Monthly RE Update – May 2025

Monthly RE Update – May 2025

Our Monthly RE Update May 2025 report on RE industry covers:

Monthly RE Update May 2025 – Tenders Issued

• New RFS Issued: About 1260 MW of RE tenders was issued in May 2025 under the project development category.
• Adani Electricity Mumbai Limited (AEML) has invited bids for the procurement of 500 MW/4,000 MWh energy storage capacity, with an additional 250 MW/2,000 MWh offered under a greenshoe option.
• GUVNL issued a 500 MW Solar tender with Green Shoe option of additional capacity up to 500 MW.
• EPC : About 919 MW of EPC tenders were issued in May 2025.
• NTPC issued 245 MW solar EPC tender.

New RE tenders issued in May 2025

Source: JMK Research

Monthly RE Update May 2025 – Auctions Completed

• In May 2025, a total of about 2056 MW of renewable energy (RE) capacity was allocated to various RE developers.
• NHPC’s standalone BESS tender accounted for  5% of the total allotted capacity, while BPCL allotted 100 MW wind to Suzlon and Integrum Energy.
• Adani  bagged REC Power’s 1.5 GW transmission project to evacuate power from Pumped Storage Projects.
• In May 2025 L&T Energy Green Tech, wholly owned subsidiary of L&T, won bid to build 10,000 tonnes /annum green hydrogen plant at Indian Oil Corporation’s Panipat refinery.
• L&T will be supplying green hydrogen at INR 397/kg.

Source: JMK Research

Source: JMK Research

Installed Capacity

• From January to April 2025, about 10,081 MW of Solar and 2,895 MW of Wind capacity were added in the country, taking the cumulative RE capacity to 223.6 GW.
• In April 2025, a combined total of 3320 MW of solar and wind capacity was added.

Figure 2.1: RE installations in April 2025

Source: MNRE, JMK Research

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

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

• In April 2025, Gujarat added the highest Utility-Scale Solar capacity of about 635 MW, followed by Rajasthan (426 MW), and Maharashtra (150 MW).
• Gujarat also installed the highest rooftop solar capacity of 212 MW this month, followed by Maharashtra with 159 MW.
• In terms of off-grid solar capacity, Maharashtra installed the highest capacity with 156 MW, followed by Gujarat with 78 MW.
• Gujarat installed the highest wind installations, with a capacity of about 837 MW, followed by Karnataka, with 157 MW.

Source: MNRE, JMK Research

Monthly RE Update May 2025 – Projects Commissioned

Source: JMK Research

Key announcements that were made during the month were:

• SECI has signed a 25-year Power Purchase Agreement (PPA) with Reliance NU Suntech, a subsidiary of Reliance Power, for a solar and battery energy storage project with a total capacity of 1.4 GW. This project includes 930 MW of solar power generation along with a 465 MW/1,860 MWh Battery Energy Storage System (BESS), ensuring reliable energy supply. It is expected to be completed within 24 months. An investment of INR 10,000 crore has been allocated for the project’s development over the next two years, with power being supplied at a rate of INR 3.53 per unit. Additionally, Reliance has submitted a performance bank guarantee of INR 378 crore to SECI.
• NLC India has entered into a PPA with RVUNL for its 810 MW solar power project in Bikaner, Rajasthan. The project was awarded through competitive tariff-based bidding process by RVUNL and is expected to generate about 2 billion units of green power annually. The project will offset 1.5 MMT of carbon dioxide emissions per year.
• Adani Green Energy Ltd (AGEL) has entered into a 25-year Power Purchase Agreement (PPA) with Uttar Pradesh Power Corporation Ltd (UPPCL) to supply 400 MW of solar power. This power will be developed in Rajasthan at a tariff rate of INR 2.57 per kWh. The PPA was signed through Adani Green Energy Sixty-Nine Ltd, a wholly owned subsidiary of AGEL.
• Serentica Renewables has signed Power Supply and Consumption Agreement with INOX Air Products. This agreement will enable the supply of 75 MW of hybrid renewable energy to INOX Air Products through an ISTS project, resulting in competitive tariffs and allowing for flexible power usage across multiple locations.
• Inox New Energies has successfully secured 50 MW of capacity at a tariff rate of INR 3.66/kWh in its first-ever wind power project auction. The company participated in the GUVNL Wind Phase IX auction, aimed at developing 250 MW of grid-connected wind power projects across Gujarat.
• Zelestra has signed a long-term PPA with Seshasayee Paper and Boards Ltd (SPB), a vertically integrated producer of pulp, power, paper, and paperboard in India. Under the agreement, Zelestra will supply 39 MW of hybrid solar-wind power to SPB’s manufacturing units in Erode and Tirunelveli districts of Tamil Nadu. The power will be generated from Zelestra’s first co-located wind-solar hybrid project in India. The 150 MW project owned, built, and operated by Zelestra will supply renewable power to commercial and industrial (C&I) clients under the intra-state open access model. The project is expected to be commissioned by February–March 2026.
• Senvion has received an order from Powerica Ltd. to supply 17 wind turbine generators (WTGs), totalling 52.7 MW, for a wind power project in Gujarat. Deliveries will begin in Q3 of FY25–26. The order includes supply, erection, commissioning, and a long-term operations and maintenance contract.
  • Senvion India has received a confirmed order from Continuum Green Energy for 100 units of its 4.2M160 wind turbine generators (WTGs), totaling 420 MW of capacity. Deliveries are set to begin in April 2026.
• Vikram Solar has secured order from Gujarat Industries Power Company Ltd. (GIPCL) to supply 327 MW solar modules for the Khavda Renewable Energy Park. With this order, Vikram Solar contributes around 577 MW to the project. The modules are scheduled for delivery in FY26.
• Sungrow has secured an order to supply 835 MW of its advanced inverters to Juniper Green Energy. The inverters will be deployed across key solar sites in Maharashtra and Rajasthan to enhance grid stability and energy efficiency.
• Waaree Renewable Technologies Limited (WRTL) has secured a LOA valued at INR 114.22 crore for EPC of 94 MW AC solar PV plants across multiple locations in Maharashtra under the Mukhyamantri Saur Krishi Vahini Yojana (MSKVY) 2.0.
• Advait Greenergy has received various purchase orders for EPCC [engineering, procurement, construction, and commissioning] work of a 67.5 MWp ground-mounted solar project at Khavda, Kutch, Gujarat. The scope of work includes design, engineering, supply and testing for the solar plant, including material supplies, balance of system and various services. The project completion period is six months. The project is valued at INR 129.39 crore.
• ArcelotMittal has started supplying clean energy from its 1 GW solar and wind project in Andhra Pradesh to AMNS India in Gujarat. This $0.7 billion project was developed, constructed, and commissioned by AM Green Energy, making it the company’s largest renewable energy initiative.
• Enerparc Energy is developing a 35 MW solar power project in Gujarat to supply clean power to commercial and industrial consumers. This includes companies from sectors such as recycling, automotive, packaging, plastics, and international mining. The project is scheduled to be commissioned in August 2025 and is expected to generate approximately 58 million units of clean electricity annually, which will contribute to a reduction of 41,000 tons of CO2 emissions annually.
• Rail Vikas Nigam Ltd. (RVNL) is planning to set up a 300 MW hybrid renewable energy project with rail ministry. Based on the benchmark costs for solar, wind and storage capacities, the project could involve an investment of INR 1,500 crore.
• SAEL plans to commission 2.5 GW of solar capacity by the fiscal year 2025-26, significantly expanding its renewable energy portfolio. The company is also considering an Initial Public Offering (IPO) to fund its expansion plans and capitalize on the growing renewable energy market. SAEL faces challenges with a limited waste-to-energy project pipeline, prompting a strategic focus on solar energy projects.
• Sterling and Wilson Renewable Energy Ltd (SWREL) has secured turnkey EPC package for development of a 225 MW (AC) grid-connected solar PV project in Gujarat by submitting the lowest bid. The company has a total portfolio of over 22.6 GWp (including projects commissioned and under various stages of construction).
• Reliance NU Energies bags Letter of Award (LoA) from SJVN for 350 MW ISTS- connected solar power coupled with 175 MW/ 700 MWh battery energy storage system (BESS).  The project is secured at a fixed tariff of INR 3.33/kWh for 25 years. This project is a part of 1,200 MW solar plus 600 MW/2,400 MWh BESS tender.
• SECI cancelled 30 MW Grid-Connected Rooftop Solar PV Projects in Andaman and Nicobar Islands under RESCO mode. The tender was issued in September 2024.
• Websol signed an agreement with C.R.I Pumps to supply 250 MW solar modules. C.R.I Pumps will procure Mono PERC solar modules with domestic content requirement (DCR) certification, with ratings of 500 Wp, 520Wp, 525Wp and 535Wp.
• Nextracker, has signed a contract with ReNew Private Limited to supply tracking systems for a 305 MW solar project in Anantapur, Andhra Pradesh.
• AMPIN Energy Utility One has secured a long-term PPA with Indian Metals & Ferro Alloys Ltd (IMFA) valid for 25 years. AMPIN Energy will supply 40 MW of contracted power to Indian Metals & Ferro Alloys Ltd through a hybrid renewable energy solution.

Monthly RE Generation

• In May 2025, Renewable energy sources generated 22,028 MUs which is about 0.54% higher than the RE generation in April 2025.
• In May 2025, wind energy generation increased by 27% compared to the previous month’s generation data, attributed to the early arrival of the southwest monsoon in India.

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

Source: CEA, JMK Research

Monthly RE Update May 2025 – Investments/Deals

In May 2025, a total of about $909 Million in investments were made in the RE sector in India. The key investments during the month were:

• RECL has secured INR 5,000 crores (approximately US$586 million) through a bond issuance slated for listing on NSE and BSE. The bond issuance was rated AAA by all the four Credit Rating Agencies (CARE, CRISIL, ICAR, IRRPL).
• ReNew Energy Global has received a $100 million investment from British International Investment to expand its solar manufacturing capacity in India, including a new 4 GW TOPCon cell facility in Dholera, Gujarat.

Table 4.1: Investment and deal in May 2025

Source: JMK Research  

Other important announcements that were made during the month were:

• Adani Green Energy Ltd (AGEL) has approved the conversion of 44.9 lakh warrants into equity shares by Ardour Investment Holding, a promoter group entity. Each warrant was priced at INR 1,480.75, including a premium of INR 1,470.75. Upon conversion, Ardour paid the remaining 75% of the issue price, amounting to approximately INR 499 crore. On January 25, 2024, AGEL had allotted 6.31 crore convertible warrants to Ardour on a preferential basis, with 25% of the issue price paid upfront. As per SEBI’s ICDR Regulations, Ardour has until July 24, 2025, to convert the remaining 5.86 crore warrants. Post conversion, AGEL’s paid up equity capital increased, and the promoter group’s shareholding rose from 60.94% to 61.05%.
• Indian Oil Corporation plans to raise an equity investment of INR 1,086 crore in its wholly owned subsidiary Terra Clean Ltd to develop 4.3 GW of renewable energy capacity. Additionally, the company plans to build a 31 GW renewable energy portfolio by 2030, aiming to meet its captive power needs and cater to emerging market opportunities.
• Reliance Power has allotted 10.55 crore fully paid-up equity shares at a price of INR 33 per share (including a premium of INR 23 per share), aggregating to INR 348.15 crore, upon accelerated conversion of warrants. Upon accelerated conversion of warrants, the company has issued 9.55 crore equity shares to Reliance Infrastructure Ltd (Promoter) and one crore equity shares to Basera Home Finance (Public). Reliance Power stated that the capital infusion will strengthen its growth trajectory in renewable energy sector.
• ReNew Power will be investing INR 22,000 crore in establishing India’s largest renewable energy complex in Andhra Pradesh. ReNew will be setting up 1,800 MW solar energy plant,1,000 MW wind plant along with battery energy storage system of 2 GWh in 2 phases at Anantpur.
• Tata Power plans to invest INR 25,000 crore as capital expenditure in FY2026 with 50% of the CAPEX will be allocated to renewables, 20% for generation including pumped hydro and 30% for T&D.
• Blackstone, has a $50 billion investment portfolio in India, has submitted a non-binding offer of $1.5 billion for Statkraft’s local arm that houses a 2 GW of renewable energy generation portfolio. This is the first time Blackstone is evaluating a renewable energy acquisition in India. The company recently closed a global energy transition fund raising $5.6 billion.
• CleanMax Enviro Energy Solutions is preparing for an initial public offering (IPO) aiming to raise INR 4,000–INR 5,000 crore by the end of 2025. The IPO is expected to value the company at approximately INR 18,000–INR 20,000 crore. The offering will comprise both primary and secondary share sales. CleanMax has appointed six bankers to manage the IPO process. Funds raised will support the company’s expansion plans in the renewable energy sector over the coming years.
• JSW Energy would invest INR 14,000 crore to expand renewable energy capacity of recently acquired O2 Power to 4.7 GW by 2027. JSW Energy would be spending around INR 18,000 crore to complete ongoing projects in FY 2026.

Monthly RE Update May 2025 – GDAM Traded Volume

The IEX traded a total volume of about 824 MUs in GDAM in May 2025, about 20.6% higher than the previous month.

The average trade price in IEX-GDAM for May 2025 is INR 4.98/kWh.

Figure 5.1: GDAM Traded volume and Price Trend

Source: IEX, JMK Research

Monthly RE Update May 2025 – Module Price Trends

GLOBAL SOLAR MODULES PRICE TRENDS

Comparing on a m-o-m basis, the price of global TopCon modules has remained same in May 2025.

Source: PVInfoLink, JMK Research

• Comparing on m-o-m basis, the prices for domestic modules in May were:
  • Mono PERC 500 Wp – INR 17.75/Wp (up by 0.1%).
  • Bifacial Modules  – INR 17.85/Wp (up by 0.2%).
  • TopCon Modules – INR 18.9/Wp (same as previous month)

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

Future solar plans to expand module manufacturing up to 4 GW in 2025 TOPCon bifacial solar module with 22.66% efficiency

• Future Solar plans to scale its production capacity to 4 GW by July 2025. The company is currently operating at 644 MW capacity and is in the process of adding 3.4 GW through new lines.
• Additionally, the company plans to setup 1 GW solar cell capacity by December 2026.

Novasys plans to add 2.6 GW of TopCon module manufacturing

• Novasys, maharashtra based manufacturer, plans to add 2.6 GW of TopCon module manufacturing unit by FY2026.
• The company is currently operating a 600 MW monoperc module manufacturing capacity. Additionally, the company plans to start operation of 600 MW TopCon in next few months.

Reliance Powers Up Solar Manufacturing with First Line, Eyes 10 GW Capacity

• Reliance Industries commissioned the first phase of its solar PV module manufacturing facility in Jamnagar, Gujarat.
• The initial line has started the production, and the full capacity will reach 10 GW annually upon completion.
• This facility will integrate manufacturing across the solar supply chain, including cells, wafers, and modules.

Swelect Energy plans to start solar cell manufacturing from 2027

• Swelect Energy, a Tamil Nadu based manufacturer, plans to start solar cell production from 2027.
• Additionally, the company plans to add 1 GW of module manufacturing capacity by FY2027.

SAEL to invest INR 5,000 crore to establish solar cell manufacturing plant in Uttar Pradesh

• SAEL to invest INR 5,000 crore to establish integrated solar cell and module manufacturing plant in Uttar Pradesh.
• The plant will have an annual capacity of 5 GW and will be starting the cell production implementation next months.

ANIL’s solar module sales increase 59% YoY to 4.3 GW

• Adani New Industries Ltd’s (ANIL) solar module sales in FY 2025 increased by 59% year-on-year to 4,263 MW (2,540 MW domestic and 1,723 MW export).
• As of March 31, 2025, ANIL has operationalized 4 GW of annual solar cell and module manufacturing capacity, which includes 2 GW TOPCon and 2 GW mono PERC. Additionally, it has 2 GW of ingot and wafer capacity operational.
• The company has begun construction of an additional 6 GW TOPCon cell and module line with financial closure secured for INR 5,500 crore.
• ANIL is also building a fully integrated green hydrogen ecosystem comprising RE component manufacturing (across wind, solar, electrolyzer, etc), hydrogen generation and downstream products in Mundra, Gujarat.

Knack Energy aims for solar cell production and module expansion

• Knack Energy is planning to enter the solar cell manufacturing segment, likely in the first quarter of 2027.
• The company aims to begin construction on a solar cell plant by 2026 and expects to have at least 1 GW of solar cell capacity operational by the first quarter of 2027.
• Additionally, Knack Energy plans to increase its solar module manufacturing capacity to 2 GW by September 2025, up from its current installed capacity of 800 MW.

Gautam Solar receives UL Listing and Certification for its N-type TOPCon solar modules

• Gautam Solar has received UL Listing and Certification for its N-type TOPCon solar modules in United States and Canada.
• The UL Listing covers modules ranging from 560 Wp-600 Wp.

India to reach 160 GW of solar module capacity, 120 GW of cells by 2030

• India’s solar module manufacturing capacity is set to rise significantly, reaching 160 GW by 2030 up from 80 GW in 2025. 
• Solar cell manufacturing capacity is projected to increase from 15 GW to 120 GW. Wafer and polysilicon capacities are also expected to expand from 6 GW in 2025 to 100 GW by 2030.
• In order to meet India’s 2030 RE target, the nation aims to add another 200 GW of solar within the next five years. Annual PV installations surged by 145% year-on-year to 30.7 GW in 2024 and are projected to grow 21% to 37.3 GW in 2025.

ECE India Energy plan to begin solar cell manufacturing by 2027, eyes African market

• ECE India Energy plans to start solar cell manufacturing by 2027, eyes global exports, majorly African market. 
• A 2 GW solar cell production facility will be set up in Amravati, Maharashtra, with commissioning targeted for 2026 or 2027. 
• The company also plans to launch IPO in FY 2026–27, in order to meet their financial needs for expansion. 

Premier Energies inks JV with SAS and Nuevosol Energy

• Premier Energies has signed Joint venture (JV) agreement with Taiwan-based Sino-American Silicon Products Inc. (SAS) to set up 2 GW/annum silicon wafer manufacturing plant in India. Under this JV, Premier Energies will hold 74% stake and remaining 26% will be held by SAS.  
• Under the JV with Nuevosol, aluminium based solar module frames and other critical components of solar modules will be manufactured. A 36,000 MT/annum aluminium extrusion and anodizing facility will be established in Seetharampuram, Telangana.

Green Hydrogen

IH2A proposes hydrogen purchase obligation for existing and new plants

• India Hydrogen Alliance (IH2A) proposes hydrogen purchase obligation of 10% for existing plants and 100% for new refineries and ammonia plants by 2030. 
• This is done to achieve National Green Hydrogen Mission target of 1.5 MMT green hydrogen for domestic use in India.

Coal India set to supply 4.500 MW green power to AM green ammonia

• Coal India set to supply around 4,500 MW of carbon-free energy, in a phased manner, to the upcoming facilities of AM Green Ammonia (India).
• According to Coal India, the supply of solar power is projected to range between 2,500 MW and 3,000 MW, while wind energy is expected to contribute approximately 1,500 MW to 2,000 MW.
• The project would have an estimated outlay of around INR 25,000 crore.

John Cockerill to double its electrolyser manufacturing capacity in India by 2029

• John Cockerill plans to expand its operations in India, planning to double its manufacturing capacity, from 1 GW to 2 GW by 2029. The company plans to make its 1 GW line operational by 2026 and expand it to 2 GW by 2029.
• The electrolyser capacity will be developed under a JV with AM Green in Kakinada, Andhra Pradesh.  AM Green will be using technology for downstream green ammonia and methanol production.
• The company is also focusing on modular concentrated solar power (CSP) systems and has secured a PLI allocation for 300 MW per year.

MNRE identifies green hydrogen hubs in India

• The Ministry of New and Renewable Energy (MNRE) identified Kandla, Paradip and Tuticorin ports as green hydrogen hubs.  
• Along with that, 15 Indian states have rolled out dedicated green hydrogen policies, to position India as global hub for green hydrogen production. 

Reliance bags project to evacuate 3 GW of power for green hydrogen projects

• Reliance Industries has won PFC Consulting’s tender to set up a transmission system to evacuate 3 GW of power for green hydrogen/ammonia manufacturing projects in Kandla, Gujarat. The tender was floated in October last year.
• Reliance Industries will acquire 100% equity stakes in Kandla GHA Transmission (KGTL) for INR 200 million. The transaction is expected to be completed by the end of June 2025.

Bloom Energy to deploy its solid oxide electrolyser technology in India

• Bloom Energy to position its solid oxide electrolyser technology for industrial hydrogen production in sectors such as ammonia, steel and nuclear.
• The system has 30% higher efficiency than conventional technologies like proton – exchange membrane.

Juno Joule and Select Energy to invest $1.3 billion in green hydrogen project in Andhra Pradesh

• Juno Joule Green Energy Pvt Ltd has signed an MoU with Germany-based Select Energy GmbH to develop a green hydrogen and ammonia export facility at Mulapeta Port, Andhra Pradesh, with an estimated investment of $1.3 billion (INR 10,000 crore). 
• The project will be executed in three phases and is expected to produce 180 KTPA of green hydrogen by 2029. This hydrogen will be converted into up to one million tons of green ammonia annually for export.

Advait Energy Transitions receives approval from Ministry of Corporate Affairs for setting green hydrogen facility

• Advait Energy Transitions receives approval from Ministry of Corporate Affairs to incorporate Advaiteco Technologies.  
• Advaiteco Technologies will focus on manufacturing, assembly and integrated supply and trading of hydrogen equipment and products to support green ammonia, green hydrogen and green methanol. 
• The entity will establish, operate and maintain manufacturing facilities for equipment such as electrolysers, fuel cells and accessories related to renewable energy sources like solar, wind, hydro, hydrogen, and its byproducts, including carbon credits. 

Storage

MP cabinet approves 2,000 MW solar park and 1,000 MW storage project for shared supply with UP

• The Madhya Pradesh cabinet has approved the establishment of a 2,000 MW solar park along with a 1,000 MW composite energy storage project in Madhya Pradesh.
• This initiative aims to supply electricity on a complementary basis to both Madhya Pradesh and Uttar Pradesh, as the peak demand periods of the two states occur at different times of the year.

The Latest SJVN Auction Drives “Solar plus 4-hour Energy Storage Solution” Tariff to a New Record Low

• Energy storage projects are designed to capture energy at a certain time, store it, and make it available to the off-taker for later use. Over the past couple of years, “Solar coupled with energy storage systems (solar + ESS)” has become one of the key segments of the grid-scale ESS market. 
• The latest reverse auction has resulted in a record low tariff of Rs 3.32 per unit for a “Solar + 4-hour ESS”. This tariff was achieved in a tender by SJVN Ltd for a project that includes 1200 MW of solar power combined with 600 MW/2400 MWh of energy storage.  
• This newly discovered tariff is approximately 5.8% lower than a similar tender auctioned by SECI in December 2024. Notably, the tariff discovered is identical to those found in the latest auctions of wind solar hybrid (WSH) and significantly lower than vanilla wind tenders. 

JSW Energy signs 1.5 GW/12 GWh pumped storage deal with UPPCL

• JSW Neo Energy Ltd has secured pumped hydro storage power procurement agreement with Uttar Pradesh Power Corp Ltd (UPPCL) for 1.5 GW/12 GWh of pumped hydro energy storage.
• Under the agreement, JSW will supply energy storage capacity for a period of 40 years at a fixed capacity charge of INR 77.2 lakh per MW per annum.
• The project will allow for a scheduled discharge of 8 hours (with maximum continuous operation of 6 hours) per day. It is expected to be commissioned in the next six years

Volks Energie to Power the Eastern Corridor with its signature Solar + Battery deployment for JHBDPL

• Volks Energie wins at JHBDPL (Jagdishpur–Haldia–Bokaro–Dhamra Pipeline Project) under the backing of Gail India Ltd. The mission-critical project includes supplying, deploying, and commissioning 15 KWP Solar Photovoltaic Power Plants with Ni-Cd batteries, across 9 strategic locations in Bihar, Jharkhand, West Bengal and Uttar Pradesh.
• These batteries offer up to 20 years of lifespan, thus offering a more sustainable and reliable alternative.

Uttar Pradesh Approves 22 GWh of Pumped Hydro Storage Projects in April 2025

• In April 2025, Uttar Pradesh (UP) became the latest state to enter the PHS market by signing Power Purchase Agreements (PPAs) for a cumulative capacity of 2.75 GW/22 GWh (8-hour solution). According to the agreements, the developers are required to commission this capacity within six years, by 2030.
• Additionally, in April 2025, the Uttar Pradesh Power Corporation Limited (UPPCL), the off-taker in the PPAs, issued a separate tender to procure 2 GW of PHS capacity. Once these capacities are commissioned, UP will be harnessing 35.4% of its 13.4 GW PHS potential.
• The PPAs signed by UPPCL with JSW Energy and Adani Green outline a project tenure of 40 years, with fixed annual capacity charges of Rs 77.2 lakhs and Rs 76.5 lakhs per MW, respectively.

Other Market Updates

Utility Scale RE

Indian Solar PV market projected to grow to $7 billion by 2029

• India’s solar photovoltaic and balance of system (BoS) market is projected to grow from approximately $ 3 billion in 2024 to $ 7 billion in 2029, with a CAGR of 16%.
• Factors driving this growth are India’s target of 500 GW non – fossil fuel capacity by 2030 and commitment to generate 50% electricity from renewable sources, along with schemes like PM – KUSUM, Delhi Solar Energy Policy, Grid Connected Rooftop Solar Programme.

India Wind Turbine Manufacturers Association (IWTMA) backs 100 GW wind goal by 2030

• India’s wind energy sector has reaffirmed its commitment to the national renewable energy goals, pledging support to achieve 100 GW of wind power capacity by 2030.
• To achieve the target MNRE and IWTMA outlined the industry’s readiness, availability of domestically manufactured turbines.
• India currently has over 18 GW of annual domestic module manufacturing capacity for wind turbines and equipments.
• Leading players include Suzlon, Nordex, Windar, Senvion, Envision, Siemens Gamesa, Flender, ZF Wind power, Aditya Birla Advanced Materials, Vestas, GE Vernova and Inox Wind.

PV Manufacturing

Borosil Renewables to increase production capacity at estimated cost of INR 950 crore

• Borosil Renewables to expand its production capacity by 600 tonnes per day at an estimated investment of INR 950 crores for 500 TPD.
• The project will be financed through mix of equity, debt and/or internal accruals.
• The Bharuch facility in Gujarat will be expanded, with setting up 2 furnaces of 300 TPD each.

India imposed anti-dumping duty of $644 per tonne on import of certain type of solar glass from China and Vietnam

• India has imposed an anti – dumping duty of up to $ 644/ tonne on imports of a certain type of solar glass from China and Vietnam for 5 years, to protect domestic manufacturers from cheap imports from these 2 countries.
• The duty was imposed after investigation by Directorate General of Trade Remedies (DGTR), the investigation branch of Ministry of Commerce.

Others

India’s agrochemical sector expected to add 11 GW of RE capacity by 2030

• India’s agrochemical manufacturing sector is expected to add 11 GW of renewable energy capacity by 2030.  
• This would be requiring an investment of US$ 5-7 billion. Along with that biomass usage is also expected to increase in coming years. 

Damodar Valley Corporation has signed PPA with SJVN to procure hydro power to fulfil RPO

• The Damodar Valley Corporation (DVC) has signed power purchase agreements with SJVN Ltd for sourcing hydropower, in a bid to boost the multipurpose river valley project’s push towards green energy and ensure stable supply for its consumers in West Bengal and Jharkhand.
• The hydropower will be sourced from SJVN Ltd’s Sunni Dam and Luhri Stage-I Hydro Projects.

Discom dues to power generators increased to INR 717 billion in April 2025

• Discoms owed power generators INR 717 billion in total dues for the monthly biling cycle in April 2025, according to Ministry of Power’s payment ratification and analysis portal PRAAPTI.
• The discoms owed power generators INR 528.6 billion in March.
• Uttar Pradesh discoms had the highest dues at INR 98.41 billion, followed by Maharashtra at INR 65.64 billion and Andhra Pradesh at INR 60.04 billion.

Government to set up CCU testbeds in cement industry

• The Department of Science and Technology (DST) has launched 5 Carbon Capture and Utilisation (CCU) testbeds in cement sector, as a part of India’s strategy to meet Nationally Determined Contributions.  
• The initiative, led by Energy and Sustainable Technology Division of DST, has an objective to deploy CCU technologies that can capture CO2 emissions from cement production and convert them into value added products like synthetic fuels, soda ash, urea or concrete aggregates. 
• The testbeds will operate under Public – Private Partnership (PPP) model. 

Monthly RE Update May 2025 – Policies and Regulations

Monthy RE Update May 2025 – Central Level Regulatory Updates

Monthly RE Update April 2025 – State Level Regulatory Updates