Strong Solar Module Sales Drive Waaree Energies’ Income Up 70% in Q2 FY 2026

NTPC Green Energy Adds 12.5 MW Solar Capacity in Gujarat

HPERC Allows Pass Through of ₹0.05/kWh Royalty on Solar Projects Above 1 MW

Germany Adds 4.3 GW Solar Capacity in Q3 2025, Up 7.8% YoY

SECI, DRDO Sign MoU for Developing 300 GW Renewable Projects

MNRE Reaffirms DCR Rules for PM KUSUM Component C Solar Projects

Jupiter Launches Containerized Battery Energy Storage Systems

Blueleaf, Jakson Reach Financial Close for 840 MW Solar Projects

Daily News Wrap-Up: SECI Announces 2 GW Solar Plus Storage Auction Winners

Textile Firm Sangam India to Source Wind-Solar Energy from Continuum


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					</table><p>Haryana-based solar module manufacturer <a href="https://saatvikgroup.com/" target="_blank" rel="noopener">Saatvik Green Energy</a>&#8216;s initial public offering (IPO) was oversubscribed 6.57 times at the end of the bidding window on September 23, 2025.</p>
<p>The price band was set at ₹442 (~$5) to ₹465 (~$5.26) per equity share with a face value of ₹2 (~$0.02). The IPO saw bids for 93.8 million shares, exceeding the 14.27 million shares on offer.</p>
<p>Qualified institutional buyers led the demand, with a subscription rate of 10.84, followed by non-institutional investors at 10.04 and the employee portion at 5.29. The portion allocated to retail individual investors was oversubscribed by 2.66 times.</p>
<p>The shares are expected to be listed on the BSE and NSE on September 26, 2025.</p>
<p>In November 2024, Saatvik Green <a href="https://www.mercomindia.com/saatvik-green-files-ipo" target="_blank" rel="noopener">filed</a> its draft red herring prospectus with the Securities and Exchange Board of India to raise up to ₹11.5 billion (~$136.26 million) through the IPO route.</p>
<p>The company&#8217;s proposed IPO is a combination of a fresh issue of shares worth ₹8.5 billion (~$100.71 million) and an offer for sale of ₹3 billion (~$35.54 million) by promoters. The shares will have a face value of ₹2 (~$0.024).</p>
<p>The net proceeds from the offer will be primarily utilized for debt repayment and investments in the company&#8217;s wholly owned subsidiary, Saatvik Solar Industries.</p>
<p>Approximately ₹123.12 million (~$1.45 million) will be allocated towards the prepayment or repayment of the company&#8217;s certain borrowings. Additionally, ~₹957.51 million (~$11.34 million) will be invested in Saatvik Solar Industries to repay its outstanding borrowings.</p>
<p>The company will also utilize approximately ₹5.53 billion (~$65.52 million) of the net proceeds to establish a 4 GW solar module manufacturing facility at the Gopalpur Industrial Park in Odisha.</p>
<p>The Gopalpur facility will also have 4.8 GW of solar cell manufacturing capacity, which is scheduled to be operational by the end of fiscal 2027.</p>
<p>Saatvik Green Energy <a href="https://www.mercomindia.com/jinko-waaree-longi-trina-adani-lead-solar-module-supply-in-2024" target="_blank" rel="noopener">emerged</a> as one of the top leading Indian module suppliers in 2024, according to Mercom&#8217;s recently released India&#8217;s Solar Market Leaderboard 2025.</p>


Saatvik Green’s IPO Closes with 6.5 Times Oversubscription


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					</table><p>The Ministry of Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>) has expanded the Approved List of Models and Manufacturers (ALMM) by adding 742 MW of solar module manufacturing capacity.</p>
<p>The cumulative solar module manufacturing capacity under ALMM has now reached 91,458 MW after the latest additions.</p>
<p>Nithin Sai Renewables <span data-teams="true">(<a href="https://navgrun.com/" target="_blank" rel="noopener">Navgrun</a>)</span> (473 MW) and <a href="https://worldoneenergies.com/" target="_blank" rel="noopener">Worldone Energies</a> (164 MW) are the new entries to the list, adding a cumulative 637 MW.</p>
<p><a href="https://www.orbenergy.com/" target="_blank" rel="noopener">Orb Energy</a> and <a href="https://swelectes.com/shpv/" target="_blank" rel="noopener">Swelect HHV Solar</a> increased their capacities by 1 MW and 104 MW, respectively.</p>
<p><a href="https://www.jakson.com/" target="_blank" rel="noopener">Jakson Engineers</a>, <a href="https://pahalsolar.com/" target="_blank" rel="noopener">Pahal Solar</a>, and <a href="https://www.tpsolarltd.com/" target="_blank" rel="noopener">TP Solar</a> reduced their manufacturing capacities. Jakson’s revised capacity is 1,124 MW, Pahal&#8217;s is 264 MW, and TP Solar’s is 187 MW.</p>
<p>The total number of module manufacturers has now increased to 107.</p>
<p>In June this year, MNRE <a href="https://www.mercomindia.com/almm-authorized-solar-module-manufacturing-capacity-rises-by-2-98-gw">updated </a>the ALMM by adding 2,988 MW of solar module manufacturing capacity.</p>
<p>In May, MNRE <a href="https://www.mercomindia.com/mnre-clarifies-net-billing-and-metering-provisions-under-almm" target="_blank" rel="noopener">clarified</a> that net billing, virtual, and group net metering will be treated on a par with net metering provisions under the ALMM List-II. Virtual and group net metering are models of net metering that cover a group of consumers of the same category or a single consumer with multiple service connections.</p>
<p>In the same month, MNRE <a href="https://www.mercomindia.com/mnre-issues-clarifications-on-enlisting-solar-cells-in-almm" target="_blank" rel="noopener">issued</a> clarifications on solar cell enlistment in the ALMM. It stated that it would treat potential induced degradation (PID) and non-PID cells as different products or families and list them separately.</p>
<p>Jinko Solar, Waaree Energies, LONGi Green Energy Technology, Trina Solar, and Adani Solar were the top solar module suppliers in 2024, according to Mercom’s recently <a href="https://www.mercomindia.com/jinko-waaree-longi-trina-adani-lead-solar-module-supply-in-2024" target="_blank" rel="noopener">released</a> India Solar Market Leaderboard 2025.</p>
<p>The demand for solar modules in India has been growing, driven by the unprecedented number of solar project installations – 25.2 GW in 2024- and India’s goal to install 280 GW of solar energy by 2030.</p>
<p>Jinko Solar was the leading supplier in 2024, accounting for 15.7% of the modules shipped to India.</p>
<p>India <a href="https://www.mercomindia.com/almm-strong-demand-drive-indias-solar-panel-manufacturing-capacity-to-25-3-gw-in-2024" target="_blank" rel="noopener">added</a> 25.3 GW of solar module capacity and 11.6 GW of solar cell capacity in 2024, according to Mercom’s State of Solar PV Manufacturing in India 2025 report.</p>


Solar Module Manufacturing Capacity Under ALMM Grows to 91.5 GW


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					</table><p>Greater Noida-based solar module manufacturer <a href="https://alpexsolar.com/" target="_blank" rel="noopener">Alpex Solar</a> reported a 137.22% year-over-year (YoY) increase in revenue to ₹1.88 billion (~$21.62 million) in the third quarter (Q3) of the financial year (FY) 2025 from ₹793.05 million (~$9.12 million).</p>
<p>The company’s net profit jumped 422.96% YoY to ₹235.76 million (~$2.7 million) from ₹45.08 million (~$518,587).</p>
<p>The company reported an earnings per share (EPS) of ₹9.63 (~$0.11) in Q3 FY25 compared to ₹2.51 (~$0.028) a year ago.</p>
<p><strong>9M Performance</strong></p>
<p>In the first nine (9M) months of FY 2025, the company’s net profit rose 302.2% YoY to ₹486.8 million (~$5.6 million) from ₹121.06 million (~$1.39 million).</p>
<p>Revenue rose 55.20% YoY to ₹4.54 billion (~$52.22 million) from ₹2.92 billion (~$33.59 million) in the corresponding period a year ago.</p>
<p>The company reported an EPS of ₹19.89 (~$0.228) in 9M FY 2025 compared to an EPS of ₹6.73 (~$0.077) in 9M FY 2024.</p>
<p>In February 2024, the company <a href="https://www.mercomindia.com/alpex-solar-ipo-proceeds-expand-manufacturing" target="_blank" rel="noopener">raised</a> ₹745 million (~$8.9 million) through an initial public offering.</p>
<p>The company also expanded the capacity of its solar module manufacturing plant to 1.2 GW and constructed a 1.6 GW solar cell manufacturing facility. The first phase of 500 MW solar cell plant will be operational by December 2025 with full operations expected a year later.</p>
<p>The company also plans an additional 1.2 GW solar module manufacturing plant, which will be operational by December 2025.</p>
<p>It will also set up an aluminum frame manufacturing plant with production likely to commence by December 2025.</p>
<p>The company was allotted 20 acres of leased land by the Madhya Pradesh government in the manufacturing zone for power and renewable energy equipment. The company is still developing a strategy to utilize the land.</p>
<p>The company <a href="https://www.mercomindia.com/module-manufacturer-alpex-2h-fy-2024" target="_blank" rel="noopener">recorded</a> a total revenue of ₹2 billion (~$24.05 million) in the second half of FY 2025, a YoY decline of 6% from ₹2.13 billion (~$25.61 million).</p>


Alpex Solar Posts 423% YoY Profit Increase in Q3, Expands Module Capacity  


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					</table><p><a href="https://www.enfsolar.com/vaibhav" target="_blank" rel="noopener">Vaibhav Urja</a>, an engineering, procurement, and construction company, has issued an expression of interest (EoI) for the supply of solar modules for 6 MW solar projects under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (<a href="https://pmkusum.mnre.gov.in/#/landing" target="_blank" rel="noopener">PM-KUSUM</a>) in Rajasthan.</p>
<p>Bids must be submitted by January 28, 2025. Shortlisted bids will be notified by February 10, and invited to submit detailed proposals.</p>
<p>The projects are in three locations in Rajasthan, each with a 2 MW capacity.</p>
<p>Selected bidders must provide monocrystalline or high-efficiency polycrystalline modules with a capacity utilization factor of 19% annually for 25 years.</p>
<p>They must also provide modules with a temperature coefficient, warranty terms, and degradation rates. The modules must have importer-exporter code certifications and comply with the Bureau of Indian Standards.</p>
<p>Bidders must submit module efficiency, dimensions and weight, rated power output, module degradation rate, details of the projects executed in India, and a brief description of the projects and their capacity.</p>
<p>Rajasthan and Maharashtra have been the frontrunners in <a href="https://www.mercomindia.com/maharashtra-and-rajasthan-lead-solar-powered-agriculture-under-kusum-program" target="_blank" rel="noopener">adopting</a> the PM KUSUM Component C, demonstrating progress in scaling renewable energy infrastructure to meet the dual objectives of sustainable agriculture and energy security. The two states are set to contribute over 10 GW of solar capacity under the PM-KUSUM program by 2025.</p>
<p>In December last year, Jaipur Vidyut Vitran Nigam <a href="https://www.mercomindia.com/jaipur-discom-floats-eois-for-62-mw-solar-projects-under-kusum" target="_blank" rel="noopener">invited</a> two EoIs for grid-connected solar power projects with a cumulative capacity of 62.16 MW under Component A of PM KUSUM in Rajasthan. The scope of work involved designing, surveying, supplying, installing, testing, and commissioning grid-connected solar projects in the renewable energy service company mode, the associated 11 kV line to connect them with various 33/11 kV sub-stations and operation and maintenance and remote monitoring system for 25 years.</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> to stay on top of tender activity in real-time.</p>


Vaibhav Urja Issues EoI for Supply of Modules for 6 MW Solar Projects


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					</table><p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>Switch Mobility, an electric bus and light commercial vehicle company, has </strong><a href="https://www.switchmobility.tech/en/news/switch-mobility-partners-jsw-introduce-electric-buses-employee-transportation?nid=2793" target="_blank" rel="noopener"><strong>partnered</strong></a><strong> with JSW to introduce electric buses for employee transportation in India.</strong> Under the partnership, Switch will deliver 71 buses to JSW Steel for their Vijayanagar plant. Switch Mobility will own and oversee the operations, including setting up charging infrastructure and requisite maintenance efficacy, over the 12-year contract period. The buses are equipped with a new generation of highly efficient, modular batteries with advanced lithium-ion NMC chemistry, specially formulated for the Indian market and climatic conditions. The electric drivetrains and batteries are calibrated to ensure superior efficiency with long battery life, delivering a lower total ownership cost.</p>
<p><strong>The Central Electricity Authority </strong><a href="https://egazette.nic.in/WriteReadData/2022/240635.pdf" target="_blank" rel="noopener"><strong>approved</strong></a><strong> the transmission line set up for NTPC’s 230 MW solar power project at Ettayapuram, Tuticorin, in Tamil Nadu. The 230 kV overhead line from Tuticorin-II (Gas Insulated ISTS Substation) was approved for 25 years. </strong>In another similar case, the CEA approved M/s Ayana Renewable Power Six to set up transmission lines for the 300 MW wind power project in Gadag, Karnataka. The 220 kV transmission line on the double circuit tower covers the area from the 220/33 kV pooling substation near Harlapura village in Gadag to the 400/220 kV PGCIL substation near Tadakal Village in Koppal. The approval was granted for 25 years, and the project developers will be responsible for the required authorities&#8217; consent for setting up these transmission lines.</p>
<p><strong>SK D&amp;D, a private renewable power generation company, </strong><a href="https://www.glennmont.com/sk-dd-and-glennmont-sign-shareholders-agreement-to-establish-a-joint-venture-to-invest-in-solar-pv-projects-in-south-korea/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the signing of a shareholder’s agreement with Glennmont Partners from Nuveen to establish a joint venture company to co-invest in solar photovoltaic projects</strong> in South Korea. Under this agreement, the two companies will establish a joint venture as a financial platform, and as the first step, they plan to acquire, build and operate 80 MW of solar photovoltaic projects, approximately valued at ₩160 billion (~$121.65 million).</p>
<p><strong>Vestas </strong><a href="https://www.vestas.com/en/media/company-news/2022/vestas-wins-756-mw-order-for-wind-project-in-australia-c3674699" target="_blank" rel="noopener"><strong>bagged</strong></a><strong> the engineering, procurement, and construction (EPC) order for the first stage of Golden Plains Wind Farm, a 756 MW project in Victoria, Australia, from a renewables company, TagEnergy. </strong>The wind farm will feature 122 V162-6.2 MW wind turbines from the EnVentus platform. Vestas will also deliver a 30-year service and maintenance agreement to optimize the project’s energy production. Delivery of Vestas’ wind turbines is expected to occur in the fourth quarter of 2023, with commissioning to commence in the fourth quarter of 2024. Once operational, the first stage of Golden Plains Wind Farm will generate enough clean energy to power approximately 450,000 homes a year.</p>
<p><strong>Talesun Solar, a China-headquartered solar module manufacturer, </strong><a href="https://www.prnewswire.com/news-releases/talesun-solars-tie-up-with-mem-group-expands-breadth-of-turkish-pv-market-301688357.html" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a framework agreement for strategic cooperation with MEM Group to jointly build a module production line with an annual capacity of 1GW in Turkey.</strong> MEM Group is a global supplier of industrial equipment, manufacturing, and electrical services. Under the agreement, MEM Group will build a module production line with a facility area of 40,000 square meters in Kahramanmaras, south-central Turkey, to achieve an annual capacity of 1GW by the second quarter of 2023. Talesun Solar will provide the design for the layout of the facility, while all equipment and raw materials used in the factory will be supplied according to their standards and approval.</p>


Daily News Wrap-up: Switch Mobility to Deliver 71 Electric Buses for JSW Steel


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					</table><p>Texas-based solar modules manufacturer <a href="https://www.missionsolar.com/" target="_blank" rel="noopener">Mission Solar Energy</a> has announced a 1 GW module capacity expansion plan to meet the demand for 2023 and beyond.</p>
<p>Mission Solar’s announcement follows the <a href="https://mercomindia.com/ira-help-us-solar-installations-to-triple-by-2027/" target="_blank" rel="noopener">passage</a> of the U.S. Inflation Reduction Act (IRA), which incentivizes the local manufacturing plans of renewable energy companies. The IRA provides billions of dollars in tax credits and other incentives to solar manufacturers in the U.S. to encourage domestic manufacturing and compete with imported solar products.</p>
<p>The company said it would add to its 300 MW production capacity in San Antonio immediately, with plans to reach an annual capacity of 1 GW in the next two years. The facility&#8217;s expansion is scheduled to commence by the fourth quarter of 2022.</p>
<p>Mission Solar’s Seoul-based parent organization OCI Company will play a vital role in the expansion by providing polysilicon to produce modules.</p>
<p>Mission Solar Energy’s President and CEO Jae Yang said, “By 2035, solar installations are expected to quadruple from current levels. At present, four percent of the electricity fed to American energy grids is generated by solar. The U.S. aims to have 40 percent of its electricity generated by solar technology by 2035. These are exciting opportunities for us as a company. Additional motivated team members will be needed to help us build a greener future.”</p>
<p>Mission Solar has a 246,000-square-foot manufacturing facility in south San Antonio at Brooks.</p>
<p>In September, U.S-based solar module maker First Solar <a href="https://mercomindia.com/first-solar-to-invest-1billion-to-scale-us-module-production/" target="_blank" rel="noopener">announced</a> investing $1.2 billion to scale the production of its American-made, cadmium telluride thin-film solar modules totaling 4.4 GW, to support the country’s transition to decarbonization in the next three years.</p>
<p>We expect many more companies to expand capacities or announce new manufacturing facilities to take advantage of IRA incentives in the near future.</p>


Texas-Based Module Maker Mission Solar Energy to Expand Production Capacity by 1 GW

<p><a href="https://www.jinkosolar.com/en" target="_blank" rel="noopener noreferrer">JinkoSolar</a>, <strong>a solar module manufacturer, </strong>announced that its operating subsidiary, Jinko Solar Company Limited (Jiangxi Jinko), has raised RMB 3.1 billion (~$458 million) through equity financing.</p>
<p>As per the company’s statement, the equity financing was to help Jiangxi Jinko qualify for a listing on the Shanghai Stock Exchange&#8217;s sci-tech innovation board (STAR Market) and raise the necessary capital for its expansion plans.</p>
<p>Last month, JinkoSolar&#8217;s board of directors had <a href="https://mercomindia.com/daily-news-wrap-up-jinkosolar-subsidiary/" target="_blank" rel="noopener noreferrer">approved</a><strong> a strategic plan to access China&#8217;s capital market through its principal operating subsidiary Jiangxi Jinko.</strong></p>
<p>Speaking on the development, Kanping Chen, CEO of JinkoSolar, said, &#8220;The successful completion of this fundraising marks an important milestone for us and takes us one step closer to the planned listing of Jiangxi Jinko in China. It also provides us with the capital to expand our capacity and further strengthen our leading position in research and development. We are thankful for the strong support from our new investors and are committed to creating sustainable value for all our shareholders.&#8221;</p>
<p>The recently released <a href="https://mercomcapital.com/product/9m-q3-2020-solar-funding-ma-report/" target="_blank" rel="noopener noreferrer">report</a> by Mercom Capital Group on Q3 2020 solar funding and M&amp;A, public market financing into the solar sector globally came to $1.3 billion in four deals in Q3 2020, 75% higher compared to Q2 2020.</p>
<p>It is expected that after the completion of this transaction, JinkoSolar will prepare actively for the listing of Jiangxi Solar on the STAR Market, in line with the relevant laws and regulations in China.</p>
<p>After the deal&#8217;s closing, the Chinese third-party investors, including China Industrial Bank Group, CIIT Asset Management Company, YunShang Fund, Huaho Capital, and China Capital Management Company, China Securities Investment Company, along with JinkoSolar founders will own approximately 26.7% equity share in the subsidiary.</p>
<p>Earlier, JinkoSolar <a href="https://mercomindia.com/jinko-solar-revenue-up-by-over/" target="_blank" rel="noopener noreferrer">announced</a> the unaudited financial results for the second quarter (Q2) 2020. According to the financial statement, the company&#8217;s total revenue in Q2 2020 was $1.2 billion (~₹88.49 billion), a decrease of 0.4% compared to $1.24 billion (~₹91.4 billion) in Q1 2020.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener noreferrer"><strong>here</strong></a>.</p>


JinkoSolar’s Operating Subsidiary Raises $458 Million in Equity Financing

<p>The Narmada Hydroelectric Corporation Limited (<a href="http://www.nhdcindia.com/" target="_blank" rel="noopener noreferrer">NHDC</a>) has announced two empanelment tenders for its solar projects.</p>
<p>In the first tender, NHDC has invited bids for the empanelment of engineering, procurement, and construction (EPC) agencies for providing the balance of system (BoS) for its solar projects. The contract will also include five years of comprehensive operation and maintenance (O&amp;M) activities. NHDC is a joint venture between <a href="http://www.nhpcindia.com/home.aspx" target="_blank" rel="noopener noreferrer">NHPC</a> and the government of Madhya Pradesh.</p>
<p>The period of empanelment will be 24 months. The last date for the submission of bids is June 22, 2020.</p>
<p>For <strong>category A</strong> (up to 100 MW), the bidder should have executed solar power projects of a cumulative installed capacity of at least 40 MW. Out of the total capacity, one project should have been of at least 10 MW. Similarly, for <strong>category B</strong> (above 100 MW), the bidder should have executed solar power projects of at least 80 MW. Out of the total capacity, at least one project should have been of 20 MW or higher capacity.</p>
<p>The reference projects should have been in successful operation for at least one year.</p>
<p>Regarding the financial criteria, the average annual turnover of the bidder for the last three financial years should be ₹2 billion(~$26.52 million) for the category A and ₹4 billion(~$53.03 million) for category B. The net worth of the biddershould not be less than 100% of the bidder’s paid-up share capital.</p>
<p>In another tender, NHDC invited bids for the empanelment of experienced solar modules manufacturers for supplying to solar power projects. The last date for the submission of bids is June 22, 2020.</p>
<p>To take part in the bidding process, the bidder should be an original solar module manufacturer with a module manufacturing capacity of a minimum of 1 GW/year.  The bidder should have manufactured and supplied solar modules of at least 130 MW capacity in any one financial year in the last seven years.</p>
<p>Further, the tender noted that after the empanelment, NHDC would participate in the 1.5 GW solar tender announced by Rewa Ultra Mega Solar Limited (RUMSL) in the state of Madhya Pradesh.</p>
<p>Recently, RUMSL <a href="https://mercomindia.com/madhya-pradesh-rumsl-extends/" target="_blank" rel="noopener noreferrer">extended the deadline</a> to submit bids for 1,500 MW of grid-connected solar projects to be developed across three solar parks in the state of Madhya Pradesh. RUMSL has extended the deadline for bid submission for 450 of grid-connected solar PV projects at Shajapur Solar Parkto July 15, 2020. The new bid submission deadline for 500 MW of grid-connected solar projects at Neemuch Solar Park is now August 4, 2020.Further, the new date for the submission of bids for 550 MW of solar projects at the Agar Solar Park is now July 1, 2020.</p>
<p>This tender was initially <a href="https://mercomindia.com/rums-1500-mw-solar-tender-madhya-pradesh/" target="_blank" rel="noopener noreferrer">floated</a> in 2018. However, due to impending central and state elections, the tenders were delayed, the state authorities had earlier informed Mercom.</p>
<p>Previously, Mercom also <a href="https://mercomindia.com/nhdc-epc-floating-solar-madhya-pradesh/" target="_blank" rel="noopener noreferrer">reported</a> that NHDC invited bids from EPC contractors to set up 25 MW of floating solar capacity.</p>


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