CERC Approves Tariffs for SECI’s 600 MW Wind-Solar Hybrid Projects

MNRE Issues Guidelines for Installation of Prototype Wind Turbines 

Rajasthan Issues Draft Intrastate Transmission System Connectivity Regulations

ANERT Invites Proposals for Green Energy Demonstration Projects

Daily News Wrap-Up: Utility Solar Project Costs Up Slightly in Q1 2025

SECI Tenders 2 GW Solar Projects with 4 GWh Energy Storage Systems

Torrent Green Energy Wins SECI’s 600 MW Wind Auction

Power Ministry Proposes Sale, Lease, Renting of Energy Storage Systems

NHPC Issues Tender for 2.5 MW Rooftop Solar Projects in Nagaland

NTPC Raises $750 Million via External Commercial Borrowing


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/06/amazon_polly_80779.mp3?version=1749797470">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Large-scale solar project costs in India <a href="https://www.mercomindia.com/average-cost-of-large-scale-solar-projects-rose-marginally-in-q1-2025" target="_blank" rel="noopener">increased</a> for the second consecutive quarter, according to Mercom’s Q1 2025 India Solar Market Update, average project costs rose 3% quarter-over-quarter and 1% year-over-year. The average selling price of Indian-made DCR-compliant modules increased in Q1 2025, fueled by strong demand from government programs like PM Surya Ghar and PM KUSUM and rising component costs. With developers scrambling to secure limited production slots, pricing pressure increased further. Meanwhile, non-DCR module prices declined slightly due to a correction following last quarter’s surge, primarily driven by anti-dumping duties on solar glass and aluminum frames.</p>
<p>The Ministry of Power <a href="https://www.mercomindia.com/power-ministry-proposes-sale-lease-renting-of-energy-storage-systems" target="_blank" rel="noopener">proposed</a> an amendment to the Electricity Rules 2025 to permit the sale, lease, and renting of energy storage systems (ESS). The Ministry invited comments on the draft amendment from stakeholders to be sent by July 10, 2025. The amendment provides a wider regulatory framework for ESS in India to introduce it as an independent energy infrastructure. ESS can be utilized either as an independent project or as part of a generation, transmission, or distribution system. It can also be developed, owned, leased, or operated by a generating company or a transmission, or a distribution licensee.</p>
<p>The Ministry of Power is <a href="https://www.mercomindia.com/india-plans-530-billion-ultra-high-voltage-ac-transmission-system-by-2034" target="_blank" rel="noopener">enhancing</a> India’s power transmission infrastructure with an ultra-high voltage alternating current transmission system. Nine 1,100 kV lines and ten substations have been identified for development by 2034, with an investment of ₹530 billion (~$6.2 billion). The Central Power Research Institute is developing the system’s testing facilities, according to Power Minister Manohar Lal.</p>
<p>Mercom India is <a href="https://www.mercomindia.com/low-cost-clean-energy-solutions-to-help-ci-businesses-become-sustainable" target="_blank" rel="noopener">hosting</a> the fourth edition of its ‘C&amp;I Clean Energy Meet’ in Coimbatore, Tamil Nadu, on June 13, 2025. Registration for the day-long event will start at 9:30 AM at the Welcomhotel by ITC Hotels. These clean energy meets aim to educate commercial and industrial energy consumers on the adoption of clean energy to reduce costs and make their operations sustainable. As a major industrial hub and textile capital, Coimbatore is witnessing an increase in rooftop solar installations.</p>
<p>Solar engineering, procurement, and construction firm SEPC <a href="https://www.mercomindia.com/sepc-bags-133-mw-solar-epc-contract-in-maharashtra" target="_blank" rel="noopener">received</a> a letter of award from Parmeshi Urja for the EPC of 133 MW of solar projects under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) program in Maharashtra. The contract value for the works is ₹6.5 billion (~$76 million). In September 2024, Parmeshi Urja, a subsidiary of India Power, won the auction to develop the same 133 MW project across four districts in Maharashtra. The project originated from a tender floated by MSEB Solar Agro Power, a wholly owned subsidiary of the Maharashtra State Electricity Board Holding Company, in January 2024.</p>
<p>The West Bengal Power Development Corporation <a href="https://www.mercomindia.com/west-bengal-floats-om-tender-for-10-mw-solar-projects" target="_blank" rel="noopener">invited</a> bids for biennial operation and maintenance of 10 MW ground-mounted solar power projects at the Sagardighi Thermal Power Project for two years. Bids must be submitted by July 9, 2025. Bids will be opened on July 11. The scope of work entails daily solar module washing, removal of ground faults and any other faults to ensure 100% project availability, and monitoring of string current, ambient temperature, and wind speed on an hourly basis. It also covers checking for defects at night before the start of solar hours.</p>
<p>NHPC <a href="https://www.mercomindia.com/nhpc-issues-tender-for-2-5-mw-rooftop-solar-projects-in-nagaland" target="_blank" rel="noopener">issued</a> a request for proposal for setting up 2.56 MW rooftop solar projects at various government buildings in Nagaland. Bids must be submitted by July 11, 2025. Bids will be opened on July 13. The scope of work includes the design, engineering, component procurement and supply, erection, and commissioning of the solar projects.  It also entails obtaining all the project permits and licenses. Selected bidders must provide net metering and obtain a no-objection certificate for the projects’ grid connectivity, if required. They must also ensure synchronization with the existing distribution network grid at the project locations. Only modules from the Approved List of Models and Manufacturers of a minimum 500 W capacity must be used in the projects.</p>
<p>NTPC <a href="https://www.mercomindia.com/ntpc-raises-750-million-via-external-commercial-borrowing" target="_blank" rel="noopener">raised</a> an unsecured $750 million via an external commercial borrowing syndicated term loan facility. This loan will include a base issue of $500 million and a greenshoe option of $250 million, with a door-to-door tenor of 10 years and an average maturity of seven years. The proceeds will be utilized towards financing NTPC’s capital expenditure for existing or new capacity addition programs, including flue gas desulphurization projects, renewable energy projects, and refinancing of existing external commercial borrowing for capital expenditure purposes. Bank of Baroda acted as the transaction’s mandated lead arranger and underwriter of the transaction. HDFC Bank was the mandated lead arranger and bookrunner for the greenshoe portion of the transaction. The deal was executed through the IFSC banking units of Bank of Baroda and HDFC Bank in GIFT City, Gandhinagar.</p>
<p>U.S.-based energy storage firm Powin and its eight other subsidiaries <a href="https://www.mercomindia.com/energy-storage-firm-powin-and-its-subsidiaries-file-for-bankruptcy-in-new-jersey" target="_blank" rel="noopener">filed</a> for Chapter 11 bankruptcy protection in New Jersey. The company and its subsidiaries, PEOS Holdings, Powin China Holdings 1 and 2, Charger Holdings, Powin Energy Ontario Storage, Powin Energy Operating Holdings, Power Energy Operating, and Powin Project, list estimated assets and liabilities ranging from $100 million to $500 million. Powin’s creditors include Ace Engineering, Qingdao CIMC-POWIN New Energy Technology, Contemporary Amperex Technology, Celestica, Clean Energy Services CES, Formosa Electronic Industries, among others.</p>
<p>Hit by multiple macroeconomic challenges, U.S. residential solar fintech and energy-efficient home improvement platform Solar Mosaic <a href="https://www.mercomindia.com/clean-energy-lender-solar-mosaic-files-for-bankruptcy" target="_blank" rel="noopener">filed</a> for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. The company aims to complete its restructuring and recapitalization through this filing. Solar Mosaic stated that its capital flows had been impacted by challenges, including high interest rates and legislation that threatened to remove residential solar tax credits. The company determined that a court-supervised restructuring and recapitalization process was the best option to maintain its loan servicing platform, achieve a full sale and marketing process for its assets, and maximize value for its stakeholders.</p>



					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/06/amazon_polly_80719.mp3?version=1749705371">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>U.S.-based energy storage firm <a href="https://powin.com/" target="_blank" rel="noopener">Powin</a> and its eight other subsidiaries have filed for Chapter 11 bankruptcy protection in New Jersey.</p>
<p>The company and its subsidiaries,  PEOS Holdings, Powin China Holdings 1 and 2, Charger Holdings, Powin Energy Ontario Storage, Powin Energy Operating Holdings, Power Energy Operating, and Powin Project, list estimated assets and liabilities ranging from $100 million to $500 million.</p>
<p>Powin’s creditors include <a href="https://powin.com/" target="_blank" rel="noopener">Ace Engineering</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Qingdao CIMC-POWIN New Energy Technology</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Contemporary Amperex Technology</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Celestica</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Clean Energy Services CES</a>, <a href="https://powin.com/" target="_blank" rel="noopener">Formosa Electronic Industries</a>, among others.</p>
<p>Powin is a battery solutions company established in 2016. As of 2023, the company had over 17 GWh of projects deployed and under construction.</p>
<p>Last year, the company secured a revolving credit facility of up to $200 million primarily from insurance accounts managed by global investment firm KKR.</p>
<p>The credit facility was supposed to support Powin’s working capital needs, drive continued innovation, and further enhance the company’s financial flexibility as it expands its leadership position in the storage industry.</p>
<p>In March 2025, Powin signed a memorandum of understanding to establish a partnership aimed at scaling the Brazilian energy storage market. The partnership was focused on addressing the growing demand for utility-scale energy storage solutions (30 MW+), driven by the country’s renewable energy expansion and grid reliability needs.</p>
<p>Recently, another U.S.-based residential clean energy company, Sunnova Energy, <a href="https://powin.com/" target="_blank" rel="noopener">filed</a> for Chapter 11 bankruptcy protection on Sunday. The company was under pressure from increasing debt and falling demand.  Earlier this month, Sunnova TEP Developer, Sunnova Energy’s subsidiary, filed a voluntary petition for relief under Chapter 11 before the United States Bankruptcy Court for the Southern District of Texas.</p>
<p>Last year, another battery developer and manufacturer, Northvolt AB <a href="https://powin.com/" target="_blank" rel="noopener">filed</a> for bankruptcy protection in the U.S. The company will seek to restructure under Chapter 11 of the bankruptcy code.</p>


Energy Storage Firm Powin and Its Subsidiaries File for Bankruptcy in New Jersey


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/10/amazon_polly_71090.mp3?version=1728448816">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-recurrent-energy-closes-500-million-investment/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Recurrent Energy, a solar and energy storage project developer and a wholly owned subsidiary of Canadian Solar, has </strong><a href="https://mercomcapital.com/recurrent-energy-closes-500-million-in-funding-from-blackrock/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> BlackRock’s second and final closing of a $500 million</strong> investment through a fund managed by its Climate Infrastructure business. The transaction was announced in January 2024, and the first payment was made in June 2024. As per the agreement, BlackRock’s total investment has reached $500 million, representing 20% of the outstanding fully diluted shares of Recurrent Energy.</p>
<p><strong>Peregrine Energy, an integrated clean energy platform focused on utility-scale energy storage solutions, </strong><a href="https://mercomcapital.com/peregrine-energy-secures-250-million-in-debt-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a credit facility from insurance accounts managed by KKR that can provide ﬁnancing for up to $250 million.</strong> The funding will be used to ﬁnance equipment, interconnection, and offtake credit security to support Peregrine Energy’s energy sector development and continue developing its portfolio across the U.S. The company operates within ﬁve independent system operators and 11 states, with approximately 37 projects in its pipeline.</p>
<p><strong>Powin, an energy storage solutions provider, has </strong><a href="https://mercomcapital.com/energy-storage-provider-powin-secures-200-million-debt-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a revolving credit facility of up to $200 million primarily from KKR</strong>, a global investment firm. Guggenheim Securities, a global investment and advisory firm, acted as Powin’s financial advisor and facilitated the completion of this capital raise. The company’s equity investors are Greenbelt Capital Partners, Trilantic, and Energy Impact Partners. The funding will be used to meet Powin’s working capital needs and enhance the company’s financial flexibility.</p>
<p><strong>Voltfang, an energy storage solutions provider, has </strong><a href="https://mercomcapital.com/energy-storage-provider-voltfang-secures-more-than-8-7-million/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> more than €8 million (~$8.7 million) in a Series A financing round</strong>, including €800,000 (~$877,000) in secured grants. Dutch deep tech venture capital firm FORWARD.One led the oversubscribed funding round. The company plans to use the funding to expand its product offerings and advance its energy management system to increase battery efficiency, strengthening its market position for commercial/industrial and grid-scale applications.</p>
<p><strong>The board of directors at Inox Green Energy Services (INOX Green), a wind power operations and maintenance service provider, has <a href="https://www.mercomindia.com/inox-green-allots-2-76-million-equity-shares-to-warrant-holders" target="_blank" rel="noopener">allotted </a></strong><strong>2.76 million equity shares</strong> with a face value of ₹10 (~$0.12) each at a price of ₹145 (~$1.73) to non-promoter warrant holders. The allotment was made after receiving conversion requests and the balance payment of 75% of the issue price for the previously issued convertible warrants. The newly allotted equity shares will be on an equal footing with the company’s existing equity shares in all respects.</p>
<p><strong>The Asian Development Bank will </strong><a href="https://www.mercomindia.com/adb-to-invest-certified-climate-bond-issue" target="_blank" rel="noopener"><strong>invest</strong></a><strong> $25 million in a certified climate bond issue by Vivriti Capital. </strong>The proceeds will be used to finance companies engaged in sectors including electric vehicles, solar and wind energy, and waste management. At least 30% of the funds will be specifically allocated to electric vehicle financing, including charging stations and battery swapping stations. The investment is expected to have a significant impact on India’s nascent green bond market.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week’s funding <a href="https://mercomcapital.com/funding-ma-roundup-ev-charging-platform-ampup-raises-15-million/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Recurrent Energy Closes $500 Million Investment

powin

Get the most relevant India solar and clean energy news.

RECENT POSTS