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					</table><p><a href="https://ongcindia.com/web/eng" target="_blank" rel="noopener">ONGC</a> has approved an investment of ₹33 billion (~$384.84 million) in ONGC Green to part-fund the acquisition of a 100% stake in <a href="https://www.ayanapower.com/" target="_blank" rel="noopener">Ayana Renewable Power</a>.</p>
<p>The company will subscribe to the rights offer of equity shares issued by ONGC Green.</p>
<p>In February 2025, ONGC NTPC Green (ONGPL), a joint venture between ONGC Green and NTPC Green Energy, <a href="https://mercomindia.com/ongc-ntpc-joint-venture-acquires-ayana-renewable">signed</a> a share purchase agreement to acquire a 100% equity stake in Ayana, a utility-scale renewable energy platform, for ₹195 billion (~$2.3 billion).</p>
<p>The transaction for the acquisition was signed with the National Investment and Infrastructure Fund (NIIF), British International Investment and its subsidiaries, and Eversource Capital. NIIF is a majority shareholder in Ayana.</p>
<p>Ayana has approximately 4.1 GW of operational and under-construction assets located across resource-rich states.</p>
<p>The acquisition was ONGPL’s first investment since its establishment in November 2024. The joint venture focuses on solar, wind, and energy storage solutions and is engaged in greenfield and brownfield acquisitions to expand its renewable energy portfolio.</p>
<p>ONGPL has approximately 4.1 GW of operational and under-construction assets.</p>
<p>The ONGC-NTPC acquisition of Ayana aligns with the long-term goals of the two public sector companies to achieve net-zero emissions by 2038 and 2050, respectively. The joint venture planned to use Ayana’s platform to support its expansion.</p>
<p>In 2023, ONGC <a href="https://mercomindia.com/ongc-acquire-ptc-renewable-subsidiary-%E2%82%B99-25-billion" target="_blank" rel="noopener">acquired</a> PTC Energy, a wholly owned subsidiary of PTC India, at a transaction valued at ₹9.25 billion (~$111.18 million). PTC has commissioned seven wind power projects spread across Andhra Pradesh, Karnataka, and Madhya Pradesh, with a generation capacity of 288.8 MW.</p>
<p>In the same year, ONGC <a href="https://www.mercomindia.com/ongc-to-invest-%E2%82%B91-trillion-achieve-net-zero-by-2038" target="_blank" rel="noopener">announced</a> plans to invest ₹1 trillion (~$12 billion) by 2030 in renewable energy transition projects. It said it aimed to increase electricity generation from renewable sources from the existing 189 MW to 1 GW by 2030.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/annual-and-q4-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">Annual and Q4 2024 Solar Funding and M&amp;A Report</a>, mergers and acquisitions activity was 15% lower YoY in 2024, with 82 corporate transactions compared to 96 in 2023.</p>


ONGC Approves ₹33 Billion Investment for Ayana Acquisition


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					</table><p>The Ministry of Commerce and Industry <a href="https://www.mercomindia.com/india-slaps-anti-dumping-duties-on-solar-glass-imports-from-china-and-vietnam" target="_blank" rel="noopener">finalized</a> anti-dumping duties on textured tempered solar glass imports from China and Vietnam. A ministry investigation concluded that dumped of solar glass by the two countries had caused material injury to the domestic industry. To offset the impact of dumped imports on the domestic industry, the investigation found it necessary to impose anti-dumping duties on the solar glass imports. Anti-dumping duties have been determined within the range of $658-664/MT for China and $570-664/MT for Vietnam.</p>
<p>ONGC NTPC Green, a joint venture between ONGC Green and NTPC Green Energy, has <a href="https://www.mercomindia.com/ongc-ntpc-joint-venture-acquires-ayana-renewable" target="_blank" rel="noopener">signed</a> a share purchase agreement to acquire a 100% equity stake in utility-scale renewable energy platform Ayana Renewable Power for ₹195 billion (~$2.3 billion). The agreement was signed with the National Investment and Infrastructure Fund (NIIF), British International Investment and its subsidiaries, and Eversource Capital. NIIF is a majority shareholder in Ayana.</p>
<p>The Appellate Tribunal for Electricity (APTEL) <a href="https://www.mercomindia.com/aptel-overturns-haryana-regulators-tariff-rejection-order" target="_blank" rel="noopener">set</a> aside the Himachal Pradesh Electricity Regulatory Commission&#8217;s (HERC) dismissal of a petition to determine the tariff for a 1 MW solar project in Tehsil Nahan, Sirmour district, Himachal Pradesh. The dispute was between the appellant, GR Enterprises, and Himachal Pradesh State Electricity Board involving the project commissioning date, which determined its tariff rate. The appellant had approached the HERC to settle the dispute, which dismissed the petition. APTEL ruled that the project was commissioned on time, setting aside HERC&#8217;s dismissal and awarding the appellant its claimed tariff of 5.31 (~$0.061)/kWh.</p>
<p>The Appellate Tribunal for Electricity <a href="https://www.mercomindia.com/aptel-extends-commissioning-date-for-two-solar-projects" target="_blank" rel="noopener">ruled</a> in favor of a solar power developer, extending the scheduled commercial operation date (SCOD) of its two solar projects in Rajasthan with a capacity of 70 MW each and directing NTPC to refund ₹70.6 million (~$812,500) collected as liquidated damages. The Tribunal found that delays in transmission infrastructure beyond the developer’s control justified the SCOD extension to August 11, 2017.</p>
<p>The Ministry of Power <a href="https://www.mercomindia.com/power-ministry-issues-draft-guidelines-to-designate-reias" target="_blank" rel="noopener">released</a> draft guidelines for designating a company as a Renewable Energy Implementing Agency (REIA). Stakeholders can submit their comments and suggestions within 15 days. REIAs, as market makers, are responsible for carrying out the renewable energy project bidding process, signing power sale agreements with developers and PPA with the distribution licensees or consumers, and ensuring payment security to developers. Solar Energy Corporation of India, NTPC, NHPC and SJVN will continue as REIAs.</p>
<p>West Bengal State Electricity Distribution Company <a href="https://www.mercomindia.com/west-bengal-invites-bids-for-6-mw-floating-solar-project" target="_blank" rel="noopener">invited</a> bids to implement a 6 MW floating solar project at PPSP Upper Dam, Purulia Pump Storage Project Site, Purulia, West Bengal. The project will cover approximately 1.05 sq km and is part of a program that already includes a 10 MW floating solar project under construction. Bids must be submitted by February 17, 2025. Bids will be opened on February 19. The scope of work entails designing, engineering, manufacturing, procurement, supply, installation, testing, and commissioning of the project.</p>
<p>Gujarat-based engineering and consulting firm Gensol Engineering <a href="https://www.mercomindia.com/gensol-engineerings-revenue-up-42-yoy-epc-contracts-grow" target="_blank" rel="noopener">reported</a> consolidated revenue of ₹3.45 billion (~$39.69 million) in the third quarter of the financial year 2025, a 30% year-over-year (YoY) increase from ₹2.66 billion (~$30.6 million). The company reported a profit after tax of ₹180 million (~$2.07 million), a 6% YoY rise from ₹170 million (~$1.9 million). A strong engineering, procurement and construction order book drove Gensol’s revenue and profit during the quarter.</p>
<p>Bengaluru-based electric vehicle battery solutions provider, The Energy Company <a href="https://www.mercomindia.com/ev-battery-firm-the-energy-company-raises-2-million-in-pre-series-a-funding" target="_blank" rel="noopener">secured</a> $2 million (~₹173.8 million) in a pre-Series A funding round. Siana Capital, Callapina Capital, Z21 Ventures, 1Crowd, Lets Venture, and other top-tier investors led the funding round. The company had earlier completed a pre-seed round for $600,000 (~₹52.14 million). The funds will be used to grow the company’s full-stack battery intelligence platform, Flexi, which helps commercial electric vehicle fleets address key challenges such as battery lifespan and financing.</p>
<p>Researchers from Helmholtz-Zentrum Berlin (HZB) and Humboldt University, Berlin <a href="https://www.mercomindia.com/helmholtz-zentrum-berlin-and-humboldt-university-achieved-an-efficiency-of-24-6" target="_blank" rel="noopener">announced</a> achieving an efficiency of 24.6% with a copper indium gallium selenide (CIGS)-perovskite tandem cell. The results were certified by the independent Fraunhofer Institute for Solar Energy Systems. Researchers developed the tandem solar cell by combining a bottom cell made of CIGS with a top cell based on perovskite. The perovskite absorber layer was produced in HZB and Humboldt University’s joint laboratory.</p>
<p>Germany’s Federal Network Agency Bundesnetzagentur <a href="https://www.mercomindia.com/germany-awards-2-15-gw-of-projects-in-solar-auction" target="_blank" rel="noopener">allocated</a> 2.15 GW of solar projects on structures other than buildings or noise barriers, categorized as “first-segment solar installations.” This allocation marked the fifth consecutive auction round where the bid volume exceeded 4 GW. Out of the 524 bids received for a total capacity of 4.71 GW, 242 bids totaling 2.15 GW were successful. The awarded bid prices ranged from €0.0(~$0.0419)/kWh to €0.0495 (~$0.0538)/kWh, with a volume-weighted average of €0.0476 (~$0.0514)/kWh, approximately 6% lower than the previous round’s average of €0.0505 (~$0.0545)/kWh.</p>


Daily News Wrap-Up: India Slaps Anti-Dumping Duties on Solar Glass

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