Daily News Wrap-Up: Regulatory Changes Hit Maharashtra Solar Open Access

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TERI Tenders 12.5 MW/25 MWh and 43 MW/86 MWh BESS Projects in Delhi

BlackRock to Invest Up to ₹30 Billion for Stake in Aditya Birla Renewables


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					</table><p>The Uttarakhand Electricity Regulatory Commission (UERC) <a href="https://www.mercomindia.com/uttarakhand-includes-bess-in-renewable-energy-tariff-regulations" target="_blank" rel="noopener">issued</a> the second amendment to UERC (Tariff and Other Terms for Supply of Electricity from Renewable Energy Sources and non-fossil fuel based Co-generating Stations) Regulations, 2023 (Principal Regulations). The amendments include changes to the nomenclature of the principal regulations, formal additions of battery energy storage systems (BESS) definitions, useful BESS life, depreciation, and tariff norms. They also revise benchmark tariffs for the canal bank and canal top solar projects. The amendments will change the regulations’ name to UERC (Tariff and Other Terms for Supply of Electricity from Renewable Energy Sources and non-fossil fuel based Co-generating Stations) (Second Amendment) Regulations, 2025.</p>
<p>NLC India <a href="https://www.mercomindia.com/nlc-india-floats-tender-for-579-74-mwp-modules-rajasthan-solar-project" target="_blank" rel="noopener">invited</a> bids to procure 579.74 MWp solar modules for an 810 MW project at Rajasthan Rajya Vidyut Utpadan Nigam’s solar park at Pugal in Bikaner district. Bids must be submitted by December 30, 2025. Bids will be opened on the same day. The scope of work entails the manufacturing, supply, packing and forwarding, and transportation of the solar modules for the projects. It also entails providing transit insurance for these modules. Selected bidders must provide the methodology for installing and commissioning the modules. They must provide demonstrations or training on the handling, installation, and commissioning of the modules to NLC India Renewables’ balance-of-systems contractor, if required.</p>
<p>Mahindra and Mahindra will <a href="https://www.mercomindia.com/mahindra-to-procure-150-mw-renewable-energy-from-gelos-hybrid-project" target="_blank" rel="noopener">procure</a> power from a 150 MW hybrid renewable energy project in Maharashtra comprising 100.8 MW of wind and 50 MW of solar capacity, which is being developed by Gelos Solren. The transaction includes acquiring a 26% stake in one or more tranches in the paid-up equity share capital of Gelos Solren, a wholly owned subsidiary of Mahindra Susten, the clean-tech arm of the Mahindra Group. The company will subscribe to 10,53,877 equity shares of Gelos at ₹352.44 (~$3.93) per share, amounting to ₹371.43 million (~$4.14 million). This includes a premium of ₹342.44 (~$3.82). Mahindra and Mahindra had committed to this acquisition in April 2024.</p>
<p>Havells India <a href="https://www.mercomindia.com/havells-to-procure-power-from-kundan-solars-15-mw-project" target="_blank" rel="noopener">announced</a> that it will procure power from Kundan Solar’s 15 MW project in Rajasthan. Havells has acquired a 26% stake in Kundan Solar, a subsidiary of Kudan Green Energy, for ₹56.3 million (~$630,053) to procure power under a captive arrangement. The project’s payback period has been estimated at 12-18 months from commissioning. Havells and Kundan Solar will enter into a 25-year power purchase agreement. The company has planned investment in multiple tranches, and the acquisition is expected to be completed by June 30, 2026. The project is expected to be commissioned by the second quarter of the financial year (FY) 2026-27. In FY 2025, Havells installed 4.4 MW solar projects, raising its total solar capacity to 15.6 MW. The company has generated 65,000 MWh of solar energy to date.</p>
<p>Sterling and Wilson Renewable Energy (SWREL) <a href="https://www.mercomindia.com/sterling-and-wilson-secures-%E2%82%B913-81-billion-solar-epc-order-from-adani-green" target="_blank" rel="noopener">secured</a> a ₹13.81 billion (~$154.5 million) engineering, procurement, and construction (EPC) order from Adani Green Energy for solar projects in the Khavda region, Gujarat. The company has also signed a five-year strategic partnership framework agreement with Adani Green. The order is for a Balance of System package for three solar projects at the Khavda Renewable Energy Park in Gujarat. The order includes the supply of goods and on-site services. According to the company, this is its largest domestic EPC order in the current fiscal year. SWREL is executing about 6 GW of solar capacity in the Khavda region, of which around 5 GW is scheduled to be completed within this fiscal year.</p>
<p>Neogen Ionics, a subsidiary of Neogen Chemicals, <a href="https://www.mercomindia.com/neogen-and-morita-form-jv-to-develop-li-ion-battery-business" target="_blank" rel="noopener">formed</a> a joint venture with Morita Investment, a subsidiary of Japan-based Morita Chemicals Industries, to advance the lithium-ion battery business. The JV, Neogen Morita New Materials, will leverage the technological and manufacturing capabilities of both organizations in the lithium-ion battery space. The new company will also focus on the production, development, and sale of solid LiPF6 salt, a key ingredient in the electrolyte used in these batteries. Under the JV, Neogen will own an 80% stake while Morita will hold a 20% stake by contributing $20 million. Morita has been a manufacturer of lithium salts for 30 years. The company has two LipF6 manufacturing plants in China and a presence in Europe and the U.S.</p>


Daily News Wrap-Up: UERC Adds Storage to Renewable Energy Tariff Regulations


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					</table><p>Sterling and Wilson Renewable Energy (<a href="https://www.sterlingandwilsonre.com/" target="_blank" rel="noopener">SWREL</a>) has received a letter of intent (LOI) from a private independent power producer for the engineering, procurement, and construction (EPC) of the balance of system (BoS) package for a 300 MW solar project in Rajasthan.</p>
<p>The estimated contract value of the project is ₹4.15 billion (~$47 million).</p>
<p>The scope of work includes EPC for the BoS of a 300 MW solar power project with a 220/33 kV substation in Rajasthan, as well as the operation and maintenance (O&amp;M) of the project.</p>
<p>In a regulatory filing, SWREL reported gross order inflows exceeding ₹24 billion (~$271.8 million) this year.</p>
<p>SWREL is a global, pure-play provider of end-to-end EPC services for the renewable energy sector.</p>
<p>Its offerings include EPC services for utility-scale solar, floating solar, and hybrid and energy storage projects, with a total portfolio exceeding 22.8 GW, comprising commissioned and under-construction projects.</p>
<p>It also manages an O&amp;M portfolio of 9.3 GW of solar projects, including assets built by third parties.</p>
<p>In August 2025, SWREL <a href="https://www.mercomindia.com/sterling-and-wilson-bags-ntpc-rels-245-mw-solar-epc-auction" target="_blank" rel="noopener">won</a> NTPC Renewable Energy’s EPC auction to set up a 245 MW solar project in Khavda Renewable Energy Park in the Rann of Kutch, Gujarat. As part of the contract, SWREL will provide comprehensive O&amp;M services for three years.</p>
<p>In the first quarter (Q1) of the financial year 2026, SWREL’s revenue <a href="https://www.mercomindia.com/sterling-and-wilsons-q1-fy-2026-profit-up-680-on-project-execution-growth" target="_blank" rel="noopener">rose</a> to ₹17.62 billion (~$204.88 million), a 93% year-on-year increase from ₹9.15 billion (~$106.4 million). This growth was driven by a ramp-up in the execution of EPC projects across domestic and international markets.</p>
<p>In an interview on the sidelines of the Mercom India Renewables Summit 2025, <a href="https://www.mercomindia.com/epc-players-must-set-reasonable-deadlines-amidst-equipment-crunch-interview" target="_blank" rel="noopener">held</a> in New Delhi on July 24-25, 2025, Vaibhav Roongta, Chief Business Officer at Rays Power Infra, discussed the bottlenecks in EPC projects and advised EPC companies to set reasonable deadlines amidst equipment crunches.</p>


Sterling and Wilson Secures Letter of Intent for BoS of 300 MW Solar Project


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					</table><p>Sterling and Wilson Renewable Energy (<a href="https://sterlingandwilson.com/" target="_blank" rel="noopener">SWREL</a>) has won NTPC Renewable Energy’s (<a href="https://www.ntpcrel.co.in/" target="_blank" rel="noopener">NTPC REL</a>) engineering, procurement, and construction (EPC) auction to set up a 245 MW solar project in Khavda Renewable Energy Park in the Rann of Kutch, Gujarat.</p>
<p>The tender was <a href="https://www.mercomindia.com/ntpc-renewable-energy-floats-epc-tender-for-245-mw-solar-project-in-gujarat" target="_blank" rel="noopener">floated</a> in May 2025.</p>
<p>The company has not disclosed the project’s contract value.</p>
<p>SWREL must provide comprehensive operation and maintenance services for three years. This includes providing the electrical equipment, consumables, and spare parts.</p>
<p>The scope of work covers the design, engineering, manufacturing, installation, testing, and commissioning of the solar project in the south lock of the Khavda Renewable Energy Park.</p>
<p>It also includes the supply of solar modules, grading and clearing of vegetation at the project site, topographical surveys, and geotechnical investigations.</p>
<p>SWREL must design and construct the foundation, erect tracker-based module mounting structures, and fix solar modules on the module mounting structures.</p>
<p>It must also construct a pre-engineered type of inverter room with a power conditioning unit associated with low-tension and high-tension switchgear. It must also build a pre-engineered high-tension switchgear room for the string inverter.</p>
<p>The project encompasses all associated electrical and civil works required for interfacing with the grid, as well as the evacuation of power to the 33 kV switchgear of the 33/400 kV GIS substation through a 33 kV cable.</p>
<p>It also covers the design, supply, and installation of robotic module cleaning systems.</p>
<p>The project must be equipped with a supervisory control and data acquisition system for remote monitoring and control of the inverters. It must also include a weather monitoring station.</p>
<p>SWREL provides EPC services for utility-scale solar, floating solar, hybrid, and energy storage solutions. It has a total portfolio of over 22.8 GW and manages the operation and maintenance portfolio of 9.3 GW solar power projects, including those constructed by third parties.</p>
<p>In June 2025, NTPC <a href="https://www.mercomindia.com/ntpc-issues-epc-tender-for-250-mw-solar-project-in-rajasthan" target="_blank" rel="noopener">invited</a> tenders for the EPC of a 250 MW ground-mounted solar power project in Bikaner, Rajasthan.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of real-time tender activity.</p>


Sterling and Wilson Bags NTPC REL’s 245 MW Solar EPC Auction


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					</table><p>The engineering, procurement, and construction (EPC) arm of Shapoorji Pallonji Group, <a href="https://www.sterlingandwilsonre.com/" target="_blank" rel="noopener">Sterling and Wilson Renewable Energy</a>, posted a net profit of ₹50 million (~$600,000) in the first quarter of the financial year (FY) 2025, swinging from a net loss of ₹950 million (~$11.4 million) in the same quarter last year. This marks the second consecutive quarter of profit for the company.</p>
<p>The bottom line was helped with revenue growth of 78% year-over-year (YoY), reaching ₹9.15 billion (~$109.8 million) in the quarter, up from ₹5.15 billion (~$61.8 million).</p>
<p>The revenue growth was primarily driven by higher execution in domestic EPC projects, contributing ₹8.32 billion (~$99.8 million) to the total revenue. International EPC operations generated ₹260 million (~$3.1 million), while the Operations and Maintenance segment added ₹570 million (~$6.8 million) to the top line.</p>
<p>The improvement in financial performance can be attributed to its strong growth in domestic EPC operations, which saw a YoY increase of 61.6%. However, international EPC operations continued to face challenges, showing a decline from the previous year.</p>
<p>The company maintained gross margins at 11.1% in Q1, slightly down from 11.3% last year.</p>
<p>Earnings before interest, tax, depreciation, and amortization (EBITDA) also turned positive to ₹370 million (~$4.4 million) in Q1 from negative EBITDA of ₹340 million (~$4.1 million) reported in the same quarter last year.</p>
<p>The company&#8217;s order book also continued to grow, with the unexecuted order value standing at ₹93.96 billion (~$1.13 billion) as of June 2024, up from ₹80.84 billion (~$970.1 million) in March 2024. During the quarter, the company received new orders and Letters of Intent totaling ₹21.70 billion (~$260.4 million), further bolstering its future revenue visibility.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-68304 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Screenshot-2024-07-19-121416.png" alt="Sterling and Wilson Order Inflows" width="628" height="431" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Screenshot-2024-07-19-121416.png 628w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Screenshot-2024-07-19-121416-300x206.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Screenshot-2024-07-19-121416-624x428.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Screenshot-2024-07-19-121416-600x412.png 600w" sizes="auto, (max-width: 628px) 100vw, 628px" /></p>
<p>Helped by falling module prices, the company <a href="https://www.mercomindia.com/sterling-and-wilson-posts-profit" target="_blank" rel="noopener">posted</a> its first profit last year after nearly 12 quarters in Q4 2024.</p>
<p>Last December, the company <a href="https://www.mercomindia.com/sterling-wilson-qualified-institutions-placement" target="_blank" rel="noopener">raised</a> ₹15 billion (~$180.03 million) through Qualified Institutions Placement.</p>


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