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					</table><p>Hyderabad-based integrated solar cell and module manufacturing company <a href="https://www.premierenergies.com/">Premier Energies</a> has announced it will acquire solar inverter manufacturer KSolare Energy and power transformer manufacturing company Transcon Industries.</p>
<p>The company will acquire 51% of KSolare Energy’s paid-up equity share capital by purchasing 2,550 equity shares at a total price of ₹867 million (~$9.88 million). Syrma SGS Technologies, an electronics manufacturing services company and part of the Mumbai-based Tandon group, will acquire the remaining 49%, bringing the total acquisition cost to ₹1.7 billion (~$19.38 million).</p>
<p>After the acquisition, KSolare will become a subsidiary of Premier Energies.</p>
<p>The transaction is expected to be completed within 90 days.</p>
<p>Premier Energies said the acquisition will help it penetrate the residential solar inverter segment.</p>
<p>KSolare Energy was incorporated in 2012, and its revenue for the last three financial years up to financial year (FY) 2025 was ₹7.13 billion (~$81.29 million). The company manufactures on-grid, off-grid, and hybrid solar inverters. The company operates a manufacturing facility in Pune with a production capacity of 500,000 inverters per annum.</p>
<p>Premier Energies also announced it is acquiring a 51% majority stake in Transcon Industries for a total consideration of ₹5 billion (~$56.96 million). The transaction will help the company diversify into power transformer manufacturing and become a full-spectrum energy solutions provider. It aims to leverage the established brand entity, marketing channels, dealer networks, and market goodwill of both companies to penetrate the power transformer market and scale operations efficiently.</p>
<p>After the acquisition, Transcon Industries will become a subsidiary of Premier Energies.</p>
<p>In September this year, Premier Energies <a href="https://www.mercomindia.com/premier-energies-secures-solar-orders-worth-%E2%82%B920-million-in-benin" target="_blank" rel="noopener">won</a> contracts worth $19.95 million to supply and install solar systems in Benin, West Africa.</p>
<p>Premier Energies <a href="https://www.mercomindia.com/full-scale-solar-module-plant-operations-drive-premier-energies-profit-up" target="_blank" rel="noopener">reported</a> a net profit of ₹3.08 billion (~$36.94 million) in the first quarter of the financial year 2026, a 55% year-over-year rise from ₹1.98 billion (~$23.78 million). It attributed the strong quarterly performance to full-scale operations at its new 1.2 GW TOPCon cell and 1.4 GW module manufacturing facilities in Hyderabad, which were commissioned in June and May 2025, respectively.</p>


Premier to Acquire Solar Inverter Firm KSolare and Transformer Company Transcon


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					</table><p>Transmission utilities have reported 17 cases of failure of power transformers of 220 kV and above voltage between January and June 2025, according to a report by the Central Electricity Authority <a href="https://cea.nic.in/" target="_blank" rel="noopener">(CEA</a>).</p>
<p>The CEA observed that a large number of transformer failure incidents remain unreported, as many state and central transmission utilities and private utilities have failed to share data.</p>
<p>Transformers are the costliest equipment in a switchyard/substation. They are expected to serve the entire life of the substations, which is considered to be 35 years. “However, it has been observed that many transformers installed in Indian utilities have failed within the first few years of service, which is a matter of concern,” a CEA expert committee said.</p>
<p>Of the 17 failure incidents, the Maharashtra State Electricity Transmission Company alone reported nine transformer failures during the six-month period. In two cases, the utilities said the failed transformers were beyond repair.</p>
<p>The report attributed the transformer failures to normal aging, insulation system and bushing faults, frequent system faults, transient overvoltage generated by the system, and the absence of prudent maintenance practices.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/10/Pic-for-CEA.jpg"><img loading="lazy" decoding="async" class="aligncenter wp-image-85412 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/10/Pic-for-CEA.jpg" alt="Transformer failure during Jan'19-June'2025" width="943" height="493" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/10/Pic-for-CEA.jpg 943w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/10/Pic-for-CEA-300x157.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/10/Pic-for-CEA-768x402.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/10/Pic-for-CEA-650x340.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/10/Pic-for-CEA-624x326.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/10/Pic-for-CEA-600x314.jpg 600w" sizes="auto, (max-width: 943px) 100vw, 943px" /></a></p>
<p>Of the 17 incidents, six were of 220 kV class and 11 of 400 kV class transformers.</p>
<p>Six of the transformers failed within five years of operation, three between five and 10 years, five between 10 and 20 years, and three that were in operation for over 20 years.</p>
<p>In another report, the CEA <a href="https://www.mercomindia.com/utilities-blame-high-intensity-winds-for-transmission-tower-failures" target="_blank" rel="noopener">reported</a> that 76 extra high-voltage transmission line tower failures occurred across 28 transmission lines, including 220 kV, 400 kV, and 765 kV AC lines, in 2024.</p>
<p>The CEA noted that condition-based maintenance practices using modern diagnostic tools have yet to be adopted on a large scale by many utilities. The utilities must make it a practice to conduct various tests on major electrical equipment one or two months before the expiry of the equipment’s warranty period, so that any abnormality can be discussed with the equipment manufacturers for taking up remedial action.</p>
<p>India’s power transmission sector is <a href="https://www.mercomindia.com/supply-chain-shortages-and-inflation-delay-power-transmission-projects" target="_blank" rel="noopener">facing</a> challenges due to supply chain shortages and increased procurement costs, driven by high demand for transformers and other critical transmission components. Stakeholders report a growing stress in the power system supply chain, with shortages of transformers, control relay panels, tower parts, insulators, and gas-insulated switchgear. Longer lead times for procuring these components are delaying transmission projects.</p>


Seventeen Power Transformers Fail in 1H 2025, Many Early in Operation


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					</table><p><a href="https://glancefinance.in/" target="_blank" rel="noopener">Glance Finance</a> has announced an investment of ₹3.17 million (~$35,770.19) in Rajasthan-based power transformer solutions company, Kotsons (<a href="https://www.kotsons.com/" target="_blank" rel="noopener">KPL</a>), through the acquisition of 62,400 equity shares.</p>
<p>Each share carries a face value of ₹10 (~$0.11) and has been acquired at a price of ₹50.85 (~$0.57)/share.</p>
<p>Following this transaction, Glance Finance’s total shareholding in KPL will increase from 719,656 shares, representing 5.14% of KPL’s equity, to 782,056 shares, equivalent to 5.59%.</p>
<p>The acquisition is being carried out through the secondary market and is expected to be completed by October 31, 2025. The timeline may be extended further by mutual agreement between the parties if required.</p>
<p>KPL is engaged in designing, manufacturing, and supplying advanced transformer solutions. Its product range includes oil-filled transformers, cast-resin and vacuum-pressure-impregnated dry-type transformers, special-purpose transformers, and transformers for renewable energy applications.</p>
<p>The company also manufactures K-rated, isolation, earthing, multi-pulse, and ester oil-based transformers.</p>
<p>Additionally, KPL provides turnkey electric vehicle (EV) charging solutions, including compact substations and multi-bay charging hubs that combine substations and multiple EV kiosks into unified packages.</p>
<p>The company also develops specialized solar transformers and energy storage systems under its “Kotson’s Neo Energy” division.</p>
<p>KPL’s manufacturing facility has a total production capacity of 4,000 MVA. It has over 800,000 installations across more than 50 countries.</p>
<p>KPL’s turnover has shown fluctuations over the previous financial years. It reported no turnover in financial year (FY) 2023–24, ₹164.5 million (~$1.86 million) in FY 2022–23, and ₹325.09 million (~$3.67 million) in FY 2021–22.</p>
<p>Glance Finance clarified in its regulatory filing that the transaction does not involve any related-party interest. Neither the promoter, the promoter group, nor any of Glance Finance&#8217;s affiliated companies has any connection with KPL.</p>
<p>In September of this year, solar module manufacturer Waaree Energies <a href="https://www.mercomindia.com/waaree-to-buy-64-stake-in-power-transformer-firm-kotsons" target="_blank" rel="noopener">announced</a> that it would acquire a 64% equity stake in KPL for ₹1.92 billion (~$21.79 million).</p>


Glance Finance to Acquire 62,400 Shares in Kotson’s for ₹3.17 Million


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					</table><p>Solar module manufacturer <a href="https://waaree.com/">Waaree Energies</a> will acquire a 64% equity stake in Rajasthan-based power transformer solutions company <a href="https://www.kotsons.com/">Kotsons</a> for ₹1.92 billion (~$21.79 million).</p>
<p>Waaree’s board of directors approved the company’s share subscription and shareholders&#8217; agreements for the acquisition of 25.6 million shares costing ₹75 (~$0.85) per share at a face value of ₹10 (~$0.11) each. Post acquisition, Kotsons will become Waaree’s subsidiary.</p>
<p>The acquisition is expected to be completed by September 30, 2025.</p>
<p>According to Waaree’s BSE filing, Kotsons acquisition will entail vertical integration, market expansion, and access to the electrical ecosystem to enhance control over the supply chain and product quality.</p>
<p>Kotsons has a production capacity of 4,000 MVA.</p>
<p>In another decision, Waaree’s board approved the acquisition of 100% of equity in renewable energy company Impactgrid Renewables, a step-down subsidiary of Waaree Forever Energies, for ₹100,000 (~$1,135.08).</p>
<p>Impactgrid is a newly incorporated company and is non-operational.</p>
<p>This acquisition is expected to be completed in the current financial year.</p>
<p>The Waaree group manufactures solar modules and provides engineering, procurement and construction services across ground-mounted, rooftop and floating solar project categories.</p>
<p>Waaree Energies’ total income for the first quarter of the financial year 2026 <a href="https://www.mercomindia.com/higher-solar-module-sales-drive-waaree-energies-income-up-31-in-q1-fy26" target="_blank" rel="noopener">rose</a> 31% year-over-year to ₹45.97 billion (~$529.19 million) from ₹34.96 billion (~$402.44 million). Waaree achieved its highest-ever quarterly module production of 2.3 GW in this quarter, compared to 1.4 GW in the corresponding quarter last year.</p>
<p>The company’s manufacturing capacity includes 15 GW of solar modules and 5.4 GW of solar cells. It has an order book of approximately 25 GW, worth approximately ₹490 billion (~$5.64 billion).</p>
<p>In June this year, Waaree Energies <a href="https://www.mercomindia.com/waaree-realigns-solar-manufacturing-plans-confirms-odisha-project-on-track" target="_blank" rel="noopener">announced</a> a strategic realignment of certain components of its integrated 6 GW module, cell, ingot, and wafer manufacturing facility, citing execution delays.</p>
<p>In the same month, Waaree Energies <a href="https://www.mercomindia.com/waaree-energies-to-divest-1-15-in-solar-cell-manufacturer-indosolar" target="_blank" rel="noopener">proposed</a> divesting 1.15% of its shares in its solar cell manufacturing unit Indosolar. The divestment would include an offer for sale of 476,495 shares of Indosolar, each with a face value of ₹10 (~$0.116) per share.</p>


Waaree to Buy 64% Stake in Power Transformer Firm Kotsons


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					</table><p>India’s power transmission sector is staring at supply chain shortages and higher procurement costs due to a high demand for transformers and other critical transmission components.</p>
<p>Stakeholders report a growing stress in the power system supply chain, with supply falling short of meeting demand for components such as transformers, control relay panels, tower parts, insulators, and gas-insulated switchgear (GIS). Longer lead times for procuring these components are leading to delays in transmission and power generation projects.</p>
<p>R K Tyagi, Chairman and Managing Director at Power Grid Corporation of India (<a href="https://www.powergrid.in/en/" target="_blank" rel="noopener">POWERGRID</a>), recently spoke at length on the transmission sector’s challenges arising from steep inflation. According to him, transformer costs alone have doubled in the last seven years.</p>
<p>“Transformers, which cost about ₹140 million (~$1.59 million), are now almost at ₹300 million (~$3.41 million). A GIS bay, which cost ₹60 million (~$683,946), now costs ₹150 million (~$1.7 million),” he told an analysts’ conference recently.</p>
<p>“We do not get bids from more than two equipment suppliers for each tender. Everybody’s hands are full,” said Tyagi.</p>
<p>To overcome the problem, POWERGRID procures enough transformers for two to three projects in advance.</p>
<p>A seller-market scenario is prevailing, with suppliers dictating prices. Tyagi said there is no option but to buy at the costs quoted by suppliers.</p>
<p>Industry leaders echoed these concerns at the recent <a href="https://www.mercomindia.com/event/renewables-summit-2025" target="_blank" rel="noopener">Mercom India Renewable Summit 2025</a>. Simarpreet Singh, CEO at <a href="https://hartek.com/" target="_blank" rel="noopener">Hartek Group</a>, pointed to the problem of the lack of timely availability of equipment. He said long equipment delivery timelines are now the main reasons for project delays.</p>
<p>“We are also facing challenges with equipment such as circuit breakers, isolators, and control relay panels. We must address the lack of quality manufacturers in the high-voltage and extra-high-voltage segments,” said Singh.</p>
<p>He stated that while significant attention has been given to the domestic manufacturing of solar modules, other components essential to the transmission and distribution ecosystem have not received adequate policy or investment focus.</p>
<p>Vaibhav Roongta, Chief Business Officer at <a href="https://rayspowerinfra.com/" target="_blank" rel="noopener">Rays Power Infra</a>, drew attention to the growing lead times for critical high-voltage equipment, such as 220 kV and 400 kV switchyards, transformers, and isolators, which have now reached almost 20 months, exacerbating project delays.</p>
<p>The government has <a href="https://www.mercomindia.com/india-to-expand-power-transmission-network-to-meet-458-gw-demand-by-2032" target="_blank" rel="noopener">targeted</a> expanding India’s power transmission network to 648,000 circuit kilometers (ckm) in 2032 from 485,000 ckm in 2024. The plan is to meet a peak electricity demand of 458 GW by 2032. The demand-supply mismatch for critical transmission equipment could jeopardize this target if not addressed in time.</p>
<p>Transformer supply crunch is not a problem limited to India alone. A recent Wood Mackenzie report <a href="https://www.mercomindia.com/us-struggles-with-transformer-supply-shortages" target="_blank" rel="noopener">said</a> power transformers and distribution transformers in the U.S. are currently in a supply deficit of 30% and 6%, respectively, based on annual supply and demand estimates.</p>


Supply Chain Shortages and Inflation Delay Power Transmission Projects


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					</table><p>Power and distribution transformers in the U.S. are seeing supply deficits of 30% and 6% respectively, based on annual supply and demand estimates, according to a <a href="https://www.woodmac.com/" target="_blank" rel="noopener">Wood Mackenzie</a> report.</p>
<p>Transformer costs are likely to continue increasing with the imposition of U.S. trade tariffs, as the industry is highly dependent on imports for both finished equipment and underlying components and commodities.</p>
<p>Not only will the average cost per transformer increase significantly due to the tariffs, but lead times will grow as imports from high-tariff countries become cost-prohibitive.</p>
<p>“The ongoing market deficit, combined with the aggressive trade policy, will continue putting upward pressure on U.S. transformer prices over the coming years. We calculate that prices will jump by a further 20% to 30% depending on the specification, further straining project costs.”</p>
<p>Impacts range from less than 2% to over 15% depending on the transformer type and tariff scenario.</p>
<p>The tariffs factored into each case are as follows:</p>
<ul>
<li>Base case: includes existing tariffs as of August 2025, including the new 50% copper tariff, 50% Indian and Brazil tariff, and 35% on non-U.S.-Mexico-Canada Agreement-compliant imports from Canada</li>
<li>Low case: represents the unsuccessful appeal of the tariff ban, which would revert to 50% commodity-specific tariffs only</li>
<li>High case: includes all tariffs factored into the base case as well as additional tariffs on countries without an agreement, including China and the European Union</li>
</ul>
<p>Many of the largest transformer original equipment manufacturers have announced capacity expansions worth $1.8 billion since 2023 to address the market shortage. However, the demand growth rate will require even more investment to rebalance the market.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/US-Transformer-image-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-83753 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/US-Transformer-image-1.png" alt="U.S. Transformer 1" width="752" height="225" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/US-Transformer-image-1.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/US-Transformer-image-1-300x90.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/US-Transformer-image-1-650x194.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/US-Transformer-image-1-624x187.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/US-Transformer-image-1-600x180.png 600w" sizes="auto, (max-width: 752px) 100vw, 752px" /></a></p>
<p><strong>Transformer Demand Surge</strong></p>
<p>Transformer demand in the U.S. has surged due to a 7% rise in electricity consumption between 2010 and 2020. This growth has been driven by rapid data center expansion, a nearly doubling of manufacturing construction spending due to the tax incentives of the 2022 Inflation Reduction Act, and widespread electrification.</p>
<p>Ageing equipment is adding to the shortage. A 2024 Department of Energy study found that 40 million units, or 55% of in-service distribution transformers, were over 33 years old and well beyond their service life. An increase in extreme weather events has heightened the risks to grid reliability. Domestic manufacturing capacity has been unable to keep pace with the growing demand.</p>
<p>Wood Mackenzie stated that utilities are increasingly relying on imports, with estimates suggesting that imports account for 80% of U.S. power transformer supply and 50% of distribution transformer supply.</p>
<p>This trend is most evident in power and generation step-up transformers, where demand is estimated to have increased 116% and 274%, respectively, since 2019. Even distribution transformers, which comprise nearly 98% of transformer demand on a unit basis, have seen growth ranging from 30% to 80%.</p>
<p><strong>Long Lead Times</strong></p>
<p>The shortage has led to a significant rise in both lead times and prices in most transformer categories. Since 2019, unit costs have risen by 45% for generation step-up, 77% for power, and 78% to 95% for distribution transformers. However, higher-voltage units have seen larger U.S. dollar-based cost escalations due to higher baseline costs.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/US-Transformer-image-2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-83754 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/US-Transformer-image-2.png" alt="US Transformer 2" width="752" height="310" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/US-Transformer-image-2.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/US-Transformer-image-2-300x124.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/US-Transformer-image-2-650x268.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/US-Transformer-image-2-624x257.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/US-Transformer-image-2-600x247.png 600w" sizes="auto, (max-width: 752px) 100vw, 752px" /></a></p>
<p>Wood Mackenzie also highlighted market volatility for grain-oriented electrical steel, for which prices have reached all-time highs. The U.S. relies on a single domestic supplier, forcing many original equipment manufacturers to import raw electrical steel or semi-finished transformer cores.</p>
<p>Copper windings have emerged as another potential bottleneck to transformer production, due to their highly technical manufacturing process and niche specifications. The U.S. government’s 50% copper tariffs are likely to worsen the issue.</p>
<p>Besides the shortage of specialist technical manpower in transformer manufacturing, the domestic sector is cautious about expanding capacity due to uncertainties caused by the “One Big Beautiful Bill.”</p>
<p>The U.S. Treasury Department recently <a href="https://www.mercomindia.com/us-treasury-guidance-tightens-renewable-energy-tax-credit-rules" target="_blank" rel="noopener">announced</a> new rules to limit wind and solar companies from claiming federal tax breaks. It also obligated utility-scale projects to conduct off-site physical work tests for power equipment, including transformers.</p>
<p>The Indian renewable energy industry is also grappling with transformer shortages, as renewable energy installations and pipelines continue to rise consistently. Last year, Mercom <a href="https://www.mercomindia.com/shortage-power-transformers-india-solar" target="_blank" rel="noopener">reported</a> that solar projects were being delayed due to longer lead times for power transformers.</p>


US Struggles with Transformer Supply Shortages


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					</table><p>Solar tracker systems, which help optimize power generation by ensuring panels face the sun’s path, have an important role to play in energy transition. Solar projects with trackers use smaller space to produce the same amount of energy as projects not using trackers.</p>
<p><a href="https://www.gamechangesolar.com/" target="_blank" rel="noopener">GameChange Solar</a>, headquartered in Norwalk, Connecticut, U.S., specializes in high-performance trackers, racking, and balance of systems for the renewable energy sector. In this exclusive interview with Mercom India, Andrew Worden, the company’s Founder &amp; CEO, shares his insights on India’s solar tracker market and his company’s offerings for the renewable energy sector.</p>
<p><strong>What is your assessment of India’s solar tracker market? What growth opportunities do you see for GameChange Solar’s business in India?</strong></p>
<p>The tracker market in India has matured significantly. A few years ago, adoption was limited, but now, it’s becoming the default choice for large utility-scale projects. That shift is driven by the fact that customers want more energy from the same land at the lowest possible cost.</p>
<p>We see this shift reflected in our own growth. We closed FY 2025 with over 7 GW in tracker orders and a cumulative capacity of 13 GW in India. The demand comes from clients who are building at speed and scale and who need partners who can execute reliably. As India moves towards more large-scale and complex projects, we’re well positioned to support that next phase of growth with a strong local supply chain and a team that’s deeply embedded in the market.</p>
<p><strong>What has been the response to your company’s product offerings in India?</strong></p>
<p>The response has been strong and, more importantly, consistent. What we hear from customers is that they value a product that performs, but they stay with us also because of how we deliver. From design to logistics to onsite support, we’ve worked hard to ensure that our innovative product offerings not only meet specifications but also real project pressures.</p>
<p>We’ve seen a steady increase in repeat orders, which tells us we’re adding value where it matters. Our Genius Tracker™ has proven itself across diverse terrains and conditions, and the trust we’ve built with some of India’s largest developers is what we value most.</p>
<p><strong>How are your tracker systems designed for India’s unique climatic conditions and topography?</strong></p>
<p>India’s geography demands a very practical approach to tracker design. You’re dealing with high winds in Rajasthan, extreme heat in Gujarat, sites that are rarely flat and in fact, in many cases, land shape is irregular. Our systems are built to handle that kind of variability without adding complexity for the client.</p>
<p>We’ve engineered our Genius Tracker™ to work on undulating terrain without the need for heavy grading. The drive system is maintenance-free and built for long life, which is especially important at remote sites with limited access. In high-wind zones, SmartStow™ automatically adjusts the stow angle to protect modules during gust events. These features weren’t designed in isolation; they were shaped by what we’ve seen in the field, including across projects in India.</p>
<p><strong>What is your experience operating in India? At the policy level, do you have any suggestions for making India friendlier than it is for foreign companies to operate, especially in the context of GameChange Solar’s Make-in-India plans?</strong></p>
<p>India has been an important part of our journey. It’s a complex market, but also one that moves fast sets bold targets, and increasingly rewards execution. We’ve built a strong local presence here, and that’s helped us serve the market better.</p>
<p>That said, like any fast-growing sector, there’s still work to do. Delays in land handover or grid connection, even if they don’t affect us directly, have a knock-on effect. Our systems are typically one of the first onsite after civil work, so when schedules slip, it affects delivery planning, logistics, and overall project coordination. What would help companies like ours is greater visibility and predictability in how upstream bottlenecks are managed.</p>
<p><strong>How are the current tariff uncertainties around the world affecting your business plans?</strong></p>
<p>We haven’t seen any significant impact on our India business from recent tariff developments. Our local supply chain gives us the flexibility we need to stay focused on execution and deliver reliably.</p>
<p><strong>Solar developers in India have faced long lead times for transformer supplies for their projects. Given India’s ambitious renewable energy demand and a large pipeline of projects, what role can GameChange Solar play in meeting the demand?</strong></p>
<p>Reliable supply chains are just as important as reliable technology. That’s something we’ve understood clearly from our experience working in fast-moving solar markets like India. Long lead times for key components like transformers can delay entire project schedules, which puts pressure on everyone across the value chain.</p>
<p>Through our transformer division, GameChange BOS, we’ve set up a dedicated manufacturing facility in Maharashtra. The facility spans 180,000 square feet and has a production capacity of 5,400 MVA annually – roughly 1,800 medium-voltage transformers per year. Production has already begun, and the facility has been built with the clear goal of improving supply-side certainty. A significant portion of these transformers will be exported, but we’re also committed to supporting the domestic market where timelines and delivery reliability matter.</p>
<p>This is very much in the spirit of Make in India but also Make in India for the world. It’s about building locally, delivering globally, and helping strengthen the ecosystem for everyone.</p>


India’s Geography Demands a Practical Approach to Solar Tracker Design: Interview


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					</table><p><a href="https://www.mercomindia.com/government-cancels-auction-critical-minerals" target="_blank" rel="noopener">The Ministry of Mines has launched the fourth tranche of e-auction for critical and strategic minerals</a>, offering concessions for 21 mineral blocks, even as it canceled the auction of 14 mineral blocks from the second tranche. The ministry attributed the cancelation due to poor response. In February, the ministry issued the second tranche to grant concessions for 18 critical and strategic mineral blocks across eight states, with 17 designated for composite licenses and one for a mining lease.</p>
<p><a href="https://www.mercomindia.com/shortage-power-transformers-india-solar" target="_blank" rel="noopener">Solar developers are facing longer lead times for power transformers as manufacturing capacity for this key component in large-scale solar projects</a> has failed to keep pace with demand, slowing solar deployment in India. With approximately 143 GW of large-scale solar projects under various stages of development and another 96 GW of solar projects tendered and pending auction, the demand for transformers is exploding, according to the Q1 2024 India Solar Market Update from Mercom India Research.</p>
<p><a href="https://www.mercomindia.com/ntpc-invites-bids-solar-projects-across-india" target="_blank" rel="noopener">NTPC has invited bids to set up 1,200 MW interstate transmission system-connected solar power projects</a> anywhere in India. The last date for the submission of bids is July 18, 2024. Bids will be opened on the same day. NTPC will enter into a power purchase agreement with the selected bidders for the purchase of solar power for 25 years. The minimum bidding capacity should be 50 MW and in multiples of 10 MW thereafter. Bidders can bid for an individual minimum project size of 50 MW at one site.</p>
<p><a href="https://www.mercomindia.com/nvvn-19-mw-solar-projects" target="_blank" rel="noopener">NTPC Vidyut Vyapar Nigam has invited bids to commission 10.61 MW of ground-mounted and 8.65 MW of rooftop solar projects</a> at different locations in Zone 1 of NTPC. The ground-mounted projects must be installed within eight months of receiving the work order, while rooftop projects must be completed in six months. The selected developer must operate and maintain the projects for three years. The last date to submit the bids is July 18, 2024. Bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/seci-disbursements-february-2024" target="_blank" rel="noopener">The Solar Energy Corporation of India paid solar and wind power producers ₹9.84 billion (~$117.9 million) for the energy purchased in February 2024</a>. The payment reflected an increase of 5% from the January disbursements. The disbursements increased by 10% on a year-over-year basis. Disbursements to solar and wind developers constituted 86.8% of the total payments. The major beneficiaries were SB Energy Three, SB Energy One, Adani Solar Energy Jaisalmer One, Adani Hybrid Energy Jaisalmer One, and Azure Power Forty Three.</p>
<p><a href="https://www.mercomindia.com/merc-compensation-gst-rate-change" target="_blank" rel="noopener">The Maharashtra Electricity Regulatory Commission ruled in favor of TP Saurya (TPSL), a subsidiary of Tata Power Renewable Energy</a>, declaring the increase in Goods and Services Tax rates as a “Change in Law” event for its 300 MW wind-solar hybrid power project. The ruling will allow TPSL to claim compensation to offset the financial and commercial impact incurred due to the tax hike.</p>
<p><a href="https://www.mercomindia.com/bis-new-standards-ev" target="_blank" rel="noopener">The Bureau of Indian Standards has unveiled two standards, IS 18590: 2024 and IS 18606: 2024</a>, aiming to enhance the safety of electric vehicles (EV) across various categories. These new regulations, targeting the EV powertrain, ensure stringent safety measures and battery performance criteria. The IS 18590: 2024 and IS 18606: 2024 standards relate specifically to vehicles in the two-wheelers, passenger four-wheelers, and goods-carrying four-wheelers categories, covering a broad spectrum from two-wheelers to commercial trucks.</p>
<p><a href="https://www.mercomindia.com/cleantech-solar-renewable-energy-projects-in-india">Cleantech Solar, a provider of renewable energy solutions in India and Southeast Asia, has secured ₹8.55 billion (~$103 million) in long-term green financing</a> from Aseem Infrastructure Finance. The financing will support Cleantech Solar’s open-access portfolio in India, specifically for constructing and operating solar and wind power projects across multiple states. The company said the loan facility aligns with Cleantech Solar’s commitment to expanding its commercial and industrial portfolio, which currently stands at 1.2 GW.</p>


Daily News Wrap-Up: Government Launches Critical Minerals Auction


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					</table><p>Solar developers are facing longer lead times for power transformers as manufacturing capacity for this key component in large-scale solar projects has failed to keep pace with demand, slowing solar deployment in India.</p>
<p>With approximately 143 GW of large-scale solar projects under various stages of development and another 96 GW of solar projects tendered and pending auction, the demand for transformers is exploding, according to the <a href="https://www.mercomindia.com/product/q1-2024-india-solar-market-update" rel="noopener">Q1 2024 India Solar Market Update</a> from Mercom India Research.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-67434 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/Screenshot-2024-06-25-104938.png" alt="Utility Scale Solar Projects by Status" width="687" height="452" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/Screenshot-2024-06-25-104938.png 687w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/Screenshot-2024-06-25-104938-300x197.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/Screenshot-2024-06-25-104938-650x428.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/Screenshot-2024-06-25-104938-624x411.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/Screenshot-2024-06-25-104938-600x395.png 600w" sizes="auto, (max-width: 687px) 100vw, 687px" />The lead time for procuring 220 kV transformers has increased from 8-9 months to nearly 14 months, according to Ashish Agarwal, Head of Solar and Storage at <a href="https://blupineenergy.com/">BluePine Energy</a>, a renewable energy developer.</p>
<p>&#8220;The rapid expansion of railways, metro systems, power transmission infrastructure, power projects, and solar projects has driven up the demand and pricing for transformers,&#8221; said Agarwal. &#8220;Additionally, many Indian engineering, procurement, and construction (EPC) contractors are undertaking projects overseas and utilizing the Indian supply chain, leading to increased exports of power transformers.&#8221;</p>
<p>Similarly, a spokesperson for <a href="https://www.hartek.com/" target="_blank" rel="noopener">Hartek Group</a>, another EPC firm, told Mercom that they have also seen longer delivery times for power transformers, much like the rest of the industry.</p>
<p>&#8220;This is due to several reasons, including global supply chain hiccups, copper volatility, raw material shortages, and the booming demand for transformers driven by the rapid expansion of renewable energy projects,&#8221; the spokesperson said, adding that when it comes to Balance of System (BoS) components, power transformers often take the longest to deliver.</p>
<p>&#8220;While inverters, mounting structures, and electrical wiring usually have more predictable schedules, transformers are complex and take longer to manufacture. Their lead times sometimes stretch several weeks or even months longer than other BoS items.&#8221;</p>
<p>Transformers are essential components in electrical systems. They ensure the efficient transfer of electricity safely across long distances with minimal energy losses at stable voltage levels.</p>
<p>Electrical steel and copper are two crucial raw materials in a power transformer. Bushings, transformer oil, and insulation are other materials used.</p>
<p>According to a recent report by <a href="https://www.woodmac.com/" target="_blank" rel="noopener">Wood Mackenzie</a>, the lead time for procuring transformers has steadily risen over the past two years, ranging from 120 to 210 weeks globally. Transformer prices have risen 60% to 80% on average since January 2020, driven by higher copper prices, which have increased more than 40% over the same period.</p>
<p>The research firm estimates that 25% of global renewable projects are at risk of delays due to transformer lead times.</p>
<p>This bottleneck in transformer availability is expected to have ripple effects across India&#8217;s infrastructure buildout, potentially delaying the timelines for solar project construction and other energy projects.</p>
<p>At the same time, transformer manufacturers are also grappling with a surge in orders.</p>
<p>&#8220;The primary reason for extended delivery times globally is the high demand coupled with limited availability of specific components like bushings and sensors,&#8221; a spokesperson from <a href="https://www.ssel.in/" target="_blank" rel="noopener">Shirdi Sai Electricals</a> (SSEL), a transformer manufacturer, said. The scarcity is largely due to the execution time required by manufacturers for these specialized components, which remain limited worldwide.</p>
<p>The company said this has stretched the delivery time frame to nearly three years in the U.S. and over a year in India. While SSEL claims its lead times of 10-12 months for power transformers and 3-4 months for distribution transformers are manageable, the firm called for government intervention to ease import policies for key raw materials that are in shortage in India. Indian transformer industries are operating at only 60% to 70% of their capacity.</p>
<p>&#8220;Furthermore, meeting short circuit criteria, as outlined by the Central Electricity Authority of India&#8217;s (<a href="https://www.cea.nic.in/?lang=en" target="_blank" rel="noopener">CEA</a>) guidelines, presents a challenge due to the diverse range of ratings and voltage classes selected by developers to optimize the overall costs. Although CEA has expanded its guidelines to accommodate these requirements, many solar developers insist on strict compliance, reducing the pool of available suppliers and exacerbating demand and lead times,&#8221; the company said.</p>
<p>Faced with this mounting demand, some transformer manufacturers have expanded their production capacity or announced plans to meet the growing market requirements.</p>
<p><a href="https://www.transformerindia.com/" target="_blank" rel="noopener">Transformers and Rectifiers India</a>, a manufacturer of a wide range of transformers, in a recent earnings call, said that it plans to use a part of the ₹5 billion (~$60 million) it raised to expand capacity. Additionally, the company is also trying to reduce the time it takes to make a transformer since it&#8217;s challenging to increase capacity quickly. &#8220;We are putting all our efforts into reducing the cycle time… we have successfully reduced the cycle time down from 55 days to 40 days. So, now we are trying to reduce it further down to 32 days, or 35 days,&#8221; said Jitendra Mamtora, Chairman of Transformers and Rectifiers India. The company noted that 60% to 70% of their transformer order book is for renewable energy projects, especially solar ones.</p>
<p>&#8220;We are mainly focusing on green hydrogen transformers and for solar parks transformers&#8230; the demand is going to be very high… 80 to 100 transformers per month,&#8221; added Mamtora.</p>
<p>Hitachi Energy, a subsidiary of Japan-based conglomerate Hitachi, recently said it will <a href="https://www.mercomindia.com/hitachi-energy-1-5-billion-transformer-facility" target="_blank" rel="noopener">ramp up</a> its global manufacturing capacity for transformers with a $1.5 billion investment by 2027, as a <a href="https://www.mercomindia.com/renewable-projects-bogged-down-by-transmission" target="_blank" rel="noopener">long queue </a>for grid interconnections, particularly from renewables, is driving up demand.</p>
<p>Expanding production also presents challenges. SSEL claims that the industry has always experienced an up-and-down pattern in the demand for transformers. During periods of high demand, many manufacturers have expanded their capacities, only for the demand to decrease. Consequently, manufacturers tend to exercise caution due to this inherent unpredictability.</p>
<p>As India aims to install 450 GW of renewable energy by financial year 2031-32 under its climate commitments, ensuring a steady supply of transformers and other balance-of-system components will be crucial for timely project execution across the solar, wind, and energy storage sectors.</p>


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