Monthly RE Update - March 2026 - JMK Research & Analytics Monthly RE Update

Monthly RE Update – March 2026

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Monthly RE Update March 2026

Tenders Issued

New RFS Issued: SECI floated a 1,000 MW Round-the-Clock Thermal Mimic (RTC-TM) tender in March 2026. About 600 MW of standalone BESS capacity were also issued by PSPCL and POWERGRID this month.
EPC: Over 620 MW of EPC tenders were issued in March 2026.
MAHAGENCO has issued an EPC tender for a 300 MW ground-mounted solar project in Maharashtra. This tender includes EPC package with land including O&M for 10 years.

Auctions Completed

In March 2026, a total of 625 MW of solar power capacity, 600 MW of wind power and 500 MWh of storage capacity were auctioned, across different RE tenders under the project development category. While 300 MW solar and 1.5 GWh BESS capacity was auctioned under EPC category.

GUVNL’s 625 MW Solar tender was awarded to Welpsun (300 MW), NLC India (300 MW) and Meghmani Renew Energy (25 MW). The discovered tariff was INR 2.34/kWh for all 3 winners.

SJVN’s 600 MW Wind tender was also awarded during March 2026 with KPI Green Energy (300 MW), Urdhvaga Renewables India Project (120 MW), Adyant Enersol (110 MW) and Lambent Energy (Eight) (70 MW) emerging as winners. The lowest tariff discovered was INR 3.64/kWh.

Installed Capacity

In February 2026, about 3003 MW of Solar and 482 MW of Wind capacity were added in the country, taking the cumulative RE capacity to 266 GW.

Compared to January 2026, solar capacity additions declined by 37.3%, dropping from 4,792 MW to 3,003 MW in February 2026. In contrast, wind installations surged by 246%, rising from 139 MW to 482 MW during the same period.

State wise utility scale solar and wind installed capacity in February 2026

In February 2026, the top three leading states – Gujarat, Rajasthan and Tamil Nadu accounted for 84% (1.8 GW) of the total installed utility scale solar capacity.

Maharashtra also installed the highest rooftop solar capacity of 197.3 MW this month, followed by Gujarat with 103.8 MW.

Of the 48.6 MW total capacity installed under the off-grid solar segment, Maharashtra emerged as the leader with a contribution of 38.98 MW.

Gujarat added the highest wind installations, with a capacity addition of about 342 MW, followed by Karnataka (76.9 MW).

Monthly RE Generation

In March 2026, Renewable energy sources generated 17306.64 MUs, reflecting a decrease of about 17.4% compared to February 2026.

In March 2026 solar generation decreased by approximately 13.4% compared to the previous month, while wind generation declined by 28% during the same period.

Investments/Deals

In March 2026, a total of about US$ 505 million ininvestments were made in the RE sector in India. The key investments during the month were:

KPI Green Energy secured US$ 105.9 million financing from Canara Bank for a 150 MW wind project in Gujarat, backed by a 25-year PPA with GUVNL ensuring long-term revenue visibility.
ReNew raised US$ 95 million from LeapFrog Investments to scale its commercial & industrial clean energy solutions and accelerate decarbonization in India.

GDAM Traded Volume

The IEX traded a total volume of about 793 MUs in GDAM in March 2026, slightly increased with levels observed in the previous month.

The average market clearing price in IEX-GDAM for March 2026 stood at INR 4.60/kWh.

Module Price Trends

Global Module Price Trend

Comparing on a month-on-month basis, the price of global TOPCon modules has increased by 5.2% compared to February 2026. Meanwhile, the prices of M10 TOPCon cells have decreased by around 5.1% compared to February 2026.

Average Prices for Domestic Modules

On a month-on-month basis, TOPCon module prices declined by 9.3%,while Mono PERC module prices also fell by 9.5% in March.

Mono PERC 500 Wp – INR 14.3/Wp
TOPCon Modules – INR 14.8/Wp
The price for DCR TOPConModules was INR 22.7/Wp in March.

Key Market Updates

Solar Manufacturing

Group Surya has commissioned 500 MW G12R solar module production line in Bhubaneshwar, Odisha.
Eastman Auto & Power Ltd. has operationalized a solar PV module manufacturing facility with 800 MW annual capacity in Sonipat, Haryana.
India added 119 GW of solar module manufacturing capacity and over 9 GW of solar cell capacity in CY 2025.
RenewSys inaugurated a 3 GW AI-powered, fully automated solar module manufacturing facility at IndoSpace Industrial Park, Khopoli (Maharashtra).
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.
GREW Solar has secured a solar module supply order valued at ~INR 500 crore from an Indian independent power producer (IPP).
Solarium Green Energy secured two purchase orders worth INR 22.51 crore (excluding GST) for supply of TOPCon solar panels.
Saatvik Green Energy’s subsidiary, Saatvik Solar Industries Pvt Ltd, secured a solar cell supply order worth INR 638.26 crore from a reputed solar modules manufacturer.

Rooftop Solar

Oswal pumps subsidiary secure INR 39.4 crore rooftop solar order under PMSGY scheme
Delhi allocates INR 50 cr for Rooftop Solar, targets 2.3 lakh homes under PM Surya Ghar Scheme
Ghaziabad Mandates Rooftop Solar and Rainwater Harvesting in New Residential Buildings
Over 31 lakh households benefited under PM Surya Ghar Muft Bijli Yojana

Green Hydrogen

Advait Greenergy launches 30 MW Electrolyzer Assembly facility in Gujarat
BPCL-Sembcorp JV wins record-low green hydrogen deal with NRL at INR 279/kg
POWERGRID drives green hydrogen initiatives with new 765 kV transmission line tender in Andhra Pradesh
Reliance signs US$ 3 billion green ammonia supply deal with Samsung C&T
India commissions 8,000 TPA Green Hydrogen capacity till February 2026
SECI commissions first project under green hydrogen mission
MECON invites bids for green hydrogen pilot projects in steel sector
ACME signs INR 20,000 crore green ammonia deal with SECI to supply fertilizer sector
NTPC REL inks 70,000 MTPA green ammonia supply pact with SECI
TrueRE Oriana Power inks INR 3,135 crore green ammonia supply pact with SECI

Energy Storage

Maharashtra inks INR 10,217 crore MoU with Chambery Power for 2,100 MW Pumped Storage Project
KPI green energy arm signs BESPA with GUVNL for 445 MW/890 MWh BESS projects in Gujarat
IESA for unified action by govt to close 60 GWh supply gap in domestic cell manufacturing
Land acquisition completed for 40 GWh capacity awarded under PLI ACC scheme
Saatvik Green establishes Saatvik Power Storage Solutions for BESS projects
Coal India receives LoA for 187.5 MW/750 MWh BESS project in Telangana
TDK to invest US$ 420–US$ 480 million in Haryana BESS Manufacturing Facility

Other Market Updates

Flender commissions India’s largest wind turbine gearbox test rig
Wattpower expands manufacturing capacity to 11 GW to support solar growth

Policies and Regulations

Central Policies and Regulations

State Policies and Regulations

Monthly RE Update – March 2026