Monthly RE Update – March 2025

Monthly RE Update – March 2025

Tenders Issued

• New RFS Issued: About 5100 MW of RE tenders was issued in March 2025.
• NHPC issued a 1200 MW ISTS-connected photovoltaic solar energy tender with 600 MW/1200 MWh ESS anywhere in India.
• NTPC REL issued a 672 MW of wind tender in Maharashtra.
• TNEGCL issued a tender for establishing a 500 MW/1000 MWh standalone battery energy storage system (BESS) in Tamil Nadu.

New RE tenders issued in March 2025

Source: JMK Research

Source: JMK Research

Auctions Completed

• In March 2025, a total of about 5587 MW of renewable energy (RE) capacity was allocated to various RE developers.
• Wind-solar hybrid accounts for 50% of the total auctioned capacity, followed by photovoltaic solar energy at 40%, wind at 5.6%, and standalone storage at 4%.
• NLC, EG Solwin Renewable, and Welspun Renewable Energy emerged as new entrants in the wind-solar hybrid segment. Meanwhile, Pace Digitek, Oriana Power, and Bondada Engineering have entered the standalone storage segment.
• Additionally, Solar Energy Corporation of India (SECI) has declared the selected green hydrogen producers for setting up production facilities in India under the Strategic Interventions for Green Hydrogen Transition (SIGHT) (Mode-I-Tranche-II).
• SECI has allocated a total annual production capacity of 450,000 MT, with a maximum incentive of INR 2,239 crore.

Note: Bondada Engineering – 50 MW/100 MWh (INR 2.40 lacs/MW/month), Oriana Power – 50 MW/100 MWh (INR 2.45 lacs/MW/month), Pace Digitek – 125 MW/250 MWh (INR 2.45 lacs/MW/month.

Source: JMK Research

Source: JMK Research

Installed Capacity

• From Jan-Feb 2025, about 4701 MW of photovoltaic solar energy and 425 MW of Wind capacity were added in the country, taking the cumulative RE capacity to 214.7 GW.
• In February 2025, a combined total of 2459 MW of photovoltaic solar energy capacity and wind capacity was added.

Figure 2.1: RE installations in February 2025

Source: MNRE, JMK Research

Note: Photovoltaic solar energy includes utility-scale solar, rooftop solar and off-grid/distributed solar segments

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

• In February 2025, Gujarat added the highest Utility-Scale Photovoltaic solar energy capacity, about 488 MW, followed by Andhra Pradesh, with 443 MW.
• Kerala installed the highest rooftop solar capacity of  130 MW this month, followed by Maharashtra with 105 MW.
• Gujarat installed the highest wind installations, with a capacity of about 74 MW, followed by Tamil Nadu, with 70 MW.

Source: MNRE, JMK Research

Projects Commissioned

Source: JMK Research

Key announcements that were made during the month were:

• Alpex Solar has secured an order worth INR 210.71 crore from the Solar Energy Corporation of India (SECI) to supply advanced solar PV modules. This order will be fulfilled through its manufacturing facility in Greater Noida, which was recently expanded to a capacity of 1.2 GW.
• Hindustan Power has signed a Memorandum of Understanding (MoU) with the Government of Assam to invest INR 620 crore in advanced power and battery energy storage projects. The company plans to invest INR 500 crore in a solar power plant and INR 120 crore in a battery storage facility.
• Suzlon has secured a 204.75 MW wind energy order from Jindal Renewables. As part of the project, Suzlon will supply 65 advanced S144 wind turbines, each with a rated capacity of 3.15 MW. The order will be executed in the Karur region of Tamil Nadu.
• Singareni Collieries Co. Ltd (SCCL) and Rajasthan power utility Rajya Vidyut Utpadan Nigam Ltd (RVUNL) have signed a memorandum of understanding (MoU) to set up Photovoltaic solar energy and thermal power plants in Rajasthan, with a combined capacity of 3,100 MW. This includes 1,500 MW of solar power and a 1,600 MW thermal power plant. SCCL and RUVNL will form a joint venture company to set up the park with an investment of INR 6,000 crore.
• Insolation Energy has received a Letter of Award (LOA) from Rajasthan Renewable Energy Corporation (RREC) for design, Supply, Erection, Testing, and commissioning including comprehensive Operation and Maintenance for 25 years from the date of commissioning of Roof Top Solar on State Government Buildings/ State Government in Rajasthan under Hybrid Annuity Mode in three districts of Rajasthan Namely Jaipur, Dausa and Churu for aggregate sales consideration of INR 340.20 crore
• Delhi’s first commercially approved standalone Battery Energy Storage System (BESS) with a four-hour daily supply is set to become operational soon at Kilokri in South Delhi. Out of 12 liquid-cooled batteries, nine have been installed, with the rest to follow shortly. The 20 MW BESS, located at BSES Rajdhani Power Limited’s (BRPL) 33 kV substation, is expected to go live by late March or early next month.
• Hariom Pipe Industries (HPIL) has entered the renewable energy sector, securing a Letter of Award (LoA) from Maharashtra State Electricity Distribution Company for 60 MW (AC) of solar projects under the Mukhyamantri Saur Krushi Vahini Yojana 2.0. The fixed PPA tariff is INR 2.96/kWh for 25 years, with a subsidy of INR 1.05 Cr/MW and an additional INR 0.25/kWh incentive for the first three years upon timely commissioning.
• Hero Future Energies has launched an INR 1000 crore green hydrogen plant in Tirupati, Andhra Pradesh, to supply Rockman Industries. The plant will blend green hydrogen with piped natural gas (PNG) and liquefied petroleum gas (LPG). This blending technology is expected to significantly reduce emissions, setting the foundation for a scalable model that can be replicated across hard-to-abate industries in Andhra Pradesh and the rest of India.
• Aarti Industries has partnered with Clean Max Enviro for a 16.50 MW captive wind-solar hybrid power project. Clean Max Enviro Energy Solutions will set up the plant through a special-purpose vehicle Clean Max Indus (49% owned by Aarti Industries) to cater to Aarti Industries’ power requirement. The delivery of RE power is expected to start by H1 FY 2026-27.
• Zelestra has agreed to a 16.2 MW Power Purchase Agreement (PPA) in India with Daimler India Commercial Vehicles, a wholly owned subsidiary of Daimler Truck AG, Germany. In total, ~ 29 GWh of renewable energy, from both wind and solar PV assets, will be supplied annually for the Daimler India Commercial Vehicles factory in Oragadam, near Chennai.
• Tata Power Renewable Energy has signed a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh to explore opportunities for the development of up to 7 GW of renewable energy projects, including photovoltaic solar energy, wind, and hybrid projects with or without storage solutions. The investment is estimated at around INR 49,000 crore, making it one of the largest renewable energy investments in the state.
• Datta Power Infra has signed a power purchase agreement (PPA) with SJVN to develop a 70 MW wind energy project. This project is part of SJVN’s WIND-1 initiative, which aims to establish 600 MW of inter-state transmission system-connected wind power projects across India.
• Hedge5 has signed an MoU with the Assam government to develop renewable energy (RE) and compressed biogas (CBG) projects with a total proposed investment of INR 500 crore. The company will set up two projects across multiple locations in Assam. The first project involves the EPC of a 5 MW RE plant utilizing photovoltaic solar energy, wind, and BESS for round-the-clock (RTC) power generation, expected to begin operations in December 2025.
• Surya International has won the EPC package for an a solar-hydrogen-BESS-based 200 kW microgrid at Chushul, Ladakh. This project was tendered by NTPC REL, a subsidiary of NTPC Ltd. The project is valued at INR 102 crore, this advanced solar-hydrogen microgrid will generate 200 kW/hour of round the clock power throughout the year.
• Waaree Renewable Technologies (WAAREERTL) has won an EPC contract worth INR 740.06 crore for a 125 MWAC (181.3 MWp DC) solar project. The company has received a Letter of Award (LoA) for turnkey execution, including Engineering, Procurement, and Construction (EPC), along with Operation and Maintenance services. The project is set to be completed within 18 months from the contract signing, reinforcing WAAREERTL’s position in large-scale photovoltaic solar energy EPC projects.
• Borosil Renewables is set to invest INR 900 crore to expand its existing 6.5 GW capacity in Bharuch, Gujarat, to 10 GW by next year. The company is increasing solar glass production in India by an additional 3.5 GW, aiming to reach the 10 GW milestone by July 2026. The project is already underway, and the additional 3.5 GW capacity is expected to be operational within the next 15 months.
• INOX Wind has secured an order to supply 130 MW of wind turbines.The company will supply 3 MW turbines for a project developed by a Tamil Nadu-based leading developer. Additionally, IWL will provide limited-scope EPC services for the project and O&M services after commissioning.
• Zelestra has signed a long-term contract with SJVN to supply firm and dispatchable renewable energy (FDRE) in India, enabling the construction of a portfolio of 500 MW of wind, solar, and battery storage projects. The company will start working on approximately 250 MWdc solar, 180 MW wind power, and a 90 MWh battery energy storage system (BESS) operational by 2027.
• GP Eco Solutions has received the Letter of Award (LoA) from UPNEDA for a 2.3 MWac photovoltaic solar energy project in Etawah and a 3 MWac project in Kanpur Dehat under the PM-KUSUM Component-C2 Scheme through the RESCO model, with a total value exceeding INR 30 crore. Additionally, the company recently secured an EPC turnkey contract for a 128 MWp ground-mounted solar project worth over INR 300 crore. It has also received an order to supply over 200 MW of solar inverters, scheduled for execution by March 2025.
• Insolation Green Energy has received its largest-ever order worth INR 733.04 crore for solar PV modules. This includes an INR 513.13 crore order from KPI Green Energy for GUVNL’s project and another INR 219.91 crore order for KPI’s GUVNL Phase-2 project. The module deliveries are set from June 2025 to March 2026 .
• SWELECT Energy Systems has secured orders for over 150 MW of TOPCon bi-facial solar modules. The company also raised Rs 290 crore through Non-Convertible Debentures, which will be used to expand its Independent Power Producer Portfolio to 1 GW by 2026-2027.
• SJVN has signed an MoU with Chhattisgarh State Power Generation Company (CSPGCL) to develop an 1800 MW pumped storage project (PSP) at Kotpali, Chhattisgarh. With an estimated investment of INR 9,500 crore, the project is expected to generate approximately 3,967 million units (MU) of energy.
• Hindustan Zinc Limited has signed an additional power delivery agreement with Serentica Renewables, increasing its renewable energy (RE) capacity from the previously agreed 450 MW to 530 MW. This expansion will meet over 70% of the company’s total power requirements.The agreement ensures a minimum supply of 315 MW of uninterrupted power in every 15-minute block, leveraging a mix of solar, wind, and energy storage technologies across various locations in India. The project is slated for full operational status by 2027.
• Adani Energy Solutions Ltd (AESL) has secured a power transmission project in Gujarat that will supply green power for green hydrogen and green ammonia production in Mundra. Valued at INR 2,800 crore, the project is slated for delivery within 36 months. • It includes upgrading the Navinal (Mundra) electrical substation with two large 765/400kV transformers and constructing a 75 km, 765kV double-circuit line to connect it with the Bhuj substation. This initiative will add 150 cKM of transmission lines and 3,000 MVA of transformation capacity, increasing AESL’s overall infrastructure to 25,928 cKM and 87,186 MVA.
• Solarium Green Energy has entered into two Memorandum of Understanding (MoUs) with Citizen Solar and Navitas Solar for procuring solar modules.As per the MoUs, Citizen Solar will supply a total of 53.7 MW of solar modules between March to September 2025. Concurrently, Navitas Solar will supply an additional 24.7 MW of solar PV modules by the end of December 2025. Cumulatively, these agreements will ensure the supply of 78.4 MW of solar modules to Solarium Green Energy.
• RMC Switchgears has received a letter of acceptance worth Rs 320 crore from the Rajasthan Government for a 50 MW rooftop solar system installation across state buildings in Jaipur and Dausa. Under this contract, RMC will handle the design, supply, erection, and commissioning of rooftop solar projects. The project will be executed under the hybrid annuity mode (HAM), ensuring long-term financial stability.

Monthly RE Generation

• In March 2025, Renewable energy sources generated  20,075 MUs which is about 21% greater than the RE generation in February 2025.
• In March 2025, solar and energy generation increased by 23% and 19% respectively, compared to the previous month’s generation data.

Figure 3.1: Source-wise Renewable Energy Generation (MU) – India

Source: CEA, JMK Research

Investments/Deals

In March 2025, a total of about  $4,903 million in investments were made in the RE sector in India. The key investments during the month were:

• JSW Neo Energy acquired O2 Power Pooling Pte. Ltd with a portfolio of 4.69 GW for $ 1.47 billion
• Adani Green raised a debt of $1.06 billion from Power Finance Corporation (PFC) for the development of  wind-solar hybrid cluster in Rajasthan.

Table 4.1: Investment and deal in March 2025

Source: Industry news articles, JMK Research 

Other important announcements that were made during the month were:

• Greenko Group plans to raise $1 billion through an offshore bond sale to refinance debt maturing in May 2025. The bond issuance will support the company in meeting its refinancing obligations while continuing to expand its pumped storage and integrated renewable energy projects across India. BlackRock and Nomura are among the global financiers being tapped to fund the $850-million fundraising by Greenko’s promoters.
• Apollo Green Energy (AGEL) will set up a subsidiary AGEL Renewable Energy Ltd and invest INR 500 crore to develop 1 GW renewable energy portfolio in next 2-3 years. The subsidiary will focus on utility-scale solar while integrating advanced energy storage solutions, including hydrogen-based systems.
• Gensol announced plans to raise Rs 600 crore through the issuance of foreign currency convertible bonds and warrants. While Rs 400 crore will be raised through the issuance of Foreign Currency Convertible bonds (FCCBs), and Rs 200 crore by issuing warrants to promoters.
• NTPC Limited has announced a substantial investment of INR 96,000 crore in Chhattisgarh, reinforcing its commitment to advancing sustainable energy solutions and supporting India’s energy transition and net-zero goals. The investment includes setting up 4.2 GW of nuclear capacity valued at INR 80,000 crore, a 1.2 GW pumped hydro project worth INR 5,876 crore, and 2 GW of renewable energy projects estimated at INR 10,000 crore.
• Sunsure Energy plans to raise INR 5,000 crore in debt to finance its renewable energy expansion initiatives. After a decade of focusing on the high-margin business of serving C&I customers, the company is now venturing into utility-scale projects, aiming to add 2.5 GW of generation capacity by mid-2027. The addition of 2.5 GW will require a capital expenditure of INR 9,000 to 10,000 crore, comprising around INR 2,500 crore in equity and the remaining amount in debt.
• Jakson Green plans to invest up to $1 billion in its renewable energy portfolio over the next four years. The company aims to build a 5 GW portfolio across solar, wind, batteries, and FDRE spaces, starting from FY27.
• Statkraft AS plans to sell its Indian solar and hydropower portfolio in a deal potentially worth USD 2 billion (EUR 1.84 billion). While the sale process has not yet begun, it is expected to start in the next two to three weeks.
• INOXGFL Group plans to list INOX Clean Energy on domestic stock exchanges in FY26, aiming to raise INR 5,000 crore. It will be the group’s fifth listed entity.The company plans to offer 10-15% of its shares to the public at a valuation of INR 50,000 crore (USD 6 billion). Once completed, this will be one of the largest IPOs in India’s private renewable energy sector. The listing is expected in Q3 of FY 2025-26

GDAM Traded Volume

The IEX traded a total volume of about 576 MUs in GDAM in March 2025, 9% greater than the previous month. The average trade price in IEX-GDAM for March 2025 is INR 4.84/kWh.

Figure 5.1: GDAM Traded volume and Price Trend

Source: IEX, JMK Research

Module Price Trends

GLOBAL SOLAR MODULES PRICE TRENDS

Comparing on a m-o-m basis, the price of global mono PERC modules has continued to remain the same in March 2025.

AVERAGE PRICE TRENDS FOR DOMESTIC MODULES

Comparing on m-o-m basis, the prices for domestic modules has increased in March:

• Mono PERC 500 Wp – INR 17.7/Wp (up by 1.1%).
• Bifacial Modules  – INR 17.8/Wp (up by 1.7%).
• TopCon Modules – INR 18.9/Wp (up by 2.1%).

Source: PVInfoLink, JMK Research

Note: Domestic module prices are all inclusive prices till project site including freight charges, GST, etc.

Key Market Updates

Solar Manufacturing

Waaree Energies to inaugurate 5.4 GW solar cell manufacturing facility

• Waaree Energies will inaugurate its 5.4 GW state-of-the-art solar cell manufacturing plant at Chikhli, Navsari, Gujarat.
• The company has already commenced commercial production from 1.4 GW monocrystalline PERC (mono PERC) solar cell production line.

SASA Energy to add 600 MW TOPCOn module Manufacturing Capacity

• SASA Energy plans to add 600 MW of TOPCOn module manufacturing capacity to its current 150 MW solar module manufacturing capacity.
• The new module manufacturing line will focus on Mono PERC bifacial, glass to glass and TOPCOn modules.

Indian Solar Manufacturers Association (ISMA) demands safeguard duty to protect local manufacturers

• The Indian Solar Manufacturers Association demands a safeguard duty on polysilicon, ingot, and wafer imports to protect domestic solar manufacturing.
• According to ISMA, India is already self-sufficient in module manufacturing, helped by duty protection measures. Also, significant cell capacities are under ramp-up and the country will be self-sufficient by FY27 in cell manufacturing.

First phase of INR 69,000 crore ingot-to-module solar plant to start in Dec: Shirdi Sai Electricals

• Shirdi Sai Electricals’s solar PV module manufacturing plant is being set up at an investment of about INR 69,000 crore with a capacity of 30 GWs with approximately 90,000 metric tonnes of polysilicon, and the associated Metallurgical silica.
• There is 20 GW capacity being set up downstream from ingot to module, with a 3,600 tons per day (TPD) capacity of glass and a desalination facility of 200 million liters per day (MLD).
• The plant is expected to begin its commercial production of 1 GW ingot to module plant. Furthermore, another 5 GW of the same ingot to module plant, along with glass will be launched for continuous production by June-July of 2026.

Premier Energies plans to relocate the solar cell manufacturing plant from Telangana to Andhra Pradesh

• Premier Energies has decided to relocate its 4 GW solar cell manufacturing facility from Telangana to Naidupeta Industrial Park in Andhra Pradesh’s Nellore district. The relocation aims to enhance the company’s backward integration strategy, positioning silicon ingot and wafer manufacturing facilities alongside solar PV cell operations. The Andhra Pradesh government has allotted 269.71 acres of land for the project.

Army Solar to set up 3 GW TOPCon module factory in Gujarat

• Gujarat-based Army Looms and Textile has ventured into renewable energy to manufacture high-quality solar PV modules. Army Solar is building a 3 GW TOPCon solar PV module manufacturing facility in Surat. The new facility, which utilizes AI-based technology, will begin production by the end of April this year.

Shakti pumps to foray into Solar PV manufacturing

• Shakti Energy Solutions Ltd, a wholly owned subsidiary of Shakti Pumps acquires 113 acres of land in Madhya Pradesh for a solar cell and PV module plant.
• The land for setting up a manufacturing facility was allotted by Madhya Pradesh Industrial Development Corporation Limited (MPIDC).

Gujarat to set up GIDC with 100% renewable energy (RE)

• The Gujarat government is setting up a green Gujarat Industrial Development Corporation (GIDC), where industries will operate entirely on renewable energy supplied by the state. •
• The state has already provided daytime power to the agricultural sector, and the state is now exploring ways to support industries with renewable energy solutions.

Macwin Solar plans to set up an 800 MW Topcon module production line

• Macwin Solar will start the 800 MW TopCon solar module manufacturing line in Gujarat.
• The company has a target to set up 5 GW module manufacturing. Additionally, the company plans to foray into solar cell manufacturing by FY2026.

Avaada launches 1.5 GW solar module manufacturing facility in Uttar Pradesh

• Avaada lays a foundation for its 5 GW Integrated solar manufacturing facility.
• Additionally, the company has inaugurated 1.5 GW solar module manufacturing in Gautam Budh Nagar, Uttar Pradesh.

Solitech starts production at its 1 GW solar module manufacturing facility in Gujarat

• Solitech, a new entrant in solar module manufacturing, has announced the commencement of a TOPCon-based solar module facility in Surat, Gujarat.
• The company has started production of solar modules at the facility. The company will start with an initial capacity of 1 GW, with a subsequent expansion of another 1 GW.

Maharashtra partners with IIT Bombay for solar cell efficiency with perovskite tech

• The Maharashtra government is working to bring an IIT Bombay (IITB) project to reality, which has successfully enhanced solar cell efficiency to 30% by integrating perovskite with conventional silicon cells.
• According to IITB, this efficiency could potentially reach up to 45%.

Goldi Solar launched a 14 GW AI-powered solar module manufacturing line in Gujarat

• Goldi Solar has launched an AI-powered solar module manufacturing line at its facility in Surat, Gujarat.
• The facility has a planned production capacity of 14 GW.
• Other features include AI-powered AOI (Automated Optical Inspection) systems for real-time quality control.

Vikram Solar will set up the solid-state cell and battery manufacturing facility

• Vikram Solar plans to set up a 1 GWh fully integrated solid-state cell and battery manufacturing facility with proprietary battery management system (BMS) technology.
• The company plans to expand the manufacturing facility to 5 GWh to cater to the growing demand of the global market.
• The company has partnered with Entity2 Energy Storage Pvt Ltd for the development of non-lithium-based battery storage technology.

Green Hydrogen

Kandla Port is set to launch a green hydrogen plant in June 2025

• Kandla Port in Gujarat is set to become the first port in India to host an operational green hydrogen plant using Indigenous electrolysers within its premises. Green hydrogen production is expected to commence in the second half of CY2025. L&T has manufactured a 1 MW electrolyser for the project, which will later be expanded to a 10 MW capacity. The plant is scheduled to be fully operational by July 2025, with an estimated production capacity of 18 kg of green hydrogen per hour, equivalent to approximately 80-90 tonnes per year.

India set to launch its first green hydrogen train by March 2025

• Indian Railways (IR) with the Ministry of Railways preparing to introduce hydrogen-powered trains in India soon.
• The country’s first hydrogen train is being manufactured by the Chennai-based Integral Coach Factory (ICF).

TKIL Industries plans to achieve INR 1000 crore in green hydrogen revenue by 2030

• TKIL Industries has unveiled an ambitious growth strategy, aiming for INR 1,000 crore in green hydrogen revenue by 2030. The company has already forged partnerships, including one with SoHHytec, to capitalize on the expanding green hydrogen market. Currently incubating its business, TKIL expects substantial growth over the next three to five years.

PFC Consulting issued bids to evacuate 3 GW of power for Green hydrogen in Andhra Pradesh

• PFC Consulting has invited bids to evacuate 3 GW of power for green hydrogen and ammonia projects in the Kakinada area, Andhra Pradesh, on a build, own, operate, and transfer (BOOT) basis. The deadline for bid submission is May 6, 2025, with bids opening on the same day. Bidders must pay a procurement fee of INR 500,000 plus 18% GST and submit an earnest money deposit of INR 149 million. The project must be completed within 24 months.

NTPC issued a tender to set up a hydrogen refueling station in Bhubaneswar

• NTPC has invited a tender for setting up a hydrogen refueling station for the green hydrogen mobility project in Bhubaneswar, Odisha under EPC mode. The last date for the bid submission is 27 March 2025. Successful bidders must submit an earnest money deposit of INR 2 million.

Storage

Tamil Nadu plans six battery storage systems to stabilize the renewable energy grid

• The project will be implemented under a Build-Own-Operate (BOO) model with a total capacity of 500 MW with a two-hour discharge cycle, enabling the stored energy to be released as needed.
• The Tamil Nadu Green Energy Corporation Ltd (TNGECL) has invited bids to store excess renewable energy to meet the peak hour demand.

L&T Energy GreenTech, John Cockerill sign a MoU to explore solar power and energy storage Technologies

• L&T Energy GreenTech Limited (LTEGL), a wholly owned subsidiary of Larsen & Toubro and Belgium-based John Cockerill has signed a Memorandum of Understanding (MoU) to explore technology collaboration in the areas of Concentrated Solar Power (CS) and Thermal Energy Storage (TES).
• The collaboration will focus on identifying and developing opportunities in manufacturing component supply, and engineering solutions essential for the deployment of CSP and TES projects.

Pure Energy plans to enter the energy storage market

• PUR Energy (PURE) has announced its entry into the energy storage market by launching its PuRE Power product range for small to large-scale solar applications.
• The company stated that these products, set to be unveiled on March 25, 2025, are designed to integrate smoothly into consumer, community, and national energy systems.
• PuREPower storage solutions incorporate advanced battery technology, AI-driven power electronics, and an efficient electric power system with renewable energy management

Other Market Updates

Maharashtra reports major energy sector achievements in its 100-day report

• The Maharashtra government released a report on the state’s Energy Department achievements during the government’s first 100 days, highlighting progress by Mahavitaran, Mahagenco, Mahatransco, and MahaUrja. The report outlines a strategic vision to meet energy demands for the next 25 years, including a tariff reduction proposal submitted by Mahavitaran.
• Key accomplishments include surpassing targets under the Mukhyamantri Saur Krishi Pump Yojana and Pradhan Mantri Suryaghar Free Electricity Scheme. The report also highlights advancements in new electricity connections, uninterrupted power supply, green hydrogen projects, and solar energy adoption in government offices.

Nagaland to implement PM Surya Ghar Muft Bijli Yojana under the Nagaland Solar Mission

• Nagaland will implement the PM Surya Ghar Muft Bijli Yojana under the Nagaland Solar Mission to promote rooftop solar adoption in residential households. The state government has decided to provide additional subsidies, ranging from 36% for 1 kW systems to 31% for 3 kW systems, supplementing the central government’s support.
• With this initiative, the total subsidy will now cover 96% of the benchmark cost for systems up to 2 kW and 85% for those up to 3 kW. This move aims to make rooftop solar installations significantly more affordable for residents in the state.

Indian Cement Industry Targets Net-Zero by 2070

• The Indian cement industry has set an ambitious goal to achieve net-zero CO₂ emissions by 2070.
• The roadmap was jointly developed by GCCA India and TERI and provides a framework for decarbonization.
• The roadmap details eight essential strategies for decarbonization: enhancing clinker efficiency, increasing the use of alternative fuels, utilizing supplementary cementitious materials, decarbonizing electricity sources, adopting new binder technologies, implementing carbon capture, utilization, and storage (CCUS), encouraging carbonation, and improving cement-use efficiency.
• The cement industry, a major contributor to India’s CO₂ emissions (7%), is set to witness significant growth, with production projected to rise from 334 million tonnes in 2020 to 1546 million tonnes by 2070, growing at a CAGR of 3.1%.

Cleanmax collaborates with Osaka Gas for industrial decarbonization in India

• CleanMax has formed a long-term joint venture with Japanese gas giant Osaka Gas to support corporate clients in India in transitioning to a low-carbon economy. The joint venture, named Clean Max Osaka Gas Renewable Energy (CORE), leverages CleanMax’s expertise in decarbonization solutions and Osaka Gas’s global presence and experience.
• This partnership aims to accelerate the large-scale adoption of sustainable energy solutions in India. Additionally, the collaboration marks Osaka Gas’s entry into India’s green energy market

India’s solar anti-dumping duty to raise module prices by 3-5%

• Industry experts suggest that India’s solar anti-dumping import duty may lead to a 3-5% increase in domestic prices, making locally manufactured modules costlier than their Chinese counterparts. With an average additional duty of 25%, the incremental cost of solar modules is expected to rise by approximately $0.6 cents per Wp, contributing to a 3% overall increase in module costs.
• Consequently, domestic module prices could increase by $1 to 2 cents per watt, further elevating the cost of Indian-made solar modules compared to those from China.

Trends in ISTS Green Open Access Market in India

• ISTS-based green OA projects help overcome state-level RE development challenges and regulatory barriers for C&I consumers. They offer 5-10% higher CUF than intra-state projects, with similar setup costs due to scale.
• With current ISTS transmission charge waivers, their landed cost is comparable to intra-state projects. If transmission issues are resolved, ISTS could contribute around 40 GW, one-third of India’s green OA capacity by 2030.

India issued a 73 GW utility-scale RE tenders in 2024

• India floated tenders for an unprecedented 73 GW of utility-scale renewable energy capacity in 2024, surpassing the 58 GW issued in 2023. This significantly exceeds the Ministry of New and Renewable Energy’s annual target of 50 GW.
• Notably, half of the issued capacity was allocated to advanced renewable technologies, such as wind-solar hybrids and battery energy storage, catering to energy offtake’s growing demand for enhanced power quality.

Chandigarh, Daman & Diu achieve 100% rooftop solar installations on government buildings

• The Union Territories of Chandigarh, Daman & Diu have successfully achieved 100% of their rooftop solar targets for government buildings, setting a benchmark in the nation’s clean energy transition.
• States like Maharashtra, Gujarat, and Tamil Nadu are also performing exceptionally well, making substantial contributions to overall installation figures.
• According to the MNRE, the government is actively tracking progress across all states to ensure the smooth and timely implementation of the scheme, aiming to reach 1 crore households by 2026-27s.

Gujarat industries face penalties for reducing captive solar capacity

• Gujarat’s industries are facing financial strain after a Gujarat Urja Vikas Nigam Ltd (GUVNL) circular imposed an INR 10 lakh per MW penalty for reducing registered but non-commissioned solar capacity under the Gujarat Renewable Energy Policy 2023. The cap on captive energy banking at 30% has made full solar adoption unviable for many units, forcing them to downscale capacity.
• Additionally, developers opting for partial reductions must submit a new bank guarantee to retrieve their previous one, adding to financial burdens. Industries are urging GUVNL to raise the banking limit and provide a one-time adjustment window to align with prior commitments.

Policies and Regulations

Central Level Regulatory Updates

State Level Regulatory Updates