Monthly RE Update – July 2025 - JMK Research & Analytics

Monthly RE Update – July 2025

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

Monthly RE Update July 2025 – Tenders Issued

New RfS Issued: About 7,250 MW of RE tenders was issued in July 2025 under the project development category.
Gujarat Urja Vikas Nigam Ltd (GUVNL) and Maharashtra State Electricity Distribution Co Ltd (MSEDCL), both have invited bids for the development of 2000 MW/4000 MWh Standalone BESS projects each.
EPC: About 3233 MW of EPC tenders were issued in July 2025.
SJVN issued a 951 MW distributed solar EPC tender across 4 districts in Maharashtra.

Auctions Completed

In July 2025, a total of about 1,200 MW of renewable capacity and 625 MW of BESS capacity was allocated to various RE developers.
NHPC’s Solar with ESS tender contributed over 60% of the total capacity awarded, with all winning bids settling at a competitive tariff of INR 3.13/kWh, reflecting aggressive market participation.
SJVN’s 375 MW/1500 MWh Standalone BESS tender in Uttar Pradesh saw winning bids of INR 3.59 lakh/MW/month from Patel Infrastructure and Enerica Infra 3 under the fixed monthly tariff model.
NVVN’s 250 MW/1000 MWh Standalone BESS tender was the first to place charging under developer scope, with per-unit bids discovered at INR 6.64–6.65/kWh.
ACME Cleantech Solutions won SECI’s 75 KTPA green ammonia auction in Odisha at a record tariff of INR 55.75/kg under the SIGHT scheme, the lowest bid yet.
Abu Dhabi-based Ocior Energy secured HPCL’s 5 KTPA green hydrogen tender, offering to supply 5,000 t/year of green hydrogen at INR 328/kg (excluding GST), under a 25‑year BOO structure
These deals highlight India’s aggressive push into clean hydrogen and ammonia supply, with energy pricing now hitting benchmarks previously unseen in national tenders.

Installed Capacity

From January to June 2025, about 18,383 MW of Solar and 3,511 MW of Wind capacity were added in the country, taking the cumulative RE capacity to ~234 GW.
In June 2025, a total of 5,796 MW of solar and wind capacity was added—a monumental 85.5% increase compared to the previous month, and 300% year-on-year.

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

In June 2025, Rajasthan added the highest Utility-Scale Solar capacity of about 2,383 MW, followed by Gujarat (1,257 MW), and Maharashtra (727 MW).
Gujarat installed the highest rooftop solar capacity of 101.5 MW this month, followed by Andhra Pradesh with 73.2 MW.
Gujarat installed the highest wind installations, with a capacity of about 191.9 MW, followed by Karnataka, with about 109 MW.

Monthly RE Generation

In July 2025, Renewable energy sources generated 27,302MUs which is about 5.02% higher than the RE generation in June 2025.
In July 2025, wind energy generation increased by about 12% compared to the previous month’s generation data whereas solar energy generation decreased by 3.6%, attributed to the prevailing weather conditions due to ongoing southwest monsoon in India.

Investments/Deals

In July 2025, a total of about US$1,749 Million in investments were made in the RE sector in India. The key investments during the month were:

AM Green BV will acquire 17% stake in Greenko Energy Holdings for US$ 1280 million. This equity will be bought from Orix Corp. Post transaction, AMG, along with its promoter group, will own 25% stake in Greenko.
NLC India secured a US $100 million debt financing from Sumitomo Mitsui Banking Corporation (SMBC), earmarked to support capital expenditure across its renewable energy portfolio via group subsidiaries.

GDAM Traded Volume

The IEX traded a total volume of about 996 MUs in GDAM in July 2025, about 6.1% higher than the previous month.
The average trade price in IEX-GDAM for July 2025 is INR 4.38/kWh.

Module Price Trends

Global Module Price Trend

Comparing on a m-o-m basis, the price of global TOPCon modules decreased by 2.22% in July 2025.

Average Prices for Domestic Modules

Comparing on m-o-m basis, the prices for domestic modules in July are:

Key Market Updates

Solar Manufacturing

H&H Aluminium sets up India’s largest solar panel frame plant with an annual capacity of 24,000 metric tonnes in Rajkot
True Power begins construction of 1 GW solar panel plant in Uttar Pradesh
Bluebird Solar expanding PV module capacity to 2.5 GW by October
SAEL to invest US$ 983 million in 10 GW manufacturing facility in Noida
RenewSys plans to ramp up encapsulant capacity to 30 GW by 2025
Reliance to begin solar cell manufacturing by next quarter
Waaree Solar Americas secures 500 MW solar module order
AlpexSolar bags 300 MW PV cell deal with TP Solar

Green Hydrogen

Storage

JSW signs BESPA with RUVNL for 250 MW/ 500 MWh BESS
Narada Power to supply liquid-cooled energy storage system in India
ACME Solar places 3.1 GWh BESS order: largest order in India yet
ProstramInfo Systems to establish 1.2 GWh BESS manufacturing facility in Haryana
India targets 74 GW BESS, 50 GW PHS capacity by 2032
Kerala inaugurates first Grid Energy Storage System at Trivandrum
Global push for grid-forming storage needs US$ 1.2 trillion investment by 2034
Andhra Pradesh cancelled 2 pumped hydro projects at Adani Green Energy

Other Market Updates

SECI reaches 60 GW green energy milestone
Major INR 14,147 crore transmission push to evacuate solar from key zones
300 MW solar plant sealed in Khandwa by district administration
India achieves 50% non-fossil fuel power capacity five years ahead of target
India’s first offshore wind transmission project: Gujarat launched INR 6,900 crore green energy corridor
India completes 48 GW inter-state transmission network for renewable energy, says central ministry

Policies and Regulations

Central Policies and Regulations

State Policies and Regulations