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					</table>India added 2.7 GW of solar open access capacity in the first quarter of 2026, up 55% quarter-over-quarter, according to the <a href="https://www.mercomindia.com/product/q1-2026-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener">Q1 Mercom India Solar Open Access Market Report</a>. The growth was supported by favorable policies, growing consumer interest, and improved project execution.
For Vishal Jain, Managing Director at <a href="https://august-energy.com/" target="_blank" rel="noopener">August Energy India</a>, open access will remain the primary route for large industrial consumers because rooftop solar is constrained by available space.
According to Jain, favorable open access policies, supported by expanding domestic manufacturing capacity and electricity demand, can drive growth in the C&amp;I segment and strengthen India’s position in the global renewable energy market.
In an interview on the sidelines of the <a href="https://www.mercomindia.com/event/mercom-india-renewables-summit-2026" target="_blank" rel="noopener">Mercom India Renewables Summit 2026</a>, Jain discussed the growth of decentralized energy, the increasing role of battery storage, the emergence of integrated utility solutions, and the outlook for India’s solar manufacturing ecosystem.
Excerpts from the interview:
What are the biggest opportunities for decentralized energy in India over the next five years?
India is emerging as one of the world’s largest C&amp;I energy markets. Policy support, particularly for open access, has been a major catalyst for the sector’s growth.
Compared with several other Asian markets, India has developed a conducive policy framework that enables C&amp;I consumers to procure large-scale solar power from off-site or front-of-the-meter projects.
The shift toward domestic manufacturing may create some short-term challenges. However, over the long term, reducing dependence on external supply chains will strengthen the market and support sustained growth.
Will battery storage become the next major opportunity after rooftop solar installations?
Battery storage will be a value-accretive solution for large-scale solar projects. Historically, banking provisions allowed developers and consumers to treat the grid as an infinite battery, but that arrangement is not sustainable over the long term.
Recent policy changes in major industrial states indicate that the market is moving toward the direct integration of energy storage. Storage will become increasingly important as banking provisions are tightened and consumers seek to align renewable generation with their demand profiles.
What is driving C&amp;I consumers to adopt renewable energy?
The two primary drivers are sustainable growth and cost savings. Even after recent policy changes requiring the use of domestically manufactured modules, consumers can continue to achieve meaningful savings as compared with grid tariffs.
C&amp;I consumers can replace around 40% to 50% of their electricity requirements with clean energy sources. The availability of low-cost power at scale remains the strongest driver of renewable energy adoption.
Globally, the electrification of industrial heat is also creating additional demand for electricity. In markets such as China and Europe, industries are increasingly replacing coal-fired boilers with electric boilers. Such fuel substitution creates new demand and expands the addressable market for solar power.
Do you expect energy solutions to be increasingly offered as an integrated package?
August Energy operates as an integrated utility service provider for C&amp;I consumers. The company offers power, cooling, heating, and energy-efficiency solutions as a bundled service.
Industrial consumers should not have to enter into separate contracts for electricity, heating, ventilation and air conditioning, and steam. These requirements can be combined under a single integrated contract, reducing costs while supporting the decarbonization of industrial facilities.
How do you see the integrated utilities market developing in India?
The market is still at a nascent stage, but the increased availability of impact capital is supporting the growth of integrated utility and energy-efficiency solutions.
Private capital played an important role in the development of India’s utility-scale solar sector and later supported the growth of the rooftop solar segment. Similarly, the availability of impact capital for integrated utilities and sustainable infrastructure is likely to drive the next phase of growth.
Will open access overtake rooftop solar segment in the C&amp;I segment?
The rooftop solar segment faces limitations because of the restricted availability of usable roof space. Open access is therefore likely to remain the larger growth market for industrial consumers, provided grid evacuation infrastructure and distribution networks can accommodate additional capacity.
The rooftop solar segment will continue to be relevant for smaller installations and residential consumers. However, large industrial consumers seeking to replace a substantial share of their electricity demand will increasingly rely on open access projects.
How can changes in banking and time-of-day tariffs potentially affect the market?
The power sector can no longer rely on the grid as an unlimited storage resource. The market is undergoing a structural shift in which electricity consumption will need to align more closely with periods of renewable energy generation.
Time-of-day tariffs can encourage consumers to shift demand toward solar generation hours and away from peak-demand periods. This will also increase the importance of storage and demand-management solutions.
The transcript provided does not contain Jain’s complete response on the detailed impact of time-of-day tariffs, so further conclusions on this point cannot be drawn from the source.
Will accessible finance be a challenge for development of smaller battery storage projects?
Financial institutions are already lending to large-scale renewable energy and battery storage projects. What remains to be seen is whether lenders will be equally comfortable financing smaller storage systems required under emerging state-level regulations.
These projects have similar cash flow and revenue characteristics to other energy infrastructure assets. India’s strong fundamentals and infrastructure requirements should continue to attract capital, provided it is directed toward commercially viable projects.
Do you expect India’s electricity demand to increase significantly?
India’s manufacturing push is likely to drive a substantial increase in electricity demand. New manufacturing facilities for solar modules, cells, semiconductors, and electronics are highly power-intensive.
As these facilities begin operations over the next few years, industrial electricity consumption is expected to rise. Household demand will also increase as more consumers adopt air conditioners, refrigerators, and other electrical appliances.
Will energy-as-a-service become a major business model?
Energy-as-a-service will coexist with other commercial models rather than replace existing technologies or solutions.
The model allows service providers to deploy capital into existing infrastructure, including heating, ventilation and air conditioning systems, steam boilers, and energy-efficiency equipment. India requires significant capital to support infrastructure growth, and its strong economic fundamentals make it an attractive destination for such investment.
Can India develop an end-to-end solar manufacturing ecosystem over the next five years?
Government mandates and policy support are expected to accelerate the development of a domestic solar manufacturing ecosystem.
India has already established a sizeable module manufacturing base, supported in part by foreign capital. The next phase will involve scaling domestic solar cell manufacturing, followed by wafer and ingot production.
The success of domestic cell manufacturing will be a critical turning point. If the industry can establish reliable and competitive cell production capacity, the transition toward domestic wafer manufacturing will be the next major milestone.

<a href="https://ugowork.com/" target="_blank" rel="noopener">UgoWork</a>, a Canada-based provider of lithium-ion batteries and energy monitoring solutions, announced the closing of its all-equity C$22.8 million (~$17.08 million) Series B funding round led by Fonds de solidarité FTQ.
The other participants in the round include Export Development Canada (EDC), Desjardins Capital, and Investissement Québec.
UgoWork plans to use the new funds to accelerate the development efforts for its software and artificial intelligence platform, enabling the ‘Energy as a Service’ program for its lithium-ion battery lineup and reducing the upfront cost for faster deployments. The funding is also expected to help boost sales and expand the company’s distribution footprint.
Based in Quebec, Canada, UgoWork develops, manufactures, and offers lithium-ion power solutions and energy management programs across North America for industrial trucks operating in the food and beverage, manufacturing, transportation, and distribution sectors.
UgoWork&#8217;s battery technology and connected platform help operators make data-driven decisions to increase output, optimize resources, and take a step towards a zero-carbon footprint.
&#8220;UgoWork&#8217;s innovative solutions perfectly fit into the concept of a circular economy. This is one of the reasons why we are very proud to continue our support for this company,&#8221; says Marie-Hélène Nolet, Chief Operating Officer of Desjardins Capital.
“The demand for UgoWork&#8217;s solution is growing rapidly, and we are confident that the team in place will be able to achieve the growth that will allow them to take a leading position in the market.&#8221;
The recent funding is Investissement Québec&#8217;s second round in all-equity financing with UgoWork.
According to Mercom’s Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency, venture capital funding for energy storage companies in 9M 2022 fell by over 44%, with $4 billion in 73 deals compared to $7.2 billion in 60 deals in 9M 2021.

UgoWork Raises C$22.8 Million in Funding for its Energy as a Service Platform

Digital services and Information Technology consulting giant Infosys and bp, a global integrated energy company, have signed a memorandum of understanding (MoU) under which both companies will work together to develop an integrated Energy as-a-Service (EaaS) offering that will provide end-to-end management of a customers’ energy assets and services.
Together, the companies will explore opportunities using bp’s energy and mobility expertise and Infosys’ digital capabilities to manage energy assets, provide low carbon power, low carbon heating/cooling, and low carbon mobility to campuses, driven by an AI-based digital platform.
bp’s integrated energy offer draws on technologies and businesses in solar and wind together with gas for power, fuels, electric vehicle charging, battery swapping, and advanced mobility solutions.
The integrated EaaS solution aims to enable Infosys campuses to access reliable low carbon energy and mobility options, use energy more efficiently, and to optimize supply and demand across multiple users and assets without having to invest in additional energy infrastructure.
Following a pilot at Infosys’ Pune campus, the companies intend to extend the offer to other Infosys campuses and explore opportunities to manage energy and reduce emissions at industrial and business parks and cities.
Infosys had signed up for ‘The Climate Pledge,’ <a href="https://mercomindia.com/infosys-signs-climate-pledge/" target="_blank" rel="noopener">committing</a> to achieve net-zero carbon emissions across its businesses by 2040. However, Infosys had <a href="https://mercomindia.com/infosys-announces-carbon-neutrality/" target="_blank" rel="noopener">achieved</a> carbon neutrality in 2020 &#8211; 30 years ahead of the timeline set by the Paris Agreement.
bp aspires to become a net-zero company by 2050 or sooner.
Pravin Rao, Chief Operating Officer, Infosys, said, “Digitization will act as a driver for decarbonization and building work and living spaces of the future. With the present advancement in technology, we can create solutions that provide positive impulses, transparency, control, and enhanced decision-making. Infosys has had a long-standing commitment towards sustainability.”
“Infosys has crafted ambitious ESG goals for the next decade, continuing to focus on reducing emissions and co-creating solutions for a no/low carbon future. bp – our strategic partner for the last 16 years – shares our ambitions for a net-zero carbon future, and this partnership gives us a perfect opportunity to co-innovate and co-create the Integrated Energy and mobility offering leveraging Infosys digital prowess and bp’s expertise in sustainable energy solutions. Together we will strive towards a cleaner and greener future.”
Sashi Mukundan, President, bp India, and SVP, bp group, said, “Integrated energy and mobility solutions have huge potential to enable clean cities powered by low carbon energy, and digital platforms are a vital component. We are excited to work with Infosys to explore how digitally-enabled integrated energy can deliver reliable, efficient, and low carbon energy for Infosys campuses. Through this strategic collaboration, bp and Infosys can combine our capabilities to manage energy for Infosys in India, and in time take this offer to other campuses, industrial parks, and cities to help the world decarbonize faster.”
Image credit: Ashwin Kumar from Bangalore, India, CC BY-SA 2.0 &lt;https://creativecommons.org/licenses/by-sa/2.0&gt;, via Wikimedia Commons
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Infosys, bp Join Hands to Reduce Carbon Emissions at Campuses and Cities

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