MENA Weekly Round-Up: Oman Tenders 1 GW of Solar Projects

Silver Demand Forecast to Drop 19% in 2026 on Lower Solar Cell Loadings

Midwest Energy Starts Production at 1.2 GWh Battery Storage Plant

Maharashtra Road Corporation Seeks 115 MW Solar Open Access Power

DCM Shriram to Procure 58 MW of Power from Serentica’s Hybrid Project

Bihar Regulator Approves Generic Renewable Energy Tariffs for FY 2027

Grid Software Solutions Provider Piq Energy Raises $5 Million in Funding

Sonnedix Acquires 260 MW Battery Storage Portfolio in Italy

Fidra Secures $312 Million Debt for West Burton Battery Project

POWERGRID Tenders 500 MW/1,000 MWh Battery Energy Storage Projects


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					</table><p>Electric vehicles (EV) play a vital role in reducing carbon emissions and helping the country meet its sustainability targets. By reducing dependence on fossil fuel-based grid power for manufacturing, EV companies can further increase their sustainability footprint and reduce carbon emissions from their operations.</p>
<p>With this goal in mind, <a href="https://www.ashokleyland.com/" target="_blank" rel="noopener">Ashok Leyland</a> has installed a 1.5 MW rooftop solar project at its EV manufacturing facility in Lucknow, Uttar Pradesh.</p>
<p>The solar system is expected to meet up to 50% of the plant’s electricity needs.</p>
<p>The project is expected to help Ashok Leyland save around ₹13 million (~$137,630) in the first year, based on an assumed grid tariff of ₹8.5 (~$0.089)/kWh.</p>
<p>According to the Vaahan dashboard, Q1 2026 saw the <a href="https://www.mercomindia.com/electric-vehicle-sales-clock-35-yoy-growth-in-q1-2026" target="_blank" rel="noopener">sale</a> of 1,518 electric buses. Switch Mobility Automotive, a subsidiary of Ashok Leyland, led the segment, selling 542 units.</p>
<p>The project is expected to have a payback period of three years.</p>
<p>The project was commissioned by <a href="https://www.hindujarenewables.com/" target="_blank" rel="noopener">Hinduja Renewables</a> last October. The installation uses TOPCon solar modules and string inverters.</p>
<p>The solar system supports Ashok Leyland’s RE100 commitment to source 100% renewable electricity by 2030.</p>
<p>Explaining the challenges behind the project, Deepak Thakur, MD &amp; CEO, Hinduja Renewables, said that the project was executed while construction work was underway at the EV manufacturing facility.</p>
<p>Additionally, the monsoon season created manpower and scheduling challenges. Hinduja Renewables said that it managed the work through parallel execution, early indoor activities, and weather-linked groundwork planning.</p>
<p>The rooftop system uses a standing-seam roofing system. Non-penetrating clamp solutions for mounting structures were used, along with walkways to help preserve roof integrity and reduce water leakage risk.</p>
<p>Hinduja Renewables has an operating portfolio of over 3,000 MW across India and develops rooftop and utility-scale renewable energy projects.</p>
<p>According to Mercom India Research’s Q4 &amp; Annual 2025 India Rooftop Solar Market Report, India’s rooftop solar capacity <a href="https://mercomindia.com/rooftop-solar-growth-accelerates-in-india-with-7-1-gw-added-in-2025-a-123-yoy-jump" target="_blank" rel="noopener">grew</a> to 7.1 GW in the calendar year 2025, an over 123% year-over-year jump from 3.2 GW in 2024.</p>


Ashok Leyland’s EV Factory Goes Green with Rooftop Solar


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					</table><p>Noida-based automotive component manufacturer <a href="https://www.motherson.com/" target="_blank" rel="noopener">Samvardhana Motherson International</a> has signed an agreement with HR Dhauliganga, a special-purpose vehicle of <a href="http://www.hindujarenewables.com/" target="_blank" rel="noopener">Hinduja Renewables Energy</a>, to procure power from a 50 MW captive solar project in Tamil Nadu.</p>
<p>Samvardhana, along with its subsidiaries, will acquire a 28.15% equity stake in HR Dhauliganga through an investment of up to ₹141.3 million (~$1.63 million) in one or more tranches.  The company will hold 18.35% of the equity on its own.</p>
<p>The shares will be issued upon execution of definitive agreements and completion of conditions precedent. Hinduja will continue to hold a majority equity stake in HR Dhauliganga.</p>
<p>The investment is expected to be completed in the second quarter of the current financial year.</p>
<p>HR Dhauliganga was incorporated on December 10, 2024. It reported nil revenue, negative earnings before interest, taxes, depreciation, and amortization of ₹0.59 million (~$6,813), and a net worth of negative ₹0.49 million (~$5,658) as of March 31, 2025.</p>
<p>This agreement is part of the company’s plan to reduce its direct Scope 1 and 2 emissions in line with its target of achieving carbon net zero across its global operations by 2040.</p>
<p>In September last year, Samvardhana Motherson, through its wholly-owned subsidiary MSSL Consolidated, <a href="https://www.mercomindia.com/samvardhana-motherson-acquires-stake-in-israels-ree-automotive/" target="_blank" rel="noopener">acquired</a> 3.64 million Class A shares in Israel-based e-mobility company REE Automotive for $4.122 per share, resulting in a total investment of $15 million.</p>
<p>Mercom has <a href="https://www.mercomindia.com/energy-intensive-industries-drive-open-access-solar-growth-amid-challenges/" target="_blank" rel="noopener">written</a> about how energy-intensive industries in India are switching to clean energy through the open access model to meet their clean energy mandates and lower their power bills. Industries such as iron and steel, cement, automobiles, petrochemicals, chemicals, and other metals drive demand for open access solar to optimize costs and meet sustainability goals.</p>
<p>RE100 companies in India <a href="https://www.mercomindia.com/businesses-are-powering-the-renewable-revolution-but-systemic-gaps-persist-report/" target="_blank" rel="noopener">raised</a> their share of renewable electricity from 23% in 2023 to 39% in 2024, aligning with national efforts to promote rooftop solar, hybrid energy projects, and solar parks across multiple states.</p>


Samvardhana to Source Power From Hinduja’s 50 MW Captive Solar Project


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					</table><p>The Gujarat Urja Vikas Nigam (<a href="https://www.guvnl.com/" target="_blank" rel="noopener">GUVNL</a>) has announced the allocation of the 500 MW grid-connected solar power projects in Phase XXII auction under the greenshoe option at the lowest quoted tariff of ₹2.63 (~$0.0316)/kWh.</p>
<p>The projects were awarded to the successful bidders who <a href="https://www.mercomindia.com/sjvn-hinduja-avaada-blupine-guvnls-500-mw-solar-auction" target="_blank" rel="noopener">won</a> in the initial auction, and the capacities remained the same.</p>
<p><a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN Green Energy</a>, a wholly owned subsidiary of SJVN, secured 100 MW through the greenshoe option.</p>
<p>According to Mercom sources, the remaining capacity under the greenshoe option was awarded to <a href="https://www.hindujarenewables.com/" target="_blank" rel="noopener">Hinduja Renewables Energy</a> (140 MW), <a href="https://avaada.com/" target="_blank" rel="noopener">Avaada Energy</a> (100 MW), and <a href="https://blupineenergy.com/" target="_blank" rel="noopener">BluPine</a> Energy (50 MW), each at L1 (lowest) tariff.</p>
<p>The total capacity auctioned was 390 MW, falling short of the initially tendered 500 MW.</p>
<p>The tender was <a href="https://www.mercomindia.com/guvnl-500-mw-solar-projects-greenshoe/" target="_blank" rel="noopener">floated</a> in November.</p>
<p>SJVN, in a statement, said that the tentative cost of construction and development of the 200 MW capacity it will be developing is ₹11 billion (~$132.54 million). The ground-mounted solar project will be developed by the company anywhere in India through engineering, procurement, and construction contracts.</p>
<p>The power purchase agreement (PPA) with GUVNL will be executed after GERC adopts the tariff.</p>
<p>The projects are scheduled to be commissioned within 18 months from the date of signing the 25-year PPA.</p>
<p>The tender specified that projects must declare an annual capacity utilization factor (CUF) of not less than 17%. The successful bidder is obligated to maintain generation to achieve an annual CUF within +10% and -15% of the declared value for the first ten years from the commercial operation date. Subsequently, the annual CUF must remain a minimum of 15% and within +10% and -20% of the declared value until the end of the 25-year PPA duration.</p>
<p>Solar modules for the projects must be warranted for peak output wattage, not falling below 90% at the end of ten years and 80% at the end of 25 years from the project&#8217;s commercial operation date.</p>
<p>GUVNL has mandated the use of solar modules from the Ministry of New and Renewable Energy&#8217;s Approved List of Models and Manufacturers.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> for timely updates on all solar tenders issued by various agencies in India.</p>


GUVNL Allocates 500 MW Solar Greenshoe Capacity at ₹2.63/kWh

<p>The State Bank of India (SBI) and the World Bank have announced ₹23.2 billion ($357 million) in credit facilities for seven Indian solar companies that will be used to develop grid-connected solar rooftop projects with an aggregate capacity of 575 MW. The companies receiving credit facilities include Adani Group, Hinduja Renewables, JSW Energy, Tata Renewable, Azure Power, Cleantech Solar, and Hero Solar Energy.</p>
<p>According to PTI, the line of credit is being made available under the SBI-World Bank Grid Connected Rooftop Solar PV program. The <a href="http://www.worldbank.org/en/country/india">World Bank </a>will provide the funds to <a href="https://www.sbi.co.in/">SBI</a>, which will then lend it on to the solar companies. The approval documents were handed to the companies at a solar rooftop conference organized by SBI.</p>
<p>According to SBI Chairman Rajnish Kumar, “Financing is being provided to those with sound technical capacity, relevant experience, and creditworthiness that meet SBI standards.”<br />
SBI has so far funded 43 grid-connected rooftop solar projects worth ₹27.66 billion (~$0.43 billion) under the SBI-World Bank Grid-Connected Rooftop Solar PV program. The projects have a combined capacity of 695 MW.</p>
<p>The bank’s renewable energy loan portfolio currently stands at ₹120 billion (~$1.85 billion). Earlier, in May 2016, the World Bank and SBI also signed agreements for a <a href="https://mercomindia.com/state-bank-india-finance-100-mw-grid-connected-rooftop-solar-projects/">$625 million (~Rs.40.2 billion)</a> facility to support India’s grid-connected rooftop solar program.</p>
<p>Government-owned SBI is one of the most active lenders for solar projects in India. In <a href="https://mercomindia.com/european-investment-bank-provide-eur-200-million-213-million-loan-state-bank-india-large-scale-solar/">April 2017</a>, the European Investment Bank (EIB) approved a EUR 200 million (~₹13.8 billion), 20-year loan for the SBI to help develop large scale solar projects in India.</p>
<p>In June of this year, SBI<a href="https://mercomindia.com/state-bank-india-finance-100-mw-grid-connected-rooftop-solar-projects/"> announced </a>that it would provide ₹4 billion (~$62.2 million) to private developers to finance 100 MW of grid-connected rooftop solar projects in India. Funding recipients under this program were expected to include Azure Power, Amplus, and Cleanmax, among others. The capacity of the projects and programs to be financed ranged from 25 kW to 16 MW.</p>
<p>In <a href="https://mercomindia.com/azure-power-secures-10-5-million-state-bank-india-rooftop-solar/">June 2017</a>, SBI issued a loan of ₹68.3 million (~$10.5 million) to Azure Power, an Indian solar power producer, to develop grid-connected rooftop solar projects.</p>


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