Two Point O Capital Raises $10 Million to Expand Clean Energy Portfolio

Gujarat Regulator Sets 1 MW Cap for Net Metering and Net Billing Projects

Terra Clean Floats EPC Tender for ISTS and InSTS-Connected Solar Projects

Uttarakhand Eases Rooftop Solar Agreement Requirements Under PM Surya Ghar

Central Power Regulator Approves Tariffs for 400 MW Solar Projects

ENGIE Commissions 450 MW Solar Projects in Rajasthan and Gujarat

Juniper Green Energy’s Q2 Revenue More Than Doubles to ₹3.45 Billion

Solarworld Acquires 50% Stake in 2.4 GW Solar Cell Manufacturing JV

SJVN’s Net Profit Doubles as Revenue Surges 117% in Q2 FY 2027

NTPC Green Energy’s Q2 Revenue Up 53% Amid Renewable Capacity Expansion

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					</table>The widening price gap between domestic content requirement (DCR) and non-DCR solar modules is raising rooftop solar installation costs, lengthening consumer payback periods, and raising concerns about project viability.
Industry executives reported that DCR tunnel oxide passivated contact (TOPCon) modules command a premium of approximately ₹8 (~$0.085)/W to ₹13 (~$0.137)/W over comparable non-DCR modules, depending on the supplier and procurement terms.
The premium mainly reflects insufficient domestic solar cell manufacturing capacity, which lags behind module production.
A Maharashtra-based rooftop solar solutions provider said DCR TOPCon modules currently cost ₹24 (~$0.254)/W to ₹25 (~$0.264)/W, compared with ₹14 (~$0.148)/W to ₹14.5 (~$0.153)/W for non-DCR modules.
The provider said DCR prices peaked at approximately ₹27 (~$0.285)/W in January 2026, declined to ₹22 (~$0.233)/W in April, and subsequently recovered following the implementation of Approved List of Models and Manufacturers (ALMM) List-II requirements for solar cells in June.
Mohammed Fayaz Salam, CEO and Director of <a href="https://www.sunsenz.com/" target="_blank" rel="noopener">Moopens Solar</a> and President of the Confederation of Renewable Energy, Kerala, reported DCR TOPCon module prices of ₹27 (~$0.285)/W, compared with ₹14 (~$0.148)/W for non-DCR modules.
Avishek Maity, Senior Manager-Operations at <a href="https://fenderenergy.com/" target="_blank" rel="noopener">Fender Energy</a> reported indicative DCR TOPCon prices of ₹24 (~$0.254)/W to ₹30 (~$0.317)/W, against ₹12 (~$0.127)/W to ₹16 (~$0.169)/W for non-DCR modules.
Higher Costs Affect Residential Installations
The Maharashtra-based provider estimated that the DCR premium adds ₹27,000 (~$285) to ₹33,000 (~$349) to a 3 kW residential rooftop installation. The additional cost increases to ₹45,000 (~$476) to ₹55,000 (~$581) for a 5 kW system and ₹90,000 (~$951) to ₹110,000 (~$1,163) for a 10 kW installation.
Kartik Teltia, Managing Director of <a href="https://worldsolar.in/" target="_blank" rel="noopener">Solarworld Energy Solutions</a>, said, “For a typical 3 kW home system, that gap alone can add ₹25,000–30,000 ($264 to $317) to the project cost, stretching payback periods and partly offsetting the benefit of subsidies under schemes such as PM Surya Ghar.”
Maity estimated that a 3 kW residential installation using DCR modules could cost ₹180,000 (~$1,903) to ₹210,000 (~$2,220), compared with ₹155,000 (~$1,638) to ₹190,000 (~$2,008) using non-DCR modules
Laxit Awla, CEO and Executive Director of <a href="https://www.sael.co/" target="_blank" rel="noopener">SAEL Industries</a>, said the premium was increasing upfront expenditure and extending household payback periods.
Subsidy Cap Influences System Sizing
Under PM Surya Ghar: Muft Bijli Yojana, eligible residential consumers receive a maximum central subsidy of ₹78,000 (~$825) for rooftop systems of 3 kW and above.
The Maharashtra-based provider said households were increasingly limiting installations to 3 kW to maximize subsidy benefits, even when their electricity consumption justified larger systems.
For capacity exceeding 3 kW, the provider estimated an additional DCR module cost of ₹18,000 (~$190) to ₹22,000 (~$233) for the remaining 2 kW of a 5 kW installation, and ₹63,000 (~$666) to ₹77,000 (~$814) for the remaining 7 kW of a 10 kW system. These amounts exclude the DCR premium on the first 3 kW.
At prevailing module prices, foregoing the subsidy and installing non-DCR modules could become cheaper upfront for systems of approximately 7 to 9 kW, depending on the module price difference and applicable eligibility conditions.
MNRE has <a href="https://www.mercomindia.com/almm-list-ii-relief-only-for-pm-surya-ghar-consumers-giving-up-subsidy" target="_blank" rel="noopener">clarified</a> that eligible PM Surya Ghar consumers who opt to forgo subsidies under the &#8216;Give It Up&#8217; provision can use modules exempt from ALMM List-II solar cell requirements until March 31, 2027.
RESCO Developers Face Margin Pressure
Higher DCR module prices are also pressuring margins on commercial rooftop projects developed under the renewable energy service company (RESCO) model.
Rahul Kodali, Managing Director of <a href="https://vyomaa.com/" target="_blank" rel="noopener">Vyomaa Energy</a>, said developers faced difficulties because tariffs were fixed during bidding while module prices continued to fluctuate before procurement. “If we quote the real cost, we wouldn&#8217;t be competitive, so we end up cutting our own ROI to win. The margin is compromised before the project even starts.”
He cited a rooftop project in northern India where uncertainty over DCR module availability delayed material procurement by nearly two months, prompting the installer to seek additional idling charges.
On another project in southern India, Kodali said the DCR premium consumed most of the contingency budget, forcing negotiations over other expenditure to protect expected returns.
A Bengaluru-based rooftop solar solutions provider serving commercial properties and homes across India said an additional module cost of ₹8 (~$0.085)/W would increase expenditure on a 500 kW rooftop project by ₹4 million (~$42,283).
The provider said this could extend payback beyond four years, a threshold it described as important for many businesses. The provider also reported uncertainty over commissioning deadlines and regulatory approvals.
MNRE <a href="https://www.mercomindia.com/mnre-extends-almm-cell-exemption-for-net-metering-open-access-solar-projects" target="_blank" rel="noopener">extended</a> the ALMM List-II exemption for eligible net-metering and open access projects commissioned by December 31, 2026.
The exemption applies to specified projects and does not waive separate domestic content requirements under government subsidy programs.
Domestic Cell Capacity the Key
Industry executives attributed the DCR premium largely to limited domestic cell availability and higher manufacturing costs.
The Maharashtra-based provider estimated that domestic cell costs account for approximately ₹7 (~$0.074)/W to ₹10 (~$0.106)/W of the module price difference.
Mercom earlier <a href="https://www.mercomindia.com/module-glut-dcr-cell-shortages-and-financing-risks-squeeze-solar-manufacturers" target="_blank" rel="noopener">reported</a> that India&#8217;s module manufacturing expansion had outpaced cell capacity, creating procurement challenges for manufacturers dependent on DCR-compliant cells.
Teltia expects the premium to ease over the next 18 to 24 months as additional domestic cell manufacturing capacity becomes operational. He suggested reviewing subsidies against the prevailing DCR premium and accelerating domestic cell manufacturing.
Salam anticipates some improvement during 2027, followed by stronger price moderation through 2028.
Maity cautioned that new cell manufacturing capacity would take time to achieve stable production yields, while limited domestic wafer and ingot manufacturing could sustain cost pressures.
Kodali recommended a mechanism to account for module price changes between bidding and execution.
“Cost competitiveness, supply security and domestic capability must advance together,” Awla said.

DCR Module Premium Raises Rooftop Solar Affordability Concerns

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					</table><a href="https://vslrenewableservices.com/" target="_blank" rel="noopener">VSL Renewable Services</a> has won the operation and maintenance (O&amp;M) contract for 810 MWp of NTPC Green Energy&#8217;s (<a href="https://www.ngel.in/ngel-home">NGEL</a>) 1,864 MW solar power projects in Andhra Pradesh, Madhya Pradesh, and Rajasthan.
The O&amp;M will be for a period of 36 months.
The tender was floated in January 2025.
VSL emerged as the lowest bidder for both Lot 1 (1,054 MWp) and Lot 2 (810 MWp). However, according to NTPC’s tender conditions, only Lot 2 was awarded to the company.
The project will leverage artificial intelligence and Internet of Things-based platforms for anomaly detection, performance optimization, and predictive diagnostics for the O&amp;M of these projects.
VSL must ensure consistent energy output with contractual performance guarantees.
The company has devised state-specific strategies for O&amp;M. In Rajasthan, VSL will provide dust mitigation and thermal management solutions in arid zones, and in Madhya Pradesh, it will ensure grid synchronization and terrain-specific O&amp;M services. It will also include corrosion control and coastal resilience planning for Andhra Pradesh.
VSL must attend to string outages daily, restore inverter tripping, and respond to all breakdowns/tripping. It must also restore the system in the minimum possible time.
According to the tender, the successful bidder must man the control room round the clock.
VSL must also submit periodic reports to NGEL on the energy generation and operational condition of the solar projects and their associated equipment.
The contract also covers cleaning of drains, cable trenches, and box culverts.
It must also include an annual maintenance contract, spare supply agreement, and an operational level agreement for components such as battery charger items, uninterruptible power supply, and power packs to ensure critical equipment availability.
VSL Must perform annual testing of all spare equipment and in-service equipment, and ensure a minimum of 18 module cleaning cycles annually.
In July 2025, NGEL <a href="https://mercomindia.com/ntpc-green-issues-om-tender-for-160-mw-solar-project" target="_blank" rel="noopener">invited</a> bids for the O&amp;M of a 160 MW solar project at Jetstar, Rajasthan, for two months.
In the same month, NGEL <a href="https://www.mercomindia.com/ntpc-green-floats-om-tender-for-250-mw-solar-project-in-rajasthan" target="_blank" rel="noopener">invited</a> bids for the comprehensive O&amp;M of its 250 MW Shimbhu ki Bhurj-I solar project for two months in Rajasthan.
Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> for timely updates on all solar tenders issued by various agencies in India.

VSL Renewable Wins O&M Contract for NTPC Green’s 810 MW Solar Projects

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					</table>The winners of the fifth annual Mercom India Awards have been announced.
These prestigious awards, presented to the winners by Union Minister of New and Renewable Energy Pralhad Joshi at the ongoing <a href="https://www.mercomindia.com/event" target="_blank" rel="noopener">Mercom India Renewables Summit 2025</a> 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.
The fifth annual Mercom India Award winners are:
<a href="https://rayspowerinfra.com/" target="_blank" rel="noopener">Rays Power Infra</a> was declared the winner in the Best Large-Scale Solar Project category for its 260 MW project, which it developed for Serentica Renewables. This project achieved quick completion while maintaining high standards of cost efficiency, quality, safety, and environmental responsibility. From start to finish, the project was carefully planned and executed with a focus on operational excellence and sustainability.
<a href="https://avaada.com/" target="_blank" rel="noopener">Avaada Group</a> was declared the winner in the Best Commercial and Industrial (Ground-Mount) Project category for the 97 MW group captive project for KMF Nandini. The project sets a precedent for integrating decentralized energy models into the cooperative sector, particularly in rural and agrarian communities. It has an annual generation capacity of approximately 160 million kWh and supplies enough green electricity to meet the cooperative&#8217;s operational needs, while also contributing surplus energy to the grid.
<a href="https://www.tatapower.com/renewables" target="_blank" rel="noopener">Tata Power Renewables</a> was declared the winner in the Commercial and Industrial Project (Rooftop) category for its 6.5 MW rooftop solar project for Terminal 2 at Kempegowda International Airport in Bengaluru. To mitigate safety risks, advanced structural analyses and reinforced installations ensured the solar modules were securely mounted without impacting flight operations or passenger movement.
<a href="https://www.solluz.co.in/" target="_blank" rel="noopener">Solluz Energy</a> was declared the winner in the Best Engineered Project category for a 185 kWp solar rooftop and BIPV system spread over 20,000 sq.ft., combined with an advanced net metering setup for Chimes. The system was highly customized to overcome the space limitations at the installation site. Solluz opted for an innovative approach by installing the solar panels on a vertical wall at a 90-degree angle.
<a href="https://ciel-et-terre.net/" target="_blank" rel="noopener">Ciel &amp; Terre</a> bagged the Best Floating Solar Project award for its 120 MWp floating solar project at Omkareshwar, Madhya Pradesh. This is the largest floating solar project in India, built on the freshwater reservoir of the Omkareshwar Dam, which spans 210 acres, constituting 20% of the total 1,060-acre water area. A new anchoring technique called &#8216;Rock bolt anchoring&#8217; to combat the hard rock surface was introduced. A customized floating invertor barge was also deployed on this project to withstand hard site conditions.
<a href="https://comorinsolar.com/" target="_blank" rel="noopener">Comorin Solar</a> was declared the winner in the Best Residential Project category for its 14 kW on-grid solar power system with net metering in Kerala. This waterfront-facing villa is designed and constructed as a net-zero concept, incorporating zero emissions, waste recycling, solar power, EV, organic farming, biogas plant, and more.
<a href="https://www.omcpower.com/" target="_blank" rel="noopener">OMC Power</a> won the Best Off-Grid Project award for its repurposed EV battery-based inverter solution tailored for rural energy access. This initiative combines deep off-grid experience with circular economy principles, addressing both the growing challenge of EV battery waste and the rural energy gap. After 18 months of R&amp;D, involving in-depth testing of second-life lithium-ion batteries, mobile charging logistics, inverter design, and customer usage patterns, OMC Power introduced an innovative MPPT-based inverter system compatible with repurposed batteries.
<a href="https://ampin.energy/" target="_blank" rel="noopener">AMPIN Energy Transition</a> was declared the Best Hybrid Project category winner for its 59.7MWp solar wind hybrid project. This is the first project commissioned under the Gujarat Renewable Energy Policy 2023, setting a benchmark for future projects in the state. Adding to its distinction, it is also the only project in Gujarat to receive retrospective commissioning benefits effective from April 1, 2024, demonstrating strong regulatory alignment and proactive stakeholder engagement.
<a href="https://www.newensystems.com/" target="_blank" rel="noopener">Newen Systems</a> won the award for Best Standalone Storage Project for its 1 MW integrated DC-coupled microgrid with multi-source management for NTPC NETRA. This solution is among the first in India to dynamically orchestrate diverse energy sources and variable loads through intelligent control systems, maximizing green energy usage. Newen’s proprietary Micro Grid Controller and Energy Management System enable real-time, automated prioritization of energy sources based on the levelized cost of energy and sustainability targets.
<a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a> won the award for the Best Wind Project for its 250 MW wind project at the world’s largest 30,000 MW renewable energy plant at Khavda, Gujarat. Adani Green also operationalized the Khavda renewable energy project, a 99 MW wind power plant, in FY25. The company deployed Wind Turbine Generators (WTG) of 5.2 MW capacity each, India’s largest and one of the world’s most powerful onshore WTG at Khavda.
<a href="https://www.jio.com/platforms/industries/energy/" target="_blank" rel="noopener">Jio Platforms </a>won the award for the Best Innovation (Product) category. Jio Platforms enabled the monitoring of approximately 200 GW of solar generation and transmission, contributing to the reduction of around 170 KT of carbon emissions. One of the standout features of this project, named Jio SunGenie, is its plug-and-play design, which facilitates quick installation and reduces deployment time and effort for both installers and end-users.
<a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Energies</a> and <a href="https://www.premierenergies.com/" target="_blank" rel="noopener">Premier Energies</a> jointly won the Deal of the Year (Financial) award. Waaree Energies secured ₹43.21 billion (~$499.98 million) in an initial public offering (IPO) after garnering strong investor interest from both institutional and retail buyers. At the end of the bidding window on October 23, 2024, the issue was oversubscribed 76 times. Premier Energies secured a ₹28.30 billion (~$327.45 million) IPO after receiving an overwhelming response from various investor categories, with the issue subscribed over 74 times.
<a href="https://www.jsw.in/energy" target="_blank" rel="noopener">JSW Energy</a> was announced as the winner in the Deal of the Year (Strategic) category. It entered into a definitive agreement to acquire a 4,696 MW renewable energy platform from O2 Power Pooling for $1.46 billion. The acquisition includes O2 Power Midco Holdings and O2 Energy SG.

Winners of Mercom’s 2025 Renewable Industry Awards Announced

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