Monthly RE Update – February 2025

Monthly RE Update – February 2025

Tenders Issued

• New RFS Issued: 3.998 MW of RE tenders issued in February 2025. MPUVNL floated a 1500 MW solar power plant tender under KUSUM scheme Component C in Madhya Pradesh.
• Three central agencies issues standalone BESS tenders of 1625 MW.
• NVVN issued 2 tenders for setting up of BESS capacity of 750MW/2000MWh.

New RE tenders issued in Februrary 2025

Source: JMK Research

Source: JMK Research

Auctions Completed

• In February 2025, a total of about 586 MW of renewable energy (RE) capacity was allocated to various RE developers and manufacturers.
• SJVN auctioned 1200 MW ISTS connected FDRE tender out of  which 448 MW was allotted to 5 developers with lowest tariff quoted as INR 4.82/kWh.
• In February 2025, a solar manufacturing tender of 400 MW was auctioned which was allocated to Alpex Solar (97.5 MW) and TP Solar (292.5 MW) at a tariff of INR 21.61/Wp.
• Amara Raja won a SECI’s BoS tender of 300 MW.

Figure 1.2: Winners in the latest RE tenders

Source: JMK Research

Installed Capacity

In January 2025, about 2465 MW of Solar and 202 MW of Wind capacity were added in the country, taking the cumulative RE capacity to 212.17 GW.

Figure 2.1: RE installations in January 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 January 2025

• In January 2025, Rajasthan added the highest Utility-Scale Solar capacity of abou 790 MW, followed by Gujarat with 616 MW.
• Maharashtra installed the highest rooftop solar capacity of  187 MW this month, followed by Gujarat with 162 MW.
• Karnataka installed the highest wind installations with a capacity of 120.6 MW, followed by Gujarat with 36 MW.

Source: MNRE, JMK Research

Projects Commissioned

Table 2.1: List of key RE projects commissioned in Feburary 2025

Source: JMK Research

Key announcements that were made during the month were:

• Indian Railways signs 170 MW Power Purchase Agreement with Madhya Pradesh Government, for procurement of solar power at INR 2.15/ kWh. The MP government will supply solar power through its Rewa Ultra Mega Solar Power Limited (RUMSL). Additionally, Indian Railways plans to collaborate with the Madhya Pradesh government to acquire approximately 145 MW of solar power plant.
• CtrlS Datacenters Ltd, a datacenter operator, has unveiled its 125 MWp captive solar farm GreenVolt 1 in Nagpur, Maharashtra. This solar power plant will generate clean energy to power 60% of CtrlS’s datacenter campus in Mumbai. Phase I of the solar farm, with a capacity of 62.5 MWp, was commissioned in June 2024. Phase II, which will add another 62.5 MWp of capacity, is currently under implementation.
• Indus Towers, India’s largest mobile tower installation company, has partnered with Amplus to set up a 50 MW solar power plant for self-consumption.. Indus Towers has signed an agreement to acquire a 26% stake in Amplus Tungabhadra for about INR 27 crore.
• Aarti Drugs has partnered with Prozeal Green Energy to procure solar power through a captive arrangement, acquiring a 26.25% stake in an SPV (Prozeal Green Power Nine) for INR 8.05 crore to develop a 24.4 MWp solar power plant.
• Madhya Pradesh is set to establish an 800 MW solar park that will alternate energy supply between the state and neighbouring Uttar Pradesh every six months. The project includes four 200 MW units, jointly procured by MP Power Management Company and UP Power Corporation Ltd.
• Amazon signed a power purchase agreement with three companies to procure a total of 379 MW of wind power in India:

• Gensol Engineering won a contract by a public sector undertaking for the development of a 245 MW Solar power plant at the Khavda RE Power Park in Gujarat. This contract, valued at approximately INR 967.98 crore, includes three years of comprehensive O&M services.
• A Central Industrial Security Force (CISF) has signed a PPA with the NTPC for installation of 3,281 KW rooftop solar power plants across 16 CISF campuses in 11 states by October. This will be in addition to existing projects of 1,990 KW capacity installed at four CISF campuses. Upon completion of the new installations, the total installed solar power plant capacity across all CISF campuses will reach 5,271 KW.
• SECI has signed a Memorandum of Understanding (MoU) with Government of Madhya Pradesh to develop 200 MW solar power plant and 1000 MWh battery storage project in Madhya Pradesh.
• Paschim Renewables is planning to set up 30 MW solar power plant in Raichur, Karnataka. The company will invest INR 150 crore in the project, which is expected to be completed within two years.
• ReNew Photovoltaic has collaborated with Shakti Pumps to supply of domestically manufactured (DCR) cell-based solar modules for the financial year 2025-26 valued at INR 1,300 crore.
• ACME Solar Holdings Limited has partnered with GREW Solar to execute a solar power plant in Bikaner, Rajasthan. The solar power plant will utilise GREW Solar’s Topcon solar modules, produced at its 3 GW manufacturing facility near Dudu, Jaipur.
• Tata Power is planning to develop 5 GW of renewable energy (solar, wind, hydro) and storage projects in Assam with an investment of INR 30,000 crore over the next five years.
• Welspun New Energy has signed a MoU with the Odisha government to develop pumped storage and floating solar projects. The company has committed an investment of INR 13,500 crore to develop a 1.2 GW pumped hydro storage power plant and a 1 GW floating solar power plant in Odisha.

Monthly RE Generation

In February 2025, Renewable energy sources generated 16,551 MUs which is about 6% less than the RE generation in January 2025.

In February 2025, solar energy generation increased by 5% and wind energy generation decreased by 27% 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 February 2025, a total of about $3,316 million investments made in the RE sector in India. The key investments during the month were:

• ONGC NTPC Green Pvt Ltd (ONGPL), a 50:50 joint venture between ONGC Green and NTPC Green Energy, has signed a share purchase agreement to acquire a 100% equity stake in Ayana Renewable Power. The transaction is valued at $2.3 billion.
• Juniper Green Energy has secured $1 billion in debt financing from the leading financial institutions, including Power Finance Corporation Limited (PFC), DBS Bank, HSBC Bank, and the IREDA. The funding will be specifically used for wind-solar hybrid and Firm & Dispatchable Renewable Energy (FDRE) projects.

Source: Industry news articles, JMK Research 

Table 4.1: Investment and deal in February 2025

Other important announcements that were made during the month were:

• Tata Power has partnered with the Bank of Baroda to offer affordable financing for residential rooftop solar systems under the Pradhan Mantri Surya Ghar Yojana (PMSGY). The loans up to INR 6 lakh will be available at interest rates starting from 7% p.a., with both fixed and floating options. The partnership aims to accelerate rooftop solar adoption, supporting India’s shift to renewable energy.
• Adani Green Energy is in discussions with Indian state-owned and private banks to secure funding of $2 billion to $2.5 billion, spent over the next 6 to 8 months. The funding will be utilized to reach its target of 50 GW by 2030, and it is expected to reach a total capacity of 5 GW by the end of this fiscal year.
• Small Industries Development Bank of India (SIDBI) and Agence Francaise de Development (AFD) have signed a $100 million loan agreement. The credit facility agreement is for green financing solutions for Indian micro, small and medium enterprises (MSMEs) investing in renewable energy solutions.
• Credit Fair, raised $ 5 million in debt from $75 million Green Basket Bond issued by Symbiotics Investments. The fund will drive adoption of renewable energy across Africa and Asia, it will also help in expanding presence in rooftop solar financing space.
• IREDA to raise INR 5,000 crore through Qualified Institutions Placement (QIP) of equity shares.
• Credit Fair, a non-banking financial company (NBFC), has raised $5 million in debt from the $75-million Green Basket Bond issued by Symbiotics Investments to drive the adoption of renewable energy solutions across Asia and Africa. The bond, the second of its kind, was issued by Symbiotics Investments and subscribed to by British International Investment (BII), the UK’s development finance institution and impact investor.

GDAM Traded Volume

The IEX traded a total volume of about 528 MUs in GDAM in February 2025, 24% less than the previous month.

The average trade price in IEX-GDAM for January 2025 is INR 4.82/kWh.

Figure 5.1: GDAM Traded volume and Price Trend

Source: IEX, JMK Research

Module Price Trends

Comparing on a m-o-m basis, the price of global mono PERC modules has remained the same in February 2025.

Figure 6.1: Solar Modules Price trends

Source: PVInfoLink, JMK Research

Comparing on m-o-m basis, the prices for domestic modules remained same in February 2025.

Fig 6.2: Average Prices for Domestic Modules

Source: JMK Research

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

Key Market Updates

Solar Manufacturing

Premier Energies to pause US solar cell facility plans amid policy uncertainty

• Amid President Trump’s order of pause on Biden–era green policies, Premier Energies will put on hold to build a 1 GW solar cell manufacturing facility in the US.
• The JV between Heliene and Premier was formed in July 2024 to build US-based solar cell manufacturing facility to capitalize on incentives and tax credits for domestic clean energy manufacturing under the Inflation Reduction Act (IRA).

Solex announced commissioning of 800 MW solar module manufacturing line

• Solex has announced the commissioning of its 800 MW solar module manufacturing line for mass production of n – type, regular cell Tapi–R series modules ranging from 585 Wp to 625 Wp.
• The line operates 30% faster than other product lines in India, ensuring better efficiency and less lead time.
• The facility includes Artificial Intelligence (AI) and automated optical inspection (AOI).

Tata Power installed 4.3 GW solar manufacturing facility in Tamil Nadu

• Tata Power Renewable Energy has inaugurated a 4.3 GW solar cell and module manufacturing facility in Tirunelveli, Tamil Nadu, making it India’s largest single-location solar manufacturing plant.
• The facility features advanced TOPCon and Mono PERC technologies to cater to India’s rising renewable energy demand.

India’s solar cell capacity is expected to reach 55 GW by FY2027

• India’s solar cell manufacturing capacity is projected to reach 50–55 GW by FY2027, a five-fold increase from 10 GW at the end of FY2024.
• According to a rating agency, the Indian government has mandated the use of cells from its approved list of manufacturers for open access and net metering projects, as well as for projects where it provides support or acts as a counterparty. These regulations have spurred cell capacity expansion announcements totaling 45–50 GW, raising India’s overall solar cell manufacturing capacity to 55 GW within the next two fiscal years.

Rayzon Solar supplies 280 MWp of solar modules to Mahindra Susten’s PV project

• Rayzon Solar has secured a contract to supply 280 MWp of its TOPCon (Tunnel Oxide Passivated Contact) solar panels to Mahindra Susten.

Renewsys collaborates with Radiance Renewables to supply solar modules

• RenewSys has signed a contract with Radiance Renewables to supply 72.5 MWp of its 590 Wp TOPCon glass-to-glass solar modules, with delivery scheduled by March 2025.

Gautam Solar to achieve 3.2 GW capacity with its new production lines in Haryana

• Gautam Solar is setting up 2 production lines at its solar module manufacturing facility in Bhiwani, Haryana, which will increase its manufacturing capacity to 3.2 GW by March 2025.

India exports PV modules to the US worth INR 756.08 million

• India’s solar PV module exports have grown steadily in recent years. In FY 2021-22, exports were valued at around $83 million, rising to $1,969 million in FY 2023-24. By November 2024 (FY 2024-25), India had already exported PV modules worth $782 million.
• The USA is the largest buyer of Indian solar PV modules, with India’s share in U.S. solar PV imports increasing from 2.2% in 2021 to 9% in 2023. While China remains the top global PV module exporter, Vietnam, Thailand, Malaysia, and Cambodia account for over 75% of the USA’s annual solar PV imports

Emmvee Energy plans to set up a solar manufacturing plant in Karnataka

• Emmvee Energy is planning to invest INR 15,000 crore in phases to establish a solar manufacturing plant in Karnataka.
• Initially, the company will invest INR 5,000 crore to set up a facility with a 5 GW power generation capacity and has requested allocation in the Bengaluru IT Investment Region (ITIR) for the project.

Grew Solar is set to establish a PV manufacturing facility in Madhya Pradesh

• Grew Solar plans to establish a three-stage backward-integrated solar module manufacturing unit in Madhya Pradesh with an investment of INR 3,000 crore.
• Situated in Narmadapuram, near Bhopal, the facility will cover 60 acres and have an annual production capacity of 3 GW for ingots, wafers, and cells.

Vikram Solar Scales up manufacturing capacity to 4.5 GW

• Vikram Solar expanded its manufacturing capacity to 4.5 GW with a 1 GW addition at its Falta facility in West Bengal.
• The company also upgraded its Oragadam facility in Chennai, Tamil Nadu, to support the production of advanced solar module technologies, including TOPCon and HJT.

Jakson Engineers delivers 100 MW solar PV modules to GIPL

• Jakson Engineers has supplied 100 MW of solar PV modules to Gujarat Industries Power Co. Ltd (GIPCL) for their 2,375 MW Renewable Energy Park in Khavda, Gujarat.
• The company delivered around 1,90,000 units of Helia Plus PERC bifacial solar panels.

Waaree Energies bags order for supply of 410 MW solar modules from Aditya Birla Renewables

• Waaree Energies has secured order for supplying 410 MW of n – type TOPCon bifacial solar modules to Aditya Birla Renewables for projects in Gujarat, Rajasthan and Maharashtra.
• Waaree Energies will manufacture and supply n -type TOPCon glass – to – glass modules rated at 585 Wp.

Tata Power secures order for supply of 292.5 MWp solar modules from SECI

• Tata Power’s solar manufacturing arm, TP Solar has secured an order for supplying 292.5 MWp solar modules to Solar Energy Corporation of India (SECI).
• The order is worth Rs 632 crore and is awarded under CPSU Scheme Tranche – III.
• The modules supply order is for Ramagiri site in Andhra Pradesh.

Waaree Energies wins order for supplying 362.5 MWp solar PV modules

• Waaree Energies bags one-time order for supplying solar PV modules of 362.5 MWp capacity in FY26.
• The order was from a domestic entity, the name of which is not disclosed.

GP Eco Solutions signs MoU with Madhya Pradesh Government to set up manufacturing facilities

• GP Eco Solutions India will set up manufacturing facilities for 5 GW for solar panels and 2 GW cells in Madhya Pradesh, under the Memorandum of Understanding with the government of Madhya Pradesh.
• GP Eco Solutions will invest INR 1,000 crore by end of FY2028 for solar infrastructure in Madhya Pradesh.

Teerth Gopicon to invest INR 1,500 crore in solar infrastructure in Madhya Pradesh

• Teerth Gopicon will invest INR 1,500 crore in setting up 3 GW of TOPCon solar cell and module manufacturing facility in Madhya Pradesh.
• A Memorandum of Understanding (MoU) has been signed with Madhya Pradesh Government.

Micromax Informatics launches a new venture for solar panels in India

• Micromax Informatics announced its entry into the renewable energy sector with a new venture to manufacture solar panels in India.
• The venture will specialize in producing high-efficiency solar panels for residential, commercial, and industrial use.

Green Hydrogen

Indian Railways to develop India’s first Hydrogen train

• Kerala’s Kochi Green Hydrogen Valley project is expected to see total capex investments of INR 18,542 crore, with INR 4,166 crore allocated for electrolyser and ammonia plants and INR 12,687 crore for renewable energy (RE). Additional investments include INR 669 crore for pilot phases and INR 5,130 crore for scale-up, excluding renewable energy costs.
• The project will require INR 731 crore in government funding for infrastructure and assessments. A green hydrogen subsidy between INR 1,055 and INR 2,908 crore will be needed to bridge the viability gap in phase-II and phase-III.

Himachal Pradesh to set up North India’s first Green Hydrogen Plant

• Himachal Pradesh Power Corporation Limited (HPPCL) in collaboration with Oil India Limited (OIL) is jointly setting up 1 MW green hydrogen plant in Dabhota, Solan.
• The total estimated cost of the project is Rs 9.04 crore.

NGEL collaborates with Bharat Light & Power to work in the green hydrogen space

• NTPC Green Energy and Bharat Light & Power have partnered to collaborate in the green hydrogen sector.
• The MoU between NGEL and BLP focuses on exploring the off-take of green hydrogen and its derivatives from NGEL and its affiliates for third-party distribution

Waaree is set to establish a 300 MW electrolyser facility in Gujarat

• Waaree Group has begun constructing its alkaline electrolyser manufacturing facility in Valsad, Gujarat. Initially, the facility will operate with a production capacity of 300 MW.\
• It will serve industries including steel, refining, transportation, fertilizers, chemicals, food, and power generation, supporting their shift toward decarbonized processes.

Gujarat is ready to become the national hub of green hydrogen

• Gujarat is set to become a national hub for green hydrogen production, which is generated through water electrolysis using renewable energy, resulting in significantly lower greenhouse gas emissions than conventional energy sources.
• With a strong port infrastructure and a well-developed LNG pipeline network, the state government has set an annual production target of 30 lakh metric tonnes of green hydrogen.

BGR Tech collaborates with Elchemtech for PEM water electrolyser

• BGR Tech has signed a Memorandum of Understanding to introduce Elchemtech’s advanced proton exchange membrane water electrolyser in India.
• BGR Tech will integrate these electrolysers in its balance – of – plant (BoP) for projects in India.

SECI issues proposals for setting up of green hydrogen hubs in India under National Green Hydrogen Mission

• SECI issues a tender for selection of Executing Agency (EA) for setting up of Hydrogen Hubs under National Green Hydrogen Mission.
• The EA shall complete the Project before 31st March 2026, which shall be Scheduled Commissioning Date (SCD) of the Project.

Advait Energy signs MoU with Haryana City Gas Distribution Limited to set up 2000 MTPA Green Hydrogen Plant

• Advait Energy Transitions Limited (AETL) signs an offtaker MoU with Haryana City Gas Distribution Limited to establish 2000 MTPA Green Hydrogen Plant.
• AETL will supply 15 MW alkaline – based electrolysers and provide turnkey Engineering, Procurement and Construction (EPC) solutions along with Balance of Plant (BoP) systems and O&M for one year post – commissioning.

Avaada collaborates with Switzerland’s Casale to set up green ammonia plant in Odisha

• Avaada group has partnered with Casale to develop 1500 tons per day (tpd) green ammonia plant in Gopalpur,Odisha.
• The plant will be powered entirely by renewable energy, utilizing Casale’s advanced ammonia production technology for a carbon- free process.

NTPC and Indian Army sign PPA for solar-hydrogen microgrid in Chushul

• NTPC and Indian Army have signed a PPA (Power Purchase Agreement) for 25 years to sell 200 kW renewable.
• Energy round–the–clock (RE-RTC) power from Solar-Hydrogen based microgrid in Chushul, Ladakh.
• The Solar–Hydrogen microgrid will replace the Army’s existing diesel generators, thus eliminating fossil fuel logistics.

India and EU reinforce commitment to clean energy technologies

• India and the European Union have reinforced their commitment to clean energy technologies during the second EU – India Trade and Technology Council (TTC) meeting.
• A joint research initiative, with a budget of EUR 60 million will drive advancements in 3 key areas: electric vehicle battery recycling, marine plastic waste reduction and waste – to – hydrogen technology.

Storage

Inverted to establish a 5 GWh battery plant in Rajasthan

• Inverted to establish fully automated battery plant in Ghilot, Rajasthan. The plant will have annual production capacity of 5 GWh.
• The company will invest INR 100 crore for the project development.
• The facility, built over four acres, will produce battery solutions for four-wheelers, light commercial vehicles and battery energy storage systems.

India’s battery storage to reach 66 GW by 2032 with an investment opportunity of INR 5 lakh crore

• India’s battery energy storage system (BESS) market is projected to expand from less than 0.2 GW to 66 GW by 2032.
• There is an investment opportunity of INR 5 lakh crore in the sector.

Odisha drafts Pumped Storage Projects Policy (PSP) 2025

• To promote Renewable Energy, the Odisha Energy Department has drafted Odisha Pumped Storage Projects (PSP) Policy 2025.
• The policy aims to attract investments and accelerate clean energy adoption.
• The policy will provide detailed Standard Operating Procedures (SOPs) and operational guidelines for PSPs.

Other Market Updates

Rajasthan announced 150 units of free monthly electricity under PM Surya Ghar Yojana

• The Rajasthan Government has announced 150 units of free monthly electricity , under CM Free Electricity Program.
• The government will also install community rooftop solar projects for low – income groups.

MoP evaluates India’s Power Distribution Utilities Performance

• The 13th Annual Integrated Rating and Ranking of Power Distribution Utilities assesses 63 power distribution companies based on their financial and operational performance.
• 32 utilities achieved less than 15% AT&C losses.
• Overall billing efficiency showed slight improvement to 86.9%.
• Collection efficiency reduced to 96.4%, showing 1.2% decline.
• The ACS and ARR gap has also showed reduced.

8.46 lakh households benefitted under PM Surya Ghar: Muft Bijli Yojana

• As on January 2025, 8.46 lakh households have been benefitted by PM Surya Ghar: Muft Bijli Yojana.
• Around 45% of the households are receiving zero electricity bill, with Gujarat and Maharashtra being major beneficiaries of the scheme.
• As per Central Financial Assistance, total of Rs 4,308.66 crore has been released to 5.54 lakh residential customers.

Fund allocation for PM KUSUM witnesses consistent increase

• PM KUSUM witnessed consistent increase in funding over last 4 years – from Rs 406.04 crore in FY2021–22 to Rs 1,961.39 crore in FY2024-25.
• Gujarat and Maharashtra were among the states witnessing consistent increase, with Gujarat having a fund allocation of Rs 47.96 crore and Maharashtra with Rs 1,153 crore in FY2024-25 (as on Jan 2025).
• Jharkhand, Karnataka, Punjab, Mizoram, Rajasthan and Uttarakhand were also among the states witnessing this jump

Government has allocated INR 260 billion for the Clean Energy Sector

• The Union Minister for Finance and Corporate Affairs has issued Budget for FY2026. The highlights of the budget are as follows:
• National Manufacturing Mission announced to support production of Solar PV cells, EV batteries, motors and controllers, electrolysers, wind turbines, high voltage transmission equipment and grid -scale batteries.
• The comparison between the previous and current allocated budget and duties are mentioned below:

Policies and Regulations

Central Level Regulatory Updates

State Level Regulatory Updates