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					</table><p>Recent moves by private players to acquire power distribution licenses have once again <a href="https://www.mercomindia.com/discom-license-bids-in-karnataka-and-goa-rekindle-privatization-debate" target="_blank" rel="noopener">brought</a> the debate over the privatization of distribution companies (DISCOMs) to the forefront. Power distribution has historically been one of the most politically sensitive segments of India’s electricity sector. While private participation is permitted under the Electricity Act, 2003, attempts to expand it beyond a few cities and states have been resisted by state governments, utilities, and employee unions.</p>
<p>The Central Electricity Regulatory Commission (CERC) <a href="https://www.mercomindia.com/cerc-unlocks-idle-transmission-capacity-for-15-7-gw-renewables" target="_blank" rel="noopener">introduced</a> a one-time mechanism to address renewable energy projects that secured interstate transmission system connectivity, but power purchase agreements (PPAs) have not been signed even 12 months after the issuance of the letters of award.</p>
<p>CERC <a href="https://www.mercomindia.com/cerc-proposes-fy-2027-generic-tariffs-for-renewable-energy-projects" target="_blank" rel="noopener">invited</a> stakeholder comments on the levelized generic tariffs proposed for renewable energy projects for the third year of the Control Period. The Commission has invited stakeholders to submit comments and suggestions on the draft proposal by July 21, 2026.</p>
<p>The Uttar Pradesh Electricity Regulatory Commission <a href="https://www.mercomindia.com/uttar-pradesh-regulator-approves-tariffs-for-110-mw-solar-projects-in-kanpur" target="_blank" rel="noopener">approved</a> two 25-year PPAs and adopted tariffs of ₹2.65 (~$0.0276)/kWh and ₹2.71 (~$0.0283)/kWh for 75 MW and 35 MW solar projects in the Kanpur Dehat and Kanpur Nagar solar parks, respectively.</p>
<p>The Arunachal Pradesh State Electricity Regulatory Commission <a href="https://www.mercomindia.com/arunachal-pradesh-approves-%E2%82%B962-1-million-arr-for-state-load-despatch-center" target="_blank" rel="noopener">approved</a> a net Aggregate Revenue Requirement of ₹62.14 million (~$648,686) for the State Load Dispatch Center for FY 2026-27, against the ₹72.73 million (~$759,236) sought by the petitioner.</p>
<p>The Bihar Electricity Regulatory Commission <a href="https://www.mercomindia.com/bihar-waives-application-meter-testing-charges-for-residential-rooftop-solar" target="_blank" rel="noopener">waived</a> application and meter-testing charges for domestic rooftop solar consumers under the PM Surya Ghar: Muft Bijli Yojana, following petitions from the state’s two DISCOMs seeking to reduce adoption barriers.</p>
<p>The Gujarat Electricity Regulatory Commission (GERC) <a href="https://www.mercomindia.com/gerc-seeks-consultants-to-review-and-monitor-capital-investment-plan?" target="_blank" rel="noopener">invited</a> bids from consultancy firms to assist with the scrutiny, review, approval, and monitoring of the capital investment plan and related matters. The last date to submit bids is August 3, 2026.</p>
<p>GERC <a href="https://www.mercomindia.com/gerc-seeks-consultants-for-progressive-retail-tariff-reforms" target="_blank" rel="noopener">invited</a> bids from consultancy firms to assist in preparing a study on the rationalization of the retail electricity tariff structure, tariff design, cost of supply, time-of-day tariff, and a roadmap for progressive tariff reforms. Bids must be submitted by August 3, 2026.</p>
<p>Aditya Birla Renewables (ABRen), the renewable energy subsidiary of Grasim Industries, <a href="https://www.mercomindia.com/aditya-birla-renewables-to-acquire-sprng-energy-for-1-8-billion" target="_blank" rel="noopener">signed</a> a definitive agreement to acquire Sprng Energy from Shell Overseas Investment for an enterprise value of ₹172 billion (~$1.8 billion). ABRen will acquire all equity shares and securities of Solenergi Power, which owns the Sprng Energy group of companies.</p>
<p>Do you know that if your facility has a sanctioned load of 1 MW or more, you can <a href="https://www.mercomindia.com/the-complete-guide-to-power-trading-in-india-for-ci-consumers" target="_blank" rel="noopener">buy</a> cheaper electricity directly from the national market right now? Most commercial and industrial consumers don’t realize they’re sitting on a massive opportunity to save more than 30% of their electricity costs.</p>
<p>Masdar (Abu Dhabi Future Energy Company), a UAE-based renewable energy developer, <a href="https://www.mercomindia.com/masdar-closes-5-1b-abu-dhabi-solar-storage-project" target="_blank" rel="noopener">reached</a> financial close on a $5.1 billion financing package for a 5.2 GW solar and 19 GWh battery energy storage round-the-clock project in Abu Dhabi. The project represents a total capital investment of $6.1 billion, with Masdar contributing $1 billion in equity.</p>
<p>Türkiye’s Ministry of Energy and Natural Resources <a href="https://www.mercomindia.com/turkiye-floats-21-renewable-energy-tenders-for-2-4-gw-capacity" target="_blank" rel="noopener">launched</a> a new round of Renewable Energy Resource Area tenders, offering 2.4 GW of renewable energy connection capacity across 21 solar and wind tenders. Bids must be submitted by October 13, 2026.</p>
<p>Oman <a href="https://www.mercomindia.com/mena-weekly-round-up-oman-seeks-consultants-for-4-gw-solar-projects" target="_blank" rel="noopener">floated</a> a tender to appoint technical consultants for the development of 4 GW solar projects. Nama Power and Water Procurement Company, the single offtaker for all independent power projects, invited interested bidders to submit applications by August 26.</p>


Daily News Wrap-Up: Karnataka, Goa DISCOM Bids Revive Privatization Debate


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					</table><p>Aditya Birla Renewables (<a href="https://www.adityabirlarenewables.com/" target="_blank" rel="noopener">ABRen</a>), the renewable energy subsidiary of Grasim Industries, has signed a definitive agreement to acquire <a href="https://sprngenergy.com/" target="_blank" rel="noopener">Sprng Energy</a> from Shell Overseas Investment for an enterprise value of ₹172 billion (~$1.8 billion).</p>
<p>ABRen will acquire all equity shares and securities of Solenergi Power, which owns the Sprng Energy group of companies.</p>
<p>This transaction adds a contracted portfolio of ~5 GW of capacity (~3.3 GW operational and ~1.7 GW under construction), along with a strong pipeline of connectivity and development.</p>
<p>ABRen has a portfolio of over 4.3 GW, primarily serving commercial and industrial customers. The acquisition will increase the combined contracted portfolio to about 9.3 GW.</p>
<p>Shell acquired Sprng Energy in 2022. Its current portfolio consists of large-scale solar and wind projects across India.</p>
<p>The equity consideration payable to Shell will be determined after adjustments for debt, cash, and other items specified in the transaction documents.</p>
<p>ABRen plans to fund the acquisition through a combination of debt and equity contributions from Grasim Industries and funds managed by Global Infrastructure Partners (GIP), part of BlackRock.</p>
<p>The transaction is expected to close before the end of 2026, subject to regulatory approvals and other customary closing conditions.</p>
<p>Aditya Birla Group Chairman Kumar Mangalam Birla said the acquisition would bring together two complementary renewable energy platforms and support the company’s plan to expand its portfolio beyond 20 GW over the coming years.</p>
<p>The transaction will combine ABRen’s commercial and industrial renewable energy operations with Sprng Energy’s utility-scale platform. Sprng will also add its project connectivity and development pipeline to the combined business.</p>
<p>ABRen develops and operates captive renewable energy projects for companies including Grasim Industries, Hindalco Industries, UltraTech Cement, and Century Enka and supplies renewable energy to government utilities in Gujarat, Karnataka, Maharashtra, and Odisha.</p>
<p>Last year, ABRen <a href="https://mercomindia.com/blackrock-to-invest-up-to-%E2%82%B930-billion-for-stake-in-aditya-birla-renewables" target="_blank" rel="noopener">secured</a> an investment commitment of ₹20 billion (~$222.37 million) from GIP, with a greenshoe option to invest an additional ₹10 billion (~$111.18 million).</p>
<p>In February 2026, Sprng Energy was <a href="https://www.mercomindia.com/vismaya-renewables-hexa-and-purvah-green-win-cescs-600-mw-wind-solar-auction" target="_blank" rel="noopener">awarded</a> 100 MW under Calcutta Electric Supply Corporation’s auction to develop 600 MW of interstate transmission system-connected wind-solar hybrid projects across India under a build-own-operate model.</p>


Aditya Birla Renewables to Acquire Sprng Energy for $1.8 Billion


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					</table><p>The Competition Commission of India (<a href="https://www.cci.gov.in/" target="_blank" rel="noopener">CCI</a>) has approved Singapore-based <a href="https://www.global-infra.com/about/" target="_blank" rel="noopener">Global Infrastructure Partners (GIP) EM Star</a>&#8216;s subscription to Aditya Birla Renewables’ (<a href="https://www.adityabirlarenewables.com/" target="_blank" rel="noopener">ABREN</a>) equity shares worth $335 million.</p>
<p>ABREN is the clean energy arm of the Aditya Birla Group. GIP EM Star is owned by certain funds managed by GIM EM Manager, which in turn is owned by Global Infrastructure Management, a subsidiary of BlackRock.</p>
<p>BlackRock is a U.S. company that provides global investment and risk management, as well as advisory services, to institutional and retail clients.</p>
<p>Last December, ABREN <a href="https://www.mercomindia.com/blackrock-to-invest-up-to-%E2%82%B930-billion-for-stake-in-aditya-birla-renewables" target="_blank" rel="noopener">secured</a> an investment commitment of ₹20 billion (~$222.37 million) from GIP with a greenshoe option to invest an additional ₹10 billion (~$111.18 million). The investment by GIP was to be made through one or more preferential issues of shares on a private placement basis. ABREN has a pan-India renewable energy portfolio of approximately 4.3 GW across 10 states. The company said it eventually aims to reach more than 10 GW.</p>
<p>The company has also secured ₹5 billion (~$55.59 million) from Essel Mining &amp; Industries, also part of the Aditya Birla Group, through a preferential issue of equity shares on a private placement basis. ABREN said it will use the funds to meet its urgent business needs.</p>
<p>In August 2025, Vodafone Idea <a href="https://www.mercomindia.com/vodafone-idea-inks-ppa-with-aditya-birla-to-procure-solar-power" target="_blank" rel="noopener">entered</a> into a power purchase agreement with Aditya Birla Renewables SPV 3 to procure power from a 4 MW captive solar power project in Maharashtra.</p>
<p>In 2024, ABREN <a href="https://mercomindia.com/aditya-birla-renewables-raises-%E2%82%B925-billion-via-debenture-sale" target="_blank" rel="noopener">raised</a> ₹25 billion (~$299.26 million) through a private placement of non-convertible debentures.</p>
<p>Total corporate funding, including venture capital (VC) funding, public market, and debt financing into the solar sector, <a href="https://mercomcapital.com/product/annual-and-q4-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">decreased</a> 16% year-over-year in 2025, with $22.2 billion raised in 175 deals, compared to $26.3 billion in 157 deals in 2024, according to Mercom Capital Group’s Annual and Q4 2025 Solar Funding and M&amp;A Report. Global VC and private equity funding in the solar sector in 2025 came to $3.5 billion in 75 deals, 22% lower than the $4.5 billion raised in 60 deals in 2024. There were eight VC funding deals of $100 million or more in 2025.</p>


CCI Approves BlackRock’s Subscription of ABREN’s Equity Shares


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					</table><p>The clean energy arm of the <a href="https://www.adityabirla.com/en/" target="_blank" rel="noopener">Aditya Birla Group</a>, Aditya Birla Renewables (<a href="https://www.adityabirlarenewables.com/" target="_blank" rel="noopener">ABRen</a>), has secured an investment commitment of ₹20 billion (~$222.37 million) from Global Infrastructure Partners (<a href="https://www.global-infra.com/" target="_blank" rel="noopener">GIP</a>), a part of <a href="https://www.blackrock.com/corporate" target="_blank" rel="noopener">BlackRock</a>, with a greenshoe option to invest an additional ₹10 billion (~$111.18 million).</p>
<p>The proposed investment by GIP will be made through one or more preferential issues of shares on a private placement basis. The shares to be issued will comprise compulsory convertible preference shares and equity shares.</p>
<p>GIP will have the option to invest an additional ₹10 billion (~$111.18 million) in the form of equity shares, pro rata to its shareholding in ABRen.</p>
<p><a href="https://www.sc.com/en/" target="_blank" rel="noopener">Standard Chartered Bank</a> acted as the sole financial advisor to ABRen on the GIP transaction.</p>
<p>The GIP investment translates into an enterprise value of ₹146 billion (~$1.62 billion) for ABRen.</p>
<p>ABRen has also secured ₹5 billion (~$55.59 million) from <a href="https://www.esselmining.com/" target="_blank" rel="noopener">Essel Mining &amp; Industries</a>, also part of the Aditya Birla Group, through a preferential issue of equity shares on a private placement basis. ABRen said it will use the funds to meet its urgent business needs.</p>
<p>The board of Grasim Industries, an Aditya Birla Group company, approved the proposed investment/acquisition of shares in ABRen. Post the completion of the transaction, ABRen will cease to be a wholly owned subsidiary of Grasim.</p>
<p>ABRen had a pan-India renewable energy portfolio of ~4.3 GW across 10 states. The company said it aims to reach more than 10 GW in the coming years.</p>
<p>In August 2025, Vodafone Idea <a href="https://www.mercomindia.com/vodafone-idea-inks-ppa-with-aditya-birla-to-procure-solar-power" target="_blank" rel="noopener">entered</a> into a power purchase agreement with Aditya Birla Renewables SPV 3 to procure power from an upcoming 4 MW captive solar power project in Maharashtra.</p>
<p>In 2024, Grasim Industries <a href="https://www.mercomindia.com/grasim-secures-ifc-for-decarbonization-initiatives" target="_blank" rel="noopener">announced</a> an investment of ₹12.5 billion (~$150.3 million) from the International Finance Corporation, the private sector arm of the World Bank Group. The company said IFC’s investment was through subscription to non-convertible debentures.</p>
<p>In the same year, ABRen <a href="https://mercomindia.com/aditya-birla-renewables-raises-%E2%82%B925-billion-via-debenture-sale" target="_blank" rel="noopener">raised</a> ₹25 billion (~$299.26 million) through a private placement of non-convertible debentures.</p>


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