Form Energy Raises $750 Million to Scale Iron-Air Battery Production

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Saatvik Green’s Q1 Revenue Falls 44% as Manufacturing Expansion Continues

PFC Consulting Invites Bids for Transmission System in Jammu & Kashmir

Uttar Pradesh Adopts Tariffs for 31 MW Solar Projects Under KUSUM

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Daily News Wrap-Up: India Adds 27 GW of Solar in 1H 2026

Solar Module Prices Set to Rise as Procurement Rush Builds Ahead of ALMM-II Deadline

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					</table>The All India Solar Module Manufacturers <a href="https://mercomindia.com/standalone-solar-module-makers-seek-18-month-almm-list-ii-extension" target="_blank" rel="noopener">urged</a> Union Minister for New and Renewable Energy Pralhad Joshi to provide an 18-month, output-linked transition for the mandatory use of solar cells listed under the Approved List of Models and Manufacturers (ALMM) List-II across all project categories.
The lithium carbonate market <a href="https://www.mercomindia.com/lithium-prices-drop-as-suspended-mining-operations-in-china-australia-restart" target="_blank" rel="noopener">remained</a> highly volatile this year amid expectations of stronger global supply of the key battery material. Lithium carbonate futures in China fell to CN¥144.11 (~$21.28) per kg on July 21, a decline of nearly 28% from more than CN¥200 (~$29.53) per kg in May, according to Trading Economics.
On the sidelines of the Mercom India Renewables Summit 2026, Bhavesh Kumar Rathod, Founder and Managing Director at Soleos Energy, <a href="https://www.mercomindia.com/storage-market-could-become-bigger-than-solar-and-wind-combined-interview" target="_blank" rel="noopener">spoke</a> about domestic manufacturing, battery energy storage, open access, transmission bottlenecks, financing, and the company’s plans to support industrial decarbonization.
Stricter regulations and project oversight can <a href="https://www.mercomindia.com/electricity-regulations-must-balance-accountability-with-developer-flexibility-interview" target="_blank" rel="noopener">discourage</a> speculative developers, but they may also inadvertently affect genuine developers facing legitimate execution challenges that delay project timelines. According to Shri Venkatesh, Founding Partner at SKV Law Offices, India’s electricity regulations must strike a balance between stronger oversight and adequate flexibility for private developers.
In an interview on the sidelines of the Mercom India Renewables Summit 2026, <a href="https://www.mercomindia.com/solar-module-manufacturers-may-face-cell-supply-shortage-for-6-7-months-interview" target="_blank" rel="noopener">held</a> in New Delhi on July 1 and 2, Kalthia talks about India’s solar manufacturing ecosystem, export opportunities, timelines for the ALMM, battery energy storage, and Kosol’s plans to foray into battery cell manufacturing.
The Maharashtra Electricity Regulatory Commission <a href="https://www.mercomindia.com/maharashtra-regulator-orders-msedcl-to-clear-delayed-wind-payments" target="_blank" rel="noopener">directed</a> Maharashtra State Electricity Distribution Company (MSEDCL) to pay ₹1.14 billion (~$11.84 million) for delayed payments to wind energy developers. It directed MSEDCL to pay Vena Energy ₹710.96 million (~$7.37 million) as late payment surcharge and ₹431.52 million (~$4.47 million) as interest for delays relating to invoices issued between July 2020 and November 2024.
Electric two-wheeler manufacturer Ather Energy <a href="https://www.mercomindia.com/ather-energy-raises-%E2%82%B913-billion-through-qualified-institutional-placement" target="_blank" rel="noopener">raised</a> approximately ₹13 billion (~$134.74 million) through a qualified institutional placement of equity shares.
PFC Consulting <a href="https://www.mercomindia.com/pfc-consulting-invites-bids-for-transmission-system-in-maharashtra" target="_blank" rel="noopener">invited</a> bids to establish an intrastate transmission system for the 400/220 kV Malegaon (Saundane) air-insulated substation in the Nashik district of Maharashtra.
Waaree Renewable Technologies, the engineering, procurement, and construction arm of the Waaree Group, <a href="https://www.mercomindia.com/waaree-renewable-technologies-revenue-surges-53-in-q1-fy-2027" target="_blank" rel="noopener">reported</a> consolidated revenue from operations of ₹9.24 billion (~$95.7 million) for the first quarter of the financial year (FY) 2027, a 53.23% year-over-year (YoY) increase from ₹6.03 billion (~$62.49 million).
Adani Green Energy <a href="https://www.mercomindia.com/higher-electricity-sales-drive-adani-greens-revenue-up-29-yoy-in-q1-fy-2027" target="_blank" rel="noopener">posted</a> revenue of ₹42.80 billion (~$443.52 million) in Q1of FY 2027, an increase of 29% YoY from ₹33.12 billion (~$343.21 million). The company attributed the growth primarily to higher electricity sales and the expansion of its operational portfolio.
Surat-based solar module manufacturer Navitas Solar <a href="https://mercomindia.com/navitas-solar-caelux-partner-to-make-5-gw-tandem-solar-modules-in-india" target="_blank" rel="noopener">entered</a> into a five-year partnership with California-based perovskite technology company Caelux Corporation to develop and manufacture 5 GW of hybrid tandem solar modules in India.
Malaysia’s Ministry of Energy Transition and Water Transformation <a href="https://www.mercomindia.com/malaysia-launches-2-65-gw-solar-program-with-1-25-gw-energy-storage" target="_blank" rel="noopener">launched</a> the sixth Large-Scale Solar program, offering 2,650 MW of solar capacity and 1,250 MW of battery storage capacity across three procurement packages.

Daily News Wrap-Up: Solar Module Makers Seek 18-Month ALMM-II Extension

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					</table>India’s battery energy storage market might be gaining momentum, but sluggish project execution has exposed deeper questions around bankability, lifecycle costs, degradation risks, and market readiness.
In an exclusive interview with Mercom India, Ayush Misra, Co-Founder at <a href="https://amperehourenergy.com/" target="_blank" rel="noopener">AmpereHour Energy</a>, discusses why storage projects must be evaluated as sophisticated grid assets rather than simple battery procurement exercises, and how large-scale deployments can be made commercially viable.
Can you tell us about AmpereHour Energy&#8217;s presence in the battery energy storage sector and the projects you are currently working on? 
 
AmpereHour Energy is a full-stack battery energy storage systems company founded in 2017. We focus on designing, integrating, and optimizing intelligent energy storage solutions across the utility and commercial and industrial (C&amp;I) sectors.
Our focus is not only on deploying batteries but also on building intelligent storage infrastructure that provides reliable, dispatchable renewable energy to strengthen India’s evolving power system.
We recently commissioned the 180 MW/360 MWh battery storage project in Gujarat, one of India&#8217;s largest standalone utility-scale battery storage projects. Other than that, we are currently working on utility-scale, renewable integration, and grid-support projects to expand into larger grid-scale deployments.
India has announced an ambitious pipeline of storage projects. What percentage of these projects do you believe are bankable today, and what is preventing the rest from reaching financial closure?
India has built a very strong pipeline of storage projects, reflecting growing confidence in storage as a critical grid asset and strong policy intent.
However, financial viability depends on much more than just project announcements.
Tariffs discovered during recent reverse auctions are unviable at today’s battery costs.
As an industry, we must ensure that storage system assets installed in these projects meet a quality standard that will ensure they last for 15-20 years.
To ensure a project&#8217;s bankability, we also need to consider revenue and regulatory certainty, power purchase agreements, creditworthiness of offtakers, and robust payment mechanisms.
The lack of proven long-term revenue models and revenue stacking, delays in regulatory approvals and contract execution, payment risks from distribution companies (DISCOMs), and counterparty concerns are some of the other barriers.
Do you think battery storage adoption is moving faster than its commercial viability? Where do you see the biggest disconnect between expectations and reality?
India has announced an array of ambitious renewable energy projects and is implementing policies to support them, which has been driving battery storage adoption.
However, commercial maturity is still catching up to deployment momentum, as commercial frameworks evolve.
A major disconnect is the expectation that storage is just another infrastructure asset. In reality, its economics depends on multiple revenue streams. Limited revenue stacking, evolving ancillary service markets, financing, and the development of lender confidence are other areas of disconnect.
The good news is that all of these factors are signs that the market is in transition. Once regulations mature and revenue models diversify, commercial viability will eventually be aligned with the pace of deployment.
What is the single biggest misconception policymakers, developers, or investors have about battery energy storage in India? 
 
The biggest misconception is that battery energy storage is just a battery procurement exercise. In reality, a battery storage system is a sophisticated grid asset whose value extends far beyond just battery cells. Factors such as software, power conversion systems, controls, safety, integration, and lifecycle management drive its performance and economics. When all these factors are ignored, it&#8217;s like missing out on the full value that a storage system can deliver to the grid.
Storage is often promoted as the natural next step after solar. Does battery storage make economic sense for most consumers today, or only for specific use cases?
Battery storage can make sense for most consumers today, as evidenced by its growth. It is definitely the next step in energy transition, but it cannot have a single solution that fits everyone. Considering the scale of renewable integration, grid support, ancillary services,  rising grid tariffs in the C&amp;I segment, and the need for power reliability, it is evident that battery storage makes sense as the next natural step after solar.
Many states are introducing storage mandates and changing banking rules. Do you believe policy is moving faster than market readiness?
India seems to have taken a proactive approach to its energy storage policy, with several states introducing storage mandates.
This policy momentum comes off as timely and necessary. Policy implementation will help create a market by earning investors&#8217; confidence, encouraging infrastructure development, and creating certainty of demand for developers and manufacturers.
Market readiness needs to catch up with these policies by focusing more on standardized procurement and contracting frameworks, faster regulatory approvals, grid infrastructure readiness, bankability and financing, while ensuring a skilled ecosystem for deployment, operations, and maintenance.
How prepared are DISCOMs and transmission utilities to integrate large volumes of battery storage?
DISCOMs and transmission utilities have made significant progress in recognizing the value of battery energy storage, but their level of preparedness varies across states and utilities. They have helped increase the number of battery storage tenders and provide more information on storage for peak-demand management, renewable integration, and grid reliability.
However, there is still a need to integrate storage into grid planning and dispatch, to build technical expertise to operate and optimize battery storage systems, and to develop market mechanisms for ancillary services and flexibility. DISCOMs’ preparedness will improve rapidly as more projects become operational and utilities gain hands-on experience.
What risks associated with battery degradation, augmentation requirements, and replacement costs are still being underestimated by project developers and investors?
When evaluating a battery energy storage project, the major risk is the upfront cost rather than the long-term performance.
The economics of energy storage depends on how well it performs over 10–20 years. There are some key risks in battery systems, such as battery degradation over time, augmentation planning to maintain contracted performance, replacement costs, and lifecycle budgeting.
These are some things that need to be looked into from a sustainable, long-term perspective.
India is pursuing both domestic battery manufacturing and large-scale storage deployment simultaneously. Which is likely to become the bigger bottleneck? Manufacturing capacity, supply chains, financing, or skilled manpower?
There is no single bottleneck, as all four factors are critical to scaling India’s storage ecosystem. In the near future, financing and commercial bankability are likely to be the biggest constraints. Investments in the manufacturing segment are accelerating under supportive policies, and capital is available, but investors require predictable returns and lower risk.
What we need are proven revenue models, long-term bankable contracts, lender confidence in standalone battery energy storage systems, and skilled manpower as deployment scales.
We need a long-term roadmap for the localization of manufacturing. A systematic, well-planned localization plan implemented over a 4 to 6-year horizon can create a flourishing energy storage manufacturing ecosystem in India.
What lessons has the industry learned from early battery storage system deployments that are not widely understood today?
One of the most important lessons from early battery storage deployments is that a project’s success is influenced more by system design, integration, and operational intelligence than by the battery cells themselves.
Battery selection is just part of the equation; energy management systems, battery management systems, power conversion systems, thermal management, safety architecture, and control strategies collectively determine performance.
What is one hard truth about India&#8217;s battery storage market that the industry is not discussing enough?
The hardest truth about India’s battery storage market, which the industry does not discuss enough, is that it&#8217;s not just a technology problem but a viability problem. Aggressive tariff discovery, import dependence, and underestimated lifecycle costs contribute to the economic fragility of large-scale projects, even with rapid capacity additions.
Winning bids do not always translate into sustainable, bankable assets, as developers often overlook long-term degradation, O&amp;M complexity, and grid performance risks, and still price their batteries like commodities.

Industry Must Perceive Battery Storage Systems as Grid Assets: Interview

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					</table>The International Finance Corporation (<a href="https://mercomindia.com/ifc-provide-50-million-loan-acme-jaipur-solar-power-private-limited-250-mw-solar-project-rewa/" target="_blank" rel="noopener">IFC</a>), a member of the World Bank, will provide a $50 million (~₹3.2 billion) loan to ACME Jaipur Solar Power Private Limited, a wholly-owned subsidiary of ACME Solar, to develop a 250 MW solar project in the Rewa Solar Park in Madhya Pradesh.
<a href="https://mercomindia.com/inox-wind-supply-100-mw-wind-turbines-adani-wind-project-gujarat/" target="_blank" rel="noopener">Inox Wind</a>, a wind energy solutions provider, has closed a deal to develop a 100 MW wind power project for Adani Green Energy, part of the Adani Group, in Kutch, Gujarat.
Investors got to participate in the India solar story after the government of India sold a five percent stake in the National Thermal Power Corporation (<a href="https://mercomindia.com/investors-get-participate-india-solar-story-government-sale-5-percent-stake-ntpc/" target="_blank" rel="noopener">NTPC</a>), a state-owned public utility and the largest power utility in India, for $1.03 billion.
The total number of <a href="https://mercomindia.com/sale-non-solar-recs-decline/" target="_blank" rel="noopener">non-solar renewable energy certificate (RECs)</a> sold in August 2017 was 2,89,505, a 42 percent decrease from the 4,95,295 of non-solar RECs sold in July 2017.
In a study, the Council on Energy, Environment, and Water (<a href="https://mercomindia.com/solar-power-drastically-improves-healthcare-systems-chhattisgarg-ceew/" target="_blank" rel="noopener">CEEW</a>) found that solar-powered primary healthcare centers (PHCs) in Chhattisgarh admitted over 50 percent more patients and conducted almost twice the number of child deliveries in a month compared to power-deficit PHCs that lacked solar systems.
In August, solar auctions fell precipitously in India. Compared to the robust auction activity seen in June, solar auctions by MWs fell by <a href="https://mercomindia.com/solar-auction-activity-india-falls-cliff-august/" target="_blank" rel="noopener">95%</a> in August with only 76 MW reported.
In the second quarter (Apr-Jun) of 2017, <a href="https://mercomindia.com/solar-imports-fell-9-percent-quarter-quarter-q2-2017-ahead-anti-dumping-recommendations/" target="_blank" rel="noopener">export and import</a> activity totaling $1.24 billion (~₹ 79.9 billion) was registered in the Indian solar sector.
ACME Cleantech Solutions commissioned two solar projects totaling <a href="https://mercomindia.com/acme-commissions-two-solar-projects-totaling-100-mw-telangana/" target="_blank" rel="noopener">100 MW</a> in Telangana.
Solar in India accounted for <a href="https://mercomindia.com/india-generated-5-5-billion-units-solar-power-q2-2017-87-percent-increase-q2-2016/">5.5 billion units</a> of electricity produced in the country during the second quarter (Apr-Jun) of 2017, an 87 percent increase over the second quarter of 2016.
The Ministry of New and Renewable Energy (MNRE) has de-empaneled <a href="https://mercomindia.com/mnre-de-empanels-26-rooftop-installers-one-year/">26</a> firms and agencies active in the rooftop solar sector in India.
The Asian Development Bank (<a href="https://mercomindia.com/adb-provide-1-1-billion-loan-strengthen-indonesias-energy-sector/" target="_blank" rel="noopener">ADB</a>) will provide $1.1 billion in loans to Indonesia for the diversification and strengthen of its energy sector.
The Punjab National Bank (PNB) will finance rooftop solar projects in India through a customized program and provide up to <a href="https://mercomindia.com/punjab-national-bank-provide-500-million-finance-rooftop-solar-projects-india/" target="_blank" rel="noopener">$500 million</a> (~₹32 billion) in term loans to developers from the Asian Development Bank (ADB).
The <a href="https://mercomindia.com/anti-dumping-investigation-may-drag-year/" target="_blank" rel="noopener">anti-dumping</a> investigation into solar imports from China, Taiwan, and Malaysia may drag on for a year.
A low tariff of <a href="https://mercomindia.com/gujarat-government-agencies-push-low-bid-or%20a%20year.ustomized%20promarket.d%20will%20p" target="_blank" rel="noopener">₹2.65 (~$0.0413)/kWh</a> was quoted in the recently held Gujarat Urja Vikas Nigam Limited (GUVNL) 500 MW solar auction, with aggressive bidding by Gujarat government agencies.
Enphase Energy, a US-based solar microinverter company, and Waaree Energies, an Indian module manufacturer and engineering, procurement, and construction (EPC) company, formed a <a href="https://mercomindia.com/enphase-energy-waaree-energies-join-forces-develop-ac-modules-india/" target="_blank" rel="noopener">partnership</a> to develop AC solar modules for the Indian market.
<a href="https://mercomindia.com/tata-power-ceo-says-indias-solar-manufacturing-sector-needs-support-become-competitive-frowns-anti-dumping-tariffs/" target="_blank" rel="noopener">TATA Power Solar CEO</a> Ashish Khanna told Mercom India that the Indian solar market has huge potential and lately, in the past three years, the country has been utilizing that potential.
Tax confusion, uncertainty about anti-dumping tariffs, and stagnant demand are all affecting India’s solar sector, which had witnessed relatively smooth growth in the last three-to-four years until the <a href="https://mercomindia.com/tariff-gst-uncertainty-temporary-drag-indias-solar-market/" target="_blank" rel="noopener">hiccup</a> that began late last year.
In <a href="https://mercomindia.com/discom-developers-agree-renegotiated-tariff-/" target="_blank" rel="noopener">Jharkhand</a>, power purchase agreements (PPAs) for a total of 685 MW of solar projects out of 1.1 GW will be signed over the next few days.
The Indian solar market has slowed down a bit in the recent past, but it has huge growth potential according to <a href="https://mercomindia.com/k-n-sreevatsa-abb-says-anti-dumping-duty-levied-inverters-imported-india/" target="_blank" rel="noopener">K. N. Sreevatsa</a>, vice president and head of the power conversion business unit at ABB Limited.
The more than 15 GW of solar capacity installed in India will require quality operation and maintenance (<a href="https://mercomindia.com/indias-solar-om-drawing-large-global-players-like-nextracker/" target="_blank" rel="noopener">O&amp;M</a>) services, paving way for large global players to enter the market, said Kristan Kirsh, the senior director of marketing communications for NEXTracker.
The <a href="https://mercomindia.com/jinko-solar-exec-says-indian-solar-sector-growing-better-expected/" target="_blank" rel="noopener">imposition</a> of an anti-dumping duty could be detrimental to India’s growing solar sector Manish Narula, senior director of business development (India), for Jinko Solar told Mercom India.
The Tamil Nadu Generation and Distribution Corporation (TANGEDCO) signed power purchase agreements (PPAs) with solar project developers to develop <a href="https://mercomindia.com/tangedco-finally-signs-ppas-1500-mw-solar-tamil-nadu/" target="_blank" rel="noopener">1,500 MW</a> of solar in Tamil Nadu.

Top Headlines and Data Points from Indian Renewable Energy Sector in September 2017

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