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					</table><p><a href="https://www.grinfra.com/" target="_blank" rel="noopener">G R Infraprojects</a>,  <a href="https://www.eiel.in/" target="_blank" rel="noopener">Enviro Infra Engineers</a>, <a href="https://worldsolar.in/" target="_blank" rel="noopener">Solarworld Energy Solutions</a>, <a href="https://ngsl.co.in/" target="_blank" rel="noopener">NTPC GE Power Services</a>, <a href="https://www.pacedigitek.com/" target="_blank" rel="noopener">Pace Digitek</a>, and <a href="https://enrichenergy.com/" target="_blank" rel="noopener">Enrich Energy</a> have won <a href="https://www.ntpc.co.in/" target="_blank" rel="noopener">NTPC</a>’s auction to set up 2,334 MWh of battery energy storage systems (BESS) at its thermal power stations across Karnataka, Maharashtra, Bihar, Andhra Pradesh, and Telangana (Lot-I).</p>
<p>The tender was issued on September 30, 2025.</p>
<p>G R Infraprojects secured 400 MWh capacity for the Mouda thermal station in Maharashtra. Enviro Infra Engineers secured 480 MWh and 100 MWh for the Kudgi and Ramagundam thermal stations in Karnataka and Telangana, respectively. Solarworld Energy Solutions secured 264 MWh for the Solapur thermal station in Maharashtra.</p>
<p>NTPC GE Power Services secured 400 MWh for the Barh thermal station in Bihar. Pace Digitek and Enrich Energy secured 400 MWh and 290 MWh for the Nabinagar and Simhadri thermal stations in Bihar and Andhra Pradesh, respectively.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/NTPC-auction-Re.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-92680 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/NTPC-auction-Re.png" alt="'NTPC's Tender for 2,334 MWh Battery Energy Storage Systems at Thermal Power Stations: Auction Winners" width="685" height="408" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/NTPC-auction-Re.png 685w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/NTPC-auction-Re-300x179.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/NTPC-auction-Re-650x387.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/NTPC-auction-Re-624x372.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/NTPC-auction-Re-600x357.png 600w" sizes="auto, (max-width: 685px) 100vw, 685px" /></a></p>
<p>In addition to installing the energy storage systems, the selected bidders must interconnect them with the thermal power facilities. They must also provide operation and maintenance services for 11 years.</p>
<p>The BESS projects will include battery systems, battery management systems, energy management systems, supervisory control and data acquisition systems, power conversion systems, and inverter-duty transformers.</p>
<p>The energy storage projects will also include 33 kV pooling switchgears, protection systems, communication systems, high and low-tension systems, auxiliary power systems, fire-fighting provisions, remote control and monitoring, and other associated materials and accessories.</p>
<p>NTPC Renewable Energy (NREL) <a href="https://www.mercomindia.com/ntpc-rel-floats-tender-for-100-mwh-vanadium-flow-battery-project" target="_blank" rel="noopener">invited</a> bids for an engineering, procurement, and construction (EPC) package for a 100 MWh vanadium redox flow battery energy storage system (BESS) at Khavda Solar Park in Gujarat.</p>
<p>NREL <a href="https://www.mercomindia.com/ntpc-rel-invites-bids-for-epc-of-250-mw-1-gwh-battery-storage-system" target="_blank" rel="noopener">issued</a> an EPC tender for a grid-connected 250 MW/1,000 MWh BESS at its Bikaner Solar project in Rajasthan.</p>
<p>Earlier this year, NREL <a href="https://www.mercomindia.com/ntpc-rel-floats-epc-tender-for-250-mw-solar-project-with-200-mwh-bess" target="_blank" rel="noopener">invited</a> bids for the engineering, procurement, and construction of a 250 MW solar project with a 50 MW/200 MWh battery energy storage system in Sitapur, Uttar Pradesh.</p>


NTPC Announces 2.3 GWh Energy Storage Auction Winners


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					</table><p>Uttar Pradesh-based renewable energy company <a href="https://www.worldsolar.in/" target="_blank" rel="noopener">Solarworld Energy Solutions</a> reported a revenue of ₹5.78 billion (~$62.88 million) for the third quarter (Q3) of the financial year (FY) 2026, up 184% year-over-year (YoY) from ₹2.04 billion (~$22.19 million).</p>
<p>The company attributed the growth to strong execution of utility-scale solar engineering, procurement, and construction projects.</p>
<p>Solarworld’ revenue from operations for Q2 FY 2026 had <a href="https://www.mercomindia.com/solarworlds-q2-revenue-down-2-8-due-to-losses-in-manufacturing-segment" target="_blank" rel="noopener">dropped</a> 2.8% YoY to ₹1.38 billion (~$15.58 million) from ₹1.42 billion (~$16 million).</p>
<p>Profitability growth, however, remained moderate in Q3 amid margin pressures. Profit after tax (PAT) increased 15% to ₹492.2 million (~$5.35 million) from ₹427 million (~$4.65 million).</p>
<p>The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q3 FY26 rose 26% YoY to ₹754.2 million (~$8.20 million) from ₹600 million (~$6.53 million).</p>
<p>Earnings per share for the quarter stood at ₹5.68 (~$0.062), lower than ₹5.89 (~$0.064) in Q3 FY 2025.</p>
<p><strong>9M Performance</strong></p>
<p>For the nine months ended December 31, 2025, Solarworld reported revenue from operations of ₹7.84 billion (~$85.29 million), compared with ₹3.68 billion (~$40.03 million) in the previous year, registering a year-on-year growth of 113%.</p>
<p>EBITDA increased 16% to ₹1.15 billion (~$12.51 million) from ₹992 million (~$10.79 million) in the corresponding period last year.</p>
<p>PAT for the period rose 6% to ₹714.2 million (~$7.77 million) from ₹676 million (~$7.35 million).</p>
<p>EPS declined to ₹9.09 (~$0.099) from ₹9.46 (~$0.103) in 9M FY 2025. <strong>Business Highlights</strong></p>
<p>As of December 31, 2025, Solarworld’s order book stood at ₹26.22 billion (~$285.23 million), up significantly from ₹17.01 billion (~$185.04 million) the previous year.</p>
<p>The company had ongoing EPC projects with a cumulative capacity of 1,205 MW and ongoing battery energy storage system projects of 325 MW/650 MWh.</p>
<p>During the quarter, the company signed a Battery Energy Storage Purchase Agreement for a 200 MW/400 MWh BESS project valued at ₹8.06 billion (~$87.68 million) and <a href="https://www.mercomindia.com/solarworld-bags-epc-contract-from-ntpc-for-250-mw-solar-project" target="_blank" rel="noopener">secured</a> an EPC order worth ₹7.25 billion (~$78.87 million) from NTPC Renewable Energy.</p>
<p>On the manufacturing front, Solarworld received approval for the inclusion of 1.552 GW of TOPCon solar module manufacturing capacity at its Roorkee, Uttarakhand facility in the Approved List of Models and Manufacturers.</p>
<p>It is also setting up a 3.4 GW lithium-ion cell-to-battery pack production line, with site readiness and equipment deliveries completed. In addition, a 5 GW junction box manufacturing line is being established through a joint venture, and work has begun on a 1.2 GW solar cell manufacturing facility at Pandhurana, Madhya Pradesh.</p>


Solarworld’s Q3 FY 2026 Revenue Jumps 184% on Strong EPC Execution


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					</table><p>Uttar Pradesh-based renewable energy company <a href="https://www.worldsolar.in/" target="_blank" rel="noopener">Solarworld Energy Solutions</a>&#8216; total income for the first quarter (Q1) of the financial year (FY) 2026 rose 241.8% year-over-year (YoY) to ₹805.5 million (~$9.16 million) from ₹235.7 million (~$2.68 million).</p>
<p>The company&#8217;s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 21.4% YoY to ₹88.3 million (~$1 million) from ₹72.8 million (~$0.83 million) in Q1 FY25.</p>
<p>Net profit grew 386.7% to ₹129.1 million (~$1.47 million) from ₹26.5 million (~$0.30 million).</p>
<p>Earnings per share came in at ₹1.74 (~$0.0198) compared to ₹0.38 (~$0.0043) during the same period the preceding year.</p>
<p>Solarworld&#8217;s order book value stood at ₹25.26 billion (~$287.38 million) as of July 31, 2025.</p>
<p>Kartik Teltia, MD &amp; CEO at Solarworld, said, &#8220;Our first quarter as a listed company has delivered a strong start to the fiscal year, reflecting continued execution strength across our EPC and manufacturing operations. With over 765 MW of EPC projects under execution and an expanding BESS pipeline, we are confident of sustaining revenue growth in the coming quarters.&#8221;</p>
<p>In its bourse filing, the company said it has commissioned a 1.2 GW G12R solar module manufacturing line, reinforcing its backward integration strategy and scaling up the production of solar modules.</p>
<p>It has also procured a 3.4 GW lithium-ion cell to battery facility, with the site fully prepared for installation. Equipment deliveries are expected to be completed by the end of November 2025, and commissioning is targeted for January 2026.</p>
<p>Additionally, a 5 GW junction box line is being established through a joint venture partnership. The site is installation-ready, with operations expected to commence by January 2026.</p>
<p>The company has initiated development of its 1.2 GW solar cell manufacturing facility, which is projected to become operational between December 2026 and March 2027.</p>
<p>Earlier this month, Solarworld Energy Solutions <a href="https://www.mercomindia.com/solarworld-energys-ipo-receives-strong-response/" target="_blank" rel="noopener">debuted</a> on the stock exchanges after its ₹6 billion (~$71.6 million) initial public offering (IPO) was oversubscribed 65 times. The price band was set at ₹333 (~$3.75) to ₹351 (~$3.95) per equity share, with a face value of ₹5 (~$0.06). The IPO saw bids for 526 million shares, exceeding the 8.09 million shares on offer.</p>
<p>In April 2025, Solarworld <a href="https://www.mercomindia.com/solarworld-and-h-g-infra-win-gujarats-500-mw-1000-mwh-bess-auction" target="_blank" rel="noopener">won</a> Gujarat Urja Vikas Nigam&#8217;s auction to set up a 500 MW/1,000 MWh standalone battery energy storage system under tariff-based competitive bidding (Phase VI). It secured a 200 MW contract at a tariff of ₹280,000 (~$3,288.31)/MW/month.</p>


In the First Quarter After Going Public, Solarworld’s Revenue Goes Up 242% YoY


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					</table><p>Uttar Pradesh-based engineering, procurement, and construction (EPC) services company <a href="https://www.worldsolar.in/" target="_blank" rel="noopener">Solarworld Energy Solutions</a> debuted on the stock exchanges after its ₹6 billion (~$71.6 million) initial public offering (IPO) was oversubscribed 65 times.</p>
<p>The price band was set at ₹333 (~$3.75) to ₹351 (~$3.95) per equity share, with a face value of ₹5 (~$0.06). The IPO saw bids for 526 million shares, exceeding the 8.09 million shares on offer.</p>
<p>Qualified institutional buyers led the demand, with a subscription rate of 70.43%, followed by non-institutional investors at 64.73%. The portion allocated to the retail individual investors was oversubscribed by 49.15 times.</p>
<p>Solarworld had <a href="https://www.mercomindia.com/epc-services-company-files-for-%E2%82%B96-billion-ipo" target="_blank" rel="noopener">filed</a> the draft papers with the Securities and Exchange Board of India to raise ₹6 billion (~$71.6 million) through an IPO.</p>
<p>The IPO included a fresh equity issuance of ₹5.5 billion (~$65.6 million) worth of shares and an offer-for-sale of ₹500 million (~$5.9 million) by its promoter, Pioneer Facor IT Infradevelopers.</p>
<p>The promoters hold 82.15% of the company&#8217;s equity stake, while public investors, such as Value Quest Scale Fund, own the remaining 17.85%.</p>
<p>The company said it would utilize the net proceeds from the IPO, amounting to ₹4.2 billion (~$47.33 million), towards investing in its subsidiary, Kartik Solarworld, for part-financing the establishment of a 1.2 GW Solar Tunnel Oxide Passivated Contact cell manufacturing facility in Pandhurana, Madhya Pradesh.</p>
<p>The remaining proceeds would be utilized for general corporate purposes.</p>
<p>Solarworld Energy aims to achieve 5 GW of operational ground-mounted solar projects by 2028.</p>
<p>In April 2025, Solarworld Energy Solutions <a href="https://www.mercomindia.com/solarworld-and-h-g-infra-win-gujarats-500-mw-1000-mwh-bess-auction" target="_blank" rel="noopener">won</a> Gujarat Urja Vikas Nigam’s auction to set up a 500 MW/1,000 MWh standalone battery energy storage system under tariff-based competitive bidding (Phase VI). It secured a 200 MW contract at a tariff of ₹280,000 (~$3,288.31)/MW/month.</p>
<p>Apart from Solarworld Energy Solutions, several other IPOs by clean energy companies are scheduled for 2025. Companies <a href="https://www.mercomindia.com/indias-clean-energy-ipo-wave-powers-ahead-despite-headwinds">testing</a> their luck include solar manufacturers, independent power producers, and developers. A module mounting assembly fabricator is also in the fray, while a battery manufacturer has also announced plans to raise capital from the markets.</p>


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