Monthly RE Update – February 2026

Monthly RE Update – February 2026

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Monthly RE Update February 2026

Tenders Issued

• New RFS Issued: Over 1640 MW of RE tenders were issued under the project development category.
• PSPCL has floated a tender to set up 1000 MW of Solar Capacity in Punjab.
• EPC : Over 540 MW of EPC tenders were issued in February 2026.
• NTPCREL has issued an EPC tender for a 540 MW wind project in Andhra Pradesh. This tender includes land acquisition, internal evacuation, EHV transmission up to the grid interconnection point, and 10 years of comprehensive O&M.

Auctions Completed

• In February 2026, a total of 3.86 GW of RE power capacity and 9.07 GWh of storage capacity were auctioned across wind, RE with storage, and standalone BESS tenders. In addition, a 10,000 MTPA Green Hydrogen project was also awarded.
• SECI’s 1200 MW RE with Storage tender was awarded to Adyant Enersol (Datta Infra) (100 MW) , Serentica Renewables  (600 MW), ACME Solar Holdings (301 MW) and  AMPIN Energy  (199 MW). The discovered tariff ranged from INR 6.27/kWh to INR 6.28/kWh.
• Additionally, Under the Assam project, 10,000 MTPA Green Hydrogen capacity was awarded by NITPA to Nueon Green Energy at a tariff of ₹279/kg, marking continued early-stage price discovery in India’s green hydrogen segment

Installed Capacity

• In January 2026, about 4792 MW of Solar and 139 MW of Wind capacity were added in the country, taking the cumulative RE capacity to 263 GW.
• Compared to December 2025, solar capacity additions saw a strong increase of 61.8%, rising from 2,962 MW to 4,792 MW in January 2026. At the same time, wind installations declined by 73.5%, decreasing from 525 MW to 139 MW.

State wise utility scale solar and wind installed capacity in December 2025

• In January 2026, the top three leading states – Gujarat, Rajasthan and Maharashtra accounted for 79% (3 GW) of the total installed utility scale solar capacity.
• Maharashtra also installed the highest rooftop solar capacity of 226 MW this month, followed by Gujarat with 150 MW and Tamil Nadu with 66.8 MW.
• Of the 94 MW total capacity installed under the off-grid solar segment, Maharashtra emerged as the leader with a contribution of 85 MW.
• Madhya Pradesh added the highest wind installations, with a capacity addition of about 43 MW, followed by Gujarat (34 MW) and Maharashtra (25 MW).

Monthly RE Generation

• In February 2026, Renewable energy sources generated 20876 MUs, reflecting a decrease of about 5.4% compared to January 2026.
• In February 2026 solar generation increased by approximately 3.6% compared to the previous month, while wind generation declined by 25% during the same period.

Investments/Deals

• In February 2026, a total of about US$ 772 Million in investments were made in the RE sector in India. The key investments during the month were:
  • INOXGFL Group has secured the bid to acquire Wind World India’s 600 MW operational wind assets and 4.5 GW O&M portfolio via the NCLT resolution process, enhancing its presence in the wind energy sector.
  • GREW Solar has raised INR 1,050 crore (US$ 115.75 million) in funding led by Bay Capital to expand its solar cell manufacturing capacity from 3 GW to 8 GW, while strengthening operations as it moves toward becoming a fully integrated solar manufacturer.

GDAM Traded Volume

• The IEX traded a total volume of about 756 MUs in GDAM in February 2026, slightly increased with levels observed in the previous month.
• The average market clearing price in IEX-GDAM for February 2026 stood at INR 3.90/kWh.

Module Price Trends

Global Module Price Trend

Comparing on a month-on-month basis, the price of global TOPCon modules have increased by 4.3% compared to January 2026 . Meanwhile, the prices of M10 TOPCon cells have increased by around 5.4% compared to January 2026.

Average Prices for Domestic Modules

On a month-on-month basis, TOPConmodule prices increased by 1.9%, while Mono PERC module prices rose by 1.8% in February:

• Mono PERC 500 Wp – INR 16.1/Wp
• TOPCon Modules – INR 16.4/Wp
• The price for DCR TOPConModules was INR 22/Wp in February.

Key Market Updates

Solar Manufacturing

• Jupiter International Ltd. has commissioned its third solar cell manufacturing unit in Baddi, Himachal Pradesh, adding 1 GW of mono PERC capacity to its existing 959 MW capacity, doubling its total installed solar cell capacity to nearly 2 GW.
• Cosmic PV Power has commissioned a 1.6 GW TOPCon G12R solar module production line in January 2026 at its Surat facility, increasing its total annual module capacity to 3 GW.
• Premier Energies has announced plans to invest approximately INR 5,900 crore to set up a 10 GW ingot-wafer manufacturing line in Andhra Pradesh. 
• Alpex Solar has invested up to INR 10 crore in its wholly owned subsidiary Alpex Green Energies Pvt. Ltd. to support expansion and operations, while commencing commercial production at its Unit V facility in Greater Noida, adding 1.2 GW of module manufacturing capacity.
• Websol Energy System Limited has secured three module supply contracts aggregating 85.5 MW, with a total order value of INR 172 crore. 
• Saatvik Green Energy has secured a solar module supply order worth INR 44.10 crore from a domestic renewable energy developer.
• ReNewSys has secured a 1.25 MWp solar module supply order from ENGIE Energy India
• Waaree Energies has secured a one-time contract to supply 500 MW of solar modules to a domestic Independent Power Producer (IPP) for various grid-connected projects
• GREW Solar has won an order to supply 500 MW of high-efficiency solar PV modules for utility-scale solar power projects in India.
• Vikram Solar has secured an order to supply 378.75 MW of solar modules for a project being developed by Indian Oil NTPC Green Energy (INGEL) in Gujarat
• NTPC REL invited bids for supplying bifacial solar modules (minimum 570 Wp) for a 400 MW solar project in Chitrakoot, Uttar Pradesh, compliant with ALMM.

Rooftop Solar

• Over 2.08 million rooftop solar systems installed under PM Surya Ghar scheme as of Dec 2025.
• NFR commissions 9.27 MW rooftop solar capacity upto December 2025
• PM Modi praises 30 lakh rooftop solar installations under the PM Surya Ghar scheme.
• MIGA grants US$ 198 million for India rooftop solar refinancing
• Odisha Announces up to INR 4.95 Billion state support for PM Surya Ghar rooftop solar program 

Green Hydrogen

• NGEL, Assago sign MoU to develop India’s first large-scale Green Urea ecosystem at Pudimadaka hub
• Insolare Energy join hands with US based Versogen to commercialise AEM Electrolysers in India
• Advait Greenergy signs MoUs for green hydrogen technology, storage, and EPC 
• REC Ltd sets up Vizag Power Transmission Subsidiary to support Green Hydrogen & Ammonia transmission infrastructure
• Waaree to set up 2.5 MW alkaline electrolyzer for Zero Footprint Industries
• Centre approves INR 797 crore Green Hydrogen Jetty at Paradip Port to boost clean energy logistics
• NGEL invites bids for green ammonia and green methanol projects at Pudimadaka green hydrogen hub
• Kochi airport to run India’s first hydrogen-powered passenger buses

Energy Storage

• Luminous Power commissions 500 MWh Lithium-ion battery assembly line at Baddi 
• Epic Energy partners with REFNIC for development of battery recycling and second-life battery facility
• NHPC GRIDCO sign MoU for 1000 MW Pumped Storage Project in Odisha
• POWERGRID invites bids to select partner for 500 MWh BESS Projects in Odisha
• Ceigall India secures INR 1,700 crore Solar + Storage Project at Morena Solar Park
• Chhattisgarh boosts hydropower with 8,300 MW pumped storage projects 
• Powertrac invests INR 6 billion to set up 1 GWh containerized BESS facility
• Waaree plans 16 GWh Lithium-Ion gigafactory in Andhra Pradesh
• Pace Digitek secures INR 1,587 million telecom battery order from Reliance Industries
• ChemVolt Global plans 5 GWh Lithium-Ion Cell Gigafactory in Andhra Pradesh

Other Market Updates

• NHPC begins operation of 250 MW unit at Subansiri lower hydroelectric project
• Mumbai’s 1000MW renewable energy boost
• India adds record 52.5 GW in first 10 months of FY 2025-26
• Adani Energy Solutions ties up with Japanese lenders for 6 GW HVDC Renewable Power Corridor

Policies and Regulations

Central Policies and Regulations

• CERC notifies renewable consumption obligation buy-out price at INR 347/MW
• APTEL Dismisses Plea Against KERC’s Rooftop Solar Commissioning Directive
• MNRE Grants Extended Compliance Relief for Wind Turbine Bearings Under ALMM Framework
• APTEL Rejects IEX’s Appeal Against CERC’s Market Coupling Directives
• MNRE updates ALMM List-II; Enlisted capacity reaches 26.47 GW
• MNRE updates ALMM-I; enlistment grows by 17 GW to reach cumulative capacity of 162 GW
• CERC Adopts NHPC’s FDRE Tariffs, Limits Greenshoe Allocation
• MNRE Grants Concessional Customs Duty on Forged Steel Rings for Wind Turbine Manufacturing 
• APTEL Dismisses Appeal Against Kerala State Electricity Regulatory Commission’s Fixed Charge Order 
• APTEL Rejects Demonetization as Force Majeure in Solar PPA Dispute
• CERC orders compensation payment to Solairepro Urja in 250 MW Solar project dispute

State Policies and Regulations

• Tamil Nadu Receives Regulatory Clearance for 270 MW FDRE Procurement at INR5.06–INR5.07/kWh 
• Telangana Notifies Resource Adequacy Regulations to Ensure Long-Term Power Security
• APERC Proposes Multi-Point Grid Connectivity for Wind-Solar Hybrid Projects in Andhra Pradesh
• KERC halves additional surcharge for open access consumers, starting March 2026
• UPERC approves pilot interstate Peer-to-Peer (P2P) renewable energy trading under India Energy Stack 
• Bihar Approves 190 MW Peak Power Procurement from Wind–Solar Hybrid Projects  
• KSERC issues draft framework for Resource Adequacy Planning, 2026
• Rajasthan notifies framework for Intrastate Transmission Connectivity
• Punjab’s draft amendments aim to liberalize rooftop solar ecosystem
• MPERC issues sixth amendment to Intra-State Open Access Regulations (2026)
• Uttar Pradesh Approves INR 2.57/kWh Tariff for 400 MW Solar Project in Rajasthan