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>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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.

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

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					</table>The Delhi Metro Rail Corporation (<a href="https://delhimetrorail.com/station/JPE" target="_blank" rel="noopener">DMRCL</a>) has invited bids to set up rooftop solar power projects with a capacity of 5 MW over its Phase-IV metro rail network.
Bids must be submitted by July 31, 2025. Bids will be opened on August 1.
Bidders must furnish a tender security of ₹1.95 million (~$ 22,771.1) and a document fee of ₹23,600 (~$275.58).
They must bid for the entire tendered capacity and quote a maximum tariff of ₹5 (~$0.058)/kWh.
The project’s estimated cost is ₹195.4 million (~$2.28 million).
Selected bidders must submit a performance bank guarantee of up to 10% of the estimated project cost.
The rooftop solar systems will be installed at 15 elevated metro rail stations.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/DMRCL-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-81484 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/DMRCL-1.png" alt="" width="675" height="421" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/DMRCL-1.png 675w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/DMRCL-1-300x187.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/DMRCL-1-650x405.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/DMRCL-1-624x389.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/DMRCL-1-600x374.png 600w" sizes="auto, (max-width: 675px) 100vw, 675px" /></a>
The scope of work involves the design, engineering, supply, erection, installation, testing, and commissioning of the solar projects. It also entails providing operation and maintenance services for 25 years.
Selected bidders must provide a warranty for all equipment, materials, and artistry for a minimum of two years.
Only modules from the Approved List of Models and Manufacturers must be used.
The projects must be completed in 18 months and have an ensured performance ratio of at least 75%.
Bidders must have  fulfilled any of the following requirements during the last seven years:
<ul>
<li>They must have completed a single solar project with at least 4,000 kW capacity</li>
<li>They must have completed two solar projects with a minimum of 2,500 kW capacity each</li>
<li>They must have completed three solar projects with a minimum capacity of 2,000 kW each</li>
</ul>
Bidders must have an annual turnover of at least ₹104.2 million (~ $1.2 million) in the last five years. They must also have a minimum net worth of ₹26 million (~$303,615).
In March last year, DMRCL <a href="https://www.mercomindia.com/delhi-metro-issues-tender-rooftop-solar-projects" target="_blank" rel="noopener">invited</a> bids for 3.5 MW rooftop solar projects on its under-construction Phase-IV network stations, as the metro service provider sought to power its operations using solar energy.
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.

Delhi Metro Floats Tender for 5 MW Rooftop Solar Projects

The Central Electricity Regulatory Commission (<a href="https://cercind.gov.in/" target="_blank" rel="noopener">CERC</a>) recently ruled that the solar developers must settle the ‘Change in Law’ claims mutually with the power procurers and approach the Commission only for the adjustment of the amount in the monthly tariff or charges.
ACME Jaipur Solar had filed a petition seeking compensation for the additional expenses incurred due to the introduction of goods and services tax (GST) under the ‘Change in Law’ clause and following the power purchase agreement (PPA) provisions.
The respondents in the petition were Madhya Pradesh Power Management Company (MPPMCL), Delhi Metro Rail Corporation (DMRCL), and Rewa Ultra Mega Solar (RUMSL).
Background
ACME Jaipur Solar is a generating company engaged in the business of development, building, owning, operating, and maintaining utility-scale grid-connected solar power projects.
In its petition, the developer had pleaded with the commission to direct the respondents to pay the GST claims for the period when the developer was not registered under GST, but its vendors were.
The developer further requested that the respondents provide compensation by considering a pre-GST tax rate of 11% on 40% value of services and 15% tax rate on balance 60% value of services, which increased to 18% post-GST.
During the hearing, the solar developer submitted that the ‘Change in Law’ rules had no application where the other party to the agreement had already contested the ‘Change in Law’ events and where such matters had been reserved for the order.
Commission’s analysis
The Commission observed that the affected parties in the case should settle the ‘Change in Law’ claims mutually and should approach the Commission only for the determination of the amount of compensation as per the ‘Change in Law’ rules.
CERC added that the ‘Change in Law’ rules provided that if there was a formula in the agreement for adjusting and recovering the amount of the impact of ‘Change in Law,’ it should be applied. Otherwise, it should be decided as per the provisions of the ‘Change in Law’ rules.
The central regulator said that the process and methodology prescribed in the ‘Change in Law’ rules provided a mechanism for the time-bound settlement of claims decisively.
“Under the rules, the substantive rights are not being taken away; it is to be applied retrospectively in all pending proceedings,” the Commission added.
Considering the facts, the Commission asked the solar developer to approach the procurers to settle the ‘Change in Law’ claims mutually.
Last month, CERC <a href="https://mercomindia.com/cerc-solar-generator-change-in-law-mutually/" target="_blank" rel="noopener">ruled</a> that power generators and procurers should mutually settle claims under the ‘Change in Law’ provisions. Azure Power had filed three separate petitions seeking relief on account of ‘Change in Law’ because of the introduction of goods and services (GST) laws.
Earlier, CERC had <a href="https://mercomindia.com/cerc-directs-seci-solar-developers-to-settle-change-in-law-mutually/" target="_blank" rel="noopener">ruled</a> that the affected parties should settle the ‘Change in Law’ claims mutually and approach the Commission only to verify the compensation amount. The Central Commission had passed the order after hearing two petitions filed by the Solar Energy Corporation of India regarding compensation on the grounds of ‘Change in Law’ due to the imposition of safeguard duty and the increase in customs duty on the import of solar inverters.
Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.

Solar Developer Asked to Resolve ‘Change in Law’ Claims With the Power Procurers

Delhi Metro Rail Corporation (<a href="http://www.delhimetrorail.com/" target="_blank" rel="noopener">DMRC</a>) has issued a request for selection (RFS) to set up 2 MW of rooftop solar photovoltaic (PV) systems under the renewable energy service company (RESCO) model.
The last date for submitting bids is November 16, 2021. Bids will be opened on November 17.
The scope of work includes design, engineering, supply, storage, civil work, erection, installation, testing, and commissioning of the 2 MW rooftop solar PV project, including a 25-year operation and maintenance (O&amp;M) period on depot sheds and other elevated depot structures of DMRCL.
The solar power generated will be fed to the grid on a net metering basis or applicable metering.
The approximate cost of the project is ₹78.2 million (~$1.05 million). The work must be completed within 12 months from the date of allocation. Bidders must pay ₹23,600 ($319) as the tender document cost.
The project will have a fixed tariff for 25 years with a cap on tariff at ₹4 (~$0.054)/kWh. The size of each project may be in the range of 10 kW to 400 kW or more on each rooftop.
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-29463" src="https://mercomindia.com/wp-content/uploads/2021/10/DMRC.png" alt="List of Selected Sites by DMRC for Rooftop Solar Installations" width="470" height="272" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/10/DMRC.png 470w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/10/DMRC-300x174.png 300w" sizes="auto, (max-width: 470px) 100vw, 470px" />
Each unit can separately connect with the grid and may have separate energy meters.
The bidder should be incorporated in India and engaged in the solar power business. The bidder may hail from any country, be either a single entity or a joint venture under an existing agreement.
The bidder should have installed and commissioned a grid-connected solar PV project of at least 1 MW and a rooftop solar PV project of at least 250 kW in the last ten years ending June 30, 2021.
The annual turnover in any one of the last five financial years should be more than or equal to ₹78.2 million (~$1.05 million).
In the case of a joint venture, the lead partner must have a minimum of 26% participation. Partners with less than 26% participation will not be considered for evaluation.
In January this year, DMRC <a href="https://mercomindia.com/delhi-metro-invites-rooftop-solar/" target="_blank" rel="noopener">invited</a> bids for 2 MW of rooftop solar installations on its staff quarters and other buildings under the RESCO model.
According to Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a>, DMRC has issued tenders for 25 MW of rooftop solar projects as of September 2021.

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