KP Energy Secures Order to Set Up 91 MW Wind-Solar Hybrid Project in Gujarat

Potaliya Petrochemicals, Kishan Infrastructure Win SECI’s 17.77 MW Rooftop Solar Auction

MAHAGENCO-NTPC Green JV Issues Land Procurement Tender for Renewable Projects

Euler Motors Secures ₹4.37 Billion in Series E Funding Round

Madhya Pradesh Hikes Power Tariff for FY 2026-27 Across All Categories

USITC Opens Probe into TOPCon Solar Imports for Patent Infringement

August Energy Secures ₹1.3 Billion in Debt Financing from Aseem Infrastructure

India Eyes 137,500 ckm Grid Expansion to Support 900 GW Renewables by FY 2036

Maharashtra Revises Energy Banking Rules in Modified Multi-Year Tariff Order

India Targets 60% Non-Fossil Power Capacity, 47% Emission Cuts by 2035


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					</table><p>India <a href="https://www.mercomindia.com/indias-energy-storage-capacity-rose-26-yoy-in-2025-adding-547-mwh" target="_blank" rel="noopener">added</a> nearly 547 MWh of battery energy storage capacity in 2025, around 26% year-over-year (YoY) increase from over 433 MWh, according to the newly released 2H &amp; Annual 2025 India’s Energy Storage Landscape Report by Mercom India Research.</p>
<p>India’s commercial and industrial (C&amp;I) consumers are <a href="https://www.mercomindia.com/madhya-pradesh-ci-businesses-poised-for-rooftop-solar-open-access-adoption" target="_blank" rel="noopener">accelerating</a> their adoption of renewable energy to manage rising electricity costs, improve energy security, and meet sustainability goals. Increasing power tariffs are pushing businesses toward rooftop solar and green open access solutions to lower costs and reduce their carbon footprint.</p>
<p>The Central Electricity Regulatory Commission (CERC) <a href="https://www.mercomindia.com/cerc-adopts-tariff-for-secis-1200-mw-solar-project-under-cpsu-program" target="_blank" rel="noopener">adopted</a> a tariff of ₹2.45 (~$0.0260)/kWh for Solar Energy Corporation of India’s (SECI) 1,200 MW solar power projects. The Commission refused to approve the higher tariff of ₹2.57 (~$0.0273)/kWh sought by SECI.</p>
<p>CERC <a href="https://www.mercomindia.com/cerc-approves-tariff-for-sjvn-greens-1-gw-solar-projects-in-rajasthan" target="_blank" rel="noopener">approved</a> a tariff of ₹2.45 (~$0.026)/kWh for SJVN Green Energy’s 1,000 MW solar projects in Bikaner, Rajasthan. SJVN Green had secured this capacity at IREDA’s auction for setting up 5,000 MW of grid-connected solar projects</p>
<p>Parliament’s Standing Committee on Industry <a href="https://www.mercomindia.com/parliamentary-panel-flags-low-ev-program-utilization-and-skewed-spending-by-mhi" target="_blank" rel="noopener">raised</a> concerns about the dominance of the automobile and electric vehicle ecosystem in the Ministry of Heavy Industries (MHI) budget, which is around ₹75.37 billion (~$802.49 million), accounting for about 94.9% of the total MHI demand.</p>
<p>CERC <a href="https://www.mercomindia.com/cerc-adopts-tariffs-for-secis-2-gw-solar-plus-storage-projects" target="_blank" rel="noopener">approved</a> tariffs of ₹2.86 (~$0.0304)/kWh and ₹2.87 (~$0.0305)/kWh discovered by SECI for 2,000 MW solar projects coupled with 1,000 MW/4,000 MWh of energy storage systems (Tranche XX). The Commission directed that power purchase agreements and power sale agreements be executed for the awarded capacity.</p>
<p>CERC <a href="https://www.mercomindia.com/cerc-approves-tariffs-for-sjvns-1-2-gw-solar-with-storage-projects" target="_blank" rel="noopener">adopted</a> tariffs of ₹3.32 (~$0.035)/kWh and ₹3.33 (~$0.036)/kWh for SJVN’s 1.2 GW of interstate transmission system-connected solar power projects with 600 MW/2.4 GWh energy storage systems. It also ruled that the trading margin will be governed by regulatory provisions, with a cap of ₹0.02 (~$0.0002)/kWh applicable in the absence of adequate payment security mechanisms, even though SJVN had sought approval for ₹0.07 (~$0.0007)/kWh.</p>
<p>CERC <a href="https://www.mercomindia.com/cerc-grants-one-month-extension-for-o2-powers-151-mw-wind-project" target="_blank" rel="noopener">granted</a> TEQ Green Power XI (O2 Power) a one-month extension to complete the remaining 10.8 MW of the 151.2 MW wind project and to enable infirm power injection. The Commission allowed the extension, noting that the petitioner’s delay in commissioning the 10.8 MW wind turbine generators was due to factors beyond the petitioner’s control.</p>
<p>MECON, a government of India enterprise offering design, engineering, consultancy, and contracting services, <a href="https://www.mercomindia.com/mecon-floats-eoi-to-set-up-pilot-projects-for-green-hydrogen-use-in-steel-making" target="_blank" rel="noopener">issued</a> an expression of interest to implement pilot projects for the use of green hydrogen in the steel sector. Bids must be submitted by April 8, 2026. Bids will be opened on the same day. The scope of work entails the engineering, procurement, installation, testing, and commissioning of the pilot projects.</p>
<p>The Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-invites-proposals-for-skilling-of-green-hydrogen-workforce" target="_blank" rel="noopener">invited</a> proposals from States and Union Territories for implementing the skilling, upskilling, and reskilling component under the National Green Hydrogen Mission (NGHM), aimed at creating a trained workforce for the hydrogen value chain. The NGHM was launched on January 4, 2023, with an outlay of ₹197.44 billion (~$2.25 billion), seeking to make India a global hub for green hydrogen production, usage, and export.</p>
<p>NHPC <a href="https://www.mercomindia.com/nhpc-invites-bids-for-30-93-mw-rooftop-solar-projects-in-haryana" target="_blank" rel="noopener">issued</a> a request for selection for to set up grid-connected rooftop solar projects on government buildings with a cumulative capacity of 30.93 MW across Haryana. Bids must be submitted by April 22, 2026. Bids will be opened on April 24. The scope of work includes the design, engineering, procurement, installation, testing, commissioning, and operation and maintenance of the rooftop solar systems, as well as obtaining all permits and approvals.</p>
<p>Power Grid Corporation of India <a href="https://www.mercomindia.com/powergrid-floats-ists-tender-to-evacuate-power-from-green-hydrogen-projects" target="_blank" rel="noopener">invited</a> bids to select a consortium partner to set up an interstate transmission system (ISTS) to evacuate power from proposed green hydrogen and green ammonia projects in Visakhapatnam, Andhra Pradesh. The completion period for the ISTS (two packages) is 27 months.</p>
<p>NHPC <a href="https://www.mercomindia.com/nhpc-invites-bids-for-7-8-mw-wind-power-project-in-kerala" target="_blank" rel="noopener">invited</a> bids to set up a 7.8 MW wind power project in the Palakkad district of Kerala. The successful bidder will also be responsible for the project’s operations and maintenance for five years. The last date to submit bids is April 27, 2026. Bids will be opened on April 29, 2026.</p>
<p>Oriana Power <a href="https://www.mercomindia.com/oriana-power-bags-%E2%82%B916-2-billion-epc-orders-for-solar-battery-storage-projects" target="_blank" rel="noopener">secured</a> three separate engineering, procurement, and construction contracts to set up solar power projects with integrated battery energy storage systems, totaling 32 MW of solar capacity and 20 MWh of storage capacity. The projects have been awarded by three domestic entities, Kesari Alloys, Ramayna Ispat, and Duggar Fiber, and are located in Jodhpur, Rajasthan.</p>
<p>ReNew Energy Global <a href="https://www.mercomindia.com/renew-to-sell-100-mw-tamil-nadu-solar-project-to-technique-solaire-for-49-million" target="_blank" rel="noopener">agreed</a> to sell its 100 MW solar project in Tamil Nadu to France-based independent power producer Technique Solaire Group for approximately $49 million. The agreement was signed on March 23, 2026, between ReNew Solar Power and JLT Energy 9, the India-focused investment arm and wholly owned subsidiary of JLT Invest, France, for the sale of ReNew Solar Energy (Rajasthan), a special purpose vehicle of ReNew, which developed the project in Tamil Nadu.</p>
<p>Mumbai-based yarn manufacturer Sanathan Textiles will <a href="https://www.mercomindia.com/sanathan-textiles-to-procure-power-from-serenticas-38-mw-wind-solar-project" target="_blank" rel="noopener">procure</a> power from Serentica Renewables’ 38 MW wind-solar hybrid project under a captive arrangement. Sanathan Polycot, a subsidiary of Sanathan Textiles, will invest ₹480 million (~$5.1 million) to acquire a 26% stake in Serentica Renewables India 33, a subsidiary of Serentica Renewables.</p>
<p>The U.S. <a href="https://www.mercomindia.com/us-installs-record-18-9-gw-51-gwh-of-energy-storage-capacity-in-2025-report" target="_blank" rel="noopener">installed</a> a record 18.9 GW/51 GWh of energy storage in 2025, increasing 52% YoY, according to a report by Wood Mackenzie. In the fourth quarter of 2025, the U.S. set a quarterly record for deployed storage capacity, at 5.8 GW/14.8 GWh. The country has installed more than 50 GW/144 GWh of energy storage since 2019.</p>


Daily News Wrap-Up: India’s Energy Storage Up 26% in 2025, 547 MWh Added


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					</table><p>Decarbonization solutions company <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a> posted a total revenue of ₹31.37 billion (~$345.79 million) in the third quarter (Q3) of the financial year (FY) 2026, a 48% year-over-year (YoY) increase from ₹21.19 billion (~$233.57 million).</p>
<p>The revenue growth was on account of higher accruals due to an increase in operational capacity, gain on sale of assets, higher wind plant load factor (PLF), and an increase in external sales from the solar module and cell manufacturing operations. The growth was offset by revenue loss from the sale of assets as part of the company’s capital recycling strategy and lower solar PLF.</p>
<p>Net loss for the quarter stood at ₹198 million (~$2.18 million), down from ₹3.88 billion (~$42.76 million) during the same period the previous year.</p>
<p>The decrease in loss was primarily driven by contributions from external sales of solar modules and cell manufacturing operations, a gain on sale of assets amounting to ₹4.62 billion (~$50.93 million), and lower tax incidence, partially offset by increases in finance costs and depreciation.</p>
<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 54% YoY to ₹21.38 billion (~$235.67 million) from ₹13.88 billion (~$153.01 million).</p>
<p>Earnings per share during the quarter stood at ₹0.16 (~$0.0017), compared to ₹9.40 (~$0.11) during Q3 FY 2025.</p>
<p>Revenue from the sale of power rose 225% YoY to ₹18.29 billion (~$201.61 million), compared to ₹14.99 billion (~$165.24 million) the previous year.</p>
<p>Total revenue for Q3 FY26 from external sales of solar modules and cell manufacturing operations was ₹6.66 billion (~$73.41 million).</p>
<p>Chairman and Chief Executive Officer at ReNew Energy, Sumant Sinha, said, “Since December of FY 2025, our operating capacity has increased from 10.7 GW to 11.8 GW. Given that we have also sold 900 MW during this period, our portfolio actually increased by 19% or 2 GW over the last 12 months. We continue to focus on optimizing our portfolio to reduce execution risk and CAPEX, and to achieve more predictable cash flows. Hence, for our complex projects, we have decided to replace part of the wind capacity with additional battery energy storage systems (BESS) and solar capacity. We have therefore reduced the wind capacity in our committed portfolio from 2.5 GW to approximately 850 MW, effectively bringing it to 19.2 GW, inclusive of approximately 1.5 GW of batteries.”</p>
<p><strong>First Nine Months (9M)</strong></p>
<p>Total revenue for the first nine months (9M) of FY 2026 was ₹111.08 billion (~$1.22 billion), up 46.3% compared to ₹75.91 billion (~$836.76 million) during the same period the previous year.</p>
<p>The company reported a profit of ₹9.61 billion (~$105.93 million), up 560.8% YoY from ₹1.45 billion (~$15.91 million).</p>
<p>EBITDA for the period stood at ₹74.84 billion (~$824.96 million), an increase of 31.1% from ₹57.07 billion (~$629.09 million) during the same period last year.</p>
<p>Earnings per share stood at ₹25.34 (~$0.28), up 842% from ₹2.69 (~$0.029) the previous year.</p>
<p>Revenue from power sales rose 8.5% YoY to ₹69.84 billion (~$769.85 million), up from ₹64.38 billion (~$709.67 million).</p>
<p>Total revenue from solar module and cell manufacturing during the period stood at ₹30.01 billion (~$330.81 million), an increase of 767.3% YoY from ₹3.46 billion (~$38.14 million).</p>
<p><strong>Operational Highlights </strong></p>
<p>In Q3 FY26, ReNew commissioned 288 MW of total renewable capacity, which included 238 MW of wind and 50 MW of solar capacity.</p>
<p>In 9M FY 2026, it commissioned 1.3 GW capacity, of which 578 MW was wind and 751 MW was solar.</p>
<p>As of December 31, 2025, the company’s total renewable portfolio consisted of nearly 19.2 GW (including 1.5 GW of BESS) and commissioned capacity was nearly 11.4 GW (consisting of 100 MW of BESS), which consisted of 5.5 GW of wind, 5.8 GW of solar, and 99 MW of hydro.</p>
<p>The company said that its module facilities are producing over 12 MW/day and have produced 3 GW this year-to-date, while its cell facility is producing over 5.5 MW/day and has produced 1.4 GW this year-to-date. So far this year, the company has sold 2.6 GW of modules.</p>
<p>The company has an external order book of 900 MW for modules and cells. Its under-construction 4 GW cell facility is progressing well and is expected to deliver its first cells next fiscal year.</p>
<p>ReNew continued its capital recycling engine, selling another 300 MW of solar assets this quarter. The manufacturing business contributed ₹10.8 billion (~$119.05 million) to its adjusted EBITDA for the first nine months.</p>
<p>It has developed strong partnerships with global tech giants such as Amazon, Microsoft, and Google. Overall, 50% of its portfolio is with these tech giants.</p>
<p>ReNew recently issued a $600 million bond at a coupon of 6.5%, replacing an earlier bond at 7.95%. This issuance attracted strong investor interest of more than $2 billion and has enabled the company to save $9 million in annual interest costs, in addition to withholding tax savings.</p>
<p>ReNew <a href="https://www.mercomindia.com/renew-reports-rise-in-revenue-in-q2-profit-slips-marginally" target="_blank" rel="noopener">posted</a> a total revenue of ₹38.55 billion (~$434 million) in Q2 FY 2026, a 32% YoY increase from ₹29.88 billion (~$337 million).</p>


ReNew Narrows Loss in Q3, Revenue Up 48% on Higher Solar Module and Cell Sales


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					</table><p>Decarbonization solutions company <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a> reported revenue of ₹21.2 billion (~$248 million) during the third quarter (Q3) of the financial year (FY) 2025, a 10% year-over-year (YoY) increase from ₹19.3 billion (~$225 million).</p>
<p>The company’s revenue from power sales was ₹14.9 billion (~$175 million), down slightly from ₹15 billion (~$176 million) a year ago.</p>
<p>Its net loss widened to ₹3.8 billion (~$45 million) from ₹3.2 billion (~$38 million) during the same quarter the previous year.</p>
<p>Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the quarter came in at ₹13.8 billion (~$162 million), up 10% YoY from ₹12.5 billion (~$146 million).</p>
<p>During the quarter and the first nine months (9M) of FY 2025, ReNew’s wind plant load factor (PLF) stood at 13.5%, a decline from 17% over the previous year. During the first nine-month period, absolute wind PLF had fallen by almost 240 basis points.</p>
<p><strong>9M Performance</strong></p>
<p>ReNew&#8217;s revenue rose 5% YoY to ₹75.9 billion (~$887 million) during 9M from ₹72.4 billion (~$846 million).</p>
<p>Power sales revenue also grew 5% to ₹64.3 billion (~$752 million) from ₹61.3 billion (~$717 million). The revenue also includes proceedings of ₹3.4 billion (~$40 million) from the company’s module and cell manufacturing operations.</p>
<p>Its net loss during 9M FY 2025 was ₹1.4 billion (~$17 million), a 143% YoY reduction from ₹3.5 billion (~$41 million).</p>
<p>Adjusted EBITDA for 9M rose to ₹57 billion (~$667 million) from ₹52.4 billion (~$613 million) during the same period the previous year.</p>
<p>The company’s adjusted EBITDA and net profit from external sales from its module and cell manufacturing operations were ₹597 million (~$ 7 million) and ₹423 million (~$5 million) respectively.</p>
<p>The company adjusted its expected EBITDA for FY 2025 to between ₹74 billion (~$854 million) and ₹78 billion (~$900 million), and its cash flow equity (CFe) to between ₹11 billion (~$127 million) and ₹13 billion (~$150 million). It revised the expectations mainly because of the impact of the low resource availability in 9M FY 2025.</p>
<p><strong>Operational Highlights</strong></p>
<p>ReNew&#8217;s committed portfolio expanded 26% YoY to approximately 17.4 GW from roughly 13.8 GW and an additional 1.1 GW since the last quarter.</p>
<p>Its commissioned capacity increased 25.5% YoY to about 10.7 GW. The company has commissioned 92 MW of wind capacity in Q4 FY 2025 so far, increasing its total commissioned capacity to roughly 10.8 GW.</p>
<p>The company also reported a year-to-date commissioning of approximately 1.3 GW capacity and an additional 150 MWh of batteries.</p>
<p>It secured 3.9 GW of renewable energy and 600 MWh of battery capacity in FY 2025 so far, increasing its pipeline to an approximate renewable energy capacity of 24 GW and 2 GWh of battery capacity.</p>
<p>ReNew expects to complete between 1,900 MW and 2,400 MW installations by the end of FY 2025. These installations also include an approximate capacity of 600 MW, subject to timely regulatory approvals and the build-out of the evacuation infrastructure.</p>
<p>At the earnings call with analysts, the company said it faced land acquisition challenges for wind projects over the last six to nine months. It could commission more solar capacity than wind projects during the period.</p>
<p>The company does not expect wind energy generation in India to exceed 5 GW annually for the next two or three years.</p>
<p>In Q3 FY 2025, ReNew’s wind plant load factor (PLF) stood at 13.5%, a decline from 17% over the previous year. During the first nine-month period, absolute wind PLF had fallen by almost 240 basis points.</p>
<p>ReNew <a href="https://www.mercomindia.com/renews-revenue-profit-renewable-capacity-grows" target="_blank" rel="noopener">reported</a> revenue of ₹29.9 billion ($357 million) during Q2 FY 2025, a 4.4% YoY increase from ₹28.6 billion (~$342 million).</p>
<p>The company <a href="https://www.mercomindia.com/renews-climbs-7-on-higher-energy-sales" target="_blank" rel="noopener">reported</a> revenue of ₹22.81 billion (~$274 million) in Q1 FY 2025, an approximately 7% YoY increase from ₹21.25 billion (~$255 million).</p>


ReNew’s Q3 FY 2025 Revenue Up Slightly, Lower Wind PLF Bites


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					</table><p>Independent renewable power producer <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew Energy</a> narrowed its net loss by 19% to ₹3.2 billion (~$39 million) in the third quarter (Q3) of the financial year (FY) 2024 from ₹4 billion (~$48 million) last year, helped by higher tariffs and lower prices of solar modules.</p>
<p>ReNew said that the tariffs in auctions, compared to last year, were higher by 14% and 7% for wind and solar, respectively, and the prices of solar modules fell by 60% this year.</p>
<p>“Beyond the rise in tariffs, we saw several other factors that are supporting better returns, such as a record fall in the cost of solar modules, stable FX, adequate domestic debt financing, and a significant reduction in receivable days,” said CEO Sumant Sinha during a post-earnings call with analysts.</p>
<p>The Nasdaq-listed company’s Q3 revenue was ₹19.3 billion (~$232 million), compared to ₹16 billion (~$193 million) in the same period last year. The 20% jump can be partly attributed to additional projects commissioned during the quarter and higher plant load factor (PLF) for wind. Wind PLF during the quarter was 17% compared to 14.7% last year.</p>
<p>The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter was ₹12.5 billion (~$150 million), up 7% from last year’s ₹11.6 billion (~$140 million).</p>
<p>The company won 2.5 GW of auctions in Q3, in what it called “one of the best action markets ever,” but warned of transmission increasingly becoming a bottleneck for the commissioning of future renewable capacity in India.</p>
<p>Sinha said the Central Electricity Authority has now become more careful in giving connectivity approvals because of the amount of renewable capacity being added. The timeframe for processing a transmission request has now increased to four to six weeks compared to two to three days earlier.</p>
<p><strong>9M FY 2024</strong></p>
<p>After posting a net loss of ₹5.1 billion (~$61 million) in the first nine months of FY 2023, ReNew recorded a net profit of ₹3.5 billion (~$43 million) in the first nine months of FY 2024. Lower costs and a stable foreign exchange environment helped the swing to profit.</p>
<p>The company’s total revenue rose 14% to ₹72.4 billion (~$870 million) in the first nine months from ₹63.5 billion (~$763 million) in the same period last year, helped by higher tariffs and higher generation of electricity.</p>
<p>Adjusted EBITDA also showed strong growth, increasing 5% to ₹52.4 billion (~$630 million) in the first nine months of FY 2024, compared to ₹50 billion (~$601 million) in the same period last year.</p>
<p>ReNew expanded its clean energy portfolio to 13.8 GW as of December 31, 2023.</p>
<p>In the previous quarter, higher PLF resulted in the company <a href="https://www.mercomindia.com/renew-profit-up-28-yoy-q2-fy24" target="_blank" rel="noopener">recording</a> a 28% jump in year-over-year profit, while in the quarter earlier, lower finance costs <a href="https://www.mercomindia.com/lower-finance-costs-take-renew-profit-2-98-billion-q1" target="_blank" rel="noopener">helped</a> it churn out a profit compared to a loss a year ago.</p>


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