The Central Electricity Regulatory Commission released draft guidelines for virtual power purchase agreements (VPPA), which could evolve as another instrument to enable the designated consumers to meet their renewable consumption obligation targets. These guidelines aim to help India achieve its goal of 500 GW of installed capacity from non-fossil fuel sources. The Commission said that a VPPA consumer or a designated consumer may enter a long-term bilateral VPPA with a renewable energy generator at an agreed-upon price.

The Rajasthan Electricity Regulatory Commission issued the Rajasthan Electricity Regulatory Commission (Terms and Conditions for Green Energy Open Access) Regulations, 2025. Captive renewable energy projects, including behind-the-meter installations, can have a capacity of up to 200% of the consumer’s contract demand. If the installed capacity of a captive power project exceeds 100% and goes up to 200% of the contract demand, a battery energy storage system (BESS) is required. The BESS must be capable of storing at least 20% of the energy generated by the additional capacity, that is, the portion of the capacity above 100% of the contract demand.

Gujarat Urja Vikas Nigam issued a request for selection for procuring power from 500 MW solar projects on a build, own, operate basis. The tender includes a greenshoe option for an additional capacity of up to 500 MW, increasing the potential total to 1,000 MW. The scope of work encompasses the setup of the solar projects, including the electrical network up to the delivery point. It also includes obtaining the projects’ approvals, permits, and clearances.

The NTPC Vidyut Vyapar Nigam invited bids for installing 3.45 MW grid-connected rooftop solar projects at multiple buildings in three Andaman and Nicobar Islands districts. Bidders must submit a bid document fee of ₹22,500 (~$262.45). Bids must be submitted by June 19, 2025. Bids will be opened on June 20. Apart from installing the solar systems, the selected bidders must obtain net-metering approval from the distribution company/designated agency. They must obtain an insurance policy for transit, storage, and erection for all the project materials. They must also provide operations and maintenance services for five years.

Rajasthan Electronics and Instruments invited bids for rate contracts to set up 1.35 MW of grid-connected rooftop solar projects on government buildings in Uttar Pradesh. The last date to submit bids is June 11, 2025. Bids will be opened June 12. The rate contract has been estimated at ₹49.95 million (~$581,588), and the ceiling limit at ₹37,000 (~$430.8)/kWh. The scope of work covers survey, design, supply, engineering, erection, testing, and commissioning of the projects. It also covers operation and maintenance for 10 years.

Solar module manufacturers stressed the importance of increasing solar cell capacity to meet the growing domestic demand at the recent RE Buyer Seller Meet hosted by Mercom India in Pune. Representatives from Adani Solar and Swelect Energy participated in the discussion. Kabir Bakshi, Territory Manager, Adani Solar, said, “The domestic content requirement (DCR) module capacities are limited in the country. We are trying to increase the DCR capacity, but the demand increases as we increase the supply. Last year, one million homes were solarized under PM Surya Ghar, and this financial year, the government has set a target of three million homes.”

Government-owned Power Finance Corporation reported a total revenue of ₹292.85 billion (~$3.42 billion) in the fourth quarter (Q4) of the financial year (FY) 2024-25, a 21.13% year-over-year (YoY) increase from ₹241.76 billion (~$2.82 billion). It has attributed the rise in total income to higher net interest income, which went up 38.36% to ₹120.92 billion (~$1.4 billion) from ₹87.39 billion (~$1.01 billion) in the corresponding quarter of the previous year. The public infrastructure financing company’s profit after tax increased by 10.6% YoY to ₹83.58 billion (~$976.46 million) from ₹75.56 billion (~$882.76 million). Its earnings per share (EPS) stood at ₹19.14 (~$0.22) in Q4 FY25 compared to an EPS of ₹17.04 (~$0.19).

Contemporary Amperex Technology (CATL), a China-based battery manufacturing company, announced its listing on the Hong Kong Stock Exchange’s main board. The listing’s global offering included 135 million shares before the greenshoe option for HKD263 (~$33.61) per share. CATL said this would make it the first A-share company to seek a secondary listing in Hong Kong with a price cap for the issuance. The company’s initial public offering took 128 days to complete. It did not offer any share price discount. CATL’s stock opened at HKD296 (~$37.83) per share, a 12.55% increase from the offered price. It said its offering attracted investors from 15 countries and regions. These investors included sovereign wealth funds, industrial capital, long-term institutions, insurance capital, and multi-strategy funds.