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					</table><p>Rajasthan had about 2.4 GW of solar open access as of June 2025, making it one of India’s top states, with roughly 9.8% of the country’s total solar capacity. The state also held the largest open access pipeline, around 10.2 GW as of June 2025, mostly standalone solar at ~80%, solar plus storage at ~10%, and solar–wind hybrids at ~9%.</p>
<p>Policy is also pushing for storage as green energy open access projects above 5 MW must include batteries sized for at least two hours of generation or 5% of project capacity. Charge relaxations or exemptions apply when energy is supplied from a storage source. These relaxations refer to waivers or reductions of the grid/open access fees for energy delivered from a storage system.</p>
<p>Deepak Jain, Chief Technical Officer of <a href="https://insolationenergy.in/" target="_blank" rel="noopener">Insolation Energy</a>, attests to Rajasthan’s suitability for open access projects. Strong irradiation, large tracts of non-fertile land suitable for utility-scale plants, and the ability to utilize interstate transmission are contributory factors.</p>
<p>He said that cement, steel, textiles, and ceramics are shifting towards renewables to control costs and achieve long-term stability. Roadblocks remain, including grid upgrades within the state and on the ISTS, lengthy approval cycles, and a shortage of skilled manpower across manufacturing and EPC as deployments scale.</p>
<p>Himanshu Chandrakar, Chief Marketing Officer of <a href="https://altilium.eco/" target="_blank" rel="noopener">Altilium Energie</a>, stated that buyers must first verify that the state has truly implemented green open access for solar energy before checking for eligibility. Under green energy open access, several states now allow 100 kW. Buyers must also assess commercial viability, as the primary objective is to reduce power costs. “Sustainability and economics now go together.”</p>
<p>Implementation is where most C&amp;I consumers weigh capital expenditure (capex) against operating expenditure (opex). Open access is operationally more complex than rooftop, and rules can change fast, so many prefer opex. Buyers must keep practical considerations in mind. For instance, some developers avoid loan-burdened or certain manufacturing profiles. Many insist on a minimum credit rating, and a long list of seven often becomes a shortlist of three serious options.</p>
<p>Next come tariff and term negotiations, bank guarantees and security, and technical readiness checks, including metering, site infrastructure, and the daily monitoring and settlement cadence that differs from rooftop. Structurally, buyers choose among third-party, captive, and group captive insurance options. Rajasthan’s battery rule suggests a shift towards more solar with storage and hybrids. Buyers are also testing creative pairing. For example, a pure-solar PPA with a separately contracted battery may be preferable if the prices are favorable.</p>
<p>Rahul Makahaniya, Chief Marketing Officer of <a href="https://www.soleosenergy.com/" target="_blank" rel="noopener">Soleos Energy</a>, said renewable purchase obligations and related mandates are tightening. In energy-intensive industries, a defined percentage of energy must come from renewable sources. “How you meet this, through captive, third-party, or group captive, is your choice, but compliance isn’t optional. Strategically, it’s like locking electricity on predictable terms for 15–25 years.”</p>
<p>For captive use, with a debt-to-equity ratio of roughly 70% and 30%, the landing cost would be ₹1.75 (~$0.020)–₹2 (~$0.023)/kWh in Rajasthan. Against a typical grid landing cost of ₹8.10 (~$0.091)–₹8.15 (~$0.092)/kWh including demand charges, “you’re saving roughly ₹6 (~$0.068)/kWh.” In a 1 MW example, the annual savings would be approximately ₹18.2 million (~$205,082), depending on the units generated.</p>
<p>For third-party PPAs, buyers often see ₹3 (~$0.034)–₹4 (~$$0.045)/kWh, depending on the tenor and risk, but must also add open-access charges and the cross-subsidy surcharge, which can increase the all-inclusive landed cost. The upside is no capital outlay. “You post the roughly three-month bank guarantee, pay as you go, and the developer carries asset and operational risk. Many buyers invest small amounts per MW, around ₹7 million (~$78,878) for 2 MW, and then secure lower all-in tariffs than those offered through a third-party PPA.</p>
<p>Makhaniya emphasized that PPA clauses make or break the economics. The focus should be on tariff and escalation, banking and scheduling, change-in-law, SLAs tied to availability or CUF, curtailment, termination, security, metering, and settlement timelines. Buyers must understand lock-ins, such as 15-year terms, and offtake obligations, including the risk of paying for shortfalls if demand falls below the contracted energy level.</p>
<p>These opportunities were <a href="https://www.mercomindia.com/event/c-and-i-clean-energy-meet-2025-jaipur" target="_blank" rel="noopener">deliberated</a> in detail at Mercom’s C&amp;I Clean Energy Meet in Jaipur recently.</p>
<p>Jain said adopters report significant savings compared to grid tariffs and value price certainty. ESG reporting becomes simpler, and export competitiveness improves as global buyers increasingly prefer suppliers that use renewable energy. Challenges remain, especially in predictable policy, faster approvals, and skills development.</p>
<p>On timing, he argued that both cost and technology favor an early move. “We started way back around 2011 at ₹180 (~$2.03 million) –₹185 million (~$$2.08 million)/MW, and today installed costs are roughly ₹25 million (~$281,705) –₹35 million ($394,388)/MW depending on components and site.” Technology has also moved. “Module efficiencies have moved beyond 22%, and with TOPCon/HJT and tandem approaches, more than 25% at the module level is plausible,” which boosts yields and long-term economics. “Locking 15–25 years of power-price stability is hard to replicate with any other input.”</p>
<p>Looking ahead, Chandrakar said contracts are being signed in Rajasthan. “In the next year, more than 1,000 MW of PPAs could be signed,” and over the next two to three years, contracted capacity in Rajasthan could move toward ~3,000 MW as the market expands from obvious early adopters to a broader C&amp;I base.</p>
<p>On storage, Makahaniya described Rajasthan’s policy as one of the most aggressive for open access and said interest is rising. He mentioned tenders or interests discussed in 1,000–2,000 MW chunks. Sizing depends on the use case, load shape, price spreads, and grid constraints, so storage can shift solar generation from non-peak to peak periods.</p>
<p>He pointed to peak windows such as 06:00–10:00 and 18:00–22:00 and noted that some rules may not allow banking during peak times. Storage enables buyers to match their supply to their working patterns and capture peak-price arbitrage. Policy incentives, such as charge relaxations or exemptions for storage-backed supply, improve viability even though batteries increase capital expenditure.</p>


Rajasthan Well Suited for Green Energy Open Access Projects


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					</table><p>Insolation Green Energy, a wholly owned subsidiary of <a href="https://insolationenergy.in/">Insolation Energy</a>, has broken ground on its 4.5 GW solar cell and 18,000 metric ton (MT) aluminum frame manufacturing facility in the Power and Renewable Energy Equipment Zone at Narmadapuram, Madhya Pradesh.</p>
<p>The project, spread across 45 acres, represents an investment of about ₹16 billion (~$182.69 million). It will be the company’s fourth manufacturing facility and the first to be established outside Rajasthan.</p>
<p>According to Manish Gupta, Chairman and Whole-Time Director at Insolation Energy, the new facility will significantly enhance the company’s capacity to meet rising demand across India.</p>
<p>The company has also started commercial <a href="https://www.mercomindia.com/insolation-energy-breaks-module-facility-in-jaipur/" target="_blank" rel="noopener">production</a> at its solar module manufacturing plant in Jaipur, Rajasthan. The facility has an annual capacity of 3 GW of n-type and ToPCon solar modules and 12,000 MT of aluminum frames. Insolation Energy’s total operational solar module manufacturing capacity has reached 4 GW.</p>
<p>Cumulatively, the company aims to expand its manufacturing capacity to 8 GW of solar modules, 3 GW of solar cells, and 54,000 MT of aluminum frame manufacturing capacity by financial year 2027.</p>
<p>The Ministry of New and Renewable Energy has <a href="https://www.mercomindia.com/list-ii-for-solar-cells-into-force-from-june-2026" target="_blank" rel="noopener">included</a> solar cells in the Approved List of Models and Manufacturers (ALMM) List-II. It will be effective from June 1, 2026. The first ALMM List-II, with nine domestic manufacturers with a cumulative annual production capacity of 13,067 MW, was <a href="https://www.mercomindia.com/mnre-releases-almm-list-ii-for-solar-cells-with-a-capacity-of-13-gw" target="_blank" rel="noopener">published</a> earlier this month.</p>
<p>Government projects mandated to use solar modules from the ALMM List-I for solar modules have been exempted from complying with ALMM List-II, if the bid submission deadline is on or before the cut-off date, which will be effective from September 1, 2025.</p>
<p>India added 25.3 GW of solar module capacity and 11.6 GW of solar cell capacity in calendar year 2024, according to Mercom’s <a href="https://www.mercomindia.com/product/state-solar-manufacturing-india-2025" target="_blank" rel="noopener">State of Solar PV Manufacturing in India 2025</a> report.</p>


Insolation Energy Breaks Ground on 4.5 GW Solar Cell Facility


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					</table><p>Jaipur-based solar module manufacturer<a href="https://insolationenergy.in/" target="_blank" rel="noopener"> Insolation Energy</a> has been allotted 45 acres of land by the Madhya Pradesh government to establish a solar manufacturing facility.</p>
<p>The proposed facility will have 3 GW solar cell manufacturing, 4 GW solar module manufacturing, and 24,000 metric tons (MT) aluminum frame manufacturing capacity.</p>
<p>This project will be executed by INA’s subsidiary, Insolation Green Energy, in the Power and Renewable Energy Equipment Zone in Narmadapuram, Madhya Pradesh. The project will be implemented in two phases and require a total investment of ₹18 billion (~$211.98 million). The new manufacturing unit marks INA’s first facility outside Rajasthan and its fourth overall.</p>
<p>The expansion aligns with INA’s aim of scaling its manufacturing operations to achieve a consolidated revenue target of ₹80 billion (~$942.14 million).</p>
<p>The company recently <a href="https://www.mercomindia.com/insolation-energy-preferential-issue-of-equity-shares/" target="_blank" rel="noopener">raised</a> ₹4.02 billion (~$47.8 million) through preferential allotment to fund its third manufacturing facility in Rajasthan. Scheduled for completion by April 2025, this facility targets increasing the company’s solar module manufacturing capacity from 1 GW to 4 GW and adding 12,000 MT of aluminum frame production.</p>
<p>INA was one of six companies <a href="https://www.mercomindia.com/rajasthan-winning-bidders-rooftop-solar" target="_blank" rel="noopener">awarded</a> a letter of allocation to develop 1.5 MW of rooftop solar projects each in Rajasthan. This allocation is part of a larger initiative by the Rajasthan Renewable Energy Corporation to establish grid-connected rooftop solar systems of 45 MW capacity across the state.</p>
<p>In July, the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-solar-module-capacity-to-almm" target="_blank" rel="noopener">added</a> a capacity of 187 MW of INA’s solar modules to the Approved List of Models and Manufacturers.</p>
<p>The company’s products are used in government programs such as the Jal Jeevan Mission, PM-Kusum, and PM Surya Ghar: Muft Bijli Yojana.</p>
<p>According to the <a href="https://www.mercomindia.com/product/state-solar-manufacturing-india-2024" target="_blank" rel="noopener">State of Solar PV Manufacturing in India 2024</a> report by Mercom India Research, India added 20.8 GW of solar module capacity and 3.2 GW of solar cell capacity in 2023.</p>


Insolation Energy to Set Up 7 GW Solar Manufacturing Facility in Madhya Pradesh


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					</table><p>Jaipur-based solar module manufacturer <a href="https://insolationenergy.in/">Insolation Energy</a> reported a revenue of ₹6.13 billion (~$72.64 million) in the first half (1H) of the financial year (FY) 2025, an increase of 118% year-over-year (YoY) basis.</p>
<p>The company noted that with the fall in solar cell and module prices, it maintained and improved gross spreads, resulting in profit margin expansion. No single customer constitutes more than 5% of its revenue.</p>
<p>The company’s EBITDA saw a YoY growth of 172%, rising to ₹810 million (~$9.59 million) from ₹297.5 million (~$3.52 million).</p>
<p>Net profit after tax was up 307% YoY, soaring to ₹612.7 million (~$7.26 million) from ₹150.3 million (~$1.78 million).</p>
<p>The earnings per share (EPS) also surged from ₹7.22 (~$0.086) to ₹29.41 (~$0.35).</p>
<p>Insolation Energy recently <a href="https://www.mercomindia.com/insolation-energy-preferential-issue-of-equity-shares" target="_blank" rel="noopener">announced</a> plans to raise ₹4.02 billion (-$47.8 million) through a preferential allotment of 1.22 million equity shares to non-promoter entities. The shares will be issued at a price of ₹3,287 ($39.12) per share, including a premium of ₹3,277 (-$39).  The preferential allotment will be made to 117 non-promoter entities, diversifying the company&#8217;s investor base.</p>
<p>The company has two subsidiaries &#8211; Insolation Green Energy and Insolation Green Infra- that are engaged in solar module manufacturing and installation and maintenance of solar projects.</p>
<p>Last month, Insolation Green Energy <a href="https://www.mercomindia.com/insolation-energy-breaks-module-facility-in-jaipur" target="_blank" rel="noopener">broke</a> ground on its 3 GW solar photovoltaic module facility and a 12,000 MTA aluminum frame plant in Sawarda, Jaipur, Rajasthan. The company said it is investing ₹4 billion (-$47.6 million) in its third manufacturing facility.</p>
<p>This facility is set to become operational by March 2025, bringing the company&#8217;s total solar module capacity to 4 GW. Additionally, as part of Phase 1, they plan to launch 1.5 GW of solar cell manufacturing by March 2026.</p>
<p>In July, the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-solar-module-capacity-to-almm" target="_blank" rel="noopener">added</a> a capacity of 187 MW of Insolation Energy&#8217;s solar modules to the Approved List of Models and Manufacturers.</p>
<p>In October 2024, in one of the largest project awards, Insolation Energy won the bid to install 77 MW of rooftop solar systems on the state government buildings in Rajasthan under hybrid annuity mode for Ajmer, Jaipur, and Kota districts. The contract value of ₹5.005 billion (~$49.3 million) was awarded to Insolation by Rajasthan Renewable Energy Corporation. During the same month, Insolation also received an order from Zetwerk Manufacturing to supply 150 MW of 550 W solar modules for its project at the NTPC Khavda Gujarat site.</p>


Solar Module Manufacturer Insolation Energy’s Revenue Up 118% YoY in 1H FY25


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					</table><p>Jaipur-based solar module manufacturer Insolation Energy (<a href="https://insolationenergy.in/" target="_blank" rel="noopener">INA</a>) has announced plans to raise ₹4.02 billion (~$47.8 million) through a preferential allotment of 1.22 million equity shares to non-promoter entities.</p>
<p>The shares will be issued at a price of ₹3,287 (~$39.12) per share, including a premium of ₹3,277 (~$39).</p>
<p>The preferential allotment will be made to 117 non-promoter entities, diversifying the company&#8217;s investor base.</p>
<p>The move is subject to shareholder approval, which will be sought at an Extraordinary General Meeting scheduled for November 13, 2024.</p>
<p>Among the largest allottees are <a href="https://www.brightviewmc.com/" target="_blank" rel="noopener">Brightview Management Consultancy</a> (1,36,900 shares), NAV Capital VCC-Nav Capital Emerging Star Fund (1,35,000 shares), and Bengal Finance &amp; Investment (1,21,600 shares).</p>
<p>These new shares will constitute about 5.65% of the company&#8217;s expanded equity base post-allotment.</p>
<p>The capital infusion is expected to strengthen IEL&#8217;s financial position and support its growth initiatives in the renewable energy sector.</p>
<p>Last month, Insolation Green Energy, a wholly owned subsidiary of Insolation Energy, <a href="https://www.mercomindia.com/insolation-energy-breaks-module-facility-in-jaipur" target="_blank" rel="noopener">broke</a> ground on its 3 GW solar photovoltaic module facility and a 12,000 MTA aluminum frame plant in Sawarda, Jaipur, Rajasthan. The company said it is investing ₹4 billion (~$47.6 million) in its third manufacturing facility.</p>
<p>Earlier, Insolation Energy was one of six companies <a href="https://www.mercomindia.com/rajasthan-winning-bidders-rooftop-solar" target="_blank" rel="noopener">awarded</a> a letter of allocation to develop 1,500 kW of rooftop solar projects each in Rajasthan. This allocation is part of a larger initiative by the Rajasthan Renewable Energy Corporation to develop 45 MW of grid-connected rooftop solar systems across the state.</p>
<p>In July, the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-solar-module-capacity-to-almm" target="_blank" rel="noopener">added</a> a capacity of 187 MW of Insolation Energy’s solar modules to the Approved List of Models and Manufacturers.</p>
<p>Insolation Energy’s products are used in government programs such as the Jal Jeevan Mission, PM-Kusum, and PM Surya Ghar: Muft Bijli Yojana.</p>


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