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Rajasthan Invites Bids for 2 MW/4 MWh Small-Scale Battery Storage Systems

The Real Cost of BESS Goes Beyond Price per MWh: Interview

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					</table>The widening price gap between Domestic Content Requirement (DCR)-compliant and non-DCR modules is reshaping procurement and investment decisions across India&#8217;s solar industry. Higher module prices, constrained domestic cell availability, and longer delivery timelines are increasing project costs, delaying financial closures, compressing installer margins, and slowing project execution across the residential, commercial and industrial (C&amp;I), and utility-scale segments.
Developers are also increasingly prioritizing supplier reliability, delivery timelines, and assured access to DCR-compliant modules over price alone to minimize risks.
Industry participants expect these pressures to ease as additional domestic cell manufacturing capacity comes online, but believe procurement and supplier selection practices have undergone a more lasting shift.
Widening Price Gap 
Developers said that while non-DCR module prices remained stable, DCR module prices continue to command a substantial premium.
The implementation of the Approved List of Models and Manufacturers (ALMM) List-II for solar cells has further tightened module availability and curtailed procurement flexibility for installers and developers.
According to a rooftop installer, “The implementation of ALMM-List II, alongside persistent volatility in module prices, has created significant disruption across the rooftop solar ecosystem. The absence of a phased transition has left stakeholders with limited time to adjust procurement strategies and comply with the revised regulatory framework, slowing project execution and increasing operational challenges. The combined effect of regulatory uncertainty and supply chain disruptions is also weakening customer confidence, potentially affecting the pace of rooftop solar adoption in the near term.”
Despite rising input costs, rooftop solar installers have been unable to proportionately increase system prices because of intense competition from new market entrants offering steep discounts.
As a result, installer margins have come under pressure, while concerns are growing over installation quality and the sustainability of long-term after-sales support.
Speaking on the sidelines of the recently concluded <a href="https://www.mercomindia.com/event/mercom-india-renewables-summit-2026" target="_blank" rel="noopener">Mercom India Renewables Summit 2026</a>, Amit Barve, CEO at <a href="https://rayzonsolar.com/" target="_blank" rel="noopener">Rayzon Solar</a>, said, “The shortage is real because demand for DCR-compliant cells is increasing. Within this category, demand is particularly high for TOPCon cells. Much of the existing domestic cell capacity is based on older monocrystalline technology, while demand is increasingly shifting toward TOPCon cells.”
“The market has begun accepting that sufficient TOPCon cell capacity may not be available until projects under construction are commissioned, stabilized, and operating at their intended capacity. The mismatch between demand and available cell capacity will therefore continue for some time,” he added.
Speaking at an event organized by the Confederation of Indian Industry, the Ministry of New and Renewable Energy (MNRE) Secretary, Santosh Sarangi, said India’s solar cell manufacturing capacity is expected to rise to 100 GW within a year from the current 32 GW.
According to Hanish Gupta, Founder and Managing Director at <a href="https://www.sunkind.in/" target="_blank" rel="noopener">Sunkind India</a>, DCR modules are trading above ₹20 (~$0.21)/Wp, which is nearly 50% higher than what he considers the fair market price for non-DCR modules.
“Based on current raw material costs and prevailing market conditions, non-DCR modules should ideally be in the ₹13 (~$0.137)/Wp-₹14 (~$0.147)/Wp range. However, many manufacturers are currently resorting to aggressive pricing, and in some cases even selling below sustainable levels, to liquidate inventory ahead of the December 2026 deadline for the use of non-DCR modules in net-metering and open-access projects.”
Gupta said the current price gap is therefore not a true reflection of underlying market economics. Instead, it is being distorted by two temporary factors: an oversupply of non-DCR modules and a shortage of domestic cells for DCR module production.
He expects DCR module prices to decline to around ₹16 (~$0.168)/Wp to ₹17 (~$0.179)/Wp by early 2027 as additional domestic cell capacity comes online.
Gupta said that over the medium term, DCR modules will trade much closer to non-DCR modules, with a more modest premium of around 10% to 20%. At that stage, the impact on overall project costs should be limited, and developers are likely to focus more on project execution, financing costs and energy generation than on module prices alone.
Project Execution Slows
Project execution has also slowed as delays in bank loan disbursements continue to postpone customer approvals, further weakening confidence in residential rooftop solar investments.
According to another rooftop installer, “The residential rooftop segment has been particularly affected by DCR module shortages. Although customer demand and order pipelines have remained healthy, limited availability of DCR-compliant modules has significantly reduced installation activity, especially in the subsidized residential segment where DCR modules are generally mandatory.”
“Under normal market conditions, installers completed around 150 residential rooftop installations each month. With the supply squeeze, monthly installations have declined to approximately 50-60 systems,” he said.
Competition from utility-scale developers procuring high-wattage TOPCon modules has further constrained supplies for rooftop installers, stretching delivery timelines, reducing installation volumes, narrowing margins, and delaying customer purchasing decisions.
While non-DCR modules remained available for certain non-subsidized residential and government applications, they could not offset the supply shortfall, as most residential demand remained concentrated in subsidized systems that required DCR-compliant modules.
Mahesh Bhatewara, Senior Manager, Business Development at <a href="https://bubenergy.com/" target="_blank" rel="noopener">B.U. Bhandari Energy</a>, said, “We&#8217;re now looking at ₹25 (~$0.263)/Wp- ₹28 (~$0.294)/Wp for DCR modules, compared to ₹14 (~$0.147)/Wp- ₹16 (~$0.168)/Wp for non-DCR modules. That&#8217;s a gap of ₹11 (~$0.116)/Wp to ₹12 (~$0.126)/Wp in many cases, and for a 1 MW project, that alone can add around ₹12 million (~$126,018) to the module cost.”
For projects that are locked into fixed-price DCR contracts signed a few months earlier, the impact on margins has been significant. 
“We&#8217;ve had to go back and review proposals, and have detailed discussions with clients around the policy changes and how they impact pricing.”
Gradual Recovery
Industry experts expect the market recovery to be gradual.
According to an independent power producer, the non-DCR module market is becoming more competitive as several small-sized and mid-sized manufacturers cut prices to clear inventory backlogs, resulting in shorter delivery timelines. Manufacturers are also entering cross-selling arrangements with other suppliers to optimize logistics and improve module availability.
“For private, non-subsidized projects, non-DCR modules still make sense; they&#8217;re cheaper and often more efficient, since they use globally sourced cells. Six months from now, I don&#8217;t see this gap closing. Cell capacity takes time to build, so I&#8217;d expect DCR prices to stay firm through the rest of 2026. Real relief will probably come only in 2027, once new domestic cell lines are fully operational,&#8221; Bhatewara said.
The procurement of DCR modules is therefore likely to remain challenging in the near term. Longer delivery timelines and recent price increases are complicating procurement planning and project execution, increasing uncertainty around project economics.
Developers are being forced to balance compliance with domestic sourcing requirements against higher procurement costs and evolving market conditions, while waiting for additional cell capacity to ease supply pressures and narrow the DCR price premium.

India’s DCR Solar Push Is Creating a Cost and Supply Crunch

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					</table>Solar <a href="https://www.mercomindia.com/solars-share-in-indias-renewable-capacity-climbs-to-56-4-in-q2-2026" target="_blank" rel="noopener">continued</a> to dominate India’s renewable energy landscape. Installed solar capacity reached 163.7 GW, accounting for 29.7% of the country’s total power capacity and 56.4% of its renewable energy capacity. The addition of new projects during the quarter increased installed solar capacity by 7.7% quarter-over-quarter and 40.7% year-over-year (YoY), underscoring solar’s continued leadership in India’s capacity expansion and its growing contribution to the country’s evolving power mix.
The Central Electricity Authority (CEA) recommended the <a href="https://www.mercomindia.com/cea-favors-100-grid-forming-inverters-for-future-battery-storage-projects" target="_blank" rel="noopener">use</a> of 100% grid-forming (GFM) inverters in all future battery energy storage system projects to strengthen grid stability as renewable energy capacity continues to grow.
During an interview on the sidelines of the Mercom India Renewables Summit 2026, held in New Delhi on July 1 and 2, Amit Barve, CEO at Rayzon Solar <a href="https://www.mercomindia.com/solar-supply-chain-hit-by-mismatch-in-module-and-cell-manufacturing-capacity" target="_blank" rel="noopener">discussed</a> the mismatch between solar manufacturing capacity and market demand, shortages of cells compliant with domestic content requirements, implementation timelines for wafers and ingots, skilled workforce requirements, and the technologies likely to shape the future of India’s solar manufacturing sector.
The Indian Institute of Technology Jammu <a href="https://www.mercomindia.com/iit-jammu-invites-eois-for-2-2-mw-solar-project-with-8-mwh-battery-storage" target="_blank" rel="noopener">invited</a> expressions of interest (EoIs) to commission a 2.2 MW hybrid solar project integrated with an 8 MWh battery energy storage system at its Jagti campus in Jammu and Kashmir. The last date to submit the bids is August 14, 2026. Bids will be opened on August 17, 2026.
SJVN <a href="https://www.mercomindia.com/sjvn-invites-bids-for-265-mw-530-mwh-battery-storage-project-in-haryana" target="_blank" rel="noopener">invited</a> bids to develop 265 MW/530 MWh of standalone battery energy storage systems in Haryana. The last date to submit bids is August 21, 2026. Bids will be opened the same day.
The Solar Energy Corporation of India <a href="https://www.mercomindia.com/seci-tenders-5-29-mw-rooftop-solar-projects-at-eight-government-institutions" target="_blank" rel="noopener">invited</a> bids to select solar power developers to set up 5.29 MW of rooftop solar projects across eight government institutions under the Renewable Energy Service Company model (Tranche XII). The last date to submit bids is August 31, 2026. Bids will be opened by September 3.
Waaree Renewable Technologies <a href="https://www.mercomindia.com/waaree-renewable-bags-epc-contract-for-800-mw-solar-projects" target="_blank" rel="noopener">received</a> letters of award for engineering, procurement, and construction contracts for two ground-mounted solar projects with a combined capacity of 800 MW. The projects have an individual capacity of 400 MW each.
Bondada Engineering <a href="https://www.mercomindia.com/bondada-acquires-60-stake-in-onixs-225-mw-solar-project-in-maharashtra" target="_blank" rel="noopener">acquired</a> a 60% equity stake in Onix IPP, which entitles the company to a controlling interest in a 225 MW solar power project in Maharashtra, under the Mukhyamantri Saur Krushi Vahini Yojana 2.0.
The Indian Energy Exchange <a href="https://www.mercomindia.com/iex-revenue-rises-11-in-q1-fy-2027-as-power-trading-volume-grows" target="_blank" rel="noopener">reported</a> revenue from operations of ₹1.58 billion (~$16.33 million) in the first quarter (Q1) of the financial year (FY) 2027, an 11.4% (YoY) increase from ₹1.42 billion (~$14.66 million).
Public infrastructure finance company REC <a href="https://www.mercomindia.com/rec-revenue-fell-3-profit-declines-by-6-in-q1-fy-2027" target="_blank" rel="noopener">recorded</a> revenue from operations of ₹144.35 billion (~$1.5 billion) for Q1 of FY 2027, down 3% YoY from ₹148.17 billion (~$1.54 billion).
NTPC Green Energy <a href="https://www.mercomindia.com/ntpc-green-energys-q1-profit-rises-38-yoy-on-higher-generation" target="_blank" rel="noopener">reported</a> a net profit of ₹3.05 billion (~$31.55 million) in Q1 of FY 2027, a 38% increase YoY from ₹2.2 billion (~$22.76 million). The company reported a total income of ₹11.22 billion (~$116.06 million), up 49% YoY from ₹7.52 billion (~$77.79 million).
The Lebanon Electricity Regulatory Authority <a href="https://www.mercomindia.com/lebanon-invites-eois-for-350-mw-solar-1000-mwh-battery-storage-projects" target="_blank" rel="noopener">invited</a> EoIs for developing up to five grid-connected solar projects with a combined installed capacity of 350 MWp and battery energy storage systems totaling 1,000 MWh.
CS PowerTech, the U.S. manufacturing subsidiary of Canadian Solar, <a href="https://www.mercomindia.com/canadian-solar-subsidiary-opens-first-phase-of-6-gw-solar-cell-plant" target="_blank" rel="noopener">inaugurated</a> the first phase of its solar cell manufacturing facility in Jeffersonville, Indiana. Once fully built out, the facility is expected to have an annual production capacity of more than 6 GW.

Daily News Wrap-Up: Solar’s Share in Renewables Rises to 56.4%

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					</table>With 139 GW of solar module manufacturing capacity registered under the Approved List of Models and Manufacturers (ALMM), India&#8217;s solar manufacturing industry may be heading toward overcapacity. Manufacturing capacity now far exceeds near-term domestic demand, raising concerns over capacity underutilization, margin pressure, and delayed investment decisions.
According to Amit Barve, Chief Executive Officer of <a href="https://rayzonsolar.com/" target="_blank" rel="noopener">Rayzon Solar</a>, India&#8217;s solar module manufacturing capacity could significantly outpace domestic demand, even after additional domestic solar cell manufacturing capacity comes online.
During an interview on the sidelines of the <a href="https://www.mercomindia.com/event/mercom-india-renewables-summit-2026" target="_blank" rel="noopener">Mercom India Renewables Summit 2026</a>, held in New Delhi on July 1 and 2, Barve discussed the mismatch between solar manufacturing capacity and market demand, shortages of cells compliant with domestic content requirements, implementation timelines for wafers and ingots, skilled workforce requirements, and the technologies likely to shape the future of India’s solar manufacturing sector.
Here are the edited excerpts from the interview:
The industry has discussed the mismatch between module and cell capacity. With around 139 GW of modules registered under the ALMM and more than 250 GW of additional capacity announced or under construction, who will absorb this capacity if a significant portion comes online? Could the market face an oversupply?
The industry must examine the gap between cell and module manufacturing capacity, but it should also consider the gap between the size of the market and the manufacturing capacity being established.
Even if cell and module capacities become aligned, domestic demand may not be sufficient to absorb production. Annual demand is unlikely to exceed 50 GW-60 GW over the next two years because of transmission infrastructure constraints, policy uncertainties, and delays in substation availability.
This could create significant challenges, particularly for newer manufacturers without an established track record or manufacturing experience. Additional capacity may remain underutilized because the domestic market may not be able to absorb it.
Export opportunities are also limited. The U.S. was one of the few markets where Indian manufacturers had an opportunity because of its regulations. In most other countries, Indian manufacturers may find it difficult to compete with Chinese prices.
With much of the listed domestic cell capacity owned by vertically integrated manufacturers, is there a shortage of domestic content-compliant cells for independent module manufacturers? How are manufacturers managing this challenge?
The shortage is real because demand for domestic-content-compliant cells is increasing. Within this category, demand is particularly high for tunnel oxide passivated contact (TOPCon) cells.
Much of the existing domestic cell capacity is based on older monocrystalline technology, while demand is increasingly shifting toward TOPCon cells.
The market has begun accepting that sufficient TOPCon cell capacity may not be available until projects under construction are commissioned, stabilized, and operating at their intended capacity.
The mismatch between demand and available cell capacity will therefore continue for some time. Newer module manufacturers will find it particularly difficult to manage the shortage.
The introduction of the ALMM mandate had previously created supply bottlenecks. The government also plans to extend the list to include domestic wafer and ingot manufacturing by June 2028. Should the government reconsider the deadline?
The government frames policies and regulations after consulting industry stakeholders. It has discussed with the industry the time required to establish module, cell, wafer, and ingot manufacturing lines, and the implementation timelines have been determined through that process.
The ALMM requirement received several extensions in the past. Those repeated changes affected investor confidence because a regulation intended to support domestic manufacturing was repeatedly deferred.
The government’s firm approach to implementation timelines has sent a strong signal that the regulations will remain stable and that the industry must prepare accordingly. The broader objective is to achieve energy independence and establish domestic supply chains instead of relying on imports.
Since the timelines were finalized after industry consultations, I do not foresee a major problem. Serious manufacturers have already begun planning and should be able to establish cell, wafer, and ingot facilities within the stipulated period.
The solar industry has raised concerns about a shortage of skilled personnel for several years. Which areas of manufacturing face the biggest workforce gaps?
Most manufacturing lines are becoming automated. These lines may not require highly specialized personnel at every stage, but operators must have sufficient technical knowledge of the processes.
There is a huge need for trained personnel in research and development, quality control, and equipment maintenance. Manufacturers can procure advanced equipment, but they need skilled teams to operate it properly and achieve consistent throughput.
India also needs personnel capable of developing new technologies locally. Maintenance, quality control, and innovation are therefore the main areas where the industry requires better-trained professionals.
How is Rayzon addressing these workforce and research requirements? Does the company work with technical institutions, or does it rely on internal and on-the-job training?
Rayzon invested in its first research and development laboratory around five years ago. A senior professional with a doctorate in photovoltaics from the Indian Institute of Technology-Bombay (IIT-B) leads the laboratory.
We have since expanded the team by adding specialists in encapsulants and solar cells. We want a significant part of our technology development to take place internally.
However, maintaining all the required research infrastructure within the company would be difficult. We have therefore partnered with two research institutions.
We are working with the University of New South Wales on projects intended to accelerate research into tunnel oxide passivated contact (TOPCon) technology.
We have also partnered with IIT-B for product development, product variations, employee training in cell technologies, and training related to the operation of cell manufacturing lines.
India moved from polycrystalline technology to monocrystalline products, while much of the country’s existing cell capacity remains based on earlier monocrystalline technologies. Which technologies will lead the Indian market in the future?
The recent return of earlier monocrystalline technology has largely resulted from the shortage of TOPCon cells. Without that shortage, it may not have returned to the market to the same extent.
TOPCon will lead the Indian market, followed by back-contact technology combined with tunnel oxide passivated contact structures.
Tandem-junction cells could represent the next stage of development. Manufacturers could add perovskite layers to TOPCon cells to achieve efficiency gains beyond the physical limits of conventional crystalline silicon technology.

Solar Manufacturing May Outpace Demand Due to Grid Constraints: Interview

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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>The KDM Complex, the administrative head office of the Oil and Natural Gas Corporation’s (<a href="https://www.ongcindia.com/" target="_blank" rel="noopener">ONGC</a>) Mehsana asset, is saving nearly ₹4 million (~$46,800) to ₹4.5 million (~$52,650) annually on power expenses after installing a 370-kW solar carport.
The solar component of the project alone is expected to achieve payback within three to four years.
The solar system has been installed over ONGC’s new parking space, which includes integrated electric vehicle (EV) charging infrastructure. The facility enables simultaneous charging of 20 cars through 10 DC chargers and supports charging for 30 two-wheelers.
The carport provides parking space for 140 cars and 132 two-wheelers.
The power generated by the solar system will be used for in-house consumption, with priority given to EV charging. The system has been designed to deliver recurring monthly savings through captive solar generation.
The project, costing ₹84.1 million (~$873,597), was set up by <a href="https://imaginepowertree.com/" target="_blank" rel="noopener">Imagine Powertree</a> and commissioned in December 2025.
Apart from the solar system, the project cost also covered solar carport structures, EV charging infrastructure, and associated civil and electrical works.
Before this installation, the KDM Complex already had a 285-kW rooftop solar project on its premises, taking the facility’s total solar capacity to 655 kW.
Hirak Ray, Deputy General Manager, Mechanical, at the ONGC facility, said the project was aimed at providing parking space for employees while encouraging EV adoption. Based on prior success with the 285-kW rooftop solar system, an additional solar carport project was planned.
Ray said that during winter, when generation exceeds consumption, the 370-kW solar system supplies nearly 40-50% of the facility’s power requirement. Along with the existing rooftop project, solar now meets 50-60% of ONGC’s power requirement at the facility.
The carport solar system comprises <a href="https://rayzonsolar.com/" target="_blank" rel="noopener">Rayzon Solar</a>’s monocrystalline modules and <a href="https://www.sungrowpower.com/mal/en" target="_blank" rel="noopener">Sungrow</a> inverters.
The system can generate 1,450 to 1,600 units daily and around 540,000 to 580,000 units annually.
Through the solar system, ONGC can meet 45,000 to 48,000 units of its monthly power requirement through renewable energy.
The company plans to evaluate integrating battery energy storage systems for peak-load management, EV charging support, backup power, and increased renewable energy utilization.
Imagine Powertree said that since the project was being set up on multiple underground facilities more than 25 years old, one of the major challenges related to civil and foundation work for the project.
According to Mercom India’s Q4 and Annual 2025 India Rooftop Solar Market Report, Gujarat <a href="https://www.mercomindia.com/rooftop-solar-growth-accelerates-in-india-with-7-1-gw-added-in-2025-a-123-yoy-jump" target="_blank" rel="noopener">led</a> rooftop solar installations, accounting for nearly 25% of cumulative installations.
Mercom India will <a href="https://www.mercomindia.com/event/mercom-india-renewables-summit-2026" target="_blank" rel="noopener">host</a> the sixth edition of the Mercom India Renewables Summit 2026 on July 1 and 2, 2026, at the Hyatt Regency in New Delhi. The summit will bring together key stakeholders from the renewable energy sector and drive discussions backed by Mercom’s proprietary global research and market intelligence. You can register for the event <a href="https://www.mercomindia.com/event/mercom-india-renewables-summit-2026/register" target="_blank" rel="noopener">here</a>.

ONGC’s Mehsana Asset Saves ₹4.5 Million Annually with 370-kW Solar Carport

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					</table><a href="https://www.trinasolar.com/en-glb/" target="_blank" rel="noopener">Trina Solar</a>, <a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Energies</a>, <a href="https://goldisolar.com/" target="_blank" rel="noopener">Goldi Solar</a>, <a href="https://rayzonsolar.com/" target="_blank" rel="noopener">Rayzon Solar</a>, and <a href="https://saatvikgroup.com/" target="_blank" rel="noopener">Saatvik Green Energy</a> were the top solar module suppliers in 2025, according to Mercom’s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-cy-2025-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2026.</a>
India’s solar module demand grew significantly in 2025, driven by record project installations. Annual capacity additions <a href="https://www.mercomindia.com/product/q4-2025-india-solar-market-update" target="_blank" rel="noopener">reached</a> 36.6 GW, marking the highest annual installation level recorded so far.
The country <a href="https://www.mercomindia.com/product/state-solar-manufacturing-india-2026" target="_blank" rel="noopener">added</a> 119 GW of module and over 9 GW of cell manufacturing capacity in 2025.
Trina Solar was the leading supplier during the year, accounting for 15% of the modules shipped to India. Waaree Energies and Goldi Solar ranked second and third, accounting for 10% and 6% of module shipments, respectively. Rayzon Solar and Saatvik Green Energy rounded out the top five, accounting for about 5% of annual module shipments each.
The top five suppliers accounted for 41% of the module capacities shipped to domestic solar projects in 2025.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-93585 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3.png" alt="Leading Solar Module Suppliers in India 2025" width="975" height="534" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3.png 975w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-300x164.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-768x421.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-650x356.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-624x342.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-600x329.png 600w" sizes="auto, (max-width: 975px) 100vw, 975px" /></a>
Trina Solar was the only Chinese-origin supplier among the top five, supported by contracts secured in 2021–2022 during the early or paused phase of the Approved List of Models and Manufacturers (ALMM).
The presence of eight Indian module manufacturers in the top ten reflects a clear shift toward local sourcing, driven by supply chain localization, policy support, and particularly the ALMM mandate, which significantly strengthened the market share of domestic manufacturers.
The leading Indian module suppliers in 2025 were Waaree Energies, Goldi Solar, Rayzon Solar, Saatvik Green Energy, and <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a>.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-93587 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2.png" alt="Leading Domestic Solar Module Suppliers in India 2025" width="975" height="522" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2.png 975w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-300x161.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-768x411.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-650x348.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-624x334.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-600x321.png 600w" sizes="auto, (max-width: 975px) 100vw, 975px" /></a>
Waaree Energies retained its position as the leading solar module manufacturer in India. During the year’s first half, the company <a href="https://www.mercomindia.com/waaree-to-double-texas-solar-module-manufacturing-plant-capacity-to-3-2-gw" target="_blank" rel="noopener">announced</a> an additional 1.6 GW expansion of its module manufacturing capacity at its U.S. facility. It also <a href="https://www.mercomindia.com/waaree-energies-commissions-950-mw-solar-module-plant-in-gujarat" target="_blank" rel="noopener">commissioned</a> a 950 MW module manufacturing facility in Gujarat and <a href="https://www.mercomindia.com/waarees-n-type-solar-module-plant-in-gujarat-expands-to-3-gw" target="_blank" rel="noopener">added</a> 1.5 GW of high-efficiency N-type module lines. Waaree ended the year with a domestic order to <a href="https://www.mercomindia.com/waaree-energies-secures-1500-mw-solar-module-supply-order" target="_blank" rel="noopener">supply</a> 1,500 MW of solar modules.
Goldi Solar emerged as the second-largest module manufacturer, supported by strong capacity expansion during 2025. The company <a href="https://www.mercomindia.com/goldi-solar-secures-%E2%82%B914-billion-in-havells-led-funding-round" target="_blank" rel="noopener">secured</a> ₹14.22 billion (~$161.07 million) in growth capital in a funding round led by Havells India, high-net-worth individuals, and institutional and strategic investors, which will support the company&#8217;s capacity expansion, backward integration into cell manufacturing, advancement in high-efficiency technologies, and expansion of market reach.
Rayzon Solar ranked third among domestic module suppliers, supported by its advanced TOPCon manufacturing lines. As of last December, Rayzon Solar <a href="https://www.mercomindia.com/solar-module-capacity-under-almm-grows-to-144-8-gw" target="_blank" rel="noopener">increased</a> its ALMM-listed capacity by 5,659 MW. During the year, the company <a href="https://www.mercomindia.com/rayzon-solar-secures-sebi-approval-for-%E2%82%B915-billion-ipo">received</a> approval to raise ₹15 billion (~$170.64 million) through an initial public offering.
Saatvik Green Energy is <a href="https://www.mercomindia.com/saatvik-begins-work-on-4-8-gw-solar-cell-and-4-gw-module-facility-in-odisha" target="_blank" rel="noopener">developing</a> a greenfield integrated facility in Odisha with 4 GW of module capacity and 4.8 GW of cell capacity. The company has also expanded into balance-of-system manufacturing, <a href="https://www.mercomindia.com/saatvik-commissions-2-gw-encapsulation-film-facility-in-haryana" target="_blank" rel="noopener">operationalizing</a> a 2 GW encapsulation polyolefin elastomer film facility at its Ambala campus. In October 2025, Saatvik <a href="https://www.mercomindia.com/saatvik-green-receives-solar-module-orders-worth-%E2%82%B97-billion-2" target="_blank" rel="noopener">secured</a> an order worth ₹6.9 billion (~$78.05 million) and also <a href="https://www.mercomindia.com/saatvik-green-receives-solar-module-orders-worth-%E2%82%B97-billion" target="_blank" rel="noopener">finalized</a> another order worth ₹7.07 billion (~$79.62 million) to supply high-efficiency solar modules.
Last November, ReNew announced plans to <a href="https://www.mercomindia.com/renew-to-invest-%E2%82%B9600-billion-in-clean-energy-projects-in-andhra-pradesh" target="_blank" rel="noopener">invest</a> ₹600 billion in clean energy projects in Andhra Pradesh, including a 6 GW solar ingot and wafer manufacturing facility.
TOPCon modules accounted for around 71% of total shipments in 2025, followed by Mono PERC at 29%, while HJT, thin-film, and polycrystalline technologies made up the remaining share.
<a href="https://en.cell.tongwei.cn/" target="_blank" rel="noopener">Tongwei Solar</a>, <a href="https://www.jietaisolar.com/" target="_blank" rel="noopener">Jietai New Energy Technology</a>, <a href="https://www.solarspace.com/" target="_blank" rel="noopener">SolarSpace Technology</a>, <a href="https://aikosolar.com/en/" target="_blank" rel="noopener">AIKO Solar</a>, and <a href="https://www.dmegc.com.cn/" target="_blank" rel="noopener">Hengdian Group DMEGC Magnetics</a> were the top solar cell suppliers in 2025.
Mercom’s India Solar Market Leaderboard 2026 report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India’s solar industry leaders.
For the complete report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-cy-2025-market-shares-profiles" target="_blank" rel="noopener">click here</a>.
The <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Data Tracker</a>, which provides quarterly insights into competitors’ growth rates, is now available.

Trina, Waaree, Goldi, Rayzon, and Saatvik Lead Solar Module Supply in 2025

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					</table>Pace Digitek <a href="https://www.mercomindia.com/pace-digitek-bags-order-to-supply-1-2-gwh-bess-from-seci" target="_blank" rel="noopener">received</a> an order from Solar Energy Corporation of India to supply a 600 MW/1,200 MWh standalone grid-connected battery energy storage system (BESS) in Andhra Pradesh. The total order value is ₹11.59 billion (~$131.93 million). The tender was floated in August this year. The scope of work includes the design and engineering of the complete BESS and its associated components. It involves the supply of BESS direct-current blocks equipped with heating, ventilation, and air conditioning, and a fire protection system. The supply also covers the power conversion system, the battery management system, and the energy management system.
A total of 16.5 GW of utility-scale solar tenders were <a href="https://www.mercomindia.com/indias-utility-scale-solar-tender-and-auction-activity-surges-in-q3-2025" target="_blank" rel="noopener">issued</a> by various agencies in the third quarter (Q3) of the calendar year 2025, representing a 137.6% increase from 6.9 GW in the previous quarter and a decrease of 17.8 % from 20 GW in the same quarter last year, according to Mercom India research. In 9M 2025, more than 37 GW was tendered, compared to 72 GW in 9M 2024, a decrease of 48%. The third quarter saw agencies floating nearly 8 GW of tenders under the PM KUSUM program, accounting for 48% of all renewable energy tenders announced during the period.
The Ministry of Power <a href="https://www.mercomindia.com/government-issues-draft-revisions-to-captive-power-project-rules" target="_blank" rel="noopener">proposed</a> to revise Rule 3 of the Electricity Rules, 2005, setting out the requirements for qualifying a power project as a captive project. The draft retains the key thresholds for ownership and consumption but introduces clarifications and additions regarding energy storage, indirect ownership through corporate structures, consumption benefit limits, and verification procedures. A project will qualify as a captive power project only if captive users collectively hold at least 26% ownership in the generating unit. This ownership refers to proprietary interest and control, or equity share capital with voting rights.
Tata Consulting Engineers, in collaboration with Enline and Gridpulse, <a href="https://www.mercomindia.com/indias-grid-goes-digital-tce-leads-first-400-kv-dynamic-line-rating-project" target="_blank" rel="noopener">commissioned</a> a 400 kV dynamic line rating (DLR) project for Power Grid Corporation of India on the Madurai–Tuticorin transmission line in Tamil Nadu. The project employs a real-time, artificial intelligence-driven approach to improve renewable energy integration, optimize existing grid assets, and enhance operational reliability. TCE delivered what is claimed as India’s first 400 kV DLR project on a 95 km double-circuit transmission line. The project used DLR sensors placed on critical spans of the Madurai–Tuticorin line to collect real-time weather and line data.
The Central Electricity Regulatory Commission <a href="https://www.mercomindia.com/cerc-proposes-%E2%82%B9245-mwh-as-buyout-price-under-renewable-consumption-obligation" target="_blank" rel="noopener">proposed</a> that designated entities, including electricity distribution licensees, open access consumers, and captive consumers, can fulfill their renewable consumption obligation through payment of the buyout price specified by it. The buyout price for the financial year (FY) 2024-25 will be set at ₹245 (~$2.79)/MWh, which is about 5% above the weighted average REC price for the year computed from transactions on power exchanges and via trading licensees. The buyout price for a financial year will be 105% of the weighted average REC price. By April 30 of every financial year up to FY 2029-30, the National Load Despatch Centre will publish the weighted average price of REC and the buyout price for the previous financial year.
The Uttarakhand Electricity Regulatory Commission <a href="https://www.mercomindia.com/uttarakhand-electricity-regulator-sets-%E2%82%B91-09-kwh-as-open-access-surcharge" target="_blank" rel="noopener">set</a> an additional surcharge of ₹1.09 (~$0.0123)/kWh for open access consumers for the period from October 1, 2025, to March 31, 2026. The additional surcharge has been reduced by ₹0.03 (~$0.00033)/kWh when compared to ₹1.12 (~$0.013)/kWh from October 1, 2024, to March 31, 2025. The Commission had imposed an additional surcharge of ₹1.14 (~$0.013)/kWh from April 1, 2025, to September 30, 2025. The decision follows a petition filed by Uttarakhand Power Corporation seeking approval to recover stranded fixed costs arising from its long-term power purchase commitments.
Hyderabad-based yarn and denim manufacturer Suryalakshmi Cotton Mills <a href="https://www.mercomindia.com/denim-company-suryalakshmi-meets-100-daytime-power-needs-from-solar-systems" target="_blank" rel="noopener">made</a> a strategic switch to solar, enabling it to meet 100% of its daytime power needs through a 5.5 MW captive solar project. The solar installation comprises a 3 MW ground-mount system and a 2.5 MW rooftop system. The cumulative 5.5 MW project was installed in phases. As a process industry operating 24/7, power expenses account for a major portion of Suryalakshmi’s operational costs. With rising operational and grid tariffs, the company chose to integrate renewable energy into its power procurement strategy.
Engineering, procurement, and construction company Bondada Engineering <a href="https://www.mercomindia.com/bondada-secures-bos-equipment-order-from-adani-for-650-mw-solar-project" target="_blank" rel="noopener">received</a> a letter of intent from the Adani Group to supply balance of system equipment for a 650 MW solar project at the Khavda Renewable Energy Park, Gujarat. The contract’s estimated cost is ₹10.5 billion (~$119.5 million). The scope of work for Bondada entails the design, engineering, manufacturing, procurement, quality assurance, and delivery of materials. It also involves providing on-site services, testing, and commissioning of free-issue materials.
Renewable energy solutions providers, Radiance Renewables and Sunsure Energy, have <a href="https://www.mercomindia.com/radiance-and-sunsure-secure-%E2%82%B96-8-billion-funding-from-niif-ifl" target="_blank" rel="noopener">received</a> cumulative funding of ₹6.8 billion (~$77.47 million) from NIIF Infrastructure Finance (NIIF IFL). Mumbai-based Radiance Renewables and Gurugram-based Sunsure Energy have received funding of ₹5.5 billion (~$62.6 million) and ₹1.3 billion (~$14.8 million), respectively, from NIIF IFL. Radiance will utilize the funding to support renewable energy projects for commercial and industrial (C&amp;I) businesses across Karnataka, Maharashtra, and Uttar Pradesh, and to retire its existing debt facilities. The company has commissioned over 51 open access projects, with nearly 1 GW of projects currently under development.
Kolkata-based solar module manufacturer Vikram Solar <a href="https://www.mercomindia.com/vikram-solar-receives-order-for-149-mw-of-solar-modules-from-sunsure" target="_blank" rel="noopener">received</a> an order for 148.9 MW of high-efficiency solar modules from renewable energy solutions provider Sunsure Energy. Vikram Solar will provide its M10R N-Type TOPCon modules rated at 595 W, which will be deployed across Uttar Pradesh and Maharashtra. Vikram Solar has a cumulative module manufacturing capacity of 4.5 GW. It plans to increase this capacity to 17.5 GW. It also aims to backward integrate by entering cell manufacturing, targeting a capacity of 12 GW by the financial year 2027. The company has an order book of 11.15 GW as of September 30, 2025, catering to 85% domestic market and the rest for exports.
Module manufacturer Rayzon Solar <a href="https://www.mercomindia.com/rayzon-solar-secures-sebi-approval-for-%E2%82%B915-billion-ipo" target="_blank" rel="noopener">received</a> approval for its draft red herring prospectus (DRHP) for an initial public offering to raise ₹15 billion (~$170.64 million) from the Securities and Exchange Board of India. According to the DRHP filed in June this year, Rayzon will utilize up to ₹12.65 billion (~$147.5 million) of the net proceeds to invest in its wholly owned subsidiary, Rayzon Energy, and partly finance the development of a 3.5 GW TOPCon solar cell manufacturing plant in Surat, Gujarat. Axis Bank has approved a loan of ₹3 billion (~$34.11 million) for the cell facility. Rayzon has estimated the cost of establishing the solar cell manufacturing plant at ₹16.51 billion (~$192.51 million).
Gujarat Industries Power Company <a href="https://www.mercomindia.com/gipcl-commissions-105-mw-of-capacity-at-its-600-mw-khavda-solar-project" target="_blank" rel="noopener">commissioned</a> a capacity of 105 MW of its 600 MW solar power project at Khavda, Gujarat. With this commissioning, the project’s total operational capacity now stands at 210 MW. The project is located within the 2,375 MW Renewable Energy Park at Khavda. It had commissioned 105 MW of capacity in June this year. Gujarat Urja Vikas Nigam had invited bids for the 600 MW solar power project in September 2022. The tender had a greenshoe option for an additional 600 MW. NHPC, SJVN Green Energy, and NTPC Renewable Energy emerged as winners in this auction.
In 2024, 581.9 GW of new renewable energy capacity was <a href="https://www.mercomindia.com/globally-582-gw-of-renewables-added-in-2024-91-of-all-new-capacity" target="_blank" rel="noopener">added</a> globally, representing a 15.1% annual growth rate and a 0.7% increase over 2023. The findings were published in the International Renewable Energy Agency’s report titled ‘Delivering on the UAE Consensus: Tracking progress toward tripling renewable energy capacity and doubling energy efficiency by 2030’. Despite the increase, the report states that the capacity growth still falls short of the trajectory required to achieve the target of 11.2 TW by 2030. To achieve this target, an average of 1,122 GW must be added each year between 2025 and 2030.

Daily News Wrap-Up: Pace Digitek Secures Order to Supply 1.2 GWh BESS

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					</table>Module manufacturer <a href="https://rayzonsolar.com/" target="_blank" rel="noopener">Rayzon Solar</a> has received approval for its draft red herring prospectus (DRHP) for an initial public offering (IPO) to raise ₹15 billion (~$170.64 million) from the Securities and Exchange Board of India (<a href="https://www.sebi.gov.in/index.html" target="_blank" rel="noopener">SEBI</a>).
According to the DRHP <a href="https://www.mercomindia.com/rayzon-solar-files-for-%E2%82%B915-billion-ipo-to-use-funds-for-cell-manufacturing" target="_blank" rel="noopener">filed</a> in June this year, Rayzon will utilize up to ₹12.65 billion (~$147.5 million) of the net proceeds to invest in its wholly owned subsidiary, Rayzon Energy, and partly finance the development of a 3.5 GW TOPCon solar cell manufacturing plant in Surat, Gujarat.
Axis Bank has approved a loan of ₹3 billion (~$34.11 million) for the cell facility.
Rayzon has estimated the cost of establishing the solar cell manufacturing plant at ₹16.51 billion (~$192.51 million). The facility is currently being established and is expected to be operational by FY 2027.
The remaining funds will be utilized for general corporate purposes.
Several clean energy companies have filed DRHPs to raise funds from the capital market this year.
Recently, Rays Power Infra filed a DRHP with SEBI to raise ₹11.5 billion (~$130.82 million). The IPO will have a fresh issue size of ₹9 billion (~$102.38 million) and an offer for sale (OFS) of shares worth ₹2.5 billion (~$28.44 million).
The company plans to utilize ₹5 billion (~$56.88 million) from the net proceeds to partly fund a new solar cell manufacturing facility costing ₹9.21 billion (~$104.79 million) through its subsidiary. It plans to raise ₹3.22 billion (~$36.65 million) from secured loans and the remaining amount for the facility from internal accruals.
Rays Power Infra said it will utilize ₹2 billion (~$22.75 million) towards its incremental net working capital requirements for the financial year 2027.
Meanwhile, facility management and renewable energy solutions company BVG India has filed its DRHP to raise ₹3 billion  (~$34.11 million) through an IPO. It also has plans for an offer for sale under which existing shareholders will offload 28.5 million equity shares.
BVG has a 1 GW solar engineering, procurement, and construction portfolio and an 8 MW rooftop solar portfolio. It also has a 500 MW solar module manufacturing facility. It has completed over 750 MW of solar EPC projects.
Shivalaya Construction has also filed a DRHP with SEBI for an IPO. The IPO comprises a fresh issuance of ₹4.5 billion (~$51.16 million) and an OFS component up to 24,861,900 equity shares. The proceeds from the issue, up to ₹3.4 billion (~$38.66 million), will be allocated towards debt repayment, and the remaining amount towards general corporate purposes.
The company may also consider pre-IPO placement of up to ₹900 million (~$10.23 million). It recently <a href="https://www.mercomindia.com/purvah-sael-among-winners-of-secis-2-gw-solar-4-gwh-energy-storage-auction" target="_blank" rel="noopener">secured</a> a 600 MW capacity in the Solar Energy Corporation of India&#8217;s auction to set up 2 GW of solar projects with 4 GWh energy storage systems.
A raft of other IPOs by clean energy companies is in the <a href="https://www.mercomindia.com/indias-clean-energy-ipo-wave-powers-ahead-despite-headwinds" target="_blank" rel="noopener">pipeline</a> this year.

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