Monthly RE Update – December 2025
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Monthly RE Update December 2025
Tenders Issued
- New RfS Issued: Over 7,121 MW of RE tenders were issued in December 2025 under the project development category.
- SJVN has floated a tender to set up 2,000 MW of energy storage capacity from pumped storage projects (PSPs) across India.
- EPC: Over 368 MW of EPC tenders were issued in December 2025.
Auctions Completed
In December 2025, a total of about 250 MW of RE capacity was allocated to various RE developers under the project development category
GUVNL’s 250 MW Wind auction was awarded in December 2025, with Patel Infrastructure (100 MW), Alfanar Power (50 MW), KP Energy (50 MW) and Powerica (50 MW) emerging as the winners with the highest awarded capacities. The discovered tariff ranged from INR 3.43/kWh to INR 3.44/kWh.
Around 1,400 MW of EPC solar capacity was allocated this month.
The largest award was NTPC REL’s 1,400 MW utility-scale solar EPC tender, with key allocations going to Vikran Engineering (400 MW), Sterling & Wilson Renewables (400 MW), Bondada Engineering (300 MW) and Kintech Synergy (300 MW).
Installed Capacity
From January to November 2025, about 33,981 MW of Solar and 5,821 MW of Wind capacity were added in the country, taking the cumulative RE capacity to ~262.7 GW.
In November 2025, solar and wind capacity additions totalled 3,310 MW, representing a 7.9% increase compared to the previous month.
State wise utility scale solar and wind installed capacity in November 2025
In November 2025, Maharashtra added the highest Utility-Scale Solar capacity amounting to about 801.8 MW, followed by Rajasthan (526.25 MW), and Gujarat (509.43 MW).
Maharashtra installed the highest rooftop solar capacity of 193.4 MW this month, followed by Gujarat with 129.7 MW and Kerela with 58 MW.
Gujarat installed the highest wind installations, with a capacity addition of about 144.6 MW, followed by Karnataka (110.5 MW) and Tamil Nadu (76 MW).
Of the 92.8 MW total capacity installed under the off-grid solar segment, Maharashtra emerged as the leader with a contribution of 35.6 MW, followed by Haryana at 30.51 MW.
Monthly RE Generation
In December 2025, Renewable energy sources generated 18,134 MUs, reflecting an increase of about 8.6% compared to November 2025.
In December 2025, wind generation recorded a modest increase of around 6.3% on month-on-month basis, whereas solar generation increased by 9.4% over the same period.
Investment/Deals
In December 2025, a total of about US$ 2,469 Million in investments were made in the RE sector in India. The key investments during the month were:
Inox Clean Energy has acquired Macquarie-backed Vibrant Energy (1.34 GW renewable portfolio) in a deal valued at an enterprise value of US$600 million.
The TPG and Mavco-led consortium has acquired a 90% stake in Siemens Gamesa’s wind business for approximately US$550 million, rebranding the newly independent entity as Vayona Energy.
GDAM Traded Volumn
The IEX traded a total volume of about 778 MUs in GDAM in December 2025, broadly in line with levels observed in the previous month.
The average market clearing price in IEX-GDAM for December 2025 stood at INR 4.46/kWh.
Module Price Trends
Global Module Pricing
Comparing on a month-on-month basis, the price of global TOPCon modules remained largely unchanged in December 2025. Meanwhile, the prices of M10 TOPCon cells have increased by around 12.5% compared to November 2025.
Average Prices for Domestic Modules
Comparing on m-o-m basis, the prices for domestic modules in December registered a nominal decrease as compared to previous month:
- Mono PERC 500 Wp – INR 14.23 /Wp
- TOPCon Modules – INR 14.60 /Wp
The price for DCR TOPcon Modules was INR 24.5/Wp in December.
Key Market Updates
Solar Manufacturing
- Waaree Energies boosts manufacturing capacity with 1.5 GW expansion at Samakhiali plant
- INOXGFL Group commissions solar & wind manufacturing plants in Gujarat
- Emmvee expands solar module capacity with 2.5 GW manufacturing line in Karnataka
- ReNew Photovoltaics will invest INR 3,990 crore to set up a 6 GW PLI-backed integrated solar ingot and wafer plant in Anakapalli.
- AMPIN Energy Transition plans to invest more than INR 1,000 crore in West Bengal to set up solar cell and module manufacturing infrastructure along with new solar power plants.
- Insolation Energy’s subsidiary secured INR 516.05 crore in solar module orders, led by a INR 357 crore TOPCon order and INR 159.05 crore in PM-KUSUM supplies.
- Onix Solar Energy has secured a INR 1.48 billion (~US$ 16.54 million) order from Vikran Engineering to supply 193,550 units of 620Wpnon-DCR TOPCon modules.
- Gujarat-based solar equipment manufacturer Hexatron will invest INR 1,700 crore in the Ratlam Investment Region of Madhya Pradesh to set up a solar manufacturing facility.
- Waaree Energies has secured an order from Sembcorp Green Infra to supply 300 MW of solar modules. ADM Solar Power has supplied 200 MW of 550 Wp mono PERC bifacial solar modules for large ground-mounted projects across Gujarat and Maharashtra.
Rooftop Solar
- Uttar Pradesh surpasses 300,000 solar installations mark
- Odisha to deploy 1.5 lakh utility-led rooftop solar systems
- Over 19.45 lakh households install rooftop solar systems under PM Surya Ghar: Muft Bijli Yojana
- Rajasthan offers INR 17,000 extra subsidy for rooftop solar consumers
- Tata Power partners with Bengal Chamber to promote rooftop solar adoption among MSMEs
Green Hydrogen
- KPI Green Energy secures INR 128 Crore from NTPC for plasma gasification based green hydrogen project
- Union Minister flags off India’s first indigenous hydrogen fuel cell vessel in Varanasi
- Indian Railways to launch first domestically built hydrogen-powered train
- NISE & Toyota Kirloskar Motor sign MoU to advance green hydrogen mobility in India
Energy Storage
- JSW Neo Energy signs INR 19,950 crore MoU with Maharashtra government for 5,200 MW Western Ghats PSP
- Pace Digitek’s subsidiary wins INR 997 million BESS contract from Advait
- HG Infra, GUVNL ink deal for 300 MW/600 MWh Standalone Battery Storage Project in Gujarat
- Godawari New Energy to invest INR 16.25 billion in expanding BESS manufacturing facility
- Vikram Solar clears INR 4,371 crore investment to set up 5GWh BESS manufacturing facility in Tamil Nadu
- BSPGCL inks MoUs for 2,120 MW pumped storage projects in Nawada
- Mindra group and REPT BATTERO partner to develop 1GWh battery capacity for India’s BESS market
Other Market Updates
- NHPC synchronizes first unit of 2,000 MW Subansiri lower hydroelectric project with national grid
- Maharashtra mandates bamboo biomass blending in Thermal Power Plants
- ZN Shine SolarWorld & RenewSys sign 400 MW encapsulant supply agreement
- Diamond Power Infrastructure bags INR 747 crore transmission-cables order from Adani Green Energy
- Inox Wind secures repeat 100 MW turbine order from Jakson Green
- Leapting to supply module cleaning Robots for Adani’s 2 GW solar projects
- Waaree Energy commissions 3 GW solar inverter manufacturing facility in Gujarat
- JSW Energy to establish wind turbine blade manufacturing units in Karnataka and Gujarat
- Inox Wind secures 102.3 MW wind turbine order from Aditya Birla Renewables
- Venwind-Refex secures order to supply 148 MW of wind turbines for Jindal Steel
- Suzlon Energy secures 306 MW wind turbine order from Yanara Renewables in Rajasthan
Policies and Regulations
Central Policies and Regulations
- CERC turns down SJVN’s request for allocation of remaining greenshoe solar capacity
- CERC clears tariff approval for NHPC’s 2 GW solar power projects
- MNRE revises PM Surya Ghar service charge norms to streamline rooftop solar Deployment
- CERC permits exclusion of former power buyers from solar change-in-law Proceedings
- MNRE outlines solar and off-grid renewable energy initiatives for tribal and remote districts of Odisha
- CERC introduces virtual PPA framework to help meet renewable energy targets
- Ministry of Power clarifies Make in India norms for BESS projects under VGF scheme
- MNRE expands ALMM-1 with over 23 GW of new solar module capacity, cumulative capacity reaches 144.8 GW
- MNRE releases updated BIS certification guidelines for solar modules
- Supreme court limits GIB priority zones, relaxes broad restrictions on renewable Projects
- CERC approves tariff for SECI’s 300 MW wind projects
- MNRE updates ALMM List-II; Enlisted capacity reaches ~23.7 GW
- CERC reviews transmission license proposal for Mandsaur RE project to evacuate 2 GW of renewable energy
- MNRE calls for immediate SCADA deployment at IAF wind power sites
- CTUIL releases draft framework for approving changes in renewable energy Sources
- CERC introduces major relaxations to streamline GNA regulation Implementation
- CTUIL issues draft procedure for approval of change-in-control of renewable energy and energy storage projects seeking ISTS Connectivity
- MNRE announces wind turbine prototype testing in India from 2027
- CERC releases draft second amendment to Tariff Regulations, 2025
- MNRE amends standard operating procedure for Approved List of Models and Manufacturers -Wind (ALMM-Wind) and Wind Turbine Components (ALMM WTC)
- CERC rejects Change-in-Law plea, declines compensation linked to Power Ministry Order
- CERC upholds grid connectivity revocation for Inox’s 300 MW wind projects
State Policies and Regulations
- Rajasthan High Court grants interim relief against anti-dumping duty on solar modules
- Bihar proposes generic renewable energy tariffs for FY 2026
- DVC receives approval for PSA with NHPC for 250 MW firm and dispatchable renewable power
- Uttar Pradesh regulator clears tariffs for PM-KUSUM solar projects
- Gujarat notified the Pumped Storage Project (PSP) Policy 2025
- Government of Gujarat has issued Green Hydrogen Policy 2025
- Gujarat unveils Integrated Renewable Energy Policy 2025 to boost clean energy growth
- Rajasthan power utilities push for lower solar tariffs following GST rate reduction
- KERC issues clarification on PPA norms for distributed solar consumers following contracted load revisions in Karnataka
- JSERC clears DVC’s long-term 250 MW FDRE power procurement plan
- KSERC notifies INR 250 crore benchmark for mandatory competitive bidding in Kerala transmission projects
- Telangana notifies framework for setting up third power distribution company
- WBERC clears CESC’s plan to procure 600 MW of wind-solar hybrid power
- DERC releases draft amendment 2025 to broaden virtual and group net metering for renewable energy in Delhi
- Andhra Pradesh clears 1,162.8 MW solar capacity under PM-KUSUM-C
- KSEB approves INR 6,478.41 crore capital outlay for FY 2026-27
- UPERC clears tariff for 136 MW solar capacity under PM-KUSUM scheme-C
- UPERC approves tariffs for 72 MW KUSUM C solar projects
- RERC approves tariff for NVVN’s 500 MW/1,000 MWh BESS projects
- RERC approves detailed procedure for granting green energy open access Framework
- KERC proposes phased reduction of cross-subsidy and surcharge starting FY2029
- MPERC releases fifth draft amendment to MPERC (Cogeneration and Generation of Electricity from Renewable Sources of Energy) Regulations, 2021
- UPERC clears tariffs for 129 MW of solar projects under KUSUM-C
- BERC clears procurement of 144 MW solar power under KUSUM
- UPERC clears tariffs for 144 MW solar projects under KUSUM Scheme-C
- TNERC clears TNPDCL’s plan to procure 1,000 MW of medium-term RTC power to address Tamil Nadu’s growing energy Demand
- MERC confirms continued access to Net Metering for Rooftop Solar consumers
- KSERC rejects CIAL’s request for refund of grid support and banking charges
- UERC issues second amendment to tariff regulations for renewable energy and BESS projects in Uttarakhand
- Meghalaya releases draft rules for renewable energy tariff determination
- Uttar Pradesh maintains power tariffs across all consumer categories for FY 2026
- GERC approves 5th amendment to rooftop solar net-metering rules in Gujarat