Monthly RE Update_January 2026

Monthly RE Update – January 2026

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Monthly RE Update January 2026

Tenders Issued

New RfS Issued: Over 5,905 MW of RE tenders were issued in January 2026 under the project development category.
RSDCL has floated a tender to set up 2,450 MW Solar with ESS project in Rajasthan.
EPC: Over 1,256 MW of EPC tenders were issued in January 2026.
SECI has issued a tender for EPC contractors to develop 700 MW of Solar Project in Gujarat, which was awarded to JSW Neo Energy under SECI Tranche XIII at a tariff of INR 2.56/kWh.

Auctions Completed

In January 2026, a total of about 1,200 MW of solar with ESS capacity was allocated to various RE developers under the project development category.
SECI’s 1200 MW Solar with ESS tender was awarded to NLC India Renewables (600 MW), RPIL Power Three (300 MW), Engie India (200 MW) and Oriana Power (100 MW). The discovered tariff ranged from INR 3.12/kWh to INR 3.13/kWh.

Installed Capacity

In Calendar Year 2025 (Jan-Dec), about 37,900 MW of solar and 6,300 MW of wind capacity were added in the country, taking the cumulative RE capacity to 258 GW.
Compared to CY2024, solar capacity increased by 54.7%, while wind installations recorded a significant increase of 85.3%, driven by the commissioning of long-pending tenders and faster execution ahead of the ISTS waiver deadline.
In December 2025, solar and wind capacity additions totalled 3,487 MW, representing a 5.3% increase compared to the previous month.

State-wise utility-scale solar and wind installed capacity in December 2025

In December 2025, the top three leading states, Rajasthan, Maharashtra, and Gujarat accounted for 80% of the total installed utility-scale solar capacity.
Maharashtra also installed the highest rooftop solar capacity of 211 MW this month, followed by Rajasthan with 81 MW and Gujarat with 9 MW.
Of the 42 MW total capacity installed under the off-grid solar segment, Maharashtra emerged as the leader with a contribution of 35 MW.
Gujarat added the highest wind installations, with a capacity addition of about 183 MW, followed by Karnataka (110 MW) and Tamil Nadu (61 MW).

Monthly RE Generation

In January 2026, renewable energy sources generated 22069.17 MUs, reflecting an increase of about 21% compared to December 2025.
In January 2026, wind generation recorded an increase of around 39% compared to the previous month due to strong seasonal winter winds, whereas solar generation increased by 4.32% over the same period.

Investments/Deals

In January 2026, a total of about US$ 2,093 million in investments were made in the RE sector in India. The key investments during the month were:
- ReNew Energy Global raised US$600 million via its first corporate dollar green bond issuance through GIFT City’s IFSC, with proceeds primarily earmarked to refinance existing debt at lower cost.
- Waaree Renewable Technologies acquired a 55% stake in Associated Power Structures Limited for US$ 133.5 million, while Inox Neo Energies acquired 250 MWp of operational solar assets from Sunsource Energy for ~US$ 111 million, with an option to add 50 MWp.

GDAM Traded Volume

The IEX traded a total volume of about 808 MUs in GDAM in January 2026, slightly increased with levels observed in the previous month.
GDAM dominated green power trading in January 2026, contributing over 94% of total green market volumes, while other green segments accounted for only marginal volumes.
The average market clearing price in IEX-GDAM for January 2026 stood at INR 4.06/kWh.

Module Price Trends

Global Module Price Trend

Comparing on a month-on-month basis, the price of global TOPCon modules has increased by 4.5% compared to December 2025. Meanwhile, the prices of M10 TOPCon cells have recorded a significant increase by around 22.2% compared to December 2025.

Average Prices for Domestic Modules

Comparing on m-o-m basis, the prices for domestic modules in January 2026 registered a substantial increase as compared to previous month:

Mono PERC 500 Wp – INR 15.93 /Wp
TOPCon Modules – INR 16.36 /Wp
The price for DCR TOPCon Modules was INR 27.44/Wp in January.

Key Market Updates

Solar Manufacturing

Fujiyama Power Systems Limited commissioned a 1 GW solar cell manufacturing plant at Dadri in Uttar Pradesh.
Mayureshwar Solar Energy Pvt Ltd has commissioned a 600 MW solar module manufacturing facility in Dhule, Maharashtra.
Premier Energies Ltd has commissioned a 400 MW solar photovoltaic cell manufacturing facility at its E-City plant in Maheshwaram, Telangana.
Tata Power Renewable Energy Ltd (TPREL) has announced a INR 6,675 crore investment to establish a 10 GW ingot and wafer manufacturing facility, located in Nellore, Andhra Pradesh.
Premier Energies has announced an investment of ~INR 11,000 crore to add 7.4 GW of solar cell and 6 GW of module manufacturing capacity across Andhra Pradesh and Telangana.
LNK Energy has announced an INR 10,000 crore investment to establish a 6 GW fully integrated solar manufacturing facility, spanning ingot, wafer, cell, and module production in Maharashtra.
Alpex Solar Ltd has received a solar module supply order worth approximately INR 215 crore (~US$ 25.9 million) from an industrial buyer.
Saatvik Green Energy Ltd (via its subsidiary Saatvik Solar Industries) secured two orders worth INR 13.80 crore and INR 10.15 crore to supply solar PV modules to an independent power producer.
Solex Energy has secured a solar module supply order worth INR 2.76 billion from an independent power producer.
Waaree Energies Ltd has won an order to supply 210 MW of DCR solar modules to an Indian renewable energy developer.
GREW Solar has secured a INR 2,028 crore order to supply 1,464.5 MW of solar modules to NTPC Renewable Energy.

Rooftop Solar

SECI, NDMC sign MoU to solarise 244 municipal buildings across Delhi
Kosol Energie inks 360 MW microinverter deal with Hoymiles for Andhra Pradesh rooftop solar project
Tata Power reports five-fold increase in Rooftop Solar installations

Green Hydrogen

Onix Renewable signs MoU with Gujarat Government for INR 10,000 crore green ammonia facility and solar projects
Uniper and AM Green sign major long-term green ammonia offtake pact
Concord Control Systems’ arm wins INR 47 crore NTPC order for green hydrogen locomotive
ACME Group to set up 200 KTPA green methanol plant in Odisha

Energy Storage

Power Mech Projects receives BESS order worth INR 3,125 crore from WBSEDCL
Pace Digitek secures INR 943.5 million BESS contract from BSNL
DDev Plastiks enters BESS manufacturing, plans 5 GWh plant in Ahmedabad
Nash Energy commissions 2 GWh battery pack manufacturing line in Karnataka
L&T secures EPC contract for 3000 MW Pumped Storage project in Maharashtra
Madhya Pradesh cabinet approves 800 MW solar-plus-storage projects in Rewa
GoodEnough Energy starts production at 7 GWh battery storage factory in Noida
ChemVolt Global plans 5 GWh Lithium-Ion Cell Gigafactory in Andhra Pradesh
Grid India proposes mandatory grid-forming capability for BESS projects above 50 MW

Other Market Updates

POWERGRID commissions 8.1 GW inter-state transmission system in Rajasthan

Policies and Regulations

Central Policies and Regulations

State Policies and Regulations

Monthly RE Update – January 2026