Daily News Wrap-Up: CSERC Clarifies DSM Charges for Open Access Consumers

Solar PPA Prices Rise 9% YoY in North America While Europe Falls 8%

Europe’s Power Market Reprices as Renewables Reshape Value: Pexapark

Project Finance Brief: Voltwise Power Closes $211 Million in Acquisition Financing

CEA Reviews Grid-Forming Inverter Capacity as Renewables Expand

Funding and M&A Roundup: Jupiter Secures $500 Million Credit Facility

Ladakh Invites Bids for 1-3 kW Rooftop Solar Systems in 7,000 Households

Aggressive Bidding Puts India’s Energy Storage Push at Crossroads

Delhi Development Authority Invites Bids for 2.2 MW Solar Carport Project

Tata Power Renewables Commissions 198 MW Captive Wind Project in Tamil Nadu


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					</table><p>APM Projects <a href="https://www.mercomindia.com/apm-projects-wins-delhi-metros-5-mw-rooftop-solar-auction" target="_blank" rel="noopener">won</a> Delhi Metro Rail Corporation’s (DMRCL) auction to set up 5 MW of rooftop solar systems over its Phase-IV metro rail network under RESCO Mode. APM quoted a tariff of ₹3.68 (~$0.0407)/kWh to win the auction. The tender was issued in July last year. The rooftop solar systems will be installed at 15 elevated metro rail stations.</p>
<p>The Central Electricity Regulatory Commission (CERC) <a href="https://www.mercomindia.com/cerc-clears-nhpc-solarstorage-tariff-for-1-2-gw-projects-trims-greenshoe#:~:text=The%20Central%20Electricity%20Regulatory%20Commission,projects%20with%20energy%20storage%20systems." target="_blank" rel="noopener">adopted</a> tariffs ranging from ₹3.09 (~$0.0342)/kWh to ₹3.10 (~$0.0343)/kWh, as determined through NHPC’s auction, to develop 1,200 MW interstate transmission system-connected solar power projects with energy storage systems.</p>
<p>India’s first virtual net metering rooftop solar project under the PM Surya Ghar program has been <a href="https://www.mercomindia.com/virtual-net-metering-delivers-power-bill-savings-for-raipur-flats" target="_blank" rel="noopener">implemented</a> at a residential apartment in Raipur, Chhattisgarh. The project has delivered meaningful electricity savings for 20 households since it was commissioned four months ago. The 60 kW rooftop solar system installed at Parthivi Pacific Apartments is expected to deliver annual savings of ₹630,000 (~$6,980), translating to savings of about ₹31,500 (~$349) per household on electricity bills.</p>
<p>PFC Consulting, a wholly-owned subsidiary of Power Finance Corporation, <a href="https://www.mercomindia.com/pfc-consulting-invites-bids-for-4-5-gw-renewable-energy-transmission-system" target="_blank" rel="noopener">invited</a> bids to select transmission service providers to establish an interstate transmission system (ISTS) for the integration of the Krishnagiri Renewable Energy Zone Phase-I in Andhra Pradesh on a build, own, operate, and transfer basis.</p>
<p>REC Power Development and Consultancy <a href="https://www.mercomindia.com/recpdcl-tenders-transmission-system-to-evacuate-2-8-gw-renewable-energy" target="_blank" rel="noopener">invited</a> bids to develop an ISTS to augment the Kankani 400 kV grid substation to 765 kV, along with associated transmission lines, to evacuate 2.8 GW of renewable energy in Rajasthan. The project will evacuate renewable power from the Barmer and Jaisalmer regions to load centers around Jodhpur.</p>
<p>NTPC Green Energy’s wholly-owned subsidiary, NTPC Renewable Energy, <a href="https://www.mercomindia.com/ntpc-green-commissions-300-mw-at-bhadla-solar-project-in-rajasthan" target="_blank" rel="noopener">commissioned</a> 300 MW out of the total capacity of 500 MW at the Bhadla solar project in Phalodi, Rajasthan. The commercial operation of the commissioned capacity commenced on January 13, 2026.</p>
<p>CEAT, a multinational tire manufacturing company, will <a href="https://www.mercomindia.com/ceat-to-augment-clean-power-use-from-cleanmaxs-59-mw-wind-solar-projects" target="_blank" rel="noopener">procure</a> renewable energy from 59 MW of wind–solar hybrid power projects under the group captive mode. The project is developed by Clean Max Como and Clean Max Emerald, two special-purpose vehicles (SPV) of CleanMax. These projects will supply electricity to CEAT’s manufacturing facilities in Halol, Gujarat, and Kanchipuram, Tamil Nadu.</p>
<p>Mumbai-based Himadri Speciality Chemical <a href="https://www.mercomindia.com/himadri-steps-up-investment-in-australian-battery-firm-sicona" target="_blank" rel="noopener">announced</a> an additional capital injection of AU$10.49 million (~$7.01 million) in Australia-based Sicona Battery Technologies, a developer of materials for lithium-ion batteries. The investment is aimed at subscribing to 3.793 million compulsorily convertible notes (CCNs) with a face value of AU$1.00 (~$0.67) each.</p>
<p>Module Manufacturer Alpex Solar <a href="https://www.mercomindia.com/alpex-solar-wins-%E2%82%B921-52-billion-solar-module-supply-order" target="_blank" rel="noopener">received</a> an order for the supply of solar modules, valued at ₹2.15 billion (~$25.9 million) from an Indian industrial entity. The module supply must be completed in six months. Alpex Solar is currently executing a large-scale expansion program, which is expected to be fully operational in the financial year (FY) 2026–27.</p>
<p>SJVN Green Energy, SJVN’s renewable energy arm, <a href="https://www.mercomindia.com/sjvn-commissions-assams-first-utility-scale-solar-project" target="_blank" rel="noopener">commissioned</a> Assam’s first utility-scale solar project. The 70 MW solar project in the Dhubri district of the state is also SJVN’s first operational solar power project in the northeastern region. The project was inaugurated by Assam Chief Minister Himanta Biswa Sarma.</p>
<p>Ahmedabad-based chemicals manufacturer Meghmani Organics <a href="https://www.mercomindia.com/meghmani-organics-to-source-wind-solar-power-from-prozeals-2-2-mw-project" target="_blank" rel="noopener">signed</a> an agreement with Pro-Zeal Green Power Fifteen, an SPV of Prozeal Green Energy, to procure 2.2 MW of wind-solar hybrid power as a captive consumer. Meghmani will invest ₹36.3 million (₹401,928.85) to acquire a 26% stake in Pro-Zeal Green Power Fifteen.</p>
<p>Sterling and Wilson Renewable Energy <a href="https://www.mercomindia.com/sterling-and-wilsons-q3-revenue-up-14-profits-reducing-91" target="_blank" rel="noopener">reported</a> a consolidated revenue from operations of ₹20.92 billion (~$231.42 million million) for the third quarter (Q3) of FY 2026, a 14% year-over-year (YoY) increase from ₹18.37 billion (~$203.21 million). The company’s profit after tax stood at ₹15.5 million (~$171,449.75), down 91% from ₹171.4 million (~$2 million) in the same quarter of the previous year.</p>
<p>Waaree Renewable Technologies, the engineering, procurement, and construction arm of the Waaree Group, <a href="https://www.mercomindia.com/waaree-renewable-technologies-q3-fy-2026-revenue-up-136-yoy" target="_blank" rel="noopener">reported</a> a consolidated revenue from operations of ₹8.51 billion (~$94.27 million) for Q3 of FY 2026, a 136.18% YoY increase from ₹3.60 billion (~$39.93 million). Earnings before interest, taxes, depreciation, and amortization stood at ₹1.59 billion (~$17.61 million), a 120.79% increase from ₹719.2 million (~$7.97 million) in the same quarter of the previous year.</p>


Daily News Wrap-Up: APM Projects Wins DMRCL’s 5 MW Solar Auction


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					</table><p><a href="https://apmpower.com/" target="_blank" rel="noopener">APM Projects</a> has won Delhi Metro Rail Corporation’s (<a href="https://delhimetrorail.com/station/JPE" target="_blank" rel="noopener">DMRCL</a>) auction to set up 5 MW of rooftop solar systems over its Phase-IV metro rail network under RESCO Mode.</p>
<p>APM quoted a tariff of ₹3.68 (~$0.0407)/kWh to win the auction.</p>
<p>The tender was <a href="https://www.mercomindia.com/delhi-metro-floats-tender-for-5-mw-rooftop-solar-projects/">issued</a> in July last year.</p>
<p>The rooftop solar systems will be installed at 15 elevated metro rail stations.</p>
<p>The scope of work involves the design, engineering, supply, erection, installation, testing, and commissioning of the solar systems. It also entails providing operation and maintenance services for 25 years.</p>
<p>APM Projects must provide a warranty for all equipment, materials, and artistry for a minimum of two years.</p>
<p>Only modules from the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers must be used in the rooftop systems.</p>
<p>The systems must be installed in 18 months and have an ensured performance ratio of at least 75%.</p>
<p>Recently, APM Projects <a href="https://www.mercomindia.com/apm-projects-wins-mes-1-mw-solar-epc-contract/" target="_blank" rel="noopener">won</a> the Military Engineer Service’s engineering, procurement, and construction auction to set up a 1 MW grid-connected solar project at Air Force Station Suratgarh, Rajasthan. The contract is valued at ₹67.4 million (~$760,113). The scope of work includes the complete EPC covering the design, supply, installation, testing, and commissioning of the solar facility.</p>
<p>Earlier, APM Projects <a href="https://www.mercomindia.com/apm-projects-wins-central-mine-planning-institutes-10-mw-solar-epc-contract" target="_blank" rel="noopener">bagged</a> an engineering, procurement, and construction contract from the Military Engineer Service to set up 2.25 MW of rooftop solar systems at various buildings in Air Force stations in Haryana, Uttar Pradesh, and Maharashtra. APM won the contract, quoting ₹149.4 million (~$1.68 million).</p>
<p>In May last year, APM Projects <a href="https://www.mercomindia.com/apm-projects-wins-central-mine-planning-institutes-10-mw-solar-epc-contract/" target="_blank" rel="noopener">won</a> the Central Mine Planning and Design Institute’s engineering, procurement, and construction auction to set up a 10 MW grid-connected solar power project at Lakhanpur, Mahanadi Coalfields. The company won the project at a contract value of ₹487.33 million (~$5.7 million).</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> for timely updates on all solar tenders issued by various agencies in India.</p>


APM Projects Wins Delhi Metro’s 5 MW Rooftop Solar Auction


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					</table><p><a href="https://apmpower.com/" target="_blank" rel="noopener">APM Projects</a> has won the Military Engineer Service’s (<a href="http://mes.gov.in/" target="_blank" rel="noopener">MES</a>) engineering, procurement, and construction (EPC) auction to set up a 1 MW grid-connected solar project at Air Force Station Suratgarh, Rajasthan.</p>
<p>The contract is valued at ₹67.4 million (~$760,113). The scope of work includes the complete EPC covering the design, supply, installation, testing, and commissioning of the solar facility.</p>
<p>The project must be completed within 1,350 days of the site handover, scheduled to occur approximately two weeks after acceptance of the letter of award.</p>
<p>The contractor must also furnish performance security of 5% of the contract value, valid until the expiry of the defects liability period, with an additional minimum buffer of 60 days beyond that duration.</p>
<p>The contractor will be responsible for all associated documentation, including design submissions, quality compliance records, and final commissioning reports for the solar project.</p>
<p>In November this year, APM Projects <a href="https://www.mercomindia.com/apm-projects-wins-mes-2-mw-rooftop-solar-epc-auction" target="_blank" rel="noopener">won</a> MES’ 2.25 MW EPC auction to set up rooftop solar systems at various buildings at Air Force stations in Haryana, Uttar Pradesh, and Maharashtra.</p>
<p>In May this year, APM Projects <a href="https://www.mercomindia.com/apm-projects-wins-central-mine-planning-institutes-10-mw-solar-epc-contract" target="_blank" rel="noopener">won</a> an EPC auction from the Central Mine Planning and Design Institute to set up a 10 MW grid-connected solar power project at Lakhanpur, Mahanadi Coalfields. The company won the project under a contract valued at ₹487.33 million (~$5.7 million).</p>
<p>In October this year, MES <a href="https://www.mercomindia.com/mes-invites-bids-for-1-mw-solar-project-in-ladakh" target="_blank" rel="noopener">floated</a> a tender to set up a 1 MW grid-connected solar project at Chumathang, Ladakh.</p>
<p>In September, MES <a href="https://www.mercomindia.com/mes-tenders-operation-and-maintenance-of-2-mw-solar-project-in-punjab" target="_blank" rel="noopener">invited</a> bids for the comprehensive maintenance of a 2 MW solar project at the military station in Kapurthala, Punjab, under the jurisdiction of the city’s Garrison Engineer.</p>
<p>In July, MES under the Chief Engineer, Bathinda Zone, <a href="https://www.mercomindia.com/mes-floats-operation-and-maintenance-tender-for-5-mw-solar-project" target="_blank" rel="noopener">issued</a> a tender for the comprehensive operation and maintenance of a 5 MW solar project located across Suratgarh (2 MW), Sri Ganganagar (2 MW), and Kanasar (1 MW) in Rajasthan.</p>


APM Projects Wins MES’ 1 MW Solar EPC Contract


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					</table><p><a href="https://apmpower.com/" target="_blank" rel="noopener">APM Projects</a> has won the Military Engineer Service’s (<a href="http://mes.gov.in/" target="_blank" rel="noopener">MES</a>) 2.25 MW engineering, procurement, and construction (EPC) auction to set up rooftop solar systems at various buildings in Air Force stations in Haryana, Uttar Pradesh, and Maharashtra.</p>
<p>APM won the project, quoting ₹149.4 million (~$1.68 million).</p>
<p>The tender was floated on July 22, 2025.</p>
<p>The 2.3 MW project comprises five rooftop systems:</p>
<ul>
<li>1.5 MW rooftop system at Air Force Station (AFS) Chakeri, Kanpur (Uttar Pradesh)</li>
<li>250 kW rooftop system at AFS Gurgaon (Haryana)</li>
<li>250 kW rooftop system at AFS Ojhar (Maharashtra)</li>
<li>200 kW rooftop system at AFS Nagpur (Maharashtra)</li>
<li>100 kW rooftop system at AFS Manauri (Uttar Pradesh)</li>
</ul>
<p>The project involves the design, supply, installation, testing, and commissioning of the rooftop solar systems. The scope of work also covers the operation and maintenance of the projects for 10 years with a two-year defect liability period.</p>
<p>APM must also set up a remote monitoring system for the projects.</p>
<p>The modules must be of crystalline solar photovoltaic technology and have a minimum rated power of 530 Wp.</p>
<p>Winners must use modules that comply with the domestic content requirement, utilizing domestically manufactured cells. The modules used must have an efficiency of at least 21% and be sourced from the Approved List of Models and Manufacturers.</p>
<p>APM must ensure that the modules have an output capacity of at least 90% at the end of 10 years and at least 80% at the end of 25 years.</p>
<p>The projects must be completed within 180 days.</p>
<p>In May 2025, APM Projects <a href="https://www.mercomindia.com/apm-projects-wins-central-mine-planning-institutes-10-mw-solar-epc-contract" target="_blank" rel="noopener">won</a> an EPC auction from the Central Mine Planning and Design Institute to set up a 10 MW grid-connected solar power project at Lakhanpur, Mahanadi Coalfields. The company won the project at a contract value of ₹487.33 million (~$5.7 million).</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of real-time tender activity.</p>


APM Projects Wins MES’ 2 MW Rooftop Solar EPC Auction


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					</table><p>Alpex Solar, in a consortium with NVNR Power &amp; Infra, <a href="https://www.mercomindia.com/alpex-solar-nvnr-win-70-mw-solar-epc-contract-from-coal-india-subsidiary" target="_blank" rel="noopener">secured</a> a 70 MW solar engineering, procurement, and construction (EPC) contract from the Central Mine Planning and Design Institute (CMPDI), a subsidiary of Coal India. The project will be at Nandan Washery in the Kanhan Area, within the Western Coalfields region of Nagpur, Maharashtra. Alpex Solar holds 70% of the total order value. The total project cost is ₹3.5 billion (~$40.9 million) and must be completed in 540 days.</p>
<p>Navalai Infra <a href="https://www.mercomindia.com/navalai-infra-secures-37-mw-solar-epc-project-from-mahasamruddhi" target="_blank" rel="noopener">secured</a> a 37 MW solar EPC contract from Mahasamruddhi Renewable Energy (MREL), a special purpose vehicle of Maharashtra State Road Development Corporation (MSRDC). The project will be executed in three parts: 16 MW will be installed at Igatpuri and 14 MW AC at Kopergaon, both under the open access mode. An additional 7 MW will be installed at various other MSRDC-designated locations under the net metering mode.</p>
<p>APM Projects <a href="https://www.mercomindia.com/apm-projects-wins-central-mine-planning-institutes-10-mw-solar-epc-contract#:~:text=APM%20Projects%20has%20won%20Central,487.33%20million%20(~%245.7%20million)." target="_blank" rel="noopener">won</a> CMPDI’s EPC auction to set up a 10 MW grid-connected solar power project at Lakhanpur, Mahanadi Coalfields. The company won the project at a contract value of ₹487.33 million (~$5.7 million). The tender was floated in November 2024. The project entails the design, engineering, procurement, supply, construction, storage at the site, associated civil works, erection, testing, and commissioning. Winners must procure all necessary permits and licenses for the project.</p>
<p>Military Engineer Services <a href="https://www.mercomindia.com/military-engineer-services-floats-rooftop-solar-tender" target="_blank" rel="noopener">invited</a> bids to install 1,100 kW rooftop solar systems atop buildings at the Jaipur Military Station. The project’s estimated cost is ₹49 million (~$578,057). The work must be completed within 180 days of the site’s handover. The minimum annual energy output for the 0.5 MW Niwaru project must be 720,000 units, 187,000 units for the 130 kW Jaipur project, 280,000 units combined for the Bhakrota and BSO Yard systems, and 432,000 units for the Command Motor Transport installation.</p>
<p>The Gujarat Electricity Regulatory Commission <a href="https://www.mercomindia.com/gujarat-approves-tariffs-guvnl-1-gw-solar-projects#:~:text=The%20Gujarat%20Electricity%20Regulatory%20Commission,MW%20under%20the%20greenshoe%20option." target="_blank" rel="noopener">approved</a> Gujarat Urja Vikas Nigam’s petition seeking tariff approval for procuring power from 1,000 MW of solar projects. The total capacity awarded comprises 500 MW base capacity and an additional 500 MW under the greenshoe option. The weighted average tariffs ranged from ₹2.55 (~$0.0298)/kWh to ₹2.555(~$0.0299)/kWh.</p>
<p>The Maharashtra Energy Development Agency <a href="https://www.mercomindia.com/maharashtra-invites-bids-for-130-ktpa-green-hydrogen-production-facilities" target="_blank" rel="noopener">invited</a> bids to set up 130 kilotons per annum (KTPA) of green hydrogen production facilities under the Maharashtra Green Hydrogen Policy 2023. The projects involve establishing anchor units of up to 100 KTPA and experimental anchor units of 30 KTPA. Bids must be submitted by July 4, 2025. Bids will be opened on July 9. The scope of work includes installing, commissioning, and long-term operation of the green hydrogen and renewable energy facilities, regularly submitting compliance and production reports, and installing approved measurement and monitoring systems.</p>
<p>Gurugram-based renewable energy services company BluPine Energy, an Actis-backed renewable energy platform, <a href="https://www.mercomindia.com/bluepine-closes-%E2%82%B93-76-billion-funding-for-100-mw-solar-project-in-gujarat#:~:text=Gurugram%2Dbased%20renewable%20energy%20services,Tharad%2C%20Banaskantha%20district%2C%20Gujarat." target="_blank" rel="noopener">achieved</a> financial closure of a debt funding of ₹3.76 billion (~$44 million) from Standard Chartered Bank for its 100 MW under-construction solar power project in Tharad, Banaskantha district, Gujarat. The project is expected to be completed by the first half of 2026. The project was undertaken under its wholly owned subsidiary Solarcraft Power India 5 and is being developed under the Gujarat Urja Vikas Nigam’s Phase XXII auction.</p>
<p>Solar glass manufacturer Borosil Renewables <a href="https://www.mercomindia.com/borosil-renewables-q4-revenue-up-32-yoy-as-solar-glass-sales-surge#:~:text=Webinars-,Borosil%20Renewables'%20Q4%20Revenue%20Up%2032%25%20YoY,as%20Solar%20Glass%20Sales%20Surge&amp;text=Solar%20glass%20manufacturer%20Borosil%20Renewables,2.83%20billion%20(~%2433.36%20million)." target="_blank" rel="noopener">reported</a> revenue of ₹3.73 billion (~$43.97 million) for the fourth quarter of the financial year 2025, marking a 31.9% year-over-year (YoY) increase from ₹2.83 billion (~$33.36 million). The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose significantly to ₹273.6 million (~$3.23 million), reversing from an EBITDA loss of ₹208.2 million (~$2.45 million) in the same quarter last year. The net loss for the quarter narrowed by 44.6% YoY to ₹295.3 million (~$3.48 million). The company reported a loss per share of ₹1.53 (~$0.018), compared to ₹3.68 (~$0.043) a year ago.</p>
<p>Norway-based renewable energy solutions provider Scatec <a href="https://www.mercomindia.com/increase-in-power-production-pushes-scatecs-revenue-by-41-6-in-q1-2025" target="_blank" rel="noopener">posted</a> a 41.6% YoY rise in consolidated revenue to NOK1.81 billion (~$174.28 million) in the first quarter of 2025 from NOK1.28 billion (~$123.25 million). The company has attributed the revenue growth to an increase in power production, which rose by 78 GWh from last year, primarily driven by improved hydrology in the Philippines and Laos.</p>
<p>A study by the U.S. Department of Energy’s National Renewable Energy Laboratory has claimed it <a href="https://www.mercomindia.com/nrel-claims-a-boost-in-perovskite-solar-cell-efficiency-using-ionic-salt" target="_blank" rel="noopener">improved</a> perovskite solar cell (PSC) technology performance by replacing the commonly used fullerene electron transport layer with a newly synthesized ionic salt, commonly referred to as CPMAC. A study published in the journal Science said that this substitution significantly enhances PSCs’ performance, efficiency, and long-term durability, bringing the technology closer to commercial viability.</p>


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