Monthly RE Update – November 2025
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Our Monthly RE Update November 2025 report on RE industry covers:
Monthly RE Update November 2025 – Tenders Issued
- New RfS Issued: Over 1,870 MW of RE tenders were issued in November 2025 under the project development category.
- CESC has invited bids for a 600 MW ISTS connected Wind-Solar Hybrid project to be located anywhere in India.
- EPC: Over 3,250 MW of EPC tenders were issued in November 2025.
- NTPC has issued a 2.67 GWh Standalone BESS EPC tender for BESS implementation at 9 of its thermal power stations in 6 states.
Auctions Completed
In November 2025, a total of about 1,000 MW of RE capacity and 7,330 MWh of energy storage capacity was allocated to various RE developers.
REMCL’s 1,000 MW RTC Auction was awarded in November 2025, with ReNew Power (200 MW), Bhalki Solar (200 MW) and Purvah Green (180 MW) emerging as the winners with the highest awarded capacities. The discovered tariff amounted to INR 4.35/kWh.
GUVNL awarded 2000 MW / 4000 MWh standalone BESS capacity with allocations led by Ultimate Flexipack (450 MW), Sun Drops Energia (445 MW) and Engie Energy India (280 MW) at quoted prices between INR 1.85–1.89 lakh/MW/month.
APTRANSCO finalized 1000 MW / 2000 MWh BESS tender, with the largest awards going to Ecoren Energy (275 MW + 225 MW) and Bondada Engineering (225 MW) at tariffs ranging from INR 1.48–1.65 lakh/MW/month.
RVUNL awarded 500 MW / 2000 MWh standalone BESS (4-hour discharge duration) at a uniform tariff of INR 2.85 lakh/MW/month, with Patanjali Ayurveda securing the largest block at 250 MW, while the remaining capacity was distributed in multiple 50 MW awards.
Installed Capacity
From January to October 2025, about 31,057 MW of Solar and 5,435 MW of Wind capacity were added in the country, taking the cumulative RE capacity to ~250.6 GW.
In October 2025, solar and wind capacity additions totalled 3,068 MW, representing a 34% decline compared to the previous month.
State wise utility scale solar and wind installed capacity in August 2025
In October 2025, Rajasthan added the highest Utility-Scale Solar capacity amounting to about 675.4 MW, followed by Gujarat (619.6 MW), and Maharashtra (127 MW).
Maharashtra installed the highest rooftop solar capacity of 306.3 MW this month, followed by Haryana with 139 MW and Gujarat with 110.7 MW.
Maharashtra installed the highest wind installations, with a capacity addition of about 162 MW, followed by Karnataka (142 MW) and Gujarat (119.45 MW).
Of the 54 MW total capacity installed under the off-grid solar segment, Haryana emerged as the leader with a contribution of 24.4 MW, followed by Maharashtra at 13.25 MW.
Monthly RE Generation
In November 2025, Renewable energy sources generated 18,134 MUs, reflecting a decline of about 4% compared to October 2025.
In November 2025, wind generation recorded a sharp contraction of around 26.3% month-on-month, whereas solar generation increased by roughly 6.3% over the same period, partially offsetting the decline in overall RE output.
Investments/Deals
In November 2025, a total of about US$ 1,972 Million in investments were made in the RE sector in India. The key investments during the month were:
Evren Clean Energy secured a record US$ 900 million loan from REC to fund a 1,040 MW solar-wind hybrid project in Kurnool, Andhra Pradesh.
ReNew Energy Global received a US$ 331 million financing package from Asian Development Bank as part of a larger financing deal for an 837 MW hybrid project with battery storage in Andhra Pradesh.
GDAM Traded Volume
The IEX traded a total volume of about 777 MUs in GDAM in November 2025, marking a 23.5% month-on-month decline.
The average market clearing price in IEX-GDAM for November 2025 stood at INR 3.88/kWh.
Module Price Trends
Global Module Pricing
Comparing on a month-on-month basis, the price of global TOPCon modules remained largely unchanged in November 2025. Meanwhile, the prices of M10 TOPCon cells have declined by around 5% compared to October 2025.
Average Prices for Domestic Modules
Comparing on m-o-m basis, the prices for domestic modules in November declined slightly as compared to previous month:
- Mono PERC 500 Wp – INR 14.33 /Wp
- TOPCon Modules – INR 14.90 /Wp
Key Market Updates
Solar Manufacturing
- Waaree Energies Adds 3.6 GW New Solar Module Capacity Across Two Gujarat Sites
- Vikram Solar Commissions 5 GW Module Plant in Tamil Nadu
- Premier Energies will invest INR 5,942 crore to develop a fully integrated hub in Nellore, including 5 GW wafer/ingot + 4 GW TOPCon cell capacity.
- PVV Infra to build a 1 GW TOPCon solar-cell plant in Andhra Pradesh with a INR 650 crore investment.
- RJ Corp (VoltSun Labs) will enter solar manufacturing with a INR 1,743 crore investment to set up 2 GW cell + module capacity in Andhra Pradesh.
- Tata Power is exploring a 10 GW wafer-ingot plant in Odisha, estimated at INR 10,000 crore, with Gopalpur and Cuttack under evaluation.
- Saatvik Green Energy receives INR 177.5 crore order for high-efficiency solar PV modules from domestic IPPs and EPC developers.
- Waaree Energies wins a 350 MW TOPCon G12R module contract from AMPIN Energy Transition, with deployment scheduled by March 2026.
- Cosmic PV Power lands a INR 600 crore module supply order from Zetwerk to deliver ~6.9 lakh modules (550Wp), marking its entry into the utility-scale IPP segment.
Rooftop Solar
- Sadbhav Futuretech bags 90 MW residential rooftop solar contract under PM Surya Ghar scheme
- 31,000 Rooftop solar units installed under PM-Surya Ghar across 11 districts in Andhra Pradesh
- Homes with rooftop solar to get 10% tax exemption in Lucknow
- Goa approves 2 MW flexible rooftop solar project under RESCO model
Green Hydrogen
- JSW Energy Commissions India’s Largest Green Hydrogen Plant under the Production Linked Incentive Scheme Tranche I
- MNRE launches INR 100 crore pilot programme for biomass-to-green hydrogen technologies
- ANERT seeks partners for Phase II of Kerala’s Green Hydrogen Transport Pilot Project
Energy Storage
- Adani Green to develop 2.7 GW of pumped storage projects in Assam
- Waaree Group wins 10 MWh BESS order from major infrastructure developer
- Central Ministry highlights robust PSP momentum: 7 GW Operational, 12 GW in the works
- Pace Digitek subsidiary secures 276 MWh BESS order from L&T
Other Market Updates
- Solaryaan commissions a 1 GW solar inverter manufacturing plant in Gujarat
- ICRA projects renewable energy share in India’s power mix to cross 35 percent by FY 2030
- Global solar module, inverter market to reach US$115.8 billion by 2030
- RenewSys India signs 1.1 GW POE encapsulant supply deal with Kosol Energie
- New 240 TPD biomass pellet facility commissioned in Haryana
- GameChange Solar plans major boost in transformer production to meet growing RE demand
- Senvion India boosts wind turbine production, targets stronger global export presence
- Tehkhand waste-to-energy plant expansion set to receive final approval
Policies and Regulations
Central Policies and Regulations
- MNRE invites feedback on draft to increase solar module efficiency Standards
- CERC backs grid access only for renewable projects with valid PPAs
- Solar Module Capacity under Approved List of Models and Manufacturers (ALMM 1) reaches 121.7 GW
- Solar Cell Capacity under Approved List of Models and Manufacturers (ALMM-II) rises to 18.5 GW
- CERC clears tariffs for SECI’s 420 MW renewable-plus-storage projects
- CERC revokes connectivity for Inox Green’s 300 MW wind project at Bhuj-II
- CEA Releases Fresh Guidelines to FastTrack Waste-to-Energy Projects as Urban Waste Surges
- Ministry of Power mandates Solar inverters up to 100 kW to comply with BEE’s minimum efficiency norms
- APTEL dismisses IREDA’s petition seeking review of the 2022 tariff order for the Kerala solar project
- MOP Orders Mandatory Biomass & MSW Co-Firing in Coal Power Plants
- Power Ministry orders clean-up of green energy pipeline; stalled renewable contracts to be scrapped
- CERC issues suo-moto order recognizing 12% to 5% GST reduction on RE equipment as a Change in Law
- MNRE issues Standard Operating Procedure for listing wind turbines components under ALMM
- MNRE releases importer manual for Renewable Energy Equipment Import Monitoring System (REEIMS)
State Policies and Regulations
- OERC revises norms to include hybrid inverters for rooftop solar connections
- DERC approves BSES Rajdhani’s 1.5 GW solar-plus-storage deal with SECI for Delhi’s RPO and FDRE targets
- CSERC approves virtual net metering, enabling off-site solar to supply multiple consumers in Chhattisgarh
- NDMC gets approval to buy 200 MW solar power from Delhi Electricity Regulator
- Bihar notifies BERC RE Tariff Regulations for FY2025-28 control period
- Punjab Introduces Clear Framework for Power Banking and GEOA Model Agreement
- BERC issues final order approving procurement of 200 MW + 400 MWh Storage from SECI under ISTS Tranche-XV
- Tamil Nadu Green Energy Corp has received approval toprocure420 MW of solar power from farmers at a tariff of INR 3.10 per unit
- TGERC issues Rooftop Solar PV Grid Interactive Systems Regulation, 2025
- TGERC removes night-time ToD rebate from December 1, 2025, to March 31, 2026
- RERC allows ACME Aklera’s Change-in-law compensation claim for 250 MW SECI Rajasthan solar project
- GERC overturns DGVCL order, grants open access to renewable generator
- Kerela High Court puts on hold new renewable-energy regulations by KSERC
- Rajasthan Introduces New SOP to FastTrack Captive Solar Project Approvals
- CSERC rolls out data-backed tariff framework for renewable energy projects in Chhattisgarh
- Uttarakhand Commission directs termination of PPAs for delayed solar Projects
- GERC denies Gensol’s request to sign KUSUM-C PPA through SPV
- Delhi High Court rules CERC holds exclusive power to refer power sector disputes for arbitration
- Bombay High Court overturns MERC’s order restricting renewable energy Banking
- Gujarat confirms retrospective wind tariff framework from June 2022 to March 2027
- Rajasthan Regulator approves Parallel Operation Charges for captive power Projects
- APERC invites feedback on tariff approval for 2,725 MW Agricultural Feeder Solarisation under PM-KUSUM Component-C
- Tripura Regulator revises rooftop solar rules, caps net energy credits at 3.8 units per kW per day
- CSERC permits captive solar power consumption in Chhattisgarh without the need for a dedicated feeder
- Rajasthan revises rooftop solar tariffs for net-metering and net-billing arrangements