NHPC Invites Bids for 1.2 GW Solar Projects in Uttar Pradesh

REMCL Issues RfS for Supply of 1 GW Round-the-Clock Renewable Power

Funding and M&A Roundup: CleanPeak Energy Raises $328 Million

Project Finance Brief: Exus Secures $300 Million for Solar-Wind Portfolio

Odisha Identifies 45 Pumped Storage Project Sites, to Issue Guidelines Soon

APTEL Upholds Ruling Against Wind Developer’s Power Injection Claim

NTPC Floats O&M Tender for 97 MW Ground-Mounted and Floating Solar Projects 

MNRE Says Solar Projects Set Up to Charge ESS Not Exempt from ALMM

Use of ALMM-listed Solar Cells Mandatory a Month After List Publication

Higher Solar Module Sales Drive Waaree Energies’ Income Up 31% in Q1 FY26


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					</table><p><a href="https://www.remcltd.com/" target="_blank" rel="noopener">REMCL</a>, a joint venture between the <a href="https://indianrailways.gov.in/" target="_blank" rel="noopener">Ministry of Railways</a> and <a href="https://www.rites.com/" target="_blank" rel="noopener">Rail India Technical and Economic Service,</a> has issued a request for selection (RfS) for the supply of 1,000 MW of round-the-clock (RTC) power from grid-connected renewable energy power projects, with or without storage.</p>
<p>Bids must be submitted by August 25, 2025. Bids will be opened on August 27.</p>
<p>Bidders must furnish a tender fee of ₹1 million (~$11,516) and an earnest money deposit of ₹980,000 (~$11,286).</p>
<p>Bidders must also submit a performance bank guarantee of ₹2 million (~$23,032).</p>
<p>The projects can be located anywhere in India. The renewable energy generation components, along with an energy storage system installed, if any, may be located anywhere. They can be co-located or located at different locations.</p>
<p>The different components of RTC, solar, wind, and hydro must be connected different interstate transmission system substations.</p>
<p>Only commercially established and operational technologies may be used to minimize the technology risk and to achieve the timely commissioning of the projects.</p>
<p>Bidders must set up renewable power projects with or without storage, including the dedicated transmission network up to the interconnection and delivery point, at their own cost.</p>
<p>All approvals, permits, and clearances required for setting up the project or the dedicated transmission network up to the interconnection/ delivery point (including connectivity) will be the responsibility of the selected bidders.</p>
<p>Bidders will install, operate, and maintain the projects to supply energy in an RTC manner with an annual availability of 75% of the project for the first three years and 85% for the rest of the contract period.</p>
<p>A single bid for any quantum between (and including) 100 MW to 1,000 MW are allowed. The maximum capacity to be allocated will not exceed 1,000 MW.</p>
<p>Bidders are allowed to supply any surplus power from renewable energy sources in excess of contracted capacity to any third party or power exchange.</p>
<p>The net worth of the bidders should be at least ₹30 million (~$345,437)/ MW.</p>
<p>Earlier this month, REMCL <a href="https://www.mercomindia.com/remcl-floats-tender-for-3-mw-solar-project-in-noida" target="_blank" rel="noopener">issued</a> a tender to implement a 3 MW solar project at the Dedicated Freight Corridor Corporation of India complex in Noida, Uttar Pradesh.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of tender activity in real-time.</p>



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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-cleanpeak-energy-raises-328-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>CleanPeak Energy, an Australia-based renewables developer and operator, has </strong><a href="https://mercomcapital.com/cleanpeak-energy-raises-328m-kkr-distributed-energy-platform/" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a definitive agreement with KKR, a global investment firm, under which funds managed by KKR commit A$500 million (~$328 million) in funding. </strong>The transaction is expected to close in the second half of 2025, subject to customary regulatory approvals. This funding is expected to support the growth and development of a pipeline of distributed solar, battery storage, and microgrid solutions for Australia’s commercial and industrial sector.</p>
<p><strong>NOVONIX, a battery materials and technology provider, </strong><a href="https://mercomcapital.com/novonix-secures-up-to-95-million-through-convertible-notes-agreement/" target="_blank" rel="noopener"><strong>entered</strong></a><strong> into a definitive funding agreement with Yorkville Advisors Global to secure up to $95 million</strong>. In exchange, the company is expected to issue up to $100 million of its unsecured convertible debentures to Yorkville under the terms of a multi-tranche funding agreement. These convertible notes are expected to provide the company with additional capital to continue building its Riverside facility in Chattanooga, Tennessee.</p>
<p><strong>Lyten, a lithium-sulfur battery developer, has <a href="https://mercomcapital.com/lyten-raises-over-200-million-in-equity-funding/" target="_blank" rel="noopener">secured</a> over $200 million in additional equity investment, </strong>bringing the total investment in Lyten to date to over $625 million. The company&#8217;s existing investors primarily provided additional funding. The funding will be used to support the company’s ongoing acquisition strategy and expansion plans in both the U.S. and Europe. Additionally, the company has acquired the rights to Northvolt&#8217;s energy storage products, Voltpack Mobile Systems, Voltrack, and future BESS products currently in development.<strong> </strong></p>
<p><strong>Treaty Oak Clean Energy, an independent power producer, <a href="https://mercomcapital.com/treaty-oak-clean-energy-secures-300-million-corporate-credit-facility/" target="_blank" rel="noopener">announced</a> the closing of a $300 million senior secured corporate credit facility</strong>. Proceeds from funding will support the company&#8217;s strategic growth objectives, providing essential capital for interconnection and offtake letters of credit, equipment procurement, and general corporate expenses to advance its project pipeline. Treaty Oak is a Macquarie Asset Management portfolio company, operating on a stand-alone basis with a pipeline that includes 17.3 GW of utility-scale solar, wind, and BESS projects diversified across the major power markets within the U.S.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-giga-green-secures-35-million" target="_blank" rel="noopener">roundup</a>.</p>



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					</table><p>Odisha’s <a href="https://energy.odisha.gov.in/" target="_blank" rel="noopener">Energy Department</a> has released the ‘Odisha Pumped Storage Projects (PSP) Policy’, identifying 45 potential PSP sites for implementation. Such PSPs will be considered state-identified sites.</p>
<p>Through this policy, the state aims to promote the development of pumped storage hydro projects and facilitate the smooth integration of renewable energy into the grid.</p>
<p>The Odisha government will issue operational guidelines in the next 15 days.</p>
<p>All state-identified projects will be allocated through the following route:</p>
<ul>
<li>On nomination basis to Central Public Sector Undertakings (CPSU) or State Public Sector Undertakings (SPSU) after consideration of technical and financial capabilities to execute the projects. The prevailing regulations will guide the procurement of power by the Grid Corporation of Odisha (GRIDCO) or distribution companies (DISCOMs) from such projects</li>
<li>Through a competitive bidding process where bids must be invited based on revenue shared/unit of net energy sent out or any other parameter as decided by the nodal agency, subject to a threshold as decided by it</li>
<li>Through a tariff-based competitive bidding (TBCB) mechanism based on a composite tariff where the developer arranges input power or a tariff for storage on an MWh basis, where the procurer of the storage arranges the input power</li>
</ul>
<p><strong>Bidding Criteria</strong></p>
<p>Unless a project is awarded on a nomination basis, the nodal agency or any other process coordinator nominated by the nodal agency will undertake a transparent, competitive bidding process to select the developer for the state-identified projects.</p>
<p>Where bids are not invited under the TBCB mechanism, they will be invited for revenue shared/unit of net energy sent out, or viability gap funding (VGF) required, or any other parameter as decided by the nodal agency.</p>
<p>The projects are eligible for VGF or any financial support from the central and/or state government. However, projects set up for captive consumption/third-party sale will not receive any VGF from the state government.</p>
<p><strong>Self-Identified Off-Stream Projects</strong></p>
<p>Private developers may, on their own, identify suitable sites for off-stream PSPs that are not registered as state-identified projects by the nodal agency.</p>
<p>The nodal agency will notify the date of the window opening for applications for the registration of self-identified off-stream PSPs from all developers, one month after the publication of the operational guidelines.</p>
<p>If multiple developers apply for the same project site, a competitive bidding process will be conducted. In this case, the revenue share for the energy sent out (in kWh) will serve as the basis for selecting a successful bidder. The base revenue share for competitive bidding will be ₹0.1 (~$0.0012) with an escalation of 10% once every five years.</p>
<p>CPSUs and SPSUs will also be allowed to self-identify off-stream PSPs and develop in the same manner as private sector developers.</p>
<p>The nodal agency will process all proposals, including captive PSP proposals, to ensure a uniform approach and single-window processing.</p>
<p>The application must be accompanied by a pre-feasibility report and a non-refundable one-time registration fee of ₹10,000 (~$115)/MW.</p>
<p>Among other details, the pre-feasibility report must include information such as the project location’s layouts and pictures, availability of upper and lower reservoirs, land area requirements, storage capacity of reservoirs, and the estimated potential of the PSP-hydro, including its MW capacity and power-to-energy ratio.</p>
<p>Once the application is approved, the site will be registered with suitable changes and conditions, if applicable. The developer must submit a performance guarantee of ₹200,000 (~$2,302)/MW with a starting validity of two years before the initial allocation.</p>
<p><strong>Sale of Power</strong></p>
<p>For the state-identified projects from which GRIDCO decides to procure the entire saleable power or capacity, the tariff must be determined by the Odisha Electricity Regulatory Commission (OERC), unless the project is awarded through TBCB.</p>
<p>Where a project is awarded on a nomination basis to CPSUs/SPSUs/joint ventures or allotted through competitive bidding (excluding TBCB), the state will have the right of first refusal for up to 80% of the project capacity. The commission will fix the tariff.</p>
<p>For self-identified projects, the state will have the right of first refusal of up to 50% of the project capacity. GRIDCO will be offered 80% of the power generated during the monsoon period (June to September) at the secondary energy rate determined by the Central Electricity Regulatory Commission (CERC) or OERC, when PSPs operate as conventional hydro projects.</p>
<p>If the contracting agency is not fully utilizing the contracted capacity, the developer must transfer the unused capacity to other interested entities, ensuring that resources are not left idle.</p>
<p>This provision of transfer will not apply to captive PSPs. However, such idle capacity can be offered to GRIDCO at a tariff determined by the CERC/OERC.</p>
<p><strong>Incentives</strong></p>
<p>According to the policy, PSPs will be exempt from paying electricity duty and cross-subsidy surcharge on input energy, regardless of the energy source location.</p>
<p>Since water used in PSPs is for non-consumptive purposes, no water cess will be levied on PSPs for either the initial filling of water or the annual refilling of the requisite volume of water allocated by the state’s Water Resources Department. However, the projects will attract water charges.</p>
<p>The developer may be eligible for budgetary support towards the cost of enabling infrastructure from the Ministry of Power, subject to the eligibility criteria.</p>
<p>To reduce costs and enhance PSPs&#8217; acceptance as an energy transition mode, the state government may introduce a program applicable to such projects or energy procured by GRIDCO for DISCOMs.</p>
<p>All projects must be developed in the build-own-operate-transfer model.</p>
<p>The concession period must be 40 years and may be extended by up to 30 additional years, in line with the prevailing rules and regulations, and subject to the state government’s approval.</p>
<p>The projects must be transferred to the state government at the end of the concession period.</p>
<p>Last year, the Ministry of Power <a href="https://www.mercomindia.com/pumped-storage-projects-to-receive-up-to-%E2%82%B920-million-mw-budgetary-support" target="_blank" rel="noopener">modified</a> the provision of budgetary support for hydroelectric and PSP, with a total outlay of ₹124.6 billion (~$1.48 billion). The Ministry will support projects of a cumulative hydroelectric capacity of 31 GW, including 15 GW of PSP capacity from the financial year 2024-25 to 2031-32.</p>
<p>Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.</p>



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					</table><p>Solar module manufacturer <a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Energies’</a> total income for the first quarter (Q1) of the financial year (FY) 2026 rose 31% year-over-year (YoY) to ₹45.97 billion (~$529.19 million) from ₹34.96 billion (~$402.44 million).</p>
<p>The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 83% to ₹11.68 billion (~$134.45 million) from ₹6.39 billion (~$73.55 million) in Q1 FY 2025.</p>
<p>Waaree Energies’ quarterly net profit grew 93% YoY to ₹7.72 billion (~$88.86 million) from ₹4.01 billion (~$46.16 million).</p>
<p>Its earnings per share came in at ₹25.84 (~$0.3) during the quarter compared to ₹14.93 (~$0.17) during the same period the previous year.</p>
<p>Waaree achieved the highest ever quarterly module production of 2.3 GW in this quarter, compared to 1.4 GW in the corresponding quarter last year.</p>
<p>The company’s manufacturing capacity includes 15 GW of solar modules and 5.4 GW of solar cells. It has an order book of approximately 25 GW, worth approximately ₹490 billion (~$5.64 billion).</p>
<p>Waaree stated that it is on track to commission an additional 1.6 GW module manufacturing facility in Texas and 3.2 GW in Gujarat. Green hydrogen, inverter, and battery energy storage system facilities under construction are also on track.</p>
<p>The board of directors has approved an additional capital expenditure of ₹27.54 billion (~$317.02 million) to expand cell capacity by 4 GW in Gujarat and ingot-wafer capacity by 4 GW in Maharashtra.</p>
<p>Waaree maintains its FY 2026 EBITDA guidance of ₹55 billion (~$633.13 million) to ₹60 billion (~$690.69 million).</p>
<p>Waaree Energies <a href="https://www.mercomindia.com/waaree-to-double-texas-solar-module-manufacturing-plant-capacity-to-3-2-gw/" target="_blank" rel="noopener">announced</a> an expansion of its solar module manufacturing operations in the U.S. The company will establish an additional 1.6 GW solar module manufacturing unit at its existing facility in Brookshire, Texas. With this move, Waaree’s total manufacturing capacity in the U.S. will increase to 3.2 GW.</p>
<p>Earlier this year, Waaree <a href="https://www.mercomindia.com/waaree-energies-acquires-enel-india" target="_blank" rel="noopener">entered</a> into a share purchase agreement with Enel Green Power Development to acquire 100% of the share capital of Enel Green Power India for ₹7.92 billion (~$91.73 million). Enel owns a solar and wind projects portfolio totaling 640 MWac (760 MWdc), including operational and projects under development in the country.</p>



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					</table><p>Adani Green Energy (<a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">AGEL</a>) reported a 31% year-over-year (YoY) revenue surge, from ₹25.28 billion (~$291 million) to ₹33.13 billion (~$382 million) in the first quarter (Q1) of the financial year (FY) 2026.</p>
<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹31.08 billion (~$358 million), up 31% from ₹23.74 billion (~$283 million) in Q1 FY 2025. The company also reported a 25% increase in cash profit, which rose to ₹17.44 billion (~$201 million) from ₹13.90 billion (~$166 million).</p>
<p>Earnings per share came in at ₹4.26 (~$0.049) against ₹2.63 (~$0.03) in the previous quarter.</p>
<p>AGEL’s revenue, EBITDA, and cash profit growth were a result of renewable energy capacity addition of 4.9 GW in Gujarat and Rajasthan, and enhanced project performance.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-82493 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.2.png" alt="" width="521" height="289" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.2.png 521w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.2-300x166.png 300w" sizes="(max-width: 521px) 100vw, 521px" /></a></p>
<p>The company operationalized 2,463 MW of solar projects in Gujarat, 1,050 MW in Rajasthan, and 250 MW in Andhra Pradesh. It also commissioned 585 MW of wind and 534 MW of hybrid power projects in Gujarat.</p>
<p>Ashish Khanna, Chief Executive Officer at Adani Green Energy, said, “During Q1 FY 2026, we added 1.6 GW of greenfield renewable energy capacity. Our investments in the massive renewable energy development at Khavda in Gujarat, as well as other resource-rich sites, are delivering results both in terms of superior operational performance and industry-best EBITDA margins.”</p>
<p>AGEL also increased its energy sales by 42% YoY to 10,479 million units, supported by higher capacity additions. The company aims to reach a capacity of 30 GW by 2029.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-82492 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1.png" alt="" width="786" height="412" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1.png 786w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1-300x157.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1-768x403.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1-650x341.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1-624x327.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1-600x315.png 600w" sizes="(max-width: 786px) 100vw, 786px" /></a></p>
<p>AGEL’s solar segment maintained a capacity utilization factor (CUF) of 28% backed by 99.3% project availability. The wind portfolio achieved a CUF of 42.3% at 95.5% project availability, while the hybrid portfolio demonstrated a CUF of 43.9% aided by 98.6% project availability.</p>
<p>In March this year, AGEL <a href="https://www.mercomindia.com/agel-refinances-1-06-billion-loan-for-wind-solar-projects-in-rajasthan" target="_blank" rel="noopener">completed</a> a long-term refinancing of $1.06 billion (~₹92.56 billion) for developing wind-solar projects in Rajasthan. The maiden construction facility features a 19-year tenor, with a fully amortized debt structure aligned with the cash flow lifecycle.</p>
<p>AGEL <a href="https://www.mercomindia.com/adani-green-q4-revenue-up-37-yoy" target="_blank" rel="noopener">reported</a> a revenue of ₹26.66 billion (~$312.88 million) from power supply in Q4 FY 2025, a 37% YoY increase from ₹19.41 billion (~$227.79 million).</p>


Capacity Additions Push Adani Green’s Revenues Up 31% in Q1 2026


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					</table><p>India’s renewable energy landscape has transitioned from standalone solar and wind installations to highly customized hybrid power projects that often include energy storage solutions.</p>
<p>The industry is now examining demand patterns and requesting that renewable energy producers specifically address peak demand, delivering reliable, dispatchable power round-the-clock, with additional customization based on regional or state-specific needs.</p>
<p>As the country aims to reach 500 GW of non-fossil fuel capacity by 2030, hybrid power solutions are being considered a critical tool to ensure firm, dispatchable, and cost-effective clean energy.</p>
<p>At the <a href="https://www.mercomindia.com/event/renewables-summit-2025" target="_blank" rel="noopener">Mercom India Renewables Summit 2025</a>, a panel discussion titled <strong>“Hybrid Power: Strengthening</strong> <strong>Grid Stability and Scaling Renewable Integration”</strong> brought together experts to discuss how combining solar, wind, and storage technologies is helping address India’s growing power demand while improving grid reliability.</p>
<p>The session featured Sanjeev Gupta, Director Technical and Projects at <a href="https://hartek.com/" target="_blank" rel="noopener">Hartek Group</a>; Jonas Dalsgaard, Chief Commercial Officer (Sustainable Energy) at <a href="https://www.howdengroup.com/in-en" target="_blank" rel="noopener">Howden Group</a>; Dhananjay Kumar, Director of Corporate Affairs at <a href="https://engieindia.com/" target="_blank" rel="noopener">ENGIE India</a>; and Sivakumar V. Vepakomma, Director (Power System at <a href="https://www.seci.co.in/" target="_blank" rel="noopener">Solar Energy Corporation of India</a>.</p>
<p>Vepakomma opened the discussion by stating that future power tenders will be entirely hybrid and that the planning process has already shifted in that direction. He explained that tenders are increasingly structured around peak power demand, and the focus is now on designing solutions that provide continuous supply. SECI has begun incorporating demand-based renewable energy design into tender structures, including a higher share of battery storage where required. He emphasized that hybrid projects are no longer an innovation but are becoming the default model for procurement.</p>
<p>He also revealed that SECI has made changes to fast-track the power purchase agreement (PPA) process for hybrid projects by working more closely with power distribution companies to align tender design with their specific peak demand patterns. While the complexity of hybrid projects makes PPA negotiation more involved, power distribution companies are becoming more receptive as these projects offer viable and affordable alternatives to costly thermal power during peak periods.</p>
<p>Kumar highlighted the continued challenge of land acquisition and access to transmission. He explained that while hybrid projects offer the advantage of shared infrastructure, the practical bottlenecks of acquiring land and ensuring timely grid connectivity persist. In many rural areas, land titles are fragmented or unclear, which delays the acquisition process. Kumar noted that developers are now required to secure larger parcels of land, which adds to the complexity and timeline.</p>
<p>He also raised concerns about how regulatory frameworks differ significantly across states, especially when hybrid components like solar and wind are developed at separate sites. These inconsistencies create significant delays in project approvals and permitting.</p>
<p>Gupta pointed out that hybrid projects use transmission assets more efficiently by leveraging the complementary nature of solar and wind generation. Solar and wind energy often peak at different times, helping to smooth output and reduce grid strain. He said that storage adds another layer of reliability by allowing developers to meet peak demand and prevent curtailment. However, Gupta emphasized that developers must start transmission planning early, particularly when hybrid components are located at different sites, to avoid delays and regulatory roadblocks.</p>
<p>He also mentioned the growing relevance of repowering older wind projects. Older turbines already occupy many high-quality wind sites, but they have lower efficiency. Repowering these sites with hybrid systems could significantly boost output and optimize the use of existing grid infrastructure. However, Gupta cautioned that current policies and technical guidelines are not fully supportive of repowering, and this issue needs to be addressed.</p>
<p>Dalsgaard brought an insurer’s perspective to the conversation, explaining that the success of hybrid projects depends not just on technical feasibility, but also on risk management and bankability. He explained that insurance is often a prerequisite for financing and that developers must treat insurance as a strategic function, not a back-office task. He stated that well-structured projects with clear risk allocation are more attractive to insurers and investors. Governments and financiers could even treat insurance as a project quality barometer. If a project cannot secure insurance, it is likely to lack structural resilience or proper governance.</p>
<p>He noted that the insurance market has already adapted to hybrid technologies and has experience managing risks across wind, solar, and battery storage. He encouraged developers to involve insurers early in the project development phase to benefit from the industry’s extensive global knowledge.</p>
<p>Dalsgaard also warned against pushing all risk onto contractors or suppliers, saying that such an approach only adds to project fragility. Instead, he called for transparent and fair risk-sharing among all stakeholders.</p>
<p>Vepakomma discussed how SECI has been refining its tendering process based on past experiences. It learned considerably from earlier efforts to standardize pricing across the country through a concept known as one nation, one tariff. This confusion led state regulators to lack visibility into the central procurement pipeline. SECI has since adopted a three-year rolling procurement block, which allows for better planning, price discovery, and alignment with state-level needs. Vepakomma also mentioned that SECI has begun using empirical formulas in tender evaluations to ensure technology neutrality and fairness in competition.</p>
<p>The panel discussed whether hybrid components should be co-located or developed at separate sites. While co-location simplifies logistics and operations, Kumar explained that site-specific resource availability and state-wise policy differences often make it difficult. Developers must therefore conduct detailed site assessments to determine whether to opt for a co-located or split-site configuration. The lack of grid data transparency also complicates these decisions. Developers often struggle to access real-time data on congestion and available transmission capacity, which affects project design and risk management.</p>
<p>When asked about best practices for developers, the panelists agreed that hybrid projects require early-stage risk assessment, close coordination with authorities, and proactive community engagement. Dalsgaard emphasized that companies demonstrating strong risk governance and transparency are more likely to attract insurance and capital. Kumar noted that in today’s market, delivery matters more than ambition, and companies should focus on execution rather than just signing large order books.</p>
<p>Vepakomma concluded by reaffirming SECI’s commitment to supporting India’s energy transition. He shared that SECI has signed over 60 GW of power purchase agreements and is working to streamline tender processes, further reduce project risks, and support innovation. He added that hybrid projects are no longer just an alternative to fossil fuels, but a scalable, reliable, and necessary part of India’s energy mix.</p>
<p>The panelists agreed that hybrid power is no longer a niche solution. With the right policies, coordination, and planning, hybrid systems are poised to become the foundation of India’s clean energy future.</p>


Hybrid Power Can Play a Central Role in Strengthening Grid Stability


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					</table><p>Sunsure Energy and Enerica Infra 3 <a href="https://www.mercomindia.com/sunsure-and-enerica-bag-nvvns-250-1000-mwh-bess-auction" target="_blank" rel="noopener">won</a> NTPC Vidyut Vyapar Nigam’s (NVVN) auction to set up interstate transmission system-connected 250 MW/1,000 MWh standalone battery energy storage systems (BESS) under the build-own-operate model. Sunsure won 125 MW/500 MWh at a tariff of ₹6.64 (~$0.0768)/kWh. Enerica also won 125 MW/500 MWh at a tariff of ₹6.65 (~$0.076)/kWh. The tender was floated in February this year. The BESS will be eligible for Viability Gap Funding support of up to ₹2.7 million (~$31,598)/MWh or 30% of the capital cost, whichever is lower.</p>
<p>With the growing demand for power from data centers in the country, project developers are increasingly <a href="https://www.mercomindia.com/data-centers-to-become-largest-consumers-of-renewable-energy" target="_blank" rel="noopener">recognizing</a> BESS as a vital component of renewable energy projects in the coming years. At a discussion on “How Industries and Commercial (C&amp;I) Units Are Pursuing Green Growth” held at the Mercom India Renewables Summit 2025 on July 25, 2025, panelists shared their insights on how AI and data centers will drive demand for renewables.</p>
<p>As India aggressively <a href="https://www.mercomindia.com/lack-of-transmission-infrastructure-impacting-power-project-commissioning" target="_blank" rel="noopener">pursues</a> its clean energy goals, the gap between policy ambition and on-ground execution remains a central concern. With a target of 500 GW of non-fossil fuel capacity by 2030, the urgency to build infrastructure, resolve regulatory friction, and fast-track deployment is greater than ever. These issues were explored in depth on the second day of the Mercom India Renewables Summit 2025 during a panel discussion titled “Scaling Renewable Projects: Overcoming Challenges for Timely Execution.”</p>
<p>India’s clean energy ambitions are <a href="https://www.mercomindia.com/india-resilient-domestic-supply-chain-bos-components" target="_blank" rel="noopener">entering</a> a critical new phase. While the solar manufacturing ecosystem has made significant strides, particularly in module production, there is now a growing urgency to diversify and deepen domestic manufacturing across the entire value chain. Components such as storage systems, inverters, and other Balance of System equipment still depend on imports. This introduces vulnerabilities in cost, timelines, and supply chain resilience that could impact the success of large-scale renewable energy deployment.</p>
<p>The Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-releases-%E2%82%B9679-5-million-funding-to-four-hydrogen-valley-clusters" target="_blank" rel="noopener">approved</a> the release of ₹679.5 million (~$7.8 million) as the first tranche of central financial assistance to four Hydrogen Valley Innovation Clusters under the National Green Hydrogen Mission. A hydrogen valley is a specific geographical region where hydrogen is utilized for multiple applications across various sectors, including industry, energy, and mobility. These clusters are designated areas where the use of hydrogen technology is promoted to drive the adoption of hydrogen as a clean and sustainable energy source.</p>
<p>The Chhattisgarh State Electricity Regulatory Commission <a href="https://www.mercomindia.com/cserc-approves-tariffs-for-500-mw-wind-solar-power-procurement" target="_blank" rel="noopener">approved</a> the discovered tariffs ranging from ₹4.64 (~$0.054)/kWh to ₹4.73 (~$0.055)/kWh for Chhattisgarh State Power Distribution Company’s procurement of 500 MW of interstate transmission system-connected wind-solar hybrid energy. It also approved a trading margin of ₹0.07 (~$0.0008)/kWh. The Solar Energy Corporation of India entered power purchase agreements with four hybrid energy developers for 500 GW of hybrid energy for 25 years.</p>
<p>The Maharashtra State Electricity Distribution Company (MSEDCL) <a href="https://www.mercomindia.com/maharashtra-floats-tender-for-2000-mw-4000-mwh-battery-energy-storage" target="_blank" rel="noopener">issued</a> a tender to procure 2,000 MW/4,000 MWh of battery energy storage systems under the build, own, and operate model. The tender includes a viability gap funding provision of up to ₹1.8 million (~$21,690)/MWh, to be disbursed in three stages: 20% at financial closure, 50% on reaching the commercial operation date (COD), and 30% one year post-COD. The storage systems will be deployed across multiple locations near MSEDCL or the Maharashtra State Electricity Transmission Company substations.</p>
<p>Solar module manufacturer Bluebird Solar <a href="https://www.mercomindia.com/bluebird-solar-to-expand-module-manufacturing-capacity-to-2-5-gw" target="_blank" rel="noopener">announced</a> that it will expand its module manufacturing capacity from 1.2 GW to 2.5 GW at its facility in Greater Noida, Uttar Pradesh. The facility is expected to be operational by October this year. Bluebird Solar said the facility will be equipped with fully automated lines and advanced quality control systems. It will produce Approved List of Models and Manufacturers-compliant products certified by the Bureau of Indian Standards and the International Electrotechnical Commission.</p>
<p>Data center company Nxtra by Airtel <a href="https://www.mercomindia.com/nxtra-partners-with-ampin-energy-to-expand-renewable-energy-use" target="_blank" rel="noopener">signed</a> a new power wheeling agreement with independent power producer AMPIN Energy Transition for the supply of 125.65 MW of solar-wind hybrid energy through interstate transmission system-connected projects. The deal will bring the total contracted green energy capacity between the two companies to over 200 MW. According to Ashish Arora, CEO at Nxtra, the company is now powering its digital infrastructure with over 200 MW of renewable energy in partnership with AMPIN.</p>
<p>U.S.-based power producer NextEra Energy <a href="https://www.mercomindia.com/strong-subsidiary-performance-drives-nexteras-2-billion-profit-in-q2-fy-2025" target="_blank" rel="noopener">reported</a> a net income of $2.02 billion in the second quarter (Q2) of the financial year (FY) 2025, a 24.98% year-over-year (YoY) increase from $1.62 billion. NextEra’s earnings per share (EPS) came in at $1.05, up from $0.96 in Q2 FY 2024. The company exceeded the analysts’ EPS expectations by $0.04. Investment gains drove the 9.4% YoY growth in EPS at subsidiaries NextEra Energy Resources and regulated capital growth at Florida Power and Light.</p>


Daily News Wrap-Up: NVVN Announces 250 MW/1,000 MWh BESS Auction Winners


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					</table><p><strong>Saudi Arabia</strong>’s <strong>ACWA Power</strong> <a href="https://fastcompanyme.com/news/acwa-power-signs-major-green-hydrogen-clean-energy-export-deals-with-europe/" target="_blank" rel="noopener">signed</a> a series of agreements and MoUs with European energy leaders, <strong>TotalEnergies </strong>(<strong>France</strong>), <strong>Edison</strong> (<strong>Italy</strong>), and <strong>EnBW</strong> (<strong>Germany</strong>), to establish a green hydrogen and renewable energy export corridor between Saudi Arabia and <strong>Europe</strong>. Additional agreements with <strong>Siemens Energy</strong> aim to develop energy transmission infrastructure to enable clean energy exports. These deals were formalized during the Renewable Energy and Green Hydrogen Export Workshop in Riyadh, organized under the supervision of the <strong>Saudi Ministry of Energy.</strong></p>
<p>The <strong>Public Authority for Housing Welfare (PAHW)</strong> in <strong>Kuwait</strong> has <a href="https://www.zawya.com/en/business/energy/kuwait-renewable-energy-lights-up-south-abdullah-al-mubarak-streets-qdpnwab8" target="_blank" rel="noopener">launched</a> a renewable energy-powered street lighting project in the South Abdullah Al-Mubarak suburb, marking the first such initiative under its portfolio. PAHW is also supervising the construction of 31 public buildings in the suburbs and 186 buildings in other residential areas.</p>
<p><strong>Union Coop</strong> <a href="https://www.tradearabia.com/News/435005/Union-Coop%2C-Positive-Zero-launch-big-Mideast-retail-solar-project" target="_blank" rel="noopener">partnered</a> with <strong>Positive Zero</strong> to launch a large-scale solar energy project, covering up to 30 retail locations in <strong>Dubai</strong> and <strong>Umm Al Quwain</strong> by mid-2026. With a total installed capacity of 17.3 MW, the project is expected to generate approximately 29.23 GWh of clean electricity annually. David Auriau, CEO at Union Coop, said, “Our teams are already working together on the first phase, and by this time next year, we expect clean, renewable energy to be powering all agreed sites.”</p>
<p><strong>Crédit Agricole Egypt</strong> has <a href="https://www.ca-egypt.com/en/news/credit-agricole-egypt-and-infinity-join-forces-to-accelerate-transition-to-solar-energy/" target="_blank" rel="noopener">entered</a> a partnership with <strong>Egypt</strong>-based <strong>Infinity</strong> to make clean-energy solutions more accessible for individual consumers. Through this partnership, Infinity’s consumers can access Crédit Agricole Egypt’s solar loan, which will have repayment terms of up to seven years. The loan will enable individuals to invest in multiple solar products, including solar home solutions for residential clients. Infinity is the largest Egyptian contributor to the 1,465 MW Benban Solar Park. Since 2018, Infinity has installed over 700 electric vehicle charging points across Egypt’s 16 governorates.</p>


MENA Weekly Round-Up: Saudi Arabia Inks Key Pacts on Renewable Energy


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					</table><p>India’s clean energy ambitions are entering a critical new phase. While the solar manufacturing ecosystem has made significant strides, particularly in module production, there is now a growing urgency to diversify and deepen domestic manufacturing across the entire value chain. Components such as storage systems, inverters, and other balance of System (BoS) equipment still depend on imports. This introduces vulnerabilities in cost, timelines, and supply chain resilience that could impact the success of large-scale renewable energy deployment.</p>
<p>These pressing issues were discussed at the  <a href="https://www.mercomindia.com/event" target="_blank" rel="noopener">Mercom India Renewables Summit 2025</a> during a panel titled “<strong>Strengthening India’s Renewable Ecosystem: Manufacturing Key Components Locally.”</strong> The session featured Amod Anand, CEO at <a href="https://www.loomsolar.com/" target="_blank" rel="noopener">Loom Solar</a>; Bhupendra Singh Rawat, CEO at <a href="https://dhashtec.com/" target="_blank" rel="noopener">Dhash PV Technologies</a>; Rahil Mehrotra, General Manager at <a href="https://www.jsw.in/steel" target="_blank" rel="noopener">JSW Steel; </a>and Ajay Shah, Director at <a href="https://www.vishakha.com/" target="_blank" rel="noopener">Vishakha Group</a>.</p>
<p>Priya Sanjay, Managing Director at Mercom Communications India, moderated the session. She opened the discussion by highlighting the imbalance in the domestic manufacturing ecosystem. While solar module production capacity has seen rapid growth, upstream and ancillary components have not kept pace. According to current estimates, India has approximately 30 GW of module capacity; however, the supply of essential materials, such as solar glass, backsheets, encapsulants, and junction boxes, remains limited. This mismatch poses a significant challenge as India aims to achieve 500 GW of non-fossil capacity by 2030.</p>
<p>Anand shared the unique journey of Loom Solar, which has adopted an online-first, direct-to-consumer model focused on underserved and rural markets. Rather than start with capital-intensive manufacturing, the company began by addressing local needs through digital content and education. Loom Solar built its customer base among mobile users such as truck drivers and roadside shop owners, many of whom use compact systems starting from just 40 watts. The company focused on building trust and usability by developing detailed content on installation and product use.</p>
<p>Unlike traditional manufacturers who begin by setting up factories and seeking large institutional orders, Loom Solar created demand first and scaled production based on specific, real-world requirements. Anand noted that the company is now transitioning from low-margin markets to higher-income segments, while continuing to focus on states and regions where major solar players have limited reach.</p>
<p>Anand emphasized that over 90% of Loom Solar’s revenues currently come from non-DCR modules, allowing them to remain insulated from short-term policy fluctuations. However, the company is preparing to expand into the DCR space.</p>
<p>Rawat described the significant pricing and competitive pressures faced by Indian component manufacturers. As CEO of Dhash PV Technologies, a manufacturer of junction boxes, Rawat noted that Chinese firms continue to dominate due to their full value chain integration, access to low-cost finance, and policy support in their home country. He cited industry estimates that place the inherent Chinese cost advantage at around 30%.</p>
<p>To compete, Dhash PV focused on innovation, quality, and backward integration. The company ramped up capacity from 3 GW to 40 GW within a few years and is now expanding to 63 GW. In-house design, development, and manufacturing of high-temperature polymer enclosures have enabled the company to control over 65% of its supply chain. The firm has also entered the DC cable production market and is exploring new product lines, such as interconnects and high-current-rated junction boxes, for future-ready modules.</p>
<p>Rawat also highlighted supply chain challenges specific to his segment. Diodes used in junction boxes are semiconductor components with long lead times and specific current ratings based on module wattage. Fluctuations in module ratings make forecasting diode demand difficult. He urged developers and EPC contractors to engage in longer-term procurement planning and treat component manufacturers as partners rather than transactional vendors.</p>
<p>Vishakha Group’s Shah spoke about the persistent gap in domestic solar glass supply. While India produces about 12 GW of solar glass annually, demand already exceeds 25 GW, and is growing. This supply-demand mismatch has caused recurring price volatility and disrupted project timelines.</p>
<p>However, he noted that policy changes such as basic customs duty and ALMM regulations have begun to incentivize domestic investment. Vishakha itself plans to triple its glass manufacturing capacity within the next year, he said.</p>
<p>Beyond glass, Vishakha also manufactures encapsulant films, aluminium frames, and backsheets, making it one of the few vertically integrated component players in India. Shah argued that this model has helped them ensure consistency in quality and manage risk during global supply disruptions such as port delays and geopolitical instability.</p>
<p>He called for policy mechanisms similar to the Production Linked Incentive (PLI) program to be extended to components other than modules, particularly for capital-intensive areas such as glass and encapsulant production.</p>
<p>Rahil Mehrotra of JSW Steel shared how JSW responded to field-level challenges by developing a specialized steel called JSW Magsure. This product uses a coating of zinc, aluminium, and magnesium to enhance corrosion resistance, particularly in coastal and high-humidity regions. The product was developed in collaboration with developers and EPC firms that had raised concerns about delays in imported steel and structural corrosion in high-salinity zones.</p>
<p>Mehrotra noted that, before JSW’s innovation, coated steel for such applications had to be imported, with lead times exceeding three months. The company not only helped reduce dependency on imports but also worked with partners to redesign mounting structures. By improving design and engineering, JSW helped reduce steel usage from 60–80 tons per MW to just 20 tons per MW, a significant gain in cost and material efficiency.</p>
<p>He also advocated for standardizing coating requirements based on location-specific corrosion categories (C1 to C5) to ensure durability and long-term project stability.</p>
<p>All panelists agreed that while module manufacturing has benefited from supportive policies, component manufacturers require equal attention. Shah emphasized the importance of extending PLI-like benefits to critical components, while Rawat and Anand stressed the need for improved financing and long-term offtake visibility. Anand also argued that flexibility must be built into the DCR framework to accommodate innovative business models and smaller market players.</p>
<p>In their call to action, the panelists called for scaling its renewable energy infrastructure on a strong, local, and future-ready foundation. They were unanimous that expanding module capacity alone will not be sufficient. India needs to build a resilient domestic supply chain that includes high-quality, competitively priced components from junction boxes and solar glass to mounting structures and cables.</p>


India Must Build a Resilient Domestic Supply Chain for BoS Components


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					</table><p>Enlog, an AI-powered energy management and Internet of Things solutions provider, <a href="https://www.mercomindia.com/enlog-wins-mercom-indias-third-startup-pitch-competition" target="_blank" rel="noopener">emerged</a> as the winner of Mercom’s Third Startup Pitch Competition for Cleantech Companies, held during the Mercom India Renewables Summit 2025, the flagship annual event where industry leaders converge to discuss the future of clean energy in India. Enlog makes plug-and-play devices that connect to a building’s electrical system and use artificial intelligence to automatically reduce electricity wastage.</p>
<p>The Central Electricity Regulatory Commission <a href="https://www.mercomindia.com/cerc-directs-phased-rollout-of-power-market-coupling-from-january-2026" target="_blank" rel="noopener">directed</a> a phased implementation of market coupling across power exchanges, starting with the day-ahead market coupling by January 2026. The DAM coupling will be executed in round-robin mode, with the role of market coupling operator (MCO) rotating among the three operational power exchanges—Indian Energy Exchange, Power Exchange India, and Hindustan Power Exchange. Grid-India will serve as the fourth MCO for audit and backup purposes.</p>
<p>The Kerala State Electricity Regulatory Commission <a href="https://www.mercomindia.com/kerala-commission-allows-igtpl-to-procure-2-mw-solar-power-under-open-access" target="_blank" rel="noopener">permitted</a> India Gateway Terminal (IGTPL) to procure 2 MW of solar power from its proposed captive project in Malappuram for use in its Vallarpadam port operations through open access. The petitioner, IGTPL, is a subsidiary of DP World. It operates the International Container Transshipment Terminal at Vallarpadam in the Cochin Port Authority SEZ.</p>
<p>SJVN <a href="https://www.mercomindia.com/sjvn-invites-bids-for-3-6-mw-rooftop-solar-projects-in-multiple-states" target="_blank" rel="noopener">issued</a> two requests for selection to set up 3.6 MW of rooftop solar projects on union government buildings in several states. The solar projects will be installed on buildings of the Ministry of Agriculture and Farmers Welfare, the Ministry of Chemicals and Fertilizers, the Ministry of Commerce and Industry, the Ministry of Consumer Affairs, Food and Public Distribution, the Ministry of Personnel, Public Grievances and Pensions, and the Ministry of Women and Child Development. Bids must be submitted by August 14, 2025. Bids will be opened on the same day. The scope of work entails the design, supply, storage, civil works (including construction materials and water), installation, testing, and commissioning of the solar projects. It also involves providing comprehensive operations and maintenance services for 25 years.</p>
<p>Electric vehicle maker Tesla <a href="https://www.mercomindia.com/impacted-by-the-big-beautiful-bill-teslas-net-income-drops-23-in-q2-2025" target="_blank" rel="noopener">reported</a> a net income of $1.3 billion in the second quarter of 2025, a 23% year-over-year fall from the same period last year. Total revenue for Q1 was $22.5 billion, a 12% YoY decline from $25.5 billion. Tesla’s earnings per share during the quarter came in at $0.40, down from $0.27 in the same period last year. “We are in this transition period where we will lose a lot of incentives in the U.S. We probably could have a few rough quarters,” said Elon Musk, Co-Founder, CEO, and Director at Tesla.</p>


Daily News Wrap-Up: Enlog Wins Mercom’s Third Startup Pitch Competition


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					</table><p>U.S.-based power producer <a href="https://www.nexteraenergy.com/" target="_blank" rel="noopener">NextEra Energy</a> reported a net income of $2.02 billion in the second quarter (Q2) of the financial year (FY) 2025, a 24.98% year-over-year (YoY) increase from $1.62 billion.</p>
<p>NextEra’s earnings per share came in at $1.05, up from $0.96 in Q2 FY 2024. The company exceeded the analysts’ EPS expectations by $0.04. Investment gains drove the 9.4% YoY growth in EPS at subsidiaries NextEra Energy Resources and regulated capital growth at Florida Power and Light.</p>
<p>Total operating revenue for the quarter rose to $6.7 billion, rising 10.41% from $6.06 billion in Q2 2024.</p>
<p>Total operating expenses were $4.80 billion, including $1.184 billion for fuel and power purchases, $1.22 billion for operations and maintenance, $1.773 billion in depreciation and amortization, and $630 million in taxes other than income taxes. The company’s operating income stood at $1.91 billion for the quarter.</p>
<p><strong>First Half 2025</strong></p>
<p>For the six-month period ended June 30, 2025, NextEra Energy reported a net income attributable to shareholders of $2.86 billion, with an EPS of $1.39, down from $3.89 billion, with an EPS of $1.89.</p>
<p>Operating revenues for 1H 2025 rose 9.72% to $12.94 billion from $11.80billion in the same period last year. Total operating expenses increased to $8.83 billion from $8.20 billion during this period.</p>
<p><strong>Outlook</strong></p>
<p>Looking ahead, NextEra reaffirmed its full-year 2025 adjusted EPS guidance at $3.45 to $3.70. Forecasted EPS for 2026 and 2027 are $3.6 to $4 and $3.85 to $4.32, respectively.</p>
<p>The company expects to increase its dividend per share by approximately 10% annually through at least 2026.</p>
<p><strong>Florida Power and Light </strong></p>
<p>NextEra’s subsidiary FPL reported a net income of $1.27 billion, compared to $1.23 billion in Q2 FY 2024, representing a 3.49% increase. The company reported an EPS of $0.62, compared to $0.60 in the previous year.</p>
<p>FPL’s EPS remained the same as the expectations, rising by $0.02 YoY.</p>
<p>This growth was supported by approximately $2 billion in capital expenditure during the quarter. For the full year, FPL expects to invest between $8 billion and $8.8 billion.</p>
<p>FPL operates the largest gas-fired generation fleet in the U.S., along with four nuclear units, and is expanding its use of solar and storage assets to meet rising power demand from Florida’s growing population.</p>
<p>A four-year base rate plan is under review by the Florida Public Service Commission, with a technical hearing scheduled for next month and a decision expected in the fourth quarter. If approved, the plan would increase typical residential bills at an average annual rate of just 2.5% through 2029, keeping rates about 20% below projected national averages.</p>
<p><strong>NextEra Energy Resources</strong></p>
<p>NEER reported a net income of $983 million in Q2 FY25, compared to $552 million, a 78% YoY increase. The company’s EPS came in at $0.48, compared to $0.27 in the same period the previous year. It exceeded analyst expectations by $0.11. The adjusted earnings increased to $1.09 billion, up from $865 million in the same quarter the previous year, marking a 26.12% increase.</p>
<p>The company added 3.2 GW of new renewable energy and storage projects to its backlog in the quarter, including over 1 GW for hyperscaler customers. The total backlog now stands at nearly 30 GW, of which approximately 6 GW is allocated to data center and technology customers. Factoring in its operating assets and backlog, the company expects to serve more than 10.5 GW of clean energy to these clients across the U.S.</p>
<p>NEER also added 3.2 GW to its clean energy project backlog, including 1 GW serving hyperscalers. John Ketchum, Chairman, President, and CEO at NextEra, said, “This marks the sixth time in the past eight quarters that NextEra Energy Resources has added more than 3 GW to its backlog.”</p>
<p>In April this year, NextEra Energy <a href="https://www.mercomindia.com/nexteras-revenue-grows-9-in-q1-reaffirms-guidance-for-2025" target="_blank" rel="noopener">reported</a> operating revenue of $6.25 billion for the first quarter of 2025, a 9% year-over-year increase from $5.73 billion in Q1 2024. The revenue, however, fell short of analysts’ expectations by $384.23 million.</p>


Strong Subsidiary Performance Drives NextEra’s $2 Billion Profit in Q2 FY 2025


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					</table><p>The Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>) has approved the release of ₹679.5 million (~$7.8 million) as the first tranche of central financial assistance (CFA) to four Hydrogen Valley Innovation Clusters (HVICs) under the National Green Hydrogen Mission (NGHM).</p>
<p>A hydrogen valley is a specific geographical region where hydrogen is utilized for multiple applications across various sectors, including industry, energy, and mobility.</p>
<p>These clusters are designated areas where the use of hydrogen technology is promoted to drive the adoption of hydrogen as a clean and sustainable energy source.</p>
<p>The clusters and their respective first tranche allocations are as follows:</p>
<ul>
<li>CSIR-NCL, Pune: ₹170.3 million (~$2 million)</li>
<li>IIT Bhubaneswar: ₹149.6 million (~$1.7 million)</li>
<li>ANERT, Kerala: ₹213.6 million (~$2.4 million)</li>
<li>IIT Jodhpur: ₹146 million (~$1.6 million)</li>
</ul>
<p>The total cost for all four projects amounts to ₹4.85 billion (~$56 million), with the industry/lead institution contributing ₹3.15 billion (~$36 million).</p>
<p>The MNRE’s approval follows the release of guidelines for setting up HVICs and green hydrogen hubs in India.</p>
<p>According to the guidelines, the Department of Science and Technology is responsible for issuing the letter of award and approval once MNRE provides administrative clearance.</p>
<p>The CFA will be disbursed to the company set up by each HVIC as per the recommendations of the Project Appraisal Committee.</p>
<p>In July 2023, MNRE <a href="https://www.mercomindia.com/mnre-%E2%82%B94-billion-roadmap-national-green-hydrogen-mission" target="_blank" rel="noopener">unveiled</a> the ₹4 billion (~$48.12 million) research and development (R&amp;D) Roadmap for the National Green Hydrogen Mission, aiming to develop an ecosystem that facilitates the commercialization of green hydrogen.</p>
<p>In 2023, the Department of Science and Technology <a href="https://www.mercomindia.com/government-hydrogen-valley-innovation-clusters" target="_blank" rel="noopener">invited</a> bids to establish HVICs in the country.</p>
<p>Recently, MNRE <a href="https://www.mercomindia.com/mnre-invites-second-round-of-rd-proposals-under-green-hydrogen-mission" target="_blank" rel="noopener">issued</a> the second call for R&amp;D proposals under the National Green Hydrogen Mission. The R&amp;D program aims to accelerate the development of indigenous and cost-effective green hydrogen technologies across the production, storage, transportation, and utilization segments.</p>


MNRE Releases ₹679.5 Million Funding to Four Hydrogen Valley Clusters


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					</table><p>Electric vehicle (EV) maker <a href="https://www.tesla.com/" target="_blank" rel="noopener">Tesla</a> reported a net income of $1.3 billion in the second quarter (Q2) of 2025, a 23% year-over-year (YoY) fall from the same period last year.</p>
<p>Total revenue for Q1 was $22.5 billion, a 12% YoY decline from $25.5 billion. Tesla’s earnings per share during the quarter came in at $0.40, down from $0.27 in the same period last year.</p>
<p>“We are in this transition period where we will lose a lot of incentives in the U.S. We probably could have a few rough quarters,” said Elon Musk, Co-Founder, CEO, and Director at Tesla.</p>
<p>The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were $3.4 billion, a 7% decrease from $2.8 billion in the same quarter of the previous year. The adjusted EBIDTA margin stood at 15.1% at the end of Q2 2025.</p>
<p>Vaibhav Taneja, Chief Financial Officer at Tesla, referred to the One Big Beautiful Bill (Budget Reconciliation Bill) and its impact on the company. He said, “The One Big Bill has a lot of changes that would affect our business in the near term. The first among those changes is the repeal of the Inflation Reduction Act EV credit of $7,500 by the end of this quarter.”</p>
<p>Tesla has updated its entire automotive product portfolio. “Globally, we are seeing an increase in the number of test drives. We began production of the lower-cost model as planned in the first half of 2025.  However, given our focus on building and delivering as many vehicles as possible in the U.S. before the EV credit expires and the additional complexity of ramping a new product, the ramp will happen next quarter, slower than initially expected,” said Taneja.</p>
<p>The company reported an operating cash flow of $2.5 billion, along with $100 million in free cash flow, and $36.8 billion in cash and investments.</p>
<p>Tesla’s energy generation and battery storage business continued to show steady momentum, with revenue reaching $2.8 billion, a slight increase from last year’s ₹2.7 billion.</p>
<p>Musk said, “Energy is growing really well despite headwinds from tariffs and supply chain challenges. The Megapack is expanding its capacity quickly, and we have upgrades planned for the Megapack that will make it even better. We had another record Powerwall deployment in Q2. The current battery demand is enormous, and the way to think about it is that the U.S. sustained power output for the U.S. grid is around 1 TW, but average usage is less than half a terawatt.”</p>
<p>He added that the power projects can run 24/7 at full capacity if batteries are added to the mix. This would more than double the U.S.’s energy output per year with just the batteries.</p>
<p>Taneja claimed that the Budget Reconciliation Bill has adverse impacts for energy businesses, most notably on the residential storage segment, due to the early expiration of consumer credits by the end of this year.</p>
<p>“The challenges in the storage business, therefore, remain both from the bill and from the tariffs, and we are doing our best to try and manage through this, but we will see shifts in demand and profitability,” he said.</p>
<p>Tesla <a href="https://www.mercomindia.com/tesla-misses-analysts-expectations-in-q1" target="_blank" rel="noopener">reported</a> a net income of $934 million for Q1 2025, a 39% YoY drop. The decline in profitability was attributed to a broad operational transition involving a global production line switchover for its flagship Model Y, as well as a strategic push into artificial intelligence and energy solutions.</p>


Impacted by the Big Beautiful Bill, Tesla’s Net Income Drops 23% in Q2 2025


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					</table><p><a href="https://www.enlog.co.in" target="_blank" rel="noopener">Enlog</a>, an AI-powered energy management and IoT solutions provider, emerged as the winner of Mercom’s Third Startup Pitch Competition for Cleantech Companies, held during the <a href="https://www.mercomindia.com/event/renewables-summit-2025" target="_blank" rel="noopener">Mercom India Renewables Summit 2025</a>, the flagship annual event where industry leaders converge to discuss the future of clean energy in India.</p>
<p>Enlog makes plug-and-play devices that connect to a building’s electrical system and uses artificial intelligence to automatically reduce electricity wastage. The device monitors appliances like ACs, lights, and pumps in real time, detects inefficiencies or faults to optimize their usage.</p>
<p>The device operates silently in the background, doesn’t require rewiring or behavior changes, and is designed for Indian infrastructure conditions.</p>
<p>Enlog took home a cash prize of ₹100,000 (~$1,156) and an advertising and marketing package worth ₹500,000 (~$5,780) from Mercom.</p>
<p>This year’s Summit continued its tradition of spotlighting innovative startups in the renewables sector, providing a platform to present their cutting-edge products and solutions to influential industry players, including potential investors, customers, and partners.</p>
<p>The competition featured eleven finalists selected from the numerous applications received from across the country. The finalists pitched their ideas to a panel of judges comprising eminent experts and leaders from the renewable energy sector.</p>
<p>The judges were Shishir Garemalla, Head of International Business Development at <a href="https://scorecard.pvel.com/" target="_blank" rel="noopener">Kiwa PVEL</a>; Abhishek Kakkar, VP Investments at <a href="https://iangroup.vc/" target="_blank" rel="noopener">Indian Angel Network</a>; Gunika Grover, Lead &#8211; Accelerator Programs at <a href="https://www.indiaaccelerator.co/" target="_blank" rel="noopener">India Accelerator</a>; and Raj Prabhu, CEO &amp; Co-Founder at <a href="https://mercomcapital.com/" target="_blank" rel="noopener">Mercom Capital Group.</a></p>
<p>The other ten finalists were <a href="https://apparentenergy.ai/" target="_blank" rel="noopener">Apparent Energy Solution</a>, <a href="http://www.blockvolt.io" target="_blank" rel="noopener">Blockvolt</a>, <a href="https://sthyrenergy.com/" target="_blank" rel="noopener">Sthyr Energy</a>, <a href="http://www.tracktatus.com" target="_blank" rel="noopener">Tracktatus Technologies</a>, <a href="https://lw3.world" target="_blank" rel="noopener">LW3</a>, <a href="https://www.hyd-gen.com/" target="_blank" rel="noopener">Hydrogen Innovation</a>, <a href="https://www.infictionlabs.com/" target="_blank" rel="noopener">Infiction Labs</a>, <a href="http://www.flockenergy.co.uk" target="_blank" rel="noopener">Flock Energy</a>, <a href="https://www.dashdynamic.in" target="_blank" rel="noopener">Dash Dynamic</a>, and <a href="https://www.adiabatic.co.in/" target="_blank" rel="noopener">Adiabatic Technologies</a>.</p>
<p>The strong lineup of startups at the competition is a testament to the vibrant startup ecosystem emerging in India’s clean energy industry, which is leveraging cutting-edge technologies and applying innovative business models to drive the transition towards a cleaner, more sustainable energy future.</p>
<p>Mercom’s annual startup pitch competition for clean tech companies is a significant initiative to promote technology, innovation, and entrepreneurship in India’s renewable energy sector. Participants stand to gain visibility, expand their brand profile, and connect with potential investors, customers, and partners.</p>
<p>The Mercom Renewables Summit also provided participants the opportunity to connect with key industry players, investors, and partners.</p>


Enlog Wins Mercom India’s Third Startup Pitch Competition


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					</table><p>The government will soon <a href="https://www.mercomindia.com/mnre-to-launch-utility-led-program-for-rural-households-under-surya-ghar" target="_blank" rel="noopener">announce</a> a utility-led program under the PM Surya Ghar: Muft Bijli Yojana to enable households without suitable rooftop space to benefit from the program, Union Minister of New and Renewable Energy Pralhad Joshi said. He was speaking before presenting the Mercom India Awards at the Mercom India Renewables Summit 2025. Joshi said 1.72 million rooftop solar systems have been installed under the PM Surya Ghar program as of date. “These numbers reveal the real progress on the ground.” Listing out India’s achievements in the energy transition, he said the country had already met 50% of the target of 500 GW of non-fossil fuel-based renewable energy capacity, five years ahead of schedule. “The 500 GW goal is not merely a slogan; we will achieve it.”</p>
<p>The Ministry of New and Renewable Energy (MNRE) <a href="https://www.mercomindia.com/mnre-amends-pm-surya-ghars-incentive-to-local-bodies-component" target="_blank" rel="noopener">amended</a> the ‘incentive to local bodies’ component of the Implementation Guidelines under the PM Surya Ghar: Muft Bijli Yojana. The National Programme Implementation Agency (NPIA) will disburse funds to the State Implementation Agencies (SIAs) according to the number of rooftop solar installations undertaken in their respective areas under the program. The SIA will disburse the funds to local bodies within 60 days of receiving the funds from the NPIA. Earlier, the Departments of Panchayat and Rural Development and Urban Administration and Development were required to upload their authorized account details on the National Portal.</p>
<p>The Central Electricity Regulatory Commission <a href="https://www.mercomindia.com/central-electricity-regulator-approves-tariffs-for-nhpcs-1-2-gw-fdre-projects" target="_blank" rel="noopener">approved</a> a tariff ranging from ₹4.48 (~$0.051)/kWh to ₹4.56 (~$0.052)/kWh for NHPC’s 1.2 GW firm and dispatchable renewable energy (FDRE) projects. The Commission, however, refused NHPC’s request for a trading margin of ₹ 0.07 (~$0.0008)/kWh. It stated that the trading margin will be determined according to the power sale agreements (PSAs) yet to be signed between NHPC and the distribution companies. NHPC floated a tender for the selection of renewable energy power generators to supply 1.2 GW of FDRE from the interstate transmission system-connected renewable energy projects. It received bids from five companies, and four qualified for the e-reverse auction.</p>
<p>Gujarat Urja Vikas Nigam (GUVNL) <a href="https://www.mercomindia.com/gujarat-floats-tender-for-2000-mw-4000-mwh-standalone-bess-project" target="_blank" rel="noopener">issued</a> a tender to develop a 2,000 MW/4000 MWh standalone Battery Energy Storage System (BESS) project across Gujarat under the build-own-operate model. The project falls under Phase VII of GUVNL’s BESS program. The proposed BESS installations will be connected to Gujarat Energy Transmission Corporation, including substations at Charanka, Shapar, and Bhogat, among others. The project will receive viability gap funding of ₹1.8 million (~$20,862)/MWh of awarded capacity. The VGF will be disbursed in three tranches: 20% at financial closure, 50% at commercial operation date (COD), and 30% one year post-COD upon certification. Bids must be submitted by September 11, 2025. Bids will be opened on September 17.</p>
<p>The winners of the fifth annual Mercom India Awards have been <a href="https://www.mercomindia.com/winners-of-mercoms-2025-renewable-industry-awards-announced" target="_blank" rel="noopener">announced</a>. These prestigious awards, presented to the winners by Union Minister of New and Renewable Energy Pralhad Joshi at the ongoing Mercom India Renewables Summit 2025 in New Delhi, honor the exceptional contributions of organizations driving India’s clean energy transition through remarkable innovation and visionary leadership. The awards recognize the uniqueness, challenges, and complexities of each project, as well as its economic and environmental impacts.</p>
<p>SJVN <a href="https://www.mercomindia.com/sjvn-tenders-7-82-gw-rooftop-solar-projects-on-government-buildings" target="_blank" rel="noopener">issued</a> three tenders for setting up 7.82 MW of rooftop solar projects with battery storage on union government buildings across the country’s eastern, southern, and northern regions under the PM Surya Ghar: Muft Bijli Yojana. Projects in this region will have a cumulative capacity of 1.5 MW. They will be set up in Bihar, Chhattisgarh, Jharkhand, Odisha, and West Bengal. These solar projects will be installed on the buildings of the Ministry of Agriculture and Farmers Welfare, the Ministry of Commerce and Industry, the Ministry of Consumer Affairs, Food and Public Distribution, and the Ministry of Personnel, Public Grievances, and Pensions.</p>
<p>India <a href="https://www.mercomindia.com/india-sets-target-of-1-8-tw-of-renewable-energy-capacity-by-2047" target="_blank" rel="noopener">set</a> a target of 1,800 GW of renewable energy capacity by 2047, said Sudeep Jain, Additional Secretary, Ministry of New and Renewable Energy, at the Mercom India Renewables Summit 2025. India had hit the target of 50% non-fossil fuel-based power capacity by 2030, five years in advance. However, India would require 1,800 GW to 2,000 GW of renewable energy capacity by 2047 to support its growing demand, he said. In his keynote address to the Summit, Jain added that India is now generating power from 243 GW of non-fossil fuel capacity. Earlier in his opening address, Raj Prabhu, CEO, Mercom Capital Group, had urged the government to set targets for renewable energy beyond 2030 so that the industry can have a 10-year visibility for investments. “For this industry to grow in a meaningful, predictable way, we need visibility for the next five to 10 years.”</p>
<p>India’s energy landscape is <a href="https://www.mercomindia.com/india-can-realistically-achieve-its-net-zero-target-by-2050" target="_blank" rel="noopener">poised</a> for a transformative shift, driven by the urgent need to address climate change, ensure energy security, and promote economic growth. The transition to renewable energy, supported by policy initiatives, technological advancements, and international collaboration, is an urgent national imperative. While the country has made significant progress toward meeting this goal, it still faces challenges arising from policy and regulatory uncertainty, access to low-cost funding, transmission infrastructure constraints, and domestic manufacturing gaps. The session titled “From Ambition to Action: India’s Clean Energy Roadmap and Strategies for 2030 and Beyond,” at Mercom India Renewables Summit 2025, covered challenges to India&#8217;s Renewable Energy transition goals, such as policy and regulatory uncertainty, access to low-cost funding, transmission infrastructure constraints, and domestic manufacturing gaps.</p>


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