development. More investments are likely to flow into the renewable energy space, which is a priority sector for bank lending.</p>
<p>Earlier this year, the RBI <a href="https://www.mercomindia.com/rbi-increases-priority-sector-lending-renewables" target="_blank" rel="noopener">increased</a> the lending limit for the renewable energy sector, effective from April 1, under new guidelines. It increased the limit of bank loans to ₹350 million (~$4.08 million) for renewable energy-based generators.</p>
<p>“The latent demand for renewable energy products, components, and services will translate into actual demand. Production Linked Incentive program-linked manufacturing will receive a big boost,” said the CEO of a solar cell and module manufacturer.</p>
<p>He added, “This means lenders to renewable energy companies like IREDA and PFC can lend more to clean energy projects.”</p>
<p>Unlike a repo rate cut, a CRR reduction can quickly increase bank liquidity. Several banks have already cut their lending rates, aligning with the central bank’s monetary policy committee decision. While banks will continue to exercise the same level of due diligence when approving loans, the time required for disbursement is likely to decrease.</p>
<p>Abani Jha, CFO of Saatvik Green Energy, said the RBI’s 50 basis-point repo rate cut signals a strong intent to bolster economic growth and investment. “For the capital-intensive renewable energy sector, and particularly the solar industry, this reduction in borrowing costs translates into more affordable project financing, enhancing the viability and attractiveness of new solar power installations and manufacturing ventures across the value chain.”</p>
<p>The interest rate cut is expected to have a positive impact across the board. Utility-scale, manufacturing, transmission, commercial, industrial, and residential segments will all benefit from lower interest rates.</p>
<p>Consumers opting to go solar with subsidies under the PM Surya Ghar: Muft Bijli Yojana could benefit from lower interest rates. “The promise of a lower interest rate for loans will be handy to convince fence-sitters,” according to Navin Bannadi, PlasmaSolar, a rooftop solar installer.</p>
<p>While most consumers prefer to use their own resources to fund the upfront cost of installing rooftop solar, a lower interest rate on loans can lure new consumers, he said.</p>
<p>Saatvik Green’s Jha was emphatic that the rate cut will provide crucial monetary support at a time when ongoing geopolitical and trade challenges can elevate capital expenditure and operational risks. “It effectively reduces the overall cost of capital, making large-scale investments more compelling and de-risking new projects.”</p>
<p>“This is particularly vital for companies in a significant capex mode, driving expansion and backward integration initiatives aimed at making India truly self-reliant in the solar value chain – from polysilicon and wafers to cells and modules,” he said.</p>


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