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Month in a Minute: Top Headlines from the Indian Renewable Sector in September 2026

MNRE Mandates Country Codes for Solar Module and Cell Origin

US Residential Solar Prices Rise 3% as Market Adjusts to Tax Credit Expiry

Daily News Wrap-Up: Green Energy Corridor III Faces Execution Test

Shorter Battery Storage PPAs Gain Favor, but Bankability Remains Key

Sumitomo Corporation to Invest in Hero Group’s 500 MW Renewables Project

MPERC Rejects Capacity-Based Transmission Billing Plea for Renewables

Rezolv Energy Secures $637 Million for 1.3 GW Romania Solar Project

Vardhman Textiles to Source 27 MW Power from Serentica’s Wind-Solar Project

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					</table>As India’s energy storage market matures, battery energy storage developers say power purchase agreement (PPA) tenures need greater flexibility than the customary 20-25-year contracts used for solar and wind projects.
Contract duration could range from five to 15 years for many storage projects, depending on cycling requirements, degradation, augmentation needs, warranties, and the underlying revenue model.
Shorter contracts can reduce developers&#8217; exposure to long-term technology and performance risks, but could result in higher tariffs and financing costs if projects lack sufficient revenue visibility beyond the initial PPA.
India <a href="https://www.mercomindia.com/indias-battery-storage-additions-jump-84-fold-to-8-2-gwh-in-1h-2026" target="_blank" rel="noopener">added</a> 8.2 GWh of battery energy storage capacity in the first half of 2026, nearly 84 times the 98.4 MWh installed during the same period last year, according to Mercom India Research’s Q2 and 1H 2026 India’s Energy Storage Landscape Report,
Cumulative installed battery energy storage capacity reached 9.3 GWh at the end of June 2026, with standalone systems accounting for 83% of installed capacity.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/Picture1energystorage.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-106327 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/Picture1energystorage.png" alt="" width="903" height="445" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/Picture1energystorage.png 903w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/Picture1energystorage-300x148.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/Picture1energystorage-768x378.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/Picture1energystorage-650x320.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/Picture1energystorage-624x308.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/Picture1energystorage-600x296.png 600w" sizes="auto, (max-width: 903px) 100vw, 903px" /></a>
Battery Usage Could Determine PPA Tenure
Unlike solar and wind projects, battery degradation is closely linked to how intensively the asset is used. Higher cycling accelerates degradation and can increase augmentation or replacement requirements, making the operating profile a key factor in determining contract tenure.
While industry executives broadly supported greater flexibility in storage contract tenures, views differed on the appropriate duration.
Ayush Misra, Co-Founder and CEO at <a href="https://amperehourenergy.com/?gad_source=1&amp;gad_campaignid=24273354231&amp;gbraid=0AAAABD7JG-vrmUlNpMwcO3UtNWYE2QzSO&amp;gclid=CjwKCAjwifjVBhBKEiwAYx4K9CsbSJqTYqRnn9n6318EBIUtz-yqkWwMmYcXSTV2PFBU1lDZolQI8RoCWsgQAvD_BwE" target="_blank" rel="noopener">AmpereHour Energy</a>, said a BESS operating one cycle per day could potentially support a 20-25-year contract. However, two or more cycles per day increase cell degradation, making shorter contracts of around 12-15 years more suitable.
Arman Puri, Director at <a href="https://hindustanpower.in/" target="_blank" rel="noopener">Hindustan Power</a>, agreed that standalone storage projects could be better suited to 12-to-15-year contracts, allowing degradation, augmentation, and replacement costs to be estimated with greater certainty.
Saurabh Jain, CEO-Energy Storage at <a href="https://www.geon-energy.com/" target="_blank" rel="noopener">GEON</a>, suggested exploring five-to-10-year contracts, while Parveen Jangra, Founder, CTO and COO at <a href="https://orianapower.com/" target="_blank" rel="noopener">TrueRE Oriana Power</a>, cited 10-15 years as an appropriate range.
Faruk G Patel, Founder and CMD at <a href="https://www.kpigreenenergy.com/" target="_blank" rel="noopener">KPI Green Energy</a>, said seven to 10 years could better align contracts with typical warranty periods, reducing developers&#8217; exposure to performance risks.
He added that some markets are also experimenting with tiered or stepped-tenure structures, where capacity payments adjust at defined intervals, offering a middle path between long-term revenue certainty and shorter-term flexibility.
Shilpy Dewan, Chief Business Officer at <a href="https://www.serenticaglobal.com/" target="_blank" rel="noopener">Serentica Renewables</a>, cautioned against prescribing a standard tenure, saying battery technology, degradation, cycling requirements, warranties, financing, and the underlying revenue model should determine the contract duration.
Shorter Contracts Could Raise Tariffs
Shorter PPAs can reduce developers&#8217; exposure to long-term technology and degradation risks. However, they also shorten the period over which developers can recover their investment.
“Tenure alone solves nothing. A shorter contract recovers the same capital over fewer years, which means a higher tariff, faster amortization and tighter debt cover,” Puri said.
Industry executives said faster capital recovery could translate into higher tariffs or capacity payments and require more aggressive debt repayment. Financing costs could also increase if lenders assign limited value to revenues beyond the contracted period.
Developers must therefore account for degradation, augmentation, and potential battery replacement within the contracted period. PPAs should clearly define performance requirements, cycling limits, degradation trajectories, augmentation obligations, and replacement responsibilities..
Jangra emphasized that the contract period should align with warranted performance, expected degradation, and augmentation or replacement economics rather than treating the warranty period as the economic life of the BESS.
However, Jain believes shorter PPAs provide an opportunity to re-contract the asset based on prevailing market conditions, technology, and its remaining performance after the initial contract expires.
Revenue Stacking Could Support Shorter Contracts
Higher capital recovery requirements under shorter PPAs could be partly offset if developers can generate revenue from services beyond the primary contract.
BESS assets can potentially participate in energy arbitrage, ancillary and balancing services, peak-demand management, renewable energy integration, and other grid-support applications.
“The broader opportunity is to move from viewing a battery purely as an energy-delivery asset to recognizing it as a multi-service grid asset,” Jain said.
Patel said shorter contracts could allow developers to reassess market conditions after the initial PPA and pursue contract renewals, merchant market participation, or ancillary services.
However, a shorter PPA does not by itself create additional revenue. Contracts must allow developers to use battery capacity and cycling capability not committed to the primary offtaker for other services.
Dewan said BESS&#8217; inherent flexibility enables participation in multiple applications, including energy arbitrage and ancillary services.
Bankability Hinges on Revenue Visibility
The ability to generate multiple revenue streams can improve project economics, but it also creates a financing challenge because lenders generally place greater value on predictable, contracted cash flows.
“Shorter PPAs should not come at the cost of bankability,” Dewan said.
Stakeholders noted lenders would assess not only contract duration but also offtaker strength, technology warranties, degradation assumptions, augmentation plans, contractual protections, and visibility into additional revenues.
According to Misra, lenders will increasingly need to evaluate the project&#8217;s full revenue stack and lifecycle management strategy, not just PPA tenure.
Puri said developers should also retain rights to operate BESS assets after the contract expires, including access to the site and grid connection. Such rights could allow lenders to assign residual value to the project rather than assuming that its value falls to zero when the PPA expires.
The bankability of shorter contracts will therefore depend on whether revenue certainty during and after the PPA is sufficient to support debt repayment and establish a credible residual value for the asset.
Market Reforms Could Support Shorter PPAs
The viability of shorter PPAs depends partly on developing deeper markets for storage services.
Executives highlighted the need for greater clarity around ancillary services, energy arbitrage, scheduling, settlement, resource adequacy, and revenue stacking.
Puri said India&#8217;s merchant revenue pools are not yet sufficiently deep to fully support residual BESS value, with ancillary services markets still developing and arbitrage revenues dependent on electricity price spreads.
He emphasized that greater flexibility over cycling could expand developers&#8217; ability to monetize BESS assets beyond the primary contract. Under such a structure, an offtaker could contract only the capacity and cycling window it requires, such as during the evening peak, while the developer retains the ability to use the remaining capacity for ancillary services or arbitrage. Part of the additional value could also be shared with the offtaker.
Developers also highlighted the need for greater standardization of performance parameters, degradation assumptions, and augmentation obligations in storage tenders and contracts.
As ancillary and merchant markets deepen, revenues beyond the initial PPA could become more predictable, making shorter contracts easier to finance. Until then, storage PPAs will need to balance shorter-tenure flexibility with the long-term revenue certainty that lenders require.

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					</table>With a record solar capacity addition of <a href="https://www.mercomindia.com/product/q2-2026-india-solar-market-update" target="_blank" rel="noopener">27 GW</a> in the first half of 2026 and a <a href="https://www.mercomindia.com/indias-energy-storage-pipeline-hits-25-of-2032-requirement" target="_blank" rel="noopener">110 GWh </a>storage pipeline, India&#8217;s clean energy build-out is gathering pace as the country sets its sights on becoming a renewables manufacturing hub.
However, the continued reliance on imports for critical solar and battery technologies has raised questions about whether India’s manufacturing growth is being matched by domestic technology development.
The industry feels that a large part of the problem is constrained research and development (R&amp;D) spending, which limits the pace of innovation it needs.
Limited Government Spending
Over the years, the R&amp;D budgets of the Ministry of New and Renewable Energy (MNRE) have been very modest. In 2023-24, the MNRE accounted for just 0.1% of the Union government&#8217;s R&amp;D expenditure, according to data released by the Department of Science and Technology. The department said 12 major scientific agencies accounted for 76% of the government’s R&amp;D expenditure in 2023-24. MNRE was last in the list.
In August, Parliament’s Standing Committee on Energy noted that the proposed allocation of merely ₹4.37 billion (~$45.66 million) over the next five financial years for the Renewable Energy Research and Technology Development Programme would be inadequate to meet India’s clean energy transition goals.
The Talent and Infra Gap
Inadequate R&amp;D spending is not limited to government organizations alone. Constrained budgets for research and testing across solar companies paint a worrying picture, one where R&amp;D struggles to compete with other high-priority expenditure.
Prashant Mathur, CEO at <a href="https://saatvikgroup.com/" target="_blank" rel="noopener">Saatvik Solar</a>, said, “For a company at Saatvik’s stage of growth, the honest answer is that capital allocation is always a prioritization exercise. We are simultaneously commissioning a ₹70 billion (~$731.46 million) integrated manufacturing facility in Odisha, scaling encapsulant capacity, entering transformer and inverter manufacturing, and building an energy storage business. Each of these requires capital, engineering bandwidth, and leadership attention. R&amp;D competes with all of that.”
However, Raj Prabhu, CEO at Mercom Capital Group, said competing capital priorities cannot become a reason for companies to defer investments in innovation.
“Every manufacturer needs to allocate a meaningful R&amp;D budget and build its own capabilities. Some companies in India have been operating for a very long time and have yet to make meaningful investments in R&amp;D or demonstrate significant innovation or technology development. That needs to change. Companies cannot completely depend on government or centralized R&amp;D to build their competitiveness,” he said.
According to Nikhil Tambe, CEO at The Energy Consortium at <a href="https://www.iitm.ac.in/" target="_blank" rel="noopener">IIT-Madras</a>, a part of the problem is also how efficiently solar manufacturers assess the potential returns on a prospective technology.
“Whenever industries and corporates take a big bet, they look at it as an asset and the kind of return they will get from it. When it comes to getting an idea about the returns from an asset in technology like IPs, we haven&#8217;t been able to evaluate it as successfully as other assets. So, we don&#8217;t want to take a risk where we can&#8217;t even measure it.&#8221;
Another challenge is the lack of skilled researchers with strong knowledge of fields like device physics, process engineering, materials science, automation, and advanced testing who could successfully helm R&amp;D initiatives.
“There is a need for people who understand both the physics of photovoltaics and the realities of running a GW-scale production line. The talent pool is thin in India today,” added Mathur.
In the battery storage segment, the hefty capital expenditure required to build the technology at the cell layer deters many companies from undertaking high-stakes research projects. “A central bottleneck preventing companies from spending more is the lack of long-term, stable policy frameworks needed to derisk these large investments,” said Ayush Misra, CEO, <a href="https://amperehourenergy.com/" target="_blank" rel="noopener">AmpereHour Energy</a>.
Stakeholders feel that the absence of shared utility infrastructure, such as testing labs, restricts companies from expanding research initiatives. Building their own testing facilities can significantly increase their capital expenditure.
Agreeing, Tambe said that such facilities should be developed as neutral spaces from a commercial standpoint, like academic institutions, to avoid issues like IP infringement. He cited IIT-Madras&#8217; Discovery Campus, a satellite research unit for pilot-scale facilities where the institution collaborates with industries.
Tepid Funding for Pilot Projects
R&amp;D project spending in India’s clean energy sector is largely split between laboratory research and commercial deployment. As a result, demonstration and pilot stages are often bypassed, leading to fragmented outcomes where researchers can churn out prototypes and patents but cannot scale them commercially.
Once a promising technology prototype is built, it needs to be tested in real conditions, financed, certified, and adopted by industry. Without ample funding for demonstration and pilot stages, prototypes may remain stuck in the laboratory indefinitely.
“Moving directly from laboratory results to a GW-scale factory is expensive and risky. Pilot lines and demonstration facilities allow manufacturers and researchers to test new materials, processes, and technologies at a meaningful scale before making large investments,” said Dhruv Sharma, CEO, <a href="https://jil-jupiter.com/" target="_blank" rel="noopener">Jupiter International</a>.
Mathur points out that the lion’s share of investment is split between early-stage laboratory research through institutions like the Council of Scientific and Industrial Research, the Indian Institutes of Technology, and the National Institute of Solar Energy, and a major chunk of private capital going into commercial-scale deployment.
“The gap is particularly damaging for technologies like perovskite solar cells, floating solar innovations, bifacial tracking systems, and advanced storage chemistries. These are technologies where India has genuine research capability and could build competitive advantage,&#8221; he said.
Indigenous Innovation Lacking
The industry is also concerned that India is primarily becoming a manufacturer of technologies developed elsewhere, while investing little in indigenous innovation.
Mathur said, “We have been very good at scaling manufacturing and scaling fast, but the IP and technology architecture underneath that manufacturing is still predominantly imported.”
Prabhu said, “Simply setting up manufacturing capacity and restricting imports, while continuing to depend on imported technology, is not a path to long-term competitiveness. Whether it is solar or battery storage, Indian companies need to continuously improve their products, reduce costs, increase efficiency, develop new technologies, and build their own intellectual property.”
He pointed to China as an example of how sustained investment in R&amp;D and technology development, alongside manufacturing scale, can build global competitiveness. He cited First Solar as an example of a manufacturer that has continued to develop proprietary technology as a differentiator rather than competing on manufacturing scale alone.
According to Sharma, the next phase of R&amp;D spending in renewables should focus not just on increasing manufacturing capacity, but also on improving cell efficiency, production yields, material usage, and process control. “Areas such as reducing silver use, improving wafers, passivation, automation, and next-generation cell technologies offer significant opportunities.”
Misra said domestic lithium-ion cell manufacturing must be established as a direct government-level imperative rather than left to market forces alone. “Once the government takes this decisive first step, it will trigger a catalytic chain effect across the ecosystem, opening up vast opportunities for domestic R&amp;D and process innovation in cell manufacturing.”
Stronger Government Support
The rapid pace of solar manufacturing and capacity addition has generated a glut which the country could put to good use by exploring new opportunities. “Unless we have ample projects, we won&#8217;t know what to do with the excess capacity. Exports are a large market, but we must work on what differentiation we have to offer, which is where R&amp;D comes in,” said Tambe.
He added that rather than stopping at Technology Readiness Level (TRL)-4 technologies, researchers should aim higher, exploring TRL-5 or TRL-6 technologies while testing their innovations against real-world conditions.
Stakeholders feel that, beyond stepping up R&amp;D spending, the government should boost innovation alongside manufacturing incentives by setting up more shared testing facilities, research grants, and stronger university-industry partnerships.
Speaking during the Mercom India Renewables Summit 2026, held in New Delhi on July 1 and 2, Vish Iyer, Managing Director (India and West Asia) at Caelux, said India <a href="https://www.mercomindia.com/rd-key-to-next-phase-of-indias-solar-growth-global-competitiveness" target="_blank" rel="noopener">must</a> rethink how emerging technologies move from laboratories to commercial deployment. Current policy frameworks, he said, remain focused on incremental improvements within silicon technologies and do not adequately support experimental technologies. He suggested creating institutions like Germany’s Fraunhofer Institutes or the U.S. National Renewable Energy Laboratory, where industry and government jointly commercialize promising technologies.
“I agree that India needs institutions like Fraunhofer and NREL to support fundamental research, testing, and commercialization of new technologies. Government-supported research can strengthen the ecosystem, but companies cannot depend on centralized R&amp;D to become competitive. Innovation and competitiveness ultimately have to come from within the companies themselves,” Prabhu noted.
As far as technology goes, stakeholders feel future R&amp;D initiatives and spending should focus on innovation in cell technologies and energy storage, especially battery storage. “There is significant scope to improve TOPCon through better passivation, lower optical losses, better metallization, and lower silver consumption. Improving wafer thickness and material usage is also important because it can reduce both costs and resource consumption,” said Sharma.
Most storage technology was optimized for temperate climates and grid structures different from India&#8217;s, Mathur said. A focused R&amp;D program on high-temperature battery performance, long-duration storage, and localized raw material sourcing would give India a genuine and defensible competitive advantage.
India’s clean energy competitiveness will depend on matching manufacturing growth with stronger R&amp;D. Greater investment in pilot projects, testing facilities, skilled talent, and industry-academia collaboration can help commercialize new technologies, while manufacturers must also build proprietary capabilities and intellectual property.

India’s Clean Energy Manufacturing Boom Faces an R&D Reality Check

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					</table>India’s battery energy storage market might be gaining momentum, but sluggish project execution has exposed deeper questions around bankability, lifecycle costs, degradation risks, and market readiness.
In an exclusive interview with Mercom India, Ayush Misra, Co-Founder at <a href="https://amperehourenergy.com/" target="_blank" rel="noopener">AmpereHour Energy</a>, discusses why storage projects must be evaluated as sophisticated grid assets rather than simple battery procurement exercises, and how large-scale deployments can be made commercially viable.
Can you tell us about AmpereHour Energy&#8217;s presence in the battery energy storage sector and the projects you are currently working on? 
 
AmpereHour Energy is a full-stack battery energy storage systems company founded in 2017. We focus on designing, integrating, and optimizing intelligent energy storage solutions across the utility and commercial and industrial (C&amp;I) sectors.
Our focus is not only on deploying batteries but also on building intelligent storage infrastructure that provides reliable, dispatchable renewable energy to strengthen India’s evolving power system.
We recently commissioned the 180 MW/360 MWh battery storage project in Gujarat, one of India&#8217;s largest standalone utility-scale battery storage projects. Other than that, we are currently working on utility-scale, renewable integration, and grid-support projects to expand into larger grid-scale deployments.
India has announced an ambitious pipeline of storage projects. What percentage of these projects do you believe are bankable today, and what is preventing the rest from reaching financial closure?
India has built a very strong pipeline of storage projects, reflecting growing confidence in storage as a critical grid asset and strong policy intent.
However, financial viability depends on much more than just project announcements.
Tariffs discovered during recent reverse auctions are unviable at today’s battery costs.
As an industry, we must ensure that storage system assets installed in these projects meet a quality standard that will ensure they last for 15-20 years.
To ensure a project&#8217;s bankability, we also need to consider revenue and regulatory certainty, power purchase agreements, creditworthiness of offtakers, and robust payment mechanisms.
The lack of proven long-term revenue models and revenue stacking, delays in regulatory approvals and contract execution, payment risks from distribution companies (DISCOMs), and counterparty concerns are some of the other barriers.
Do you think battery storage adoption is moving faster than its commercial viability? Where do you see the biggest disconnect between expectations and reality?
India has announced an array of ambitious renewable energy projects and is implementing policies to support them, which has been driving battery storage adoption.
However, commercial maturity is still catching up to deployment momentum, as commercial frameworks evolve.
A major disconnect is the expectation that storage is just another infrastructure asset. In reality, its economics depends on multiple revenue streams. Limited revenue stacking, evolving ancillary service markets, financing, and the development of lender confidence are other areas of disconnect.
The good news is that all of these factors are signs that the market is in transition. Once regulations mature and revenue models diversify, commercial viability will eventually be aligned with the pace of deployment.
What is the single biggest misconception policymakers, developers, or investors have about battery energy storage in India? 
 
The biggest misconception is that battery energy storage is just a battery procurement exercise. In reality, a battery storage system is a sophisticated grid asset whose value extends far beyond just battery cells. Factors such as software, power conversion systems, controls, safety, integration, and lifecycle management drive its performance and economics. When all these factors are ignored, it&#8217;s like missing out on the full value that a storage system can deliver to the grid.
Storage is often promoted as the natural next step after solar. Does battery storage make economic sense for most consumers today, or only for specific use cases?
Battery storage can make sense for most consumers today, as evidenced by its growth. It is definitely the next step in energy transition, but it cannot have a single solution that fits everyone. Considering the scale of renewable integration, grid support, ancillary services,  rising grid tariffs in the C&amp;I segment, and the need for power reliability, it is evident that battery storage makes sense as the next natural step after solar.
Many states are introducing storage mandates and changing banking rules. Do you believe policy is moving faster than market readiness?
India seems to have taken a proactive approach to its energy storage policy, with several states introducing storage mandates.
This policy momentum comes off as timely and necessary. Policy implementation will help create a market by earning investors&#8217; confidence, encouraging infrastructure development, and creating certainty of demand for developers and manufacturers.
Market readiness needs to catch up with these policies by focusing more on standardized procurement and contracting frameworks, faster regulatory approvals, grid infrastructure readiness, bankability and financing, while ensuring a skilled ecosystem for deployment, operations, and maintenance.
How prepared are DISCOMs and transmission utilities to integrate large volumes of battery storage?
DISCOMs and transmission utilities have made significant progress in recognizing the value of battery energy storage, but their level of preparedness varies across states and utilities. They have helped increase the number of battery storage tenders and provide more information on storage for peak-demand management, renewable integration, and grid reliability.
However, there is still a need to integrate storage into grid planning and dispatch, to build technical expertise to operate and optimize battery storage systems, and to develop market mechanisms for ancillary services and flexibility. DISCOMs’ preparedness will improve rapidly as more projects become operational and utilities gain hands-on experience.
What risks associated with battery degradation, augmentation requirements, and replacement costs are still being underestimated by project developers and investors?
When evaluating a battery energy storage project, the major risk is the upfront cost rather than the long-term performance.
The economics of energy storage depends on how well it performs over 10–20 years. There are some key risks in battery systems, such as battery degradation over time, augmentation planning to maintain contracted performance, replacement costs, and lifecycle budgeting.
These are some things that need to be looked into from a sustainable, long-term perspective.
India is pursuing both domestic battery manufacturing and large-scale storage deployment simultaneously. Which is likely to become the bigger bottleneck? Manufacturing capacity, supply chains, financing, or skilled manpower?
There is no single bottleneck, as all four factors are critical to scaling India’s storage ecosystem. In the near future, financing and commercial bankability are likely to be the biggest constraints. Investments in the manufacturing segment are accelerating under supportive policies, and capital is available, but investors require predictable returns and lower risk.
What we need are proven revenue models, long-term bankable contracts, lender confidence in standalone battery energy storage systems, and skilled manpower as deployment scales.
We need a long-term roadmap for the localization of manufacturing. A systematic, well-planned localization plan implemented over a 4 to 6-year horizon can create a flourishing energy storage manufacturing ecosystem in India.
What lessons has the industry learned from early battery storage system deployments that are not widely understood today?
One of the most important lessons from early battery storage deployments is that a project’s success is influenced more by system design, integration, and operational intelligence than by the battery cells themselves.
Battery selection is just part of the equation; energy management systems, battery management systems, power conversion systems, thermal management, safety architecture, and control strategies collectively determine performance.
What is one hard truth about India&#8217;s battery storage market that the industry is not discussing enough?
The hardest truth about India’s battery storage market, which the industry does not discuss enough, is that it&#8217;s not just a technology problem but a viability problem. Aggressive tariff discovery, import dependence, and underestimated lifecycle costs contribute to the economic fragility of large-scale projects, even with rapid capacity additions.
Winning bids do not always translate into sustainable, bankable assets, as developers often overlook long-term degradation, O&amp;M complexity, and grid performance risks, and still price their batteries like commodities.

Industry Must Perceive Battery Storage Systems as Grid Assets: Interview

Terabase Energy, a digital solutions provider for solar power projects, <a href="https://cms.mercomindia.com/terabase-secures-130-million-in-series-c-funding/" target="_blank" rel="noopener">received</a> $130 million in a Series C funding round led by SoftBank Vision Fund 2, with participation from existing and new strategic investors. This round brings the company’s total funding to over $200 million. The company provides digitalization and automation solutions for utility-scale solar power projects through its platform, which is stated to combine AI, software, automation, SCADA, and project controls.
Catalyze, a project developer and Independent Power Producer of distributed renewable energy assets has <a href="https://cms.mercomindia.com/renewable-energy-developer-catalyze-secures-400-million-funding/" target="_blank" rel="noopener">secured</a> a $400 million multiyear debt facilityportfolio of commercial and industrial, community solar, and battery storage projects across the U.S.
Energy storage solutions provider AmpereHour Energy <a href="https://www.mercomindia.com/energy-storage-solutions-provider-amperehour-secures-5-million" target="_blank" rel="noopener">secured</a> $5 million (₹415 million) in a Series A funding round led by Avaana Capital, with participation from UC Impower and existing angel investors. The company will utilize the funds to accelerate its battery energy storage solutions deployment, enhance manufacturing capabilities, expand product offerings, and strengthen research and development efforts.
Amrut Energy, a solar water pump manufacturer and renewable energy solutions provider, <a href="https://www.mercomindia.com/amrut-energy-raises-%E2%82%B91-billion-to-expand-solar-water-pump-manufacturing" target="_blank" rel="noopener">secured</a> ₹1 billion (~$11.49 million) in funding from private equity investors. The company aims to utilize the investment to expand manufacturing capabilities, drive research and development, and scale operations across underserved regions.
Solar power systems company SWELECT Group <a href="https://www.mercomindia.com/swelect-raises-%E2%82%B92-9-billion-through-private-placement-with-india-infradebt" target="_blank" rel="noopener">secured</a> ₹2.9 billion (~$33.39 million) in funding through non-convertible debentures via a private placement with India Infradebt. This initiative, backed by a portion of its solar power assets, has released ₹2.6 billion (~$29.94 million) in cash collaterals. The funds will be reinvested to expand SWELECT’s independent power producer portfolio to 1 GW by 2026-27.
JSW Neo Energy, a wholly owned subsidiary of JSW Energy, <a href="https://www.mercomindia.com/jsw-neo-acquires-renewable-energy-firm-virya-infrapower-for-%E2%82%B975-4-million" target="_blank" rel="noopener">acquired</a> a 100% share in Virya Infrapower for ₹75.4 million (~$866,000) in an all-cash transaction. The acquisition was completed on March 12, 2025, the same day the share purchase agreement was signed. This purchase makes Virya Infrapower a step-down subsidiary of JSW Energy.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-tandem-pv-raises-50-million/" target="_blank" rel="noopener">roundup</a>.
&nbsp;

Funding and M&A Roundup: Terabase Energy Secures $130 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-terabase-energy-secures-130-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Terabase Energy, a digital solutions provider for solar power projects, <a href="https://mercomcapital.com/terabase-secures-130-million-in-series-c-funding/" target="_blank" rel="noopener">received</a> $130 million in a Series C funding round led by SoftBank Vision Fund 2, with participation from existing and new strategic investors. This round brings the company’s total funding to over $200 million. The company provides digitalization and automation solutions for utility-scale solar power projects through its platform, which is stated to combine AI, software, automation, SCADA, and project controls.
Catalyze, a project developer and Independent Power Producer of distributed renewable energy assets has <a href="https://mercomcapital.com/renewable-energy-developer-catalyze-secures-400-million-funding/" target="_blank" rel="noopener">secured</a> a $400 million multiyear debt facilityportfolio of commercial and industrial, community solar, and battery storage projects across the U.S.
Energy storage solutions provider AmpereHour Energy <a href="https://www.mercomindia.com/energy-storage-solutions-provider-amperehour-secures-5-million" target="_blank" rel="noopener">secured</a> $5 million (₹415 million) in a Series A funding round led by Avaana Capital, with participation from UC Impower and existing angel investors. The company will utilize the funds to accelerate its battery energy storage solutions deployment, enhance manufacturing capabilities, expand product offerings, and strengthen research and development efforts.
Amrut Energy, a solar water pump manufacturer and renewable energy solutions provider, <a href="https://www.mercomindia.com/amrut-energy-raises-%E2%82%B91-billion-to-expand-solar-water-pump-manufacturing" target="_blank" rel="noopener">secured</a> ₹1 billion (~$11.49 million) in funding from private equity investors. The company aims to utilize the investment to expand manufacturing capabilities, drive research and development, and scale operations across underserved regions.
Solar power systems company SWELECT Group <a href="https://www.mercomindia.com/swelect-raises-%E2%82%B92-9-billion-through-private-placement-with-india-infradebt" target="_blank" rel="noopener">secured</a> ₹2.9 billion (~$33.39 million) in funding through non-convertible debentures via a private placement with India Infradebt. This initiative, backed by a portion of its solar power assets, has released ₹2.6 billion (~$29.94 million) in cash collaterals. The funds will be reinvested to expand SWELECT’s independent power producer portfolio to 1 GW by 2026-27.
JSW Neo Energy, a wholly owned subsidiary of JSW Energy, <a href="https://www.mercomindia.com/jsw-neo-acquires-renewable-energy-firm-virya-infrapower-for-%E2%82%B975-4-million" target="_blank" rel="noopener">acquired</a> a 100% share in Virya Infrapower for ₹75.4 million (~$866,000) in an all-cash transaction. The acquisition was completed on March 12, 2025, the same day the share purchase agreement was signed. This purchase makes Virya Infrapower a step-down subsidiary of JSW Energy.
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>.
Read last week’s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-tandem-pv-raises-50-million/" target="_blank" rel="noopener">roundup</a>.

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