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

Solar Module Capacity Under ALMM Grows to 215.5 GW

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					</table>As India rapidly expands renewable energy capacity, grid constraints are increasing the need for energy storage to support further deployment. Industry executives believe a combination of battery energy storage systems, pumped storage projects, and green hydrogen will play a critical role in reducing renewable energy curtailment, providing long-duration storage, and improving grid flexibility.
On the sidelines of the <a href="https://mercomindia.com/event/mercom-india-renewables-summit-2026" target="_blank" rel="noopener">Mercom India Renewables Summit</a> 2026, Mercom India spoke with Prashant Choubey, President and Head of Green Hydrogen and Green Ammonia business at <a href="https://www.avaada.com/" target="_blank" rel="noopener">Avaada Group</a>, about the evolution of India’s green hydrogen market, the key demand drivers, land acquisition challenges facing independent power producers, and the emerging challenges in the ingot and wafer manufacturing segment. Avaada Group is an integrated clean energy company operating across utility-scale renewable power generation, solar manufacturing, green hydrogen, and green ammonia.
Edited excerpts from the interview:
Could you provide an overview of Avaada’s business portfolio and its operations in India?
We are a clean-energy conglomerate that started as an independent power producer. Today, we have one of the largest renewable energy portfolios among IPPs.
We have also integrated upstream into solar modules, N-type TOPCon modules, and solar cells. On the downstream side, we are developing a very large 0.5 MTPA green ammonia project in the eastern state of Odisha.
Given our capabilities in delivering round-the-clock (RTC) renewable power, data centers represent another important growth opportunity that we are currently exploring.
How has India’s green hydrogen sector evolved since the launch of the National Green Hydrogen Mission?
India has made significant progress in shaping the green hydrogen supply ecosystem after the launch of the National Green Hydrogen Mission in 2023.
Taking a cue from this, several states have also introduced highly progressive policies. The decade so far has been focused on clean energy, mostly solar and renewables, but we believe the decade to come will see a much larger role for the green hydrogen economy.
The supply side has progressed significantly. Demand and offtake remain the key challenges. However, evolving geopolitical developments, the growing project pipeline, and the emergence of a stronger ecosystem should help address offtake over time.
What are the key challenges currently facing the green hydrogen sector, and what policy support is needed to address them?
The National Green Hydrogen Mission has been one of the government&#8217;s most significant policy initiatives. It has provided policy clarity, a clear long-term direction, and production-linked incentive support for green hydrogen.
The tenders have also been issued. The Solar Energy Corporation of India’s green ammonia tender is one example. SECI has announced another 500,000-ton green methanol tender. These initiatives are helping establish the ecosystem required to scale the green hydrogen industry, and there have been positive developments in dedicated interstate transmission system service stations for green hydrogen and green ammonia.
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isHow do you expect India’s green hydrogen market to develop over the next few years?
Green hydrogen has reached an important stage in its evolution.
Recent geopolitical disruptions, including tensions around the Strait of Hormuz, have reinforced the need for energy security and electrification.
There is also an immediate need for decarbonization, especially in hard-to-abate sectors where electrification may not be feasible, such as refineries, chemical plants, and fertilizer manufacturing plants.
These are all major sectors where green hydrogen will eventually play a very important role, and the shipping sector will be another major driver.
What are the major bottlenecks affecting Avaada’s independent power producer business?
India&#8217;s renewable energy sector has grown at an extraordinary pace.
India has been one of the fastest-growing renewable energy markets. If you look at the first 50 GW that came online, it took almost 11 years. The next 50 GW took almost three years. However, the last 50 GW came up in 14 months. This reflects the rapid evolution of India&#8217;s renewable energy ecosystem.
With any growing sector, there will be challenges, but challenges are part and parcel of the development story. First, transmission remains one of the sector&#8217;s biggest challenges because renewable energy projects can be commissioned much faster than transmission infrastructure. Integrated planning will therefore become increasingly important.
Second, when bidding happens, it gives a very important signal to the market. Many letters of intent (LoIs) are yet to be converted into power purchase agreements (PPAs), which the industry feels are  a big challenge.
I think focus should be laid on resolving transmission-related issues and converting more LoIs into PPAs.
Land acquisition remains a significant challenge for renewable energy developers. How is Avaada addressing this issue?
Solar projects require large tracts of land, although much of it is non-agricultural or low-productivity land.
I think one important part is how you plan for the land. If it is part of the feasibility assessment you have conducted, it solves many problems.
Avaada’s approach focuses on treating local communities as key stakeholders throughout the project lifecycle. Because of the diversity of land-related policies and regulations, it is a challenge for us.
With broader, deeper engagement with communities, and transparency, land acquisition is a problem that can be solved.
Despite rapid solar capacity additions, renewable energy curtailment remains a concern. What are the primary causes, and should the solution focus on transmission expansion, energy storage, or both?
Around 150 GW of solar capacity has come up in a very short time. Most renewable energy capacity is concentrated in three or four states, and eventual impacts on the transmission system will lead to curtailment.
One solution is to diversify renewable energy deployment. Nearly 700 of India&#8217;s 720 districts receive more than 300 sunny days annually, providing significant opportunities beyond the current concentration of projects in a handful of states. Second, as more solar capacity has entered the system, the tender and bidding structures, and priorities have also shifted toward RTC renewable energy.
Procurement has increasingly shifted toward FDRE, RTC, and storage-integrated projects. Surplus daytime solar generation can be stored in batteries for evening demand, while pumped storage can absorb excess generation over longer durations.
The market is shifting from standalone solar projects to storage-integrated renewable energy solutions. At current battery prices, are such projects commercially viable at scale?
Battery storage will play an important role at a larger scale for short- to mid-term storage. Battery prices will continue to be influenced by critical mineral supply chains and India&#8217;s dependence on imported materials.
However, for long-term storage, pumped storage is very important. They will take time to come online because they have their own development and gestation periods.
A mix of battery and long-duration storage could be the solution. In the future, hydrogen could play a very important role: while batteries can store energy for hours and pumped storage can probably store it for days, hydrogen can store energy for months.
The ALMM List-II mandate has raised concerns about possible supply disruptions. How do you expect the mandate to affect the market, and how can independent power producers mitigate these risks?
ALMM has been a very important part of the policy architecture. It has played a very important role in the evolution of the solar manufacturing in India.
If India is serious about achieving self-reliance, it must move rapidly into upstream manufacturing.
The mandate of ALMM is clear: to create capability and capacity within the Indian manufacturing system. It is not merely a question of renewable energy itself but is largely related to the country’s broader energy security.
In terms of modules, I think we have seen very good capacity being established in the country. However, cells are part of a deeper ecosystem, and it takes time to establish, as it is technology- and capital-intensive and requires significant investment in infrastructure and human capital.
With the right sequencing and sustained policy focus, the industry should be well positioned by 2028.
As India moves further upstream into ingot and wafer manufacturing, what principal challenges will the industry need to overcome?
As you move from downstream to more upstream manufacturing, the requirements for capital, highly specialized chemicals and gases, and precision equipment continue to change.
Today, you are dependent on one country for 90% of polysilicon and wafers. With a target of 500 GW of renewable energy, it has a much bigger role in India’s energy security and energy sovereignty. You cannot really outsource your sovereignty and security.
Although renewable energy capacity has expanded rapidly, coal continues to meet a substantial share of peak power demand. How can renewable energy evolve to provide firmer, baseload-like power?
Storage is the critical enabler that can bring renewable energy closer to round-the-clock power. With the right combination of solar, wind, storage, and pumped-storage solution, it can be achieved. However, it will take some time to reach that level.
Storage has been a high priority for both the industry and the government. We have also seen this through tender structures such as FDRE and other mechanisms.

Green Hydrogen and Storage Key to Curbing Renewables Curtailment: Interview

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					</table>Renewable energy company <a href="https://www.avaada.com/" target="_blank" rel="noopener">Avaada Group</a> has secured approximately $1.3 billion in financial closure for its 2.15 GW renewable energy portfolio.
The financing was approved by financial institutions such as the State Bank of India, REC, and Canara Bank, across four special-purpose vehicles. The portfolio includes 1.35 GW hybrid projects which will leverage solar and wind resources to supply power to Maharashtra State Electricity Distribution (<a href="https://www.bing.com/ck/a?!&amp;&amp;p=6ca6572cb9a5a13dedd16319f51baaeb4dbb602f37094ebeebdeec2093201d5eJmltdHM9MTc4NTQ1NjAwMA&amp;ptn=3&amp;ver=2&amp;hsh=4&amp;fclid=1fde6c3f-6666-6ffc-1e94-7b57675e6e1f&amp;psq=Maharashtra+State+Electricity+Distribution+&amp;u=a1aHR0cHM6Ly93d3cubWFoYWRpc2NvbS5pbi8" target="_blank" rel="noopener">MSEDCL</a>).
The 800 MW solar portfolio will deliver renewable power to MSEDCL and Gujarat Urja Vikas Nigam (GUVNL) under long-term power purchase agreements.
Collectively, the projects will involve the development of more than 3,000 MW of solar capacity and 450 MW of wind capacity across multiple locations in Gujarat and Maharashtra.
Vineet Mittal, Chairman of Avaada Group, said that as the company continues to scale, its focus remains on deploying capital responsibly, commissioning these projects on schedule, and creating long-term value for all stakeholders.
Earlier in July, Avaada Group’s solar manufacturing arm Avaada Electro <a href="https://www.mercomindia.com/avaada-electro-commissions-3-gw-line-at-6-gw-topcon-solar-cell-plant" target="_blank" rel="noopener">commissioned</a> the first 3 GW production line at its planned 6 GW N-type TOPCon solar cell manufacturing facility in Butibori, Nagpur, Maharashtra.
According to the company, the facility is equipped with N-type TOPCon cell manufacturing technology capable of achieving cell efficiencies of up to 25.5% under standard test conditions. The production lines incorporate 16- and 18-busbar cell architectures, which the company said are designed to improve power density, reliability, and energy yield.
The development comes at a time when Indian solar cell manufacturing is lagging solar module production. While policy support through the Approved List of Modules and Manufacturers (ALMM) framework and production-linked incentives is driving growth, domestic cell output remains below market demand.
Speaking during the Mercom India Renewables Summit 2026, held in New Delhi between July 1 and 2, Prashant Choubey, President and Head of the green hydrogen/ammonia business at Avaada Group, <a href="https://www.mercomindia.com/manufacturers-expect-solar-cell-crunch-to-not-last-beyond-a-year" target="_blank" rel="noopener">said</a> that while module assembly was relatively straightforward, cell manufacturing requires significantly greater capital, technical expertise, specialized chemicals, gases, precision equipment, and long-term patient investment.

Avaada Bags $1.3 Billion Financing for 2.15 GW Renewables Portfolio

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					</table><a href="https://avaadaelectro.com/" target="_blank" rel="noopener">Avaada Electro</a>, the solar manufacturing arm of <a href="https://www.avaada.com/?gad_source=1&amp;gad_campaignid=23835176595&amp;gbraid=0AAAAArAx1NjQZVha7PstmuySXxwM1W6SC&amp;gclid=CjwKCAjwmdLSBhANEiwAkREMN_VylPJz2OJZOVJT8qqsjMljLTnduQKXJXozTrl0u1452vX86L0DrBoCU0gQAvD_BwE" target="_blank" rel="noopener">Avaada Group</a>, has commissioned the first 3 GW production line at its planned 6 GW N Type Tunnel Oxide Passivated Contact (TOPCon) solar cell manufacturing facility in Butibori, Nagpur, Maharashtra.
The company said the remaining 3 GW capacity is currently under ramp-up.
According to the company, the facility is equipped with N Type TOPCon cell manufacturing technology capable of achieving cell efficiencies of up to 25.5% under standard test conditions.
The production lines incorporate 16 busbar and 18 busbar cell architectures, which the company said are designed to improve power density, reliability, and energy yield.
The Nagpur solar cell plant forms part of Avaada Electro&#8217;s broader manufacturing expansion plans. The company said it currently operates 8.5 GW of N-type TOPCon glass-to-glass solar module manufacturing capacity across its Nagpur and Dadri facilities. It plans to add another 5.1 GW of module manufacturing capacity, increasing the total to 13.6 GW.
The company also said it is progressing with plans to establish an additional 6 GW solar cell manufacturing line at Greater Noida, which would increase its total solar cell manufacturing capacity to 12 GW. As part of its backward integration strategy, it is also planning to establish 3 GW of ingot and wafer manufacturing capacity at Nagpur.
Vineet Mittal, Chairman and Whole-Time Director at Avaada Electro, said the Nagpur facility is intended to strengthen domestic solar manufacturing and reduce reliance on imported components.
According to the company, the integrated manufacturing facility is intended to improve supply chain resilience, enhance operational efficiency, reduce logistics costs, and increase localization across the solar value chain.
Avaada Group has businesses spanning renewable power generation, solar manufacturing, green hydrogen and its derivatives, energy storage, and pumped storage. Avaada Energy&#8217;s renewable energy portfolio exceeds 17.7 GW, including more than 7.2 GW in operation and about 10.5 GW under construction.
Last month, the Avaada Group <a href="https://www.mercomindia.com/avaada-group-secures-950-million-for-renewable-energy-projects" target="_blank" rel="noopener">secured</a> $950 million in financing from a consortium of global and domestic banks for renewable energy projects in India.
Earlier, the company <a href="https://www.mercomindia.com/avaada-opens-1-5-gw-solar-module-manufacturing-plant-in-uttar-pradesh" target="_blank" rel="noopener">inaugurated</a> a 1.5 GW solar module manufacturing gigafactory in Dadri, Noida.

Avaada Electro Commissions 3 GW Line at 6 GW TOPCon Solar Cell Plant

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					</table>The renewable energy industry believes there will be a shortage of solar cells over the next 12 months due to the ALMM List-II mandate, but strong domestic demand, policy support, and increasing backward integration will help stabilize the sector.
At a panel discussion &#8220;Closing the Gap: Building Integrated Solar Manufacturing Value Chain&#8221; at the <a href="https://www.mercomindia.com/event/mercom-india-renewables-summit-2026" target="_blank" rel="noopener">Mercom India Renewables Summit 2026</a>, panelists said the current supply chain imbalance should be viewed as a short-term transition rather than a structural problem.
The discussion was moderated by Priya Sanjay, Managing Director, Mercom India.
Nimish Jain, Executive Vice President at <a href="https://www.vikramsolar.com/" target="_blank" rel="noopener">Vikram Solar</a>, said solar module manufacturers are using this phase to move toward vertical integration, with many companies investing in solar cells, wafers, and eventually ingot manufacturing.
He felt that the ALMM mandate will filter out non-serious players. Export opportunities will open for those who consolidate their operations.
Amit Barve, CEO at <a href="https://rayzonsolar.com/" target="_blank" rel="noopener">Rayzon Solar</a>, said that the manufacturing gap is evident, but seasonal demand patterns are helping moderate the short-term impact of limited domestic cell availability.
He noted that the second and third quarters traditionally witness lower solar installations, reducing immediate pressure on cell supplies. Many manufacturers have planned inventories and project pipelines that will help them navigate the evolving landscape over the next few months.
Barve also pointed out that the shortage is more pronounced for TOPCon cells, while mono PERC capacity remains available.
Panelists said that manufacturers are encouraging customers to remain technology-neutral where project economics permit, adding that market acceptance of alternative technologies has improved.
Cell Manufacturing Challenges
As India moves to comply with the ALMM-II mandate and ramps up cell manufacturing capacity, manufacturers point out that the transition will not be as smooth as building solar module capacity has been.
Prashant Choubey, President and Head of the green hydrogen/ammonia business at <a href="https://www.avaada.com/" target="_blank" rel="noopener">Avaada Group</a>, said that while module assembly was relatively straightforward, cell manufacturing requires significantly greater capital, technical expertise, specialized chemicals, gases, precision equipment, and long-term patient investment. “Cell manufacturing is capital-intensive, precision-intensive, and technology-intensive.&#8221;
Jain said that module manufacturing generally operates at 80% to 85% capacity utilization to remain competitive, while demand-side utilization for solar cells may exceed 90% over the next 12 to 18 months, although production ramp-up and stabilization will initially limit actual output.
Barve said technical manpower remains the single biggest obstacle facing India&#8217;s cell manufacturing expansion.
He estimated that establishing a solar cell manufacturing facility currently takes 18 to 24 months, compared with approximately 3 to 4 months for module manufacturing.
He attributed the longer timeline to installation complexity, commissioning, equipment optimization, and shortages of trained technical personnel.
Panelists said that while equipment suppliers provide standard operating parameters, Indian manufacturers must develop their own expertise to continuously improve efficiency, product quality, and manufacturing yields through research and development, a process that requires skilled talent.
They expect future projects to commission more quickly as manufacturers gain operational experience and learn from earlier installations.
Vertically Integrated Supply Chain
As vertically integrated players can be better insulated from market fluctuations, manufacturers say that project developers are increasingly prioritizing quality, bankability, traceability, and delivery reliability over lowest-cost procurement.
Choubey said vertical integration has become a strategic necessity because it improves supply chain resilience, product quality, and the certainty of project execution.
He also highlighted that several international developments affecting India&#8217;s manufacturing outlook, including production controls in China and evolving U.S. trade policies, have encouraged supply chain diversification.
He believes global procurement strategies will increasingly favor diversified regional manufacturing bases rather than concentrated sourcing from a single country.
Government Support
The solar industry wants government support to extend beyond modules and cells and encompass the broader supply chain.
Citing the example of silver paste, Jain said that it currently costs Indian manufacturers roughly 24% more due to import duties. Developing indigenous manufacturing of key materials and components, alongside cells and wafers, would complete India&#8217;s manufacturing ecosystem.
Module Demand Exceeds Manufacturing Capacity 
According to Mercom Research, India had approximately 193 GW of module manufacturing capacity and only 31 GW of cell manufacturing capacity as of May 2026. The country had only around 2 GW of wafer manufacturing capacity and no operational polysilicon production.
According to Mercom&#8217;s projections, module manufacturing capacity could nearly double by 2028 if all announced projects are commissioned.
Even by 2028, domestic cell production is expected to support only around 55% of planned module manufacturing capacity, while wafer, ingot, and polysilicon capacities continue to lag significantly.
All these trends signal a strong possibility of overcapacity, but solar manufacturers say the high manufacturing capacity is not significant relative to the pipeline of domestic demand.
Choubey said that demand from solar continues to rise and is expected to balance the supply chain. He added that utility-scale solar, commercial and industrial installations, and the PM Surya Ghar rooftop solar program will continue driving installations.
Beyond these traditional markets, the panelists said that green hydrogen, data centers, and agricultural solarization are three major emerging drivers of demand.
Choubey said India&#8217;s demand projections often underestimate future solar deployment because they do not fully account for these sectors.
He elaborated that producing one million metric tons of green hydrogen would require approximately 30-35 GW of renewable energy, while more than 100 data centers approved in India could require 30-40 GW of electricity by 2030. Additionally, complete solarization across five major agricultural states could represent nearly a 200 GW opportunity.
Panelists also pointed out that newer procurement structures combining solar with storage are also significantly increasing demand for solar modules.
Choubey said a conventional solar project is typically oversized by 1.38 times the installed capacity, while solar-plus-storage projects require 1.8 times the installed capacity, and firm renewable power projects require nearly 2.8 times the installed capacity to meet dispatch obligations.
Import Dependence
As India expands into ingot and wafer manufacturing, the manufacturing sector needs to reduce its dependence on imported solar manufacturing equipment to develop a truly indigenous ecosystem.
Rajasekar Elavarasan, Founder and CEO at <a href="https://raana.in/" target="_blank" rel="noopener">Raana Semiconductors</a>, said Chinese companies hold patents not just on equipment but also on manufacturing processes.
To address this gap, Raana Semiconductors will establish a pilot 100 MW shared ingot manufacturing facility, in which approximately 50% of the production equipment will be indigenous. The pilot plant will also use non-Chinese consumables, including crucibles, polysilicon, and hot-zone components wherever possible.
The facility will allow manufacturers to install pilot equipment, optimize process recipes, and train engineers before scaling commercial operations.
Elavarasan said the company plans to commercialize 12-inch ingot manufacturing equipment within eight months, while the shared pilot plant is expected to become operational within one year.
He added that India currently lacks dedicated standards for ingot manufacturing equipment itself, although ingot and wafer quality standards already exist.
He estimated that localizing the ingot equipment manufacturing vendor ecosystem could reduce the required capital investment to ₹1 billion–₹1.5 billion (~$11.6 million–$17.4 million), from the typical ₹2 billion–₹3 billion (~$23.3 million–$34.9 million).
<a href="https://www.mercomindia.com/closing-the-gap-building-integrated-solar-manufacturing-value-chain"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-97939" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/07/Session-5.jpg" alt="" width="2415" height="1380" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/07/Session-5.jpg 2415w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/07/Session-5-300x171.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/07/Session-5-2000x1143.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/07/Session-5-768x439.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/07/Session-5-1536x878.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/07/Session-5-2048x1170.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/07/Session-5-650x371.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/07/Session-5-624x357.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/07/Session-5-600x343.jpg 600w" sizes="auto, (max-width: 2415px) 100vw, 2415px" /></a>

Manufacturers Expect Solar Cell Crunch to Not Last Beyond a Year

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					</table>From: <a href="https://www.mercomindia.com/project-finance-brief-ipx-power-closes-4-95-billion" target="_blank" rel="noopener">Mercom Capital Group</a>
Bankinter Investment and Plenium Partners have <a href="https://mercomcapital.com/bankinter-and-plenium-secure-617-million-for-130-mw-solar-portfolio/" target="_blank" rel="noopener">secured</a> €530 million (~$617 million) in financing for a 130 MW solar portfolio owned by Helia Renovables IV. Helia Renovables IV was launched in 2020 by Bankinter Investment, an alternative investment arm of the Spanish financial group Bankinter, and Plenium Partners, an investment company focused on power and sustainable infrastructure in Europe.
Vesper Energy, a utility-scale solar and battery storage project developer, has <a href="https://mercomcapital.com/vesper-energy-secures-236-million-financing-texas-solar-project/" target="_blank" rel="noopener">reached</a> financial close on $236 million in debt financing for its 201 MW Nazareth Solar project in Swisher County, Texas. The financing package includes a construction-to-term loan and a letter of credit facility.
Renewable energy company Avaada Group has <a href="https://www.mercomindia.com/avaada-group-secures-950-million-for-renewable-energy-projects" target="_blank" rel="noopener">secured</a> $950 million in financing from a consortium of global and domestic banks for renewable energy projects in India. The financing covers the financial closure of its firm and dispatchable renewable energy (FDRE) project in Bikaner, Rajasthan.
Mumbai-headquartered renewable energy solutions provider Clean Max Enviro Energy Solutions (CleanMax) <a href="https://www.mercomindia.com/cleanmax-secures-575-million-for-1-gw-solar-wind-projects" target="_blank" rel="noopener">announced</a> that it secured nearly $575 million to expand its solar and wind projects in India. The financing will support large-scale, Central Transmission Utility-connected renewable energy projects across Rajasthan and Karnataka.
Solar solutions company Evolve Green Energies has <a href="https://www.mercomindia.com/evolve-green-secures-%E2%82%B91-billion-debt-from-aseem-infra-for-solar-expansion" target="_blank" rel="noopener">secured</a> a debt capital commitment of ₹1.05 billion (~$11 million) from Aseem Infrastructure Finance to fund the development of its 30 MW rooftop and group captive solar portfolio across India. Evolve will use this funding to accelerate the expansion of its distributed solar portfolio across government, industrial, and commercial client segments, focusing on high-credit offtakers and long-tenor power purchase agreements.
SolarAfrica, an independent renewable power producer, has <a href="https://mercomcapital.com/solarafrica-acquire-315-mw-nyakallo-solar-storage-project/" target="_blank" rel="noopener">signed</a> an agreement to acquire the 315 MW Nyakallo solar and battery storage project in Limpopo, South Africa, from Norsk Renewables, a Norwegian renewable energy project developer. The companies said they will continue to develop the project toward financial close and construction.
Kyivstar Group, a subsidiary of digital operator VEON, has <a href="https://mercomcapital.com/kyivstar-acquires-105-mw-solar-project-portfolio-in-ukraine/" target="_blank" rel="noopener">acquired</a> six solar power projects totaling 105 MW in Ukraine’s Lviv region for $80.8 million. The acquisition expands Kyivstar’s renewable energy generation portfolio nearly ninefold.
Eelpower Energy, an energy storage project developer backed by Equitix, Aware Super, and the National Wealth Fund, has <a href="https://mercomcapital.com/eelpower-energy-acquires-50-mw-battery-storage-project-in-uk/" target="_blank" rel="noopener">acquired</a> the 50 MW/100 MWh Stoneworthy battery storage project in Great Britain from renewable energy company RES. The Stoneworthy project is located on land south of the Pyworthy substation in Devon.
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 project finance <a href="https://www.mercomindia.com/project-finance-brief-ipx-power-closes-4-95-billion" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Bankinter and Plenium Secure $617 Million for Solar Portfolio

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					</table>Renewable energy company <a href="https://avaada.com/" target="_blank" rel="noopener">Avaada Group</a> has secured $950 million in financing from a consortium of global and domestic banks for renewable energy projects in India.
The financing covers the financial closure of its firm and dispatchable renewable energy (FDRE) project in Bikaner, Rajasthan. It also covers debt financing for two 300 MW solar power projects in Rajasthan and Gujarat.
Avaada Group currently operates around 7.2 GW of renewable energy capacity and has outlined an ambitious expansion roadmap to reach 11 GW by 2026 and 30 GW by 2030. The company has developed more than 203 renewable energy projects.
It had also stated that achieving its 30 GW operational target by 2030 could help avoid nearly 47 million tons of carbon dioxide equivalent (tCO₂e) in annual emissions. Several of its projects have already secured approvals under internationally recognized carbon credit mechanisms, while others are progressing through various stages of certification.
The company has commissioned 2,116 MW of capacity and is implementing an additional 1,960 MW in Rajasthan. In Gujarat, it has commissioned 1,575 MW and is developing another 1,299 MW. The company has also commissioned a 1.25 GW project in Bikaner, Rajasthan.
Beyond power generation, Avaada is expanding into solar manufacturing by developing an integrated facility to produce ingots, wafers, solar cells, and modules.
Last September, Avaada Group <a href="https://www.mercomindia.com/avaada-commissions-35-mw-of-solar-projects-in-maharashtra" target="_blank" rel="noopener">commissioned</a> 11 solar power projects totaling 35 MW in the Yavatmal district of Maharashtra under the Mukhyamantri Saur Krushi Vahini Yojana (MSKVY).
Last May, Global Renewable Synergy Company, a subsidiary of Bangkok-headquartered Global Power Synergy Company, <a href="https://www.mercomindia.com/global-renewable-synergy-company-divests-3-shares-in-avaada-energy" target="_blank" rel="noopener">divested</a> 3% of its shares in India-based green energy solutions company Avaada Energy, valued at $79 million (~₹6.66 billion).
In March 2025, the company <a href="https://www.mercomindia.com/avaada-opens-1-5-gw-solar-module-manufacturing-plant-in-uttar-pradesh" target="_blank" rel="noopener">inaugurated</a> a 1.5 GW solar module manufacturing gigafactory in Dadri, Noida. It also laid the foundation for a 5 GW solar manufacturing unit at Ecotech, Greater Noida.
In the same month, Avaada Group <a href="https://www.mercomindia.com/adani-sprng-illuminate-and-avaada-win-nhpcs-1-2-gw-hybrid-power-auction" target="_blank" rel="noopener">emerged</a> as one of the winners for NHPC&#8217;s auction to set up 1,200 MW interstate transmission system (ISTS)-connected wind-solar hybrid power projects with or without energy storage (Tranche -X). The company had won 210 MW out of the 600 MW quoted at a tariff of ₹3.42 (~$0.0392)/kWh.

Avaada Group Secures $950 Million for Renewable Energy Projects

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					</table>ACME Solar Holdings and Ceigall India have <a href="https://www.mercomindia.com/acme-and-ceigall-win-rumsls-600-mw-solar-plus-storage-auction" target="_blank" rel="noopener">won</a> Rewa Ultra Mega Solar’s auction to develop a 600 MW grid-connected, ground-mounted solar power project with a battery energy storage system (BESS) in the Morena Solar Park, Madhya Pradesh. ACME and Ceigall won 220 MW each at a tariff of ₹2.76 (~$0.0313)/kWh and ₹2.7 (~$0.0306)/kWh, respectively. The tariffs are the lowest ever for a firm and a dispatchable renewable energy project. The tender was floated in September 2024. Winners must develop, operate, and maintain two units each of up to 300 MW of grid-connected ground-mounted solar projects, with BESS, for the supply of 220 MW at any time block and supply of up to 440 MWh during the peak supply period.
The Ministry of Power <a href="https://www.mercomindia.com/government-notifies-rules-to-broaden-energy-storage-ownership-and-usage" target="_blank" rel="noopener">notified</a> the Electricity (Amendment) Rules, 2025, introducing changes in the regulatory framework governing the energy storage systems (ESS) usage. In June this year, the Ministry proposed the amendment to permit the sale, lease, and renting of ESS. The rules amend provisions of Rule 18 of the Electricity Rules, 2005, with a focus on broadening the scope of energy storage utilization and ownership. The revised sub-rule (2) states that an ESS can be used either as an independent storage facility or as part of generation, transmission, or distribution.
The Ministry of Power is <a href="https://www.mercomindia.com/government-to-form-experts-committee-to-train-discoms-on-smart-meter-data" target="_blank" rel="noopener">constituting</a> a steering committee and a sub-working group of domain experts to standardize training modules and create standard operating procedures/guidelines for data utilization, standards-based regime adoption, and cybersecurity practices on smart meter data analytics for distribution companies (DISCOMs). The National Data Analytics and Reporting Centre at the National Power Training Institute, Faridabad, will conduct training programs for DISCOM officials and handhold DISCOMs for customizing use case analytics according to their requirements. It also plans a training program on “Leadership and Strategic Management” for senior management to effectively implement data analytics.
The cost of four-hour lithium-ion (Li-ion) battery systems could <a href="https://www.mercomindia.com/li-ion-battery-prices-could-drop-to-108-kwh-in-2050-nrel" target="_blank" rel="noopener">decline</a> from $334/kWh in 2024 to as low as $108/kWh or remain as high as $307/kWh by 2050, according to the National Renewable Energy Laboratory (NREL). The update focuses on four-hour Li-ion systems as they have become the benchmark for grid-scale storage. The report notes that the analysis was completed in January and February 2025, meaning that subsequent tariff changes are not reflected in it. NREL calculated the prices using a bottom-up cost model that dissects every part of a utility-scale project with 2024’s benchmark of $334/kWh. This figure represents the overnight capital cost for a complete system.
The Power Grid Corporation of India (POWERGRID) <a href="https://www.mercomindia.com/powergrid-wins-auction-for-4-5-gw-renewable-energy-transmission-project" target="_blank" rel="noopener">won</a> PFC Consulting’s auction to augment the existing interstate transmission system capacity by 4.5 GW and construct line bays at the Mandsaur substation in Madhya Pradesh. The project will be executed to evacuate 2,998 MW of renewable energy from the Mandsaur power substation and an additional 1,500 MW, comprising 600 MW from Sprng Energy and 900 MW from NTPC Renewable Energy. The tender was floated in March 2025. Apart from POWERGRID, KCC Buildcon, and Techno Electric and Engineering Company, qualified in the technical bidding round.
The Military Engineer Services <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. Bids must be submitted by October 2, 2025. Bids will be opened on October 4. Successful bidders must not execute the work by subletting or through a power of attorney to a third party/another firm on their behalf. The project covers guarantees of the schedule of services committed within the operation and maintenance period. Successful bidders must guarantee a minimum project availability of up to 99%.
Renewable energy company Avaada Group <a href="https://www.mercomindia.com/avaada-commissions-35-mw-of-solar-projects-in-maharashtra" target="_blank" rel="noopener">commissioned</a> 11 solar power projects totaling 35 MW in the Yavatmal district of Maharashtra under the Mukhyamantri Saur Krushi Vahini Yojana (MSKVY). The projects include a 4 MW project in Kinhi village, 3 MW in Baldi, another 3 MW in Dongarkharda, 2 MW in Bansi, 2 MW in Patan, 5 MW in Mhasola, 2 MW in Galwa, 4 MW in Pathrad, 4 MW in Parjana, 3 MW at Sawargaon, and 3 MW at Sarfali. A total of around 14,893 farmers will benefit from these solar projects for their agricultural activities across nearly 167 villages. Avaada Group is executing over 1,132 MW of solar power projects across key districts, including Nashik, Pune, Sangli, Yavatmal, Ahmednagar, and Beed under MSKVY.
Renewable energy solutions provider Sunsure Energy <a href="https://www.mercomindia.com/sunsure-commissions-82-5-mw-group-captive-solar-project-in-uttar-pradesh" target="_blank" rel="noopener">commissioned</a> an 82.5 MW group captive solar project in Erach, Jhansi, in Uttar Pradesh. The project will supply solar power to Haldiram’s, APL Apollo, and to one of the country’s largest data centers. The captive power project is expected to generate 128 million units of power annually. The project is Sunsure’s 10th open access project in Uttar Pradesh. With the completion of the captive project in Jhansi, Sunsure has an operational capacity of 260 MW open access projects in Uttar Pradesh across Agra, Banda, Mahoba, Jhansi, and Chitrakoot.
Indian solar manufacturers can <a href="https://www.mercomindia.com/indian-exporters-may-benefit-eu-eases-cbam" target="_blank" rel="noopener">expect</a> some relief, as the European Union (EU) agreed to deduct the carbon price paid by exporters in India from the price they would have to pay under the Carbon Border Adjustment Mechanism (CBAM). “A carbon price effectively paid in India will be deducted under the EU CBAM financial adjustment, which, being based on carbon content, will favour Indian exporters decarbonizing their CBAM goods. This mechanism is also being simplified to benefit small businesses,” the EU told the European Parliament in a communication on the New Strategic EU-India Agenda. It said the EU and India have an opportunity to cooperate on developing a domestic carbon market to cut emissions and generate funds for the clean transition.

Daily News Wrap-Up: RUMSL Reveals 600 MW Solar Plus Storage Auction Winners

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					</table>Green hydrogen is emerging as a key solution to decarbonize hard-to-abate sectors. However, the key to adoption depends on the availability of renewable energy, large-scale manufacturing of electrolyzers, and off-takers.
On the first day of the Mercom India Renewables Summit 2024 in New Delhi, experts discussed strategies to scale green hydrogen production and create a market for the end product among sectors like steel, refining, and ammonia.
Panelists at the session titled &#8216;Scaling Green Hydrogen to Build a Competitive Marketplace&#8217; featured Rajat Seksaria, CEO of Green Hydrogen and its Derivatives at <a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani</a> New Industries; Chirag Kotecha, CEO of <a href="https://www.matrixgas.in/" target="_blank" rel="noopener">Matrix Gas and Renewables</a>; Prashant Choubey, President of <a href="https://avaada.com/" target="_blank" rel="noopener">Avaada Group</a>; and Prashant Choubey, President of <a href="https://avaada.com/" target="_blank" rel="noopener">Avaada Group</a>. Priya Sanjay, Managing Director, Mercom India, moderated the discussion.
The panelists explored the incentives required to scale green hydrogen production and strategies for creating demand from heavy industries like steel manufacturing and oil refining.
Rajat Seksaria of Adani New Industries emphasized the extensive infrastructure required for green hydrogen production. The process demands large tracts of land, high-voltage current connectivity, and significant storage and production facilities.
Additionally, hydrogen transportation necessitates laying pipelines to transport derivatives like ammonia, storage units, and port infrastructure.
He underscored the complexity of these requirements, which involve coordination among multiple agencies.
He said Adani New Industries focuses on controlling the entire supply chain to manage these challenges. Seksaria noted, &#8220;Our definition of supply chain starts from land acquisition.&#8221;
The company is developing an entire ecosystem, including electrolyzers and transmission infrastructure, to produce over 2 million tons of green hydrogen per annum, primarily in Gujarat, with Mundra port as a key hub.
Chirag Kotecha of <a href="https://www.matrixgas.in/" target="_blank" rel="noopener">Matrix Gas and Renewables</a> discussed his company&#8217;s plans under the National Green Hydrogen Mission.
Matrix Gas and Renewables has been allocated 237 MW of capacity under Tranche II. It aims to produce 350 MW of green hydrogen, with Phase I expected to be commissioned by July 2026.
Kotecha said he was optimistic about the potential of green hydrogen and advocated for decentralized production plants to meet large-scale demands, such as green steel production and direct reduced iron projects.
He said his company is poised for high growth but faces challenges related to renewable power availability and regulatory issues.
Kotecha also said incentives for green steel, green ammonia, electrolyzers, and green hydrogen were crucial to overcoming these hurdles. &#8220;Previously, we were talking about 1 MW to 5 MW projects. Now we are talking about 250 MW projects,&#8221; he said, emphasizing the need for indigenous electrolyzer technology to lower the cost of green hydrogen compared to blue and grey hydrogen.
Prashant Choubey, President of <a href="https://avaada.com/" target="_blank" rel="noopener">Avaada Group</a>, highlighted India&#8217;s competitive advantage in terms of tariff and the need for cost competitiveness in green hydrogen production.
He pointed out that electrolyzers constitute 75% of the production cost, and achieving a $2 per kilogram rate is essential. He stressed the importance of pumped storage, with a major policy expected soon to support 20 GW of pumped storage, 125 GW of renewable energy, and 40 GW of electrolyzers.
He was also optimistic about significant reductions in the levelized cost of hydrogen over the next two to three years.
Sandeep Kashyap of RP Sanjiv Goenka Group said his company had earmarked Odisha for its green hydrogen projects, with a capital expenditure of ₹9 billion (~$107.5 million).
He said the company will source renewable energy from third parties to meet the demand for 6 to 6.5 million tons of green hydrogen. The supportive 2024 policy in Odisha is expected to facilitate these plans.
The insights from industry leaders underscore the multi-faceted approach required to scale green hydrogen and build a competitive marketplace.

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