MENA Weekly Round-Up: Oman Tenders 1 GW of Solar Projects

Silver Demand Forecast to Drop 19% in 2026 on Lower Solar Cell Loadings

Midwest Energy Starts Production at 1.2 GWh Battery Storage Plant

Maharashtra Road Corporation Seeks 115 MW Solar Open Access Power

DCM Shriram to Procure 58 MW of Power from Serentica’s Hybrid Project

Bihar Regulator Approves Generic Renewable Energy Tariffs for FY 2027

Grid Software Solutions Provider Piq Energy Raises $5 Million in Funding

Sonnedix Acquires 260 MW Battery Storage Portfolio in Italy

Fidra Secures $312 Million Debt for West Burton Battery Project

POWERGRID Tenders 500 MW/1,000 MWh Battery Energy Storage Projects

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2026/07/amazon_polly_99103.mp3?version=1784265487">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>Bengaluru-based solar cell and module manufacturer <a href="https://emmvee.com/" target="_blank" rel="noopener">Emmvee Photovoltaic Power</a> reported revenue from operations of ₹15.56 billion (~$162.5 million) in the first quarter (Q1) of the financial year (FY) 2027, a 51% year-over-year (YoY) increase from ₹10.28 billion (~$106.75 million).
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/07/revenueemmvee.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-99105 size-medium" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/07/revenueemmvee-185x300.png" alt="" width="185" height="300" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/07/revenueemmvee-185x300.png 185w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/07/revenueemmvee.png 423w" sizes="auto, (max-width: 185px) 100vw, 185px" /></a>
The company attributed the growth to deeper cell integration and disciplined execution.
Emmvee said it achieved record-high production volumes and margins during the quarter.
Profit after tax (PAT) jumped to ₹3.8 billion (~$39.46 million), up 103% YoY from ₹1.88 billion (~$19.52 million).
Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 56% YoY to ₹5.48 billion (~$56.9 million) from ₹3.51 billion (~$36.4 million) in the corresponding quarter last year.
Earnings per share (EPS) increased to ₹5.49 (~$0.057) from ₹3.16 (~$0.033) in same quarter last year.
Business Highlights
Emmvee retained its installed production capacity at 10.3 GW for solar modules and 2.94 GW for TOPCon solar cells.
Module production reached a record 970 MW during the quarter, while solar cell production stood at 454 MW. Cell capacity utilization improved to a record 83%, up from 79% in Q4 FY 2026. Module capacity utilization was 45%, leaving significant headroom for higher output through the remainder of the year.
Emmvee&#8217;s order book expanded to a record 9.9 GW at the end of Q1, supported by 1.48 GW of new orders, providing strong revenue visibility for the coming quarters.
The company&#8217;s 6 GW integrated TOPCon cell-and-module manufacturing facility is being commissioned in phases. The module line is scheduled to become operational by December 2026, followed by the cell line by March 2027.
Once fully commissioned, the expansion will increase Emmvee&#8217;s manufacturing capacity to approximately 16.3 GW of modules and 8.9 GW of solar cells by the first half of FY 2028. The project involves an estimated investment of ₹55 billion (~$571.1 million).
Emmvee is also evaluating backward integration into ingot and wafer manufacturing through a planned 9 GW facility. The project will be implemented in two phases, with 5 GW expected to be commissioned by FY 2029 and the remaining 4 GW by FY 2030. The estimated capital expenditure is ₹50 billion-₹55 billion (~$519.2 million-$571.4 million), or about ₹6 billion-₹6.5 billion (~$62.3 million-$67.49 million) per GW, and will be funded primarily through internal accruals.
The company said that domestically manufactured solar modules using Indian-made cells being priced about 60% higher than modules made with imported cells. This is underscored by the Ministry for New and Renewable Energy mandating compliance with the Approved List of models and manufacturers for solar cells.
It added that domestic content requirement-linked programs present an opportunity for Indian solar manufacturers to secure orders totaling at least 40 GW.
On product quality, Emmvee said the average warranty claim over the past three years remained below 0.008% of revenue from operations. In FY 2026, the warranty claim rate increased to 0.016%. The company also said its solar modules experienced a 2% degradation rate.
In Q4 FY 2026, Emmvee <a href="https://www.mercomindia.com/emmvee-photovoltaic-reports-116-yoy-surge-in-fy-2026-revenue" target="_blank" rel="noopener">reported</a> a revenue of ₹17.39 billion (~$184 million) registering a 62% YoY increase from ₹10.72 billion (~$113.4 million).
The company also <a href="https://www.mercomindia.com/rena-secures-6-gw-solar-cell-manufacturing-equipment-order-from-emmvee" target="_blank" rel="noopener">secured</a> cell manufacturing equipment from RENA Technologies with a total manufacturing capacity of 6 GW.

Emmvee Plans 9 GW Ingot-Wafer Expansion Amid Revenue and Profit Hike

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2026/06/amazon_polly_96537.mp3?version=1781609636">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>The Chhattisgarh State Electricity Regulatory Commission (<a href="https://cserc.gov.in/" target="_blank" rel="noopener">CSERC</a>) has approved an average tariff increase of 6.23% across consumer categories for the financial year (FY) 2026-27, amounting to ₹0.42 (~$0.0044)/kWh.
The Chhattisgarh State Power Distribution Company (<a href="https://www.cspdcl.co.in/cseb/" target="_blank" rel="noopener">CSPDCL</a>) filed a petition for the final true-up for FY 2024-25, approval of the Aggregate Revenue Requirement (ARR) for the control period from FY 2026-27 to FY 2029-30, and determination of the retail tariff for FY 2026-27.
The Commission approved CSPDCL’s net ARR for recovery through tariff at ₹283.47 billion (~$2.99 billion) for FY 2026-27, against ₹325.22 billion (~$3.44 billion) sought by the distribution company.
The adjusted average cost of supply was approved at ₹7.13 (~$0.0753)/kWh, against the effective average cost of supply of ₹8.40 (~$0.0887)/kWh claimed by the CSPDCL.
The Commission approved a net revenue gap of ₹16.62 billion (~$175.57 million) to be recovered through tariff for FY 2026-27. CSPDCL had proposed an average tariff increase of 24%, equivalent to ₹1.63 (~$0.0172)/kWh, to meet its revenue gap. The Commission, however, approved a lower hike of 6.23%.
CSPDCL had sought approval of a stand-alone ARR of ₹254.6 billion (~$2.69 billion) for FY 2026-27. After scrutiny, the Commission approved the stand-alone ARR at ₹251.09 billion (~$2.65 billion).
CSPDCL also sought approval for a cumulative revenue gap of ₹70.64 billion (~$746.21 million) for previous years, including carrying costs. The Commission approved a cumulative revenue gap of ₹38.84 billion for previous years including the costs.
For FY 2024-25, CSPDCL had sought a revenue gap of ₹55.99 billion (~$591.45 million) after applying carrying costs for up to FY 2026-27. The Commission approved a revenue gap at ₹27.79 billion (~$293.57 million).
The Commission approved CSPDCL’s stand-alone ARR at ₹251.09 billion (~$2.65 billion) for FY 2026-27. It also considered ₹6.46 billion (~$68.24 million) as revenue from the sale of surplus power for the year.
At the existing tariff, the Commission approved a standalone surplus of ₹22.23 billion (~$234.83 million), against the revised surplus of ₹7.6 billion (~$80.28 million) proposed by the CSPDCL.
Against CSPDCL’s proposed 24% average tariff increase, the Commission approved a 6.23% average tariff increase.
Various Categories
The order also introduced several changes in tariff categories and tariff treatment. Offices of local bodies were shifted from the LV-2 non-domestic category to the LV-1 domestic category. Streetlights and public waterworks in Chhattisgarh Housing Board colonies were also shifted from the LV-6 public utility category to the LV-1 domestic category.
The electricity tariff for commercial and industrial consumers is as follows:
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Chhattisgarh-Power-Tariff-order.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-96538 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Chhattisgarh-Power-Tariff-order.png" alt="Chhattisgarh Power Tariff order" width="696" height="257" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Chhattisgarh-Power-Tariff-order.png 696w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Chhattisgarh-Power-Tariff-order-300x111.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Chhattisgarh-Power-Tariff-order-650x240.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Chhattisgarh-Power-Tariff-order-624x230.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/Chhattisgarh-Power-Tariff-order-600x222.png 600w" sizes="auto, (max-width: 696px) 100vw, 696px" /></a>
The Commission made the electric vehicle charging tariff applicable to consumers opting for the minus metering facility. It also shifted student hostels located in Bastar and Sarguja tribal development authority areas from the LV-2 non-domestic category to the LV-1 domestic category.
For mobile towers set up in the Bastar and Sarguja tribal development authority areas, the Commission approved a 25% discount on energy charges. It also increased the concession on energy charges for non-subsidized agricultural pump connections from 30% to 40%.
Time-of-Day Tariff
For LV-1, LV-2.1, and LV-2.2(A) consumers with sanctioned load above 10 kW, the Commission approved a Time-of-Day discount of ₹0.20 (~$0.0021)/kWh for consumption recorded during off-peak solar hours from 9 AM to 5 PM.
For other applicable LV categories, off-peak solar-hour consumption will be billed at 95% of normal energy charges, while peak-hour consumption from 5 PM to 11 PM will be billed at 105% of normal energy charges.
For HV consumers covered by the Time-of-Day tariff, consumption during solar hours from 9 AM to 5 PM will be billed at 80% of the normal energy charge. Consumption during peak hours from 5 PM to 11 PM will be billed at 120% of the normal energy charge.
The Commission also changed the delayed payment surcharge from 1.5% per month to 0.04% per day. The rebate for LV consumers with prepaid meters was changed from 1.5% to 1% on energy charges. The advance payment rebate was reduced from 1.25% per month to 0.75% per month.
Open Access Charges
The order also changed open access treatment for solar generators. Solar energy generators located in Chhattisgarh that achieve commercial operation between December 27, 2023, and October 31, 2026, and supply power through long-term or medium-term open access, must pay 33% of applicable transmission charges for seven years from the commissioning date.
Solar generators commissioned after October 31, 2026, that supply power through long- or medium-term open access must pay 100% of applicable transmission charges.
For long-term, medium-term, and short-term open access customers availing wheeling power at 33 kV, a wheeling charge of ₹0.2605 (~$0.0027)/kWh will apply to both collective and bilateral transactions at the point of injection. For long-term, medium-term, and short-term open-access customers connected below 33 kV, the wheeling charge of ₹0.7443 (~$0.0079)/kWh will apply.
For 132 kV, 220 kV, and above consumers, a cross-subsidy surcharge of ₹1.23 (~$0.0129)/kWh will apply; for 11 kV and 33 kV consumers, a cross-subsidy surcharge of ₹1.43 (~$0.0151)/kWh will apply; and for LT consumers, a cross-subsidy surcharge of ₹1.43 (~$0.0151)/kWh will apply.
For consumers who wish to procure renewable power to reduce their carbon footprint, a green energy charge of ₹0.50 (~$0.0053)/kWh will apply.
The Commission also held that no cross-subsidy surcharge will be payable when a consumer procures power from waste-to-energy power plants or energy generated from green hydrogen and green ammonia through open access.
For consumers with co-located captive generating projects that have reduced their contract demand to zero, the Commission specified a tariff of ₹15.82 (~$0.1671/kWh.
In May, CSERC <a href="https://www.mercomindia.com/chhattisgarh-propose-%E2%82%B93-4-kwh-levelized-tariff-for-solar-projects-up-to-2-mw" target="_blank" rel="noopener">proposed</a> a generic levelized tariff of ₹3.40 (~$0.04)/kWh for solar photovoltaic projects between 500 kW and 2 MW and ₹4.95 (~$0.05)/kWh for biogas-based power projects to be commissioned in FY 2026-27.
Earlier, the state Commission <a href="https://www.mercomindia.com/chhattisgarh-mandates-10-year-resource-planning-framework-for-power-sector" target="_blank" rel="noopener">notified</a> the Framework for Resource Adequacy Regulations, 2026, establishing a comprehensive planning mechanism to integrate renewable energy and battery storage to ensure a reliable electricity supply.
Subscribe to Mercom’s real-time <a href="https://www.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.

Chhattisgarh Hikes Power Tariff Across Categories for FY 2026-27

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2026/06/amazon_polly_95959.mp3?version=1780637895">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>U.S.-based electric vehicle (EV) charging solutions company <a href="https://www.chargepoint.com/?srsltid=AfmBOoqvkx-R_fKJpOxL-BI3apKGrlXoiOSbVaz_hXmr9DKcf1nr3I1D" target="_blank" rel="noopener">ChargePoint</a> reported revenue of $101.8 million in the first quarter (Q1) of fiscal year (FY) 2027, a 4.3% year-over-year (YoY) increase from $97.6 million. Revenue for the quarter beat analysts&#8217; expectations by $5.97 million.
The revenue growth reflects improved demand, continued customer confidence in its platform, and disciplined execution.
North America accounted for 80% of the quarter’s revenue, while Europe contributed 20%. In Europe, sales of fully electric cars in the main auto markets jumped by almost a third during the quarter.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/cp1.jpg"><img loading="lazy" decoding="async" class="aligncenter wp-image-95963 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/cp1.jpg" alt="" width="1308" height="615" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/cp1.jpg 1308w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/cp1-300x141.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/cp1-768x361.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/cp1-650x306.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/cp1-624x293.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/cp1-600x282.jpg 600w" sizes="auto, (max-width: 1308px) 100vw, 1308px" /></a>
Revenue from networked charging systems stood at $53.3 million, up 2.3% YoY from $52.1 million. Subscription revenue rose 7.4% YoY to $40.8 million from $38 million.
The company’s net loss narrowed by 39% to $18.3 million from $30 million in the same quarter last year.
Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss narrowed by 16% to $19.2 million from $22.8 million in the prior-year quarter.
Earnings per share (EPS) loss came in at $1.75, compared to an EPS loss of $2.49 in Q1 FY 2026, beating the $0.27 estimate.
ChargePoint <a href="https://www.mercomindia.com/chargepoints-revenue-up-7-yoy-in-q4-fy-2026-net-loss-down-48" target="_blank" rel="noopener">reported</a> revenue of $109.3 million in Q4 of FY 2026, a 7% YoY increase from $101.9 million.
Business Highlights
Richard Wilmer, President, CEO &amp; Director, said that the EV transition is accelerating, supported by the cost advantage of operating an EV compared with an internal combustion engine vehicle as gas prices rise.
He noted that EV purchase prices are becoming competitive with ICE vehicles, which is also driving demand. Used EVs are now near price parity with comparable gasoline vehicles, and their availability is increasing significantly.
He added that as AI-enabled mobility, autonomous transport, and distributed energy infrastructure scale, EV charging will become increasingly mission-critical.
During the quarter, software-only managed ports grew 3.8% to 135,000 from 130,000 in the previous quarter. Monthly active users were slightly above 1.48 million at the end of April.
The company now manages approximately 406,000 ports, up 5.5% from 385,000 in the previous quarter. This includes more than 44,600 DC fast chargers, up 8.8% from 41,000. It also has more than 145,000 ports in Europe, up 10.7% from 131,000.
Globally, ChargePoint drivers have access to over 1.41 million public and private charging ports, up 2.9% from 1.37 million in the previous quarter.
From a billings perspective, the first-quarter mix was 71% commercial, 14% fleet, 8% residential, and 7% other sources.
ChargePoint launched Express Solo, a standalone EV charger for mass-market passenger EVs. The charger claims to deliver up to 600 kW of charging speed to a single port and approximately 40% higher power density than competing solutions. The company said it expects the product to drive demand growth in both Europe and North America once it enters production.
It partnered with OBE Power to deploy approximately 2,500 charging ports at multifamily residences starting this year.
The company also secured one of its largest transit fleet orders to date, delivering DC fast-charging solutions to support Santa Monica’s transition to e-buses.
ChargePoint said artificial intelligence is becoming a meaningful advantage, not only in its own operations but also in the software capabilities it delivers to customers. It is using AI across software development, customer support, AI-enabled product capabilities, and business process automation.
The company expects to achieve further operating expense benefits as it continues enterprise-wide AI adoption. It added that upcoming product releases will expand AI&#8217;s role in helping customers manage, optimize, and monetize charging infrastructure.
For Q2 FY 2027, it expects revenue to range between $100 million and $110 million.
Raj Prabhu, CEO at Mercom Capital Group, said that in the last few years, smart grid funding has been <a href="https://www.mercomindia.com/energy-storage-firms-secure-2-3-billion-in-corporate-funding-in-q1-2026" target="_blank" rel="noopener">driven</a> by EV charging companies. According to Mercom Capital Group’s Q1 2026 Funding and M&amp;A Report for Smart Grid, corporate funding for smart grid companies totaled $1.1 billion across 16 deals.

ChargePoint Launches Charger for Mass-Market EVs Amid Q1 Revenue Increase

fy-2027

Get the most relevant India solar and clean energy news.

RECENT POSTS