Month in a Minute: Top Headlines from the Indian Renewable Sector in November 2025

TNGECL Invites Bids for 20 MW Rooftop Solar Projects on Government Buildings

MNRE Flags Solar Module Glut, Asks Lenders to Fund Upstream Manufacturing

Mahanadi Coalfields Issues EoI for 60 MWh BESS Project in Odisha

Rajasthan May Have 13 GW of Spare Grid Capacity for Renewables in FY 2026

Waaree Wins 288 MW Solar Module Supply Order in the US

UPERC Approves Tariffs for 129 MW Projects Under KUSUM

US Solar Companies Demand End to Permitting Moratorium

Diamond Power Bags ₹7.47 Billion Transmission Cable Order from Adani Green

Germany Awards 1.09 GW In Biomass and Rooftop Solar Auctions


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					</table><p>Pace Digitek <a href="https://www.mercomindia.com/pace-digitek-bags-order-to-supply-1-2-gwh-bess-from-seci" target="_blank" rel="noopener">received</a> an order from Solar Energy Corporation of India to supply a 600 MW/1,200 MWh standalone grid-connected battery energy storage system (BESS) in Andhra Pradesh. The total order value is ₹11.59 billion (~$131.93 million). The tender was floated in August this year. The scope of work includes the design and engineering of the complete BESS and its associated components. It involves the supply of BESS direct-current blocks equipped with heating, ventilation, and air conditioning, and a fire protection system. The supply also covers the power conversion system, the battery management system, and the energy management system.</p>
<p>A total of 16.5 GW of utility-scale solar tenders were <a href="https://www.mercomindia.com/indias-utility-scale-solar-tender-and-auction-activity-surges-in-q3-2025" target="_blank" rel="noopener">issued</a> by various agencies in the third quarter (Q3) of the calendar year 2025, representing a 137.6% increase from 6.9 GW in the previous quarter and a decrease of 17.8 % from 20 GW in the same quarter last year, according to Mercom India research. In 9M 2025, more than 37 GW was tendered, compared to 72 GW in 9M 2024, a decrease of 48%. The third quarter saw agencies floating nearly 8 GW of tenders under the PM KUSUM program, accounting for 48% of all renewable energy tenders announced during the period.</p>
<p>The Ministry of Power <a href="https://www.mercomindia.com/government-issues-draft-revisions-to-captive-power-project-rules" target="_blank" rel="noopener">proposed</a> to revise Rule 3 of the Electricity Rules, 2005, setting out the requirements for qualifying a power project as a captive project. The draft retains the key thresholds for ownership and consumption but introduces clarifications and additions regarding energy storage, indirect ownership through corporate structures, consumption benefit limits, and verification procedures. A project will qualify as a captive power project only if captive users collectively hold at least 26% ownership in the generating unit. This ownership refers to proprietary interest and control, or equity share capital with voting rights.</p>
<p>Tata Consulting Engineers, in collaboration with Enline and Gridpulse, <a href="https://www.mercomindia.com/indias-grid-goes-digital-tce-leads-first-400-kv-dynamic-line-rating-project" target="_blank" rel="noopener">commissioned</a> a 400 kV dynamic line rating (DLR) project for Power Grid Corporation of India on the Madurai–Tuticorin transmission line in Tamil Nadu. The project employs a real-time, artificial intelligence-driven approach to improve renewable energy integration, optimize existing grid assets, and enhance operational reliability. TCE delivered what is claimed as India’s first 400 kV DLR project on a 95 km double-circuit transmission line. The project used DLR sensors placed on critical spans of the Madurai–Tuticorin line to collect real-time weather and line data.</p>
<p>The Central Electricity Regulatory Commission <a href="https://www.mercomindia.com/cerc-proposes-%E2%82%B9245-mwh-as-buyout-price-under-renewable-consumption-obligation" target="_blank" rel="noopener">proposed</a> that designated entities, including electricity distribution licensees, open access consumers, and captive consumers, can fulfill their renewable consumption obligation through payment of the buyout price specified by it. The buyout price for the financial year (FY) 2024-25 will be set at ₹245 (~$2.79)/MWh, which is about 5% above the weighted average REC price for the year computed from transactions on power exchanges and via trading licensees. The buyout price for a financial year will be 105% of the weighted average REC price. By April 30 of every financial year up to FY 2029-30, the National Load Despatch Centre will publish the weighted average price of REC and the buyout price for the previous financial year.</p>
<p>The Uttarakhand Electricity Regulatory Commission <a href="https://www.mercomindia.com/uttarakhand-electricity-regulator-sets-%E2%82%B91-09-kwh-as-open-access-surcharge" target="_blank" rel="noopener">set</a> an additional surcharge of ₹1.09 (~$0.0123)/kWh for open access consumers for the period from October 1, 2025, to March 31, 2026. The additional surcharge has been reduced by ₹0.03 (~$0.00033)/kWh when compared to ₹1.12 (~$0.013)/kWh from October 1, 2024, to March 31, 2025. The Commission had imposed an additional surcharge of ₹1.14 (~$0.013)/kWh from April 1, 2025, to September 30, 2025. The decision follows a petition filed by Uttarakhand Power Corporation seeking approval to recover stranded fixed costs arising from its long-term power purchase commitments.</p>
<p>Hyderabad-based yarn and denim manufacturer Suryalakshmi Cotton Mills <a href="https://www.mercomindia.com/denim-company-suryalakshmi-meets-100-daytime-power-needs-from-solar-systems" target="_blank" rel="noopener">made</a> a strategic switch to solar, enabling it to meet 100% of its daytime power needs through a 5.5 MW captive solar project. The solar installation comprises a 3 MW ground-mount system and a 2.5 MW rooftop system. The cumulative 5.5 MW project was installed in phases. As a process industry operating 24/7, power expenses account for a major portion of Suryalakshmi’s operational costs. With rising operational and grid tariffs, the company chose to integrate renewable energy into its power procurement strategy.</p>
<p>Engineering, procurement, and construction company Bondada Engineering <a href="https://www.mercomindia.com/bondada-secures-bos-equipment-order-from-adani-for-650-mw-solar-project" target="_blank" rel="noopener">received</a> a letter of intent from the Adani Group to supply balance of system equipment for a 650 MW solar project at the Khavda Renewable Energy Park, Gujarat. The contract’s estimated cost is ₹10.5 billion (~$119.5 million). The scope of work for Bondada entails the design, engineering, manufacturing, procurement, quality assurance, and delivery of materials. It also involves providing on-site services, testing, and commissioning of free-issue materials.</p>
<p>Renewable energy solutions providers, Radiance Renewables and Sunsure Energy, have <a href="https://www.mercomindia.com/radiance-and-sunsure-secure-%E2%82%B96-8-billion-funding-from-niif-ifl" target="_blank" rel="noopener">received</a> cumulative funding of ₹6.8 billion (~$77.47 million) from NIIF Infrastructure Finance (NIIF IFL). Mumbai-based Radiance Renewables and Gurugram-based Sunsure Energy have received funding of ₹5.5 billion (~$62.6 million) and ₹1.3 billion (~$14.8 million), respectively, from NIIF IFL. Radiance will utilize the funding to support renewable energy projects for commercial and industrial (C&amp;I) businesses across Karnataka, Maharashtra, and Uttar Pradesh, and to retire its existing debt facilities. The company has commissioned over 51 open access projects, with nearly 1 GW of projects currently under development.</p>
<p>Kolkata-based solar module manufacturer Vikram Solar <a href="https://www.mercomindia.com/vikram-solar-receives-order-for-149-mw-of-solar-modules-from-sunsure" target="_blank" rel="noopener">received</a> an order for 148.9 MW of high-efficiency solar modules from renewable energy solutions provider Sunsure Energy. Vikram Solar will provide its M10R N-Type TOPCon modules rated at 595 W, which will be deployed across Uttar Pradesh and Maharashtra. Vikram Solar has a cumulative module manufacturing capacity of 4.5 GW. It plans to increase this capacity to 17.5 GW. It also aims to backward integrate by entering cell manufacturing, targeting a capacity of 12 GW by the financial year 2027. The company has an order book of 11.15 GW as of September 30, 2025, catering to 85% domestic market and the rest for exports.</p>
<p>Module manufacturer Rayzon Solar <a href="https://www.mercomindia.com/rayzon-solar-secures-sebi-approval-for-%E2%82%B915-billion-ipo" target="_blank" rel="noopener">received</a> approval for its draft red herring prospectus (DRHP) for an initial public offering to raise ₹15 billion (~$170.64 million) from the Securities and Exchange Board of India. According to the DRHP filed in June this year, Rayzon will utilize up to ₹12.65 billion (~$147.5 million) of the net proceeds to invest in its wholly owned subsidiary, Rayzon Energy, and partly finance the development of a 3.5 GW TOPCon solar cell manufacturing plant in Surat, Gujarat. Axis Bank has approved a loan of ₹3 billion (~$34.11 million) for the cell facility. Rayzon has estimated the cost of establishing the solar cell manufacturing plant at ₹16.51 billion (~$192.51 million).</p>
<p>Gujarat Industries Power Company <a href="https://www.mercomindia.com/gipcl-commissions-105-mw-of-capacity-at-its-600-mw-khavda-solar-project" target="_blank" rel="noopener">commissioned</a> a capacity of 105 MW of its 600 MW solar power project at Khavda, Gujarat. With this commissioning, the project’s total operational capacity now stands at 210 MW. The project is located within the 2,375 MW Renewable Energy Park at Khavda. It had commissioned 105 MW of capacity in June this year. Gujarat Urja Vikas Nigam had invited bids for the 600 MW solar power project in September 2022. The tender had a greenshoe option for an additional 600 MW. NHPC, SJVN Green Energy, and NTPC Renewable Energy emerged as winners in this auction.</p>
<p>In 2024, 581.9 GW of new renewable energy capacity was <a href="https://www.mercomindia.com/globally-582-gw-of-renewables-added-in-2024-91-of-all-new-capacity" target="_blank" rel="noopener">added</a> globally, representing a 15.1% annual growth rate and a 0.7% increase over 2023. The findings were published in the International Renewable Energy Agency’s report titled ‘Delivering on the UAE Consensus: Tracking progress toward tripling renewable energy capacity and doubling energy efficiency by 2030’. Despite the increase, the report states that the capacity growth still falls short of the trajectory required to achieve the target of 11.2 TW by 2030. To achieve this target, an average of 1,122 GW must be added each year between 2025 and 2030.</p>


Daily News Wrap-Up: Pace Digitek Secures Order to Supply 1.2 GWh BESS


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					</table><p>Module manufacturer <a href="https://rayzonsolar.com/" target="_blank" rel="noopener">Rayzon Solar</a> has received approval for its draft red herring prospectus (DRHP) for an initial public offering (IPO) to raise ₹15 billion (~$170.64 million) from the Securities and Exchange Board of India (<a href="https://www.sebi.gov.in/index.html" target="_blank" rel="noopener">SEBI</a>).</p>
<p>According to the DRHP <a href="https://www.mercomindia.com/rayzon-solar-files-for-%E2%82%B915-billion-ipo-to-use-funds-for-cell-manufacturing" target="_blank" rel="noopener">filed</a> in June this year, Rayzon will utilize up to ₹12.65 billion (~$147.5 million) of the net proceeds to invest in its wholly owned subsidiary, Rayzon Energy, and partly finance the development of a 3.5 GW TOPCon solar cell manufacturing plant in Surat, Gujarat.</p>
<p>Axis Bank has approved a loan of ₹3 billion (~$34.11 million) for the cell facility.</p>
<p>Rayzon has estimated the cost of establishing the solar cell manufacturing plant at ₹16.51 billion (~$192.51 million). The facility is currently being established and is expected to be operational by FY 2027.</p>
<p>The remaining funds will be utilized for general corporate purposes.</p>
<p>Several clean energy companies have filed DRHPs to raise funds from the capital market this year.</p>
<p>Recently, Rays Power Infra filed a DRHP with SEBI to raise ₹11.5 billion (~$130.82 million). The IPO will have a fresh issue size of ₹9 billion (~$102.38 million) and an offer for sale (OFS) of shares worth ₹2.5 billion (~$28.44 million).</p>
<p>The company plans to utilize ₹5 billion (~$56.88 million) from the net proceeds to partly fund a new solar cell manufacturing facility costing ₹9.21 billion (~$104.79 million) through its subsidiary. It plans to raise ₹3.22 billion (~$36.65 million) from secured loans and the remaining amount for the facility from internal accruals.</p>
<p>Rays Power Infra said it will utilize ₹2 billion (~$22.75 million) towards its incremental net working capital requirements for the financial year 2027.</p>
<p>Meanwhile, facility management and renewable energy solutions company BVG India has filed its DRHP to raise ₹3 billion  (~$34.11 million) through an IPO. It also has plans for an offer for sale under which existing shareholders will offload 28.5 million equity shares.</p>
<p>BVG has a 1 GW solar engineering, procurement, and construction portfolio and an 8 MW rooftop solar portfolio. It also has a 500 MW solar module manufacturing facility. It has completed over 750 MW of solar EPC projects.</p>
<p>Shivalaya Construction has also filed a DRHP with SEBI for an IPO. The IPO comprises a fresh issuance of ₹4.5 billion (~$51.16 million) and an OFS component up to 24,861,900 equity shares. The proceeds from the issue, up to ₹3.4 billion (~$38.66 million), will be allocated towards debt repayment, and the remaining amount towards general corporate purposes.</p>
<p>The company may also consider pre-IPO placement of up to ₹900 million (~$10.23 million). It recently <a href="https://www.mercomindia.com/purvah-sael-among-winners-of-secis-2-gw-solar-4-gwh-energy-storage-auction" target="_blank" rel="noopener">secured</a> a 600 MW capacity in the Solar Energy Corporation of India&#8217;s auction to set up 2 GW of solar projects with 4 GWh energy storage systems.</p>
<p>A raft of other IPOs by clean energy companies is in the <a href="https://www.mercomindia.com/indias-clean-energy-ipo-wave-powers-ahead-despite-headwinds" target="_blank" rel="noopener">pipeline</a> this year.</p>


Rayzon Solar Secures SEBI Approval for ₹15 Billion IPO

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