REC Raises ₹50 Billion Through Five and Ten-Year Bonds

Military Engineer Services Invites Bids for 1.1 MW Rooftop Solar Systems

Robust Capacity Additions Push Adani Green’s Q4 Revenue Up 37% YoY

Daily New Wrap-Up: Rays Power, Hetvi Win Assam’s 250 MW Solar Projects Auction

Enphase Lowers Q2 Revenue Guidance, Fears Adverse Impact from China Tariffs

NTPC Green Floats Land and Transmission Tender for 900 MW Solar Projects

Savings in Power Bills Key Motivator for C&I Clean Energy Transition

Reliance Bags Project to Evacuate 3 GW of Power for Green Hydrogen Projects

Rays Power, Hetvi Win Assam’s Auction to Set Up 250 MW Solar Projects

Reliance Commissions First Line of GW-Scale Solar Module Manufacturing Facility


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					</table><p><a href="https://www.mercomindia.com/india-adds-25-gw-capacity-2024" target="_blank" rel="noopener">India added 25.2 GW of solar capacity in the calendar year 2024, a 204% increase compared to the 8.3 GW added in 2023.</a> According to Mercom India’s latest Q4 and Annual 2024 India Solar Market Update Report, this marks the highest annual capacity addition in the country’s history. This growth was driven by large-scale solar projects, which accounted for over 87% of the total capacity additions, with rooftop solar contributing 13%.</p>
<p><a href="https://www.mercomindia.com/indias-solar-power-generation-rose-nearly-18-yoy" target="_blank" rel="noopener">India’s solar power generation rose nearly 18% year-over-year (YoY) to 133.8 billion units (BU) in 2024 from 113.4 BU, according to data</a> published by the Central Electricity Authority. In the first nine months (9M) of the calendar year 2024, the country added 16.4 GW of solar capacity, up 167% YoY from 6.2 GW. The commissioning of several previously delayed projects due to the fall in module prices drove capacity additions in 9M 2024.</p>
<p><a href="https://www.mercomindia.com/rising-costs-supply-shortages-dcr-modules" target="_blank" rel="noopener">The PM Surya Ghar: Muft Bijli Yojana and the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) are</a> the government’s key initiatives to help homeowners and farmers become energy prosumers. However, the increasing cost and limited supply of solar modules complying with domestic content requirements threaten these programs’ progress.</p>
<p><a href="https://www.mercomindia.com/budget-reactions-industry-applauds-national-manufacturing-mission" target="_blank" rel="noopener">The Union Budget 2025 received strong industry support for its emphasis on clean energy, domestic manufacturing, and infrastructure</a> development. The budget, presented to Parliament by Finance Minister Nirmala Sitharaman last week, has introduced several initiatives under the National Manufacturing Mission focused on strengthening India’s role in the global renewable energy supply chain.</p>
<p><a href="https://www.mercomindia.com/power-ministry-issues-draft-guidelines-to-designate-reias" target="_blank" rel="noopener">The Ministry of Power released draft guidelines for designating a company as a Renewable Energy Implementing Agency (REIA)</a>. Stakeholders can submit their comments and suggestions within 15 days. REIAs, as market makers, are responsible for carrying out the renewable energy project bidding process, signing power sale agreements with developers and power purchase agreements with the distribution licensees or consumers, and ensuring payment security to developers.</p>
<p><a href="https://www.mercomindia.com/india-slaps-anti-dumping-duties-on-solar-glass-imports-from-china-and-vietnam" target="_blank" rel="noopener">The Ministry of Commerce and Industry finalized anti-dumping duties on textured tempered solar glass imports from China and Vietnam</a>. A ministry investigation concluded that dumping of solar glass by the two countries had caused material injury to the domestic industry. To offset the impact of dumped imports on the domestic industry, the investigation found it necessary to impose anti-dumping duties on the solar glass imports.</p>
<p><a href="https://www.mercomindia.com/mnre-unveils-draft-design-and-testing-guidelines-for-solar-cold-storages" target="_blank" rel="noopener">The Ministry of New and Renewable Energy released draft guidelines on design, specifications, performance, and testing procedure</a> for solar cold storage with thermal energy storage backup. The guidelines will serve as a standard reference for all stakeholders, providing the basis for design specifications, performance, and testing standards for 2 MT, 5 MT, 10 MT, and 20 MT capacity solar cold storages with TES.</p>
<p><a href="https://www.mercomindia.com/guidelines-pumped-storage-projects" target="_blank" rel="noopener">The Ministry of Power issued tariff-based competitive bidding guidelines to procure stored energy from existing, under-construction</a>, or new Pumped Storage Projects. According to the National Electricity Plan 2023, there will be a need for approximately 74 GW/411 GWh of energy storage systems by 2031-32. This includes 27 GW/175 GWh from PSP and 47 GW/236 GWh from Battery Energy Storage Systems.</p>
<p><a href="https://www.mercomindia.com/mnre-proposes-lower-module-efficiency-thresholds-for-off-grid-solar-projects" target="_blank" rel="noopener">The Ministry of New and Renewable Energy proposed an amendment to reduce the minimum module efficiency requirement under</a> the Approved List of Models and Manufacturers for modules used in off-grid solar projects. The minimum efficiency for crystalline silicon technology modules used in off-grid solar projects will be reduced to 18% from 19%, per the proposed amendment.</p>
<p><a href="https://www.mercomindia.com/karnatakas-clean-mobility-policy-2025-30-targets-%E2%82%B9500-billion-investment" target="_blank" rel="noopener">The Government of Karnataka introduced its Clean Mobility Policy 2025-30, targeting ₹500 billion (~$5.755 billion) investments across</a> the clean mobility value chain by 2030. The policy targets establishing Karnataka as Asia’s leading hub for clean mobility through equitable and sustainable development, providing electric vehicle (EV) charging infrastructure, and fostering innovation in EV and hydrogen fuel cell technologies. The policy will be effective from February 11, 2025, for five years.</p>
<p><a href="https://www.mercomindia.com/government-mandates-two-hour-energy-storage-integration-in-solar-tenders" target="_blank" rel="noopener">The Ministry of Power (MoP) mandated that all Renewable Energy Implementing Agencies (REIAs) and state utilities to incorporate</a> a minimum two-hour co-located energy storage system equivalent to 10% of the installed solar capacity in all solar tenders. In an advisory to REIAs, state governments, and generating stations, MoP said distribution licensees could also consider mandating two-hour storage with rooftop solar installations.</p>
<p><a href="https://www.mercomindia.com/aptel-condones-70-day-delay-in-commissioning-solar-power-project" target="_blank" rel="noopener">The Appellate Tribunal for Electricity condoned a 70-day delay in commissioning ACME Heergarh Powertech (AHPL’s) 300 MW solar power</a> project in Rajasthan. AHPPL, a special-purpose vehicle of ACME Solar Holdings, was granted a 104-day extension recognizing the COVID-19 pandemic and supply disruption in China as a force majeure event.</p>
<p><a href="https://www.mercomindia.com/cerc-grants-%E2%82%B920-million-compensation-to-solar-developer-for-gst-hike" target="_blank" rel="noopener">The Central Electricity Regulatory Commission (CERC) declared a hike in Goods and Services Tax from 5% to 12% to 18% as a change</a> in law event and allowed Beempow Energy, backed by O2 Power, to seek compensation. Beempow can receive compensation up to ₹20 million (~$229,700), which will be paid at a discount of 9.12% for 15 years. CERC also allowed carrying costs for the period against which Beempow paid the higher GST.</p>
<p><a href="https://www.mercomindia.com/aptel-compensates-solar-project-for-gst-imposition" target="_blank" rel="noopener">The Appellate Tribunal for Electricity dismissed an appeal by the Hubli Electricity Supply Company against an order of the Karnataka Electricity</a> Regulatory Commission in 2021 granting a tariff increase for a solar project to compensate for higher costs due to changes in tax laws. APTEL upheld the Commission’s ruling, allowing an additional incremental tariff of ₹0.39 (~$0.005)/kWh for 22 years over the existing tariff of ₹2.91 (~$0.035)/kWh, ensuring recovery of ₹217.5 million (~$2.62 million) for the solar project.</p>
<p><a href="https://www.mercomindia.com/amazon-to-procure-379-mw-power-from-three-wind-projects-in-india" target="_blank" rel="noopener">Global e-commerce company Amazon will procure a cumulative 379 MW of clean energy from three wind farms in Karnataka, Maharashtra</a>, and Tamil Nadu. The company will procure power from CleanMax’s 100 MW wind project in Koppal, Karnataka, BluPine’s 99 MW wind project at Solapur in Maharashtra, and JSW Energy’s 180 MW wind project at Dharapuram in Tamil Nadu. Amazon signed power purchase agreements with the three companies.</p>
<p><a href="https://www.mercomindia.com/grew-solar-to-set-up-3-gw-cell-and-module-facility-in-madhya-pradesh" target="_blank" rel="noopener">GREW Solar announced it will invest ₹30 billion (~$345 million) to set up a 3 GW solar cell and module manufacturing facility in, Madhya Pradesh</a>. The 60-acre facility will be a three-stage backward-integrated manufacturing unit, using tunnel oxide passivated contact (TOPCon) technology. TOPCon utilizes an N-type silicon base to improve efficiency solar cell efficiency over traditional models. The facility is expected to be operational by 2026.</p>
<p><a href="https://www.mercomindia.com/indus-towers-to-source-50-mw-of-renewable-energy-from-amplus" target="_blank" rel="noopener">Gurugram-based mobile tower installation company Indus Towers will source 50 MW of renewable energy from Amplus Tungabhadra, a special</a> purpose vehicle of Amplus Solar, in captive mode. The company will invest ₹270 million (~$3.1 million) to acquire a 26% stake in Amplus Tungabhadra on a fully diluted basis. Amplus Tungabhadra will set up a 50 MW solar captive power project for Indus Towers.</p>
<p><a href="https://www.mercomindia.com/sunsure-secures-%E2%82%B91-28-billion-loan-for-49-mw-solar-open-access-project" target="_blank" rel="noopener">Gurugram-based Sunsure Energy secured ₹1.28 billion (~$14.69 million) in long-term debt financing from Tata Capital and Aditya Birla Finance</a> (ABFL) for its 49 MW open-access solar project in Augasi, Uttar Pradesh. This financing will support Sunsure’s commissioned 145 MW portfolio of solar open-access projects in the state. Tata Capital and ABFL will share the loan amount equally.</p>
<p><a href="https://www.mercomindia.com/edf-proposes-partnerships-with-ntpc-cil-and-actis-for-renewables" target="_blank" rel="noopener">EDF India signed non-binding term sheets with NTPC, Coal India (CIL), and global investor Actis to promote renewable energy projects in India</a>. Under this partnership, NTPC will develop, construct, own, operate, and maintain pumped storage projects, standalone hydropower, and hydropower projects bundled with other renewable energy power projects.</p>
<p><a href="https://www.mercomindia.com/gensol-engineering-signs-%E2%82%B93-5-billion-deal-to-sell-scorpius-trackers" target="_blank" rel="noopener">Solar energy consultancy and engineering, procurement, and construction solutions provider Gensol Engineering signed a ₹3.5 billion</a> (~$40.1 million) non-binding term sheet to sell its U.S. subsidiary, Scorpius Trackers, to an undisclosed renewable energy solution provider. Gensol aims to unlock the subsidiary’s capital for reinvestment into its core growth assets and strengthen its financial position.</p>
<p><a href="https://www.mercomindia.com/vikram-solar-boosts-module-production-with-1-gw-expansion-in-west-bengal" target="_blank" rel="noopener">Kolkata-based solar module manufacturer Vikram Solar increased the manufacturing capacity of its Falta facility in West Bengal by 1 GW.</a> The manufacturing lines in the facility at Oragadam in Chennai, Tamil Nadu, have also been upgraded to produce Tunnel Oxide Passivated Contact (TOPCon) and Heterojunction Technology (HJT) solar modules. These initiatives are set to boost Vikram Solar’s annual nameplate production capacity to 4.5 GW.</p>


Month in a Minute: Top Headlines from the Indian Renewable Sector in February 2025


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					</table><p>The Ministry of Heavy Industries (<a href="https://heavyindustries.gov.in/" target="_blank" rel="noopener">MHI</a>) has enhanced the budgetary outlay of the Faster Adoption and Manufacturing of Hybrid &amp; Electric Vehicles (FAME-II) program from ₹100 billion (~$1.20 billion) to ₹115 billion (~$1.38 billion) to encourage India’s transition to clean mobility.</p>
<p>The subsidies for demand incentive will be eligible for electric two-, three-, and four-wheelers sold until March 31, 2024.</p>
<p>As per the revised outlay, subsidies amounting to ₹70 billion ($843 million) have been allocated for electric vehicles. Electric two-wheelers have been allotted ₹53 billion ($638 million), electric three-wheelers ₹9.8 billion ($118 million), and electric four-wheelers ₹7.5 billion ($90.35 million). The allocation for electric buses is ₹32 billion ($385 million).</p>
<p>Further, ₹40.4 billion ($468.6 million) has been earmarked for grants that will fund the creation of capital assets. For the development of EV charging infrastructure,₹8.3 billion ($99.9 million) has been allotted.</p>
<p>The FAME program, which came into force in 2019, supports the electrification of public and shared transportation in addition to offering concessions for EV manufacturers and users.</p>
<p>Last March, a parliamentary committee <a href="https://www.mercomindia.com/parliamentary-panel-fame-program-by-two-years" target="_blank" rel="noopener">recommended</a> that the FAME program be extended by two years beyond the current March 31, 2024 deadline, as it felt that the removal of government subsidies for EVs would make the vehicles expensive.</p>
<p>The committee also called for a national policy on EVs that should offer demand- and supply-side incentives such as reduced GST, waiver of road tax and registration fees, and a discounted hire-purchase program with lower interest rates by financial institutions.</p>
<p>As of December 31, 2023, <a href="https://www.mercomindia.com/ev-manufacturers-%e2%82%b952-billion-subsidies-december-1-2023" target="_blank" rel="noopener">subsidies</a> amounting to ₹52.28 billion (~$627 million) have been extended to EV manufacturers on the sale of ~1.15 million vehicles.</p>
<p>With 1.53 million units being sold in India in 2023, EV sales <a href="https://www.mercomindia.com/electric-vehicle-sales-2023" target="_blank" rel="noopener">saw</a> a 50% year-over-year jump. EVs accounted for nearly 6.4% of overall automobile sales during the year.</p>


FAME-II Budgetary Outlay for Electric Vehicles Increased by $180.7 Million


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					</table><p>Bengaluru-based <a href="https://oorja.energy/" target="_blank" rel="noopener">Oorja</a>, a tech startup specializing in predictive modeling for clean mobility solutions, has secured $1.5 million in funding to support product development, facilitate market expansion, and make inroads in the European and North American markets.</p>
<p>The funding round was led by <a href="https://micelio.com/micelio-funds/" target="_blank" rel="noopener">Micelio Fund</a> and <a href="https://www.capital-a.in/" target="_blank" rel="noopener">Capital-A</a>. Java Capital, Anicut Capital, and Lead Angels also participated in the round.</p>
<p>Oorja employs a fusion of physics and machine learning (ML) to offer predictive modeling solutions tailored for engineers and designers within the electric vehicle (EV) sector. This approach simplifies intricate engineering challenges, expediting the shift towards clean mobility.</p>
<p>Their cloud-based platform presents a user-friendly method for optimizing battery packs, effectively tackling issues encompassing materials, range, capacity deterioration, thermal control, and cell design.</p>
<p>Vineet Dravid, Founder of Oorja Energy, said, “Physics-based tools that are currently used are complex, difficult to deploy, and slow down time to market. Our motivation behind Oorja has been to solve complex engineering problems at the design stage with a cutting-edge world-class product made in India. Our hybrid approach uses a combination of physics + ML to improve accuracy and speed up time to market.”</p>
<p>Oorja has been supported by the Indian Science Technology Engineering Facilities Map (I-STEM) program.</p>
<p>On the back of EVs gradually gaining traction in India, thanks to government subsidies, several startups working in the clean mobility sector have raised funds from angel investors, venture capital, and private equity funds. This has helped them boost their product design capabilities and facilitated their expansion in India and entry into international markets.</p>
<p>Recently, a parliamentary committee <a href="https://www.mercomindia.com/parliamentary-panel-fame-program-by-two-years" target="_blank" rel="noopener">proposed</a> extending India&#8217;s Faster Adoption and Manufacturing of Hybrid &amp; Electric Vehicles program by two years beyond its March 31, 2024 deadline to help maintain affordable EV prices.</p>
<p>In 2023, India <a href="https://www.mercomindia.com/electric-vehicle-sales-q2-2023" target="_blank" rel="noopener">witnessed</a> significant growth in EV sales, with a 66% year-over-year surge in Q2, reaching 371,340 units. India had over 2.4 million registered EVs as of June 2023 (excluding Telangana and Lakshadweep).</p>


Clean Mobility Solutions Startup Oorja Secures $1.5 Million Funding

<p>The CEO of NITI Aayog, Amitabh Kant, recently said that the inter-ministerial panel had approved 5,645 electric buses for operations in 65 cities in the country.</p>
<p>Electric buses have also been sanctioned to eight state transport undertakings for inter-city operations.</p>
<p>In a tweet, Amitabh Kant said that the move provides leverage to the automobile industry to clean up cities and promote the Make in India initiative by the government.</p>
<p><img loading="lazy" decoding="async" class="size-medium wp-image-14753 aligncenter" src="https://mercomindia.com/wp-content/uploads/2019/08/5646-Electric-Buses-Approved-Across-65-Cities-300x208.png" alt="5,646 Electric Buses Approved Across 65 Cities" width="300" height="208" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/08/5646-Electric-Buses-Approved-Across-65-Cities-300x208.png 300w, https://cms.mercomindia.com/wp-content/uploads/2019/08/5646-Electric-Buses-Approved-Across-65-Cities-768x532.png 768w, https://cms.mercomindia.com/wp-content/uploads/2019/08/5646-Electric-Buses-Approved-Across-65-Cities-650x450.png 650w, https://cms.mercomindia.com/wp-content/uploads/2019/08/5646-Electric-Buses-Approved-Across-65-Cities-624x432.png 624w, https://cms.mercomindia.com/wp-content/uploads/2019/08/5646-Electric-Buses-Approved-Across-65-Cities-600x416.png 600w, https://cms.mercomindia.com/wp-content/uploads/2019/08/5646-Electric-Buses-Approved-Across-65-Cities.png 800w" sizes="(max-width: 300px) 100vw, 300px" /></p>
<p>Just recently, the Finance Minister chaired the 36<sup>th</sup> GST council meeting where Goods and Services Tax (GST) on electric vehicles was slashed from <a href="https://mercomindia.com/gst-electric-vehicle-reduced-5/" target="_blank" rel="noopener noreferrer">12% to 5%.</a> This move will come into effect from August 1, 2019.</p>
<p>NITI Aayog has taken bold steps in facilitating the clean mobility transition by charting a comprehensive roadmap for electric vehicle adoption in the coming decade. Two-wheelers are the low hanging fruit as India is the largest two-wheeler market in the world today. Therefore, the think tank has announced that every two-wheeler sold after 2025 must be electric or battery-operated. It has also charted a blueprint for the complete transition to EVs by <a href="https://mercomindia.com/niti-aayog-ev-transition-plan-2030/" target="_blank" rel="noopener noreferrer">2030</a>.</p>
<p>Mandates have been given to cab aggregators as well to convert a part of their fleet to electric by 2026. In the Union Budget for FY 2019-20, the finance minister has <a href="https://mercomindia.com/budget-2019-india-e-mobility-ev/" target="_blank" rel="noopener noreferrer">provided strong support</a> to the nascent electric vehicle industry with the announcement of tax incentives to speed up the transition of the automobile industry from fossil fuel dependent to electric.</p>
<p>Image Credit: <a href="https://en.wikipedia.org/wiki/File:Electric_Buses_in_Bangalore_by_BmTc_(13938784383).jpg#file">https://en.wikipedia.org/wiki/File:Electric_Buses_in_Bangalore_by_BmTc_(13938784383).jpg#file</a></p>
<p>&nbsp;</p>


5,646 Electric Buses Approved Across 65 Cities

<p>In a positive development towards increasing electric mobility in the country, the government has cut the applicable rate of Goods and Services Tax (GST) on electric vehicles (EVs).</p>
<p>The 36<sup>th</sup> GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, decided that GST rate on all the electric vehicles be reduced from 12% to 5%.</p>
<p>Moreover, the GST rates on chargers or charging stations for EVs have been reduced from 18% to 5%. The council also decided that the hiring of electric buses (carrying capacity more than 12 passengers) by local authorities will be exempted from GST.</p>
<p>These changes will come into effect from August 1, 2019.</p>
<p>Sohinder Gill, Director General of the Society of Manufacturers of Electric Vehicles (SMEV), told Mercom, &#8220;After the reduced subsidies and duty changes in FAME India II, the price of affordable segment EVs had gone up by around 20%. Reduction in GST is a very positive and welcome move, as it will reduce the prices by 7%. This move also sends clear signals to the industry on the governments&#8217; seriousness in promoting EVs. However, even after the GST reduction, the prices of the affordable segment EVs will still be much higher than IC (internal combustion) engine vehicles and will remain the biggest stumbling block for purchase. The industry and the government must work together to create price parity for two to three years so as to trigger the mass adoption of EVs. Some of the steps requested by SMEV are: subsidy on all the EVs should be ₹20,000 (~$ 290.20) /kWh of battery as it is for the buses; financing by public sector banks; mandating businesses that use polluting vehicles for their operations to switch to electric; and a major awareness campaign on the benefits of EVs by the government under &#8220;Swachh Bharat&#8221; initiative. The GST on the spare batteries is still 18% and that should also be brought down to 5% to ensure that the EV users continue to enjoy the advantage of a low running cost&#8221;.</p>
<p>The need to counter air pollution (some of the most polluted cities in the world are in India) and rising fuel prices are a strong prerogative to push for the EV boom in India.</p>
<p>In the latest Union Budget for FY 2019-2020, the Modi government provided strong support to the nascent electric vehicle industry with the announcement of tax incentives to speed up the transition of the automobile industry from fossil fuel dependent to electric.</p>
<p>This GST rate cut, along with the recent move to exempt <a href="https://mercomindia.com/ev-likely-registration-fee-exemption/" target="_blank" rel="noopener noreferrer">EV registration fees</a>, and <a href="https://mercomindia.com/budget-2019-india-e-mobility-ev/" target="_blank" rel="noopener noreferrer">the tax incentives</a> will help catapult the electric vehicle uptake in the country. The charging station infrastructure segment is also growing with foreign players and foreign direct investment (FDI) flowing into the industry.</p>
<p>During her Union Budget speech, the Finance Minister had announced a plan to make India a global hub for EV manufacturing. Keeping all these developments in view, along with the recent GST rate cuts, the clean mobility transition in the country looks promising.</p>
<p>Moreover, the <a href="https://mercomindia.com/fame-india-likely-40-billion-subsidy-outlay/" target="_blank" rel="noopener noreferrer">Finance Ministry</a> has approved ₹40 billion (~$0.58 billion) as a subsidy that will be spent under phase II of the FAME India program. This phase will entail subsidies exclusively for electric buses and for setting up charging infrastructure across all vehicle segments.</p>
<p>&nbsp;</p>


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