Maharashtra led solar open access installations in the second quarter (Q2) of 2025, accounting for 30% of the country’s capacity additions. Installations in the state rose 161% quarter-over-quarter and 240% year-over-year (YoY), with nearly 59% of the projects delivered by three major developers. High grid tariffs drove several commercial and industrial consumers to opt for solar open access. The demand primarily came from consumers in sectors such as chemicals, fast-moving consumer goods, and textiles, which benefited from savings in electricity costs by switching to solar energy. India added 2.6 GW of solar open access capacity in Q2 2025, up 143% from Q1 and 60.1% YoY, according to the Q2 2025 Mercom India Solar Open Access Market report.

The Appellate Tribunal for Electricity (APTEL) upheld the Central Electricity Regulatory Commission’s (CERC) order refusing to adopt the tariff discovered through Solar Energy Corporation of India’s tender for the 500 MW/1,000 MWh pilot battery energy storage system project. The Tribunal dismissed the appeals filed by SECI and JSW Renew Energy Five, a special purpose vehicle of JSW Energy. APTEL held that CERC was within its powers under Section 63 of the Electricity Act, 2003, to reject the tariff adoption on grounds of inordinate delays and a sharp fall in market prices that made the original tariff unaligned with prevailing conditions.

The Delhi Electricity Regulatory Commission petitioned the Supreme Court to allow it to liquidate its existing regulatory assets over seven years instead of four years, to mitigate the impact of tariff shock to consumers. The petition follows a Supreme Court direction to all states to clear the pending dues of ₹1.74 trillion (~$19.72 billion) owed to distribution companies within four years. It had also said new dues created after April 1, 2024, must be liquidated within three years. The court had directed the Appellate Tribunal for Electricity to register a suo motu case under Section 121 of the Electricity Act to monitor the liquidation of regulatory assets nationwide, and issue binding orders and directions to ensure compliance by state commissions.

The Jaipur Vidyut Vitran Nigam filed a petition before the Rajasthan Electricity Regulatory Commission to allow virtual net metering (VNM) and group net metering (GNM) in the state. The petition, filed on behalf of Ajmer Vidyut Vitran Nigam and Jodhpur Vidyut Vitran Nigam, seeks amendments to the RERC’s Grid-Interactive Distributed Renewable Energy Generating Systems Regulations, 2021. The existing regulations currently cover net metering, net billing, and grid-connected renewable energy systems operating behind the meter, but do not provide for VNM and GNM arrangements.

The West Bengal State Electricity Distribution Company invited bids for grid-connected rooftop solar projects with a cumulative capacity of 10 MW. The projects will be implemented on state government buildings spread across eight, namely Medinipur (1,500 kWh), Bankura (1,500 kWh), Kolkata South (1,500 kWh), Kolkata North (1,500 kWh), Bardhaman (1,000 kWh), Berhampore(1,000 kWh), Malda (1,000 kWh), and Siliguri (1,000 kWh). Bids must be submitted by October 29, 2025. Bids will be opened on October 31. The scope of work includes the supply, installation, and commissioning of the projects.

Netherlands-based Solarge BV signed an agreement with the Infrastructure Corporation of Nigeria (InfraCorp) and the Rural Electrification Agency (REA) of Nigeria to co-invest and establish a 1 GW solar module manufacturing facility in the country. The manufacturing plant, co-owned by InfraCorp, REA, and Solarge BV, will be managed under the special purpose vehicle, Solarge Nigeria. The company aims to reach 50% local content within the first three years. This co-ownership and strategic offtake agreement aligns with the Federal Government of Nigeria’s National Public Sector Solarization Initiative and the broader objectives of the Renewed Hope Infrastructure Development Fund.

Gurgaon-based independent power producer ACME Solar Holdings secured domestic funding of ₹11 billion (~$124.57 million) from the State Bank of India (SBI) to refinance the existing debt of its 300 MW renewable energy project in Rajasthan. The refinancing is intended to lower the financing cost by approximately 100 basis points. The 300 MW project has been operational for approximately six months and has consistently maintained optimum capacity utilization factor levels, reflecting stable generation performance. The loan from SBI has a tenure of around 17 years. ACME stated that this move is part of its broader effort to demonstrate financial discipline and stability, which has helped secure better credit ratings for its projects.

Haryana-based solar module manufacturer Saatvik Green Energy‘s initial public offering (IPO) was oversubscribed 6.57 times at the end of the bidding window on September 23, 2025. The price band was set at ₹442 (~$5) to ₹465 (~$5.26) per equity share with a face value of ₹2 (~$0.02). The IPO saw bids for 93.8 million shares, exceeding the 14.27 million shares on offer. Qualified institutional buyers led the demand, with a subscription rate of 10.84, followed by non-institutional investors at 10.04 and the employee portion at 5.29. The portion allocated to retail individual investors was oversubscribed by 2.66 times. The shares are expected to be listed on the BSE and NSE on September 26, 2025.

Maharashtra-based agri-solar solutions provider GK Energy’s IPO was oversubscribed 89.62 times at the end of the bidding window on September 23, 2025. The price band was set at ₹145 (~$1.64) to ₹153 (~$1.73) per equity share with a face value of ₹2 (~$0.022). The IPO saw bids for 1.98 billion shares, exceeding the 22.18 million shares on offer. Qualified institutional buyers led the demand, with a subscription rate of 186.29 and followed by non-institutional investors at 122.72. The portion allocated to the retail individual investors was oversubscribed by 20.79 times. The shares are expected to be listed on the BSE and NSE on September 26, 2025.