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					</table><p>Gurgaon-based independent power producer <a href="https://www.acmesolar.in/" target="_blank" rel="noopener">ACME Solar Holdings</a> has signed a 25-year power purchase agreement with <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power Company</a> for providing firm and dispatchable renewable energy (FDRE) from its 50 MW solar plus storage project at a tariff of ₹4.43 (~$0.05)/kWh.</p>
<p>ACME had <a href="https://www.mercomindia.com/acme-solar-receives-letter-of-award-for-50-mw-fdre-project-from-tata-power" target="_blank" rel="noopener">received</a> a letter of award (LoA) from Tata Power Company’s distribution arm, Tata Power-D, for developing the project in September 2025. This award is a part of a larger 250 MW FDRE tender floated by Tata Power-D.</p>
<p>The project will have a minimum annual capacity utilization factor of 40% and four peak hours of supply with 90% availability every month.</p>
<p>With this project, ACME has signed PPAs for a cumulative capacity of 600 MW and 550 MWh of battery energy storage systems in the current financial year.</p>
<p>The company’s portfolio includes solar, wind, storage, FDRE, and hybrid solutions. It has an operational capacity of 2,890 MW.</p>
<p>In September this year, ACME Solar Holdings <a href="https://www.mercomindia.com/acme-solar-to-acquire-ak-renewable-infra-for-%E2%82%B9792-million" target="_blank" rel="noopener">executed</a> a share purchase agreement to acquire 100% equity shares of AK Renewable Infra for an enterprise value of ₹792.5 million (~$9 million). Jaipur-based AK Renewable Infra has secured all development rights, including land, connectivity, and associated approvals, for a 300 MW solar project in Rajasthan.</p>
<p>In August, ACME  Solar’s board of directors <a href="https://www.mercomindia.com/acme-solar-holdings-plans-30-billion-fundraise" target="_blank" rel="noopener">approved</a> a plan to raise ₹30 billion (~$342.23 million) in one or more tranches by issuing equity shares or other equity-linked instruments and securities.</p>
<p>Last November, the company was among the winners of NTPC’s auction to supply 1,200 MW of FDRE from interstate transmission system-connected renewable energy projects. It <a href="https://www.mercomindia.com/hexa-climate-acme-solar-avaada-energy-win-ntpcs-1-2-gw-fdre-auction" target="_blank" rel="noopener">quoted</a> ₹4.70 (~$0.0557)/kWh to win a capacity of 400 MW.</p>
<p>ACME Solar Holdings was one of the <a href="https://www.mercomindia.com/adani-green-renew-and-acme-solar-top-utility-scale-solar-developers-in-2024" target="_blank" rel="noopener">top</a> utility-scale solar project developers in India for 2024, according to Mercom’s India Solar Market Leaderboard 2025. Its yearly capacity additions comprised 11.5% of the country’s total, coming third behind Adani Green Energy with 17.6% and ReNew with 12%. Its high ranking was driven by 1.2 GW in installations in Jaisalmer, Rajasthan.</p>


ACME Solar Signs PPA with TATA Power for 50 MW FDRE Project


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					</table><p>Independent renewable energy producer <a href="https://www.junipergreenenergy.com/" target="_blank" rel="noopener">Juniper Green Energy</a>&#8216;s subsidiary, Juniper Green Sigma Eight, has signed a power purchase agreement (PPA) with TATA Power Company for a 70 MW firm and dispatchable renewable energy (FDRE) project.</p>
<p>Under this PPA, Juniper Green Energy will develop a renewable energy project in Maharashtra, comprising a mix of solar, wind, and battery energy storage systems (BESS). The project will have a renewable energy capacity of around 180 MWp and a BESS of around 280 MWh.</p>
<p>The supply of power from this project is scheduled to commence on September 22, 2027.</p>
<p>Juniper Green Energy was one of the winners in Tata Power Company&#8217;s <a href="https://www.mercomindia.com/juniper-navayuga-among-winners-of-tata-power-discoms-250-mw-fdre-auction/" target="_blank" rel="noopener">auction</a> to procure 250 MW of FDRE from projects integrated with energy storage systems on a build-own-operate basis. Juniper Green Energy secured 70 MW with a quoted tariff of ₹4.76 (~$0.0547)/kWh.</p>
<p>Juniper Green Energy had previously signed a PPA with NHPC in June 2025 for a 250 MW FDRE project to supply power to Haryana.</p>
<p>Earlier this year, Juniper Green Energy <a href="https://www.mercomindia.com/juniper-green-files-draft-papers-with-sebi-for-30-billion-ipo/" target="_blank" rel="noopener">filed</a> its draft red herring prospectus to raise over ₹30 billion (~$349 million) through an initial public offering (IPO) with the Securities and Exchange Board of India.</p>
<p>The IPO will consist of a fresh issue of equity shares with a face value of ₹10 (~$0.12) each with no offer-for-sale component. The company plans to utilize the funds towards the repayment of its debt, amounting to ₹ 10.92 billion (~$127 million), and ₹11.57 billion (~$135 million) for its subsidiaries.</p>
<p>Juniper&#8217;s IPO is expected to be launched in November 2025.</p>
<p>As of May 31, 2025, Juniper&#8217;s portfolio comprises five wind projects with a total capacity of 382 MW spread across Gujarat. The company&#8217;s solar portfolio includes 16 solar projects with a total capacity of 1,350 MW across three states in India.</p>
<p>Juniper&#8217;s hybrid portfolio consists of 17 projects with a total capacity of 3,927 MW under construction. The company&#8217;s FDRE portfolio consists of eight projects with a total capacity of 4,410 MW under construction. Juniper&#8217;s under-construction FDRE projects also entail the planned installation of 2,685 MWh of BESS capacity.</p>


Juniper Green Signs PPA with TATA Power for 70 MW FDRE Project in Maharashtra


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					</table><p>Gurgaon-based <a href="https://www.acmesolar.in/" target="_blank" rel="noopener">ACME Solar Holdings</a> has received a letter of award (LoA) from <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power Company’s</a> distribution arm, Tata Power-D, for developing a 50 MW firm and dispatchable renewable energy (FDRE) project, with a tariff of ₹4.43 (~$0.051)/kWh.</p>
<p>The award is a part of a larger 250 MW FDRE tender <a href="https://www.mercomindia.com/tata-power-d-invites-bids-for-250-mw-renewable-energy-with-storage" target="_blank" rel="noopener">conducted</a> by Tata Power-D.</p>
<p>The power purchase agreement (PPA) between ACME Solar and Tata Power-D will be valid for 25 years.</p>
<p>The FDRE project will integrate multiple renewable energy technologies, primarily solar power, along with a battery energy storage system (BESS). The project must maintain a minimum annual capacity utilization factor of 40%.</p>
<p>It must also ensure a stable power supply during peak hours, providing four hours of dispatchable electricity daily, with a 90% monthly availability requirement.</p>
<p>The project must be commissioned within 24 months of the PPA signing date.</p>
<p>The project is expected to contribute to meeting the demand for reliable renewable energy, particularly during peak load periods, using storage-backed solar generation.</p>
<p>ACME Solar Holdings is an integrated renewable energy company with operations spanning solar, wind, storage, FDRE, and hybrid solutions. The company has a current operational and contracted capacity of 6.97 GW.</p>
<p>Last November, the company was among the winners of NTPC’s auction to supply 1,200 MW of FDRE from interstate transmission system-connected renewable energy projects. It <a href="https://www.mercomindia.com/hexa-climate-acme-solar-avaada-energy-win-ntpcs-1-2-gw-fdre-auction" target="_blank" rel="noopener">quoted</a> ₹4.70 (~$0.0557)/kWh to win a capacity of 400 MW.</p>
<p>ACME <a href="https://www.mercomindia.com/adani-green-renew-and-acme-solar-top-utility-scale-solar-developers-in-2024" target="_blank" rel="noopener">emerged</a> as one of the top utility-scale solar project developers in India for 2024, according to Mercom’s India Solar Market Leaderboard 2025.</p>
<p>In August this year, ACME Solar’s subsidiary, ACME Hybrid Urja, <a href="https://www.mercomindia.com/acme-secures-%E2%82%B932-billion-from-rec-for-280-mw-fdre-project" target="_blank" rel="noopener">secured</a> long-term project financing of ₹31.84 billion (~$363.72 million) from REC to develop a 280 MW FDRE project.</p>
<p>The company went public last year with a ₹29 billion (~$344.85 million) initial public offering (IPO). It <a href="https://www.mercomindia.com/acme-solar-holdings-ipo-oversubscribed" target="_blank" rel="noopener">proposed</a> to use ₹17.95 billion (~$213.45 million) from the IPO proceeds for investment in its subsidiaries to repay certain outstanding borrowings availed by its subsidiaries and for general corporate purposes.</p>


ACME Solar Receives Letter of Award for 50 MW FDRE Project from Tata Power


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					</table><p><a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a>, <a href="https://www.upcrenewables.com/" target="_blank" rel="noopener">UPC Renewables</a>, <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power Company</a>, <a href="https://www.gsecl.in/" target="_blank" rel="noopener">Gujarat State Electricity Corporation (GSECL),</a> and <a href="https://www.risingsunenergy.in/" target="_blank" rel="noopener">Rising Sun Energy (Yinson Holdings)</a> were the top utility-scale solar project developers in the calendar year (CY) 2023, according to <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">Mercom&#8217;s India Solar Market Leaderboard 2024</a>.</p>
<p>The report covers market share and ranking across India&#8217;s solar supply chain and provides the most accurate and comprehensive coverage of India&#8217;s solar industry leaders. The 2023 report captured notable shifts in market share rankings compared to the previous year.</p>
<p>Adani Green Energy led the utility-scale solar developer&#8217;s list, accounting for 28.9% of the yearly capacity additions. UPC Renewables and Tata Power ranked second and third, accounting for 11.6% and 9.2% of the annual installations in 2023. GSECL and Rising Sun Energy (Yinson Holdings) rounded off the top five, contributing 9.1% and 7.3% to capacity additions.</p>
<p>The top five utility-scale project developers accounted for almost 66% of the market share.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-66132 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leaderboard-2023-Top-Large-Scale-Solar-Developers-Chart.png" alt="Leaderboard 2023 - Top Large-Scale Solar Developers Chart" width="700" height="472" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leaderboard-2023-Top-Large-Scale-Solar-Developers-Chart.png 700w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leaderboard-2023-Top-Large-Scale-Solar-Developers-Chart-300x202.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leaderboard-2023-Top-Large-Scale-Solar-Developers-Chart-650x438.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leaderboard-2023-Top-Large-Scale-Solar-Developers-Chart-624x421.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leaderboard-2023-Top-Large-Scale-Solar-Developers-Chart-600x405.png 600w" sizes="auto, (max-width: 700px) 100vw, 700px" /></p>
<p>Adani Green Energy added 525 MW of solar capacity as a part of a 700 MW wind-solar hybrid power project in Jaisalmer, Rajasthan. In December 2023, the company <a href="https://www.mercomindia.com/adani-green-secures-follow-on-funding-1-3-billion" target="_blank" rel="noopener">secure</a>d a follow-on funding of $1.36 billion and enhanced its construction financing pool to $ 3 billion to fund a 2,167 MW renewable energy park in Khavda, Gujarat. During the same month, it <a href="https://www.mercomindia.com/adani-ppa-8-gw-manufacturing-linked-solar-seci" target="_blank" rel="noopener">signed</a> a power purchase agreement with Solar Energy Corporation of India (SECI) for the remaining 1,799 MW of an  8 GW auction it won in 2020.</p>
<p>UPC Renewables commissioned 300 MW of utility-scale solar projects awarded by SECI as part of Phase VI of ISTS-connected projects in Khandwa, Madhya Pradesh.</p>
<p>Tata Power commissioned a 110 MW solar power project in Bikaner, Rajasthan. The project supplies green power to the Kerala State Electricity Board. In November 2023,  the company <a href="https://www.mercomindia.com/acme-juniper-tata-winners-sjvn-auction" target="_blank" rel="noopener">won</a> 200 MW as a part of SJVN&#8217;s 1.5 GW Firm and Dispatchable Renewable Energy Project auction at a tariff ₹ 4.38 (~$ 0.0526)/kWh. The award includes an additional greenshoe capacity of 260 MW, bringing the total contracted capacity to 460 MW.</p>
<p>In July 2023, GSECL commissioned 131 MW of utility-scale solar projects in various districts of Gujarat. Rising Sun Energy commissioned a 190 MW project <a href="https://www.mercomindia.com/rising-sun-project-rajasthan-nokh-solar-park" target="_blank" rel="noopener">awarded</a> by NTPC in Nokh Solar Park in Rajasthan.</p>
<p>In CY 2023, India <a href="https://www.mercomindia.com/plagued-by-project-delays-plummet-by-44-in-2023" target="_blank" rel="noopener">added</a> 7.5 GW of solar energy capacity, down 44.1% from 13.4 GW in 2022, according to Mercom India&#8217;s <a href="https://www.mercomindia.com/product/q4-2023-india-solar-market-update" target="_blank" rel="noopener">Q4 &amp; Annual 2023 India Solar Market Update</a>.</p>
<p>India&#8217;s cumulative installed solar capacity reached 72 GW by December 2023, with large-scale (including open access) solar projects making up 85.4% of the overall installations.</p>
<p>Mercom&#8217;s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">click here</a>.</p>


Adani Green, UPC and Tata Power: Top Utility-Scale Solar Developers in 2023

<p>The distribution companies (DISCOMs) owed renewable generators nearly ₹103.11 billion (~$1.4 billion) in overdue payment (excluding dues under dispute) spread across 579 invoices at the end of July 2020, according to data from the Ministry of Power (<a href="https://powermin.nic.in/" target="_blank" rel="noopener noreferrer">MoP</a>).</p>
<p>Per the data released by PRAAPTI, the outstanding dues to renewable generators stood at ₹7.17 billion (~$97.25 million), with ₹123.7 million (~$1.68 million) under dispute.</p>
<p>Distribution companies <a href="https://mercomindia.com/discom-dues-to-power-generators/" target="_blank" rel="noopener noreferrer">owed</a> renewable generators ₹101.11 billion (~$1.3 billion) in overdue payments (excluding dues under dispute) spread across 544 invoices at the end of June 2020.</p>
<p>The government portal also showed that 65 DISCOMs owed ₹1.17 trillion (~$15.87 billion) in overdue payments spread across 18,658 invoices at the end of July 2020. In June, 65 DISCOMs owed power generators ₹1.16 trillion (~$15.78) in overdue payments spread across 18,281 invoices.</p>
<p>The DISCOMs paid ₹139.3 billion (~$1.9 billion) against the overdue amount, an increase of 86% when compared to June and ₹16.9 billion (~$230 million) against the outstanding dues at the end of July 2020. The overdue amount at the end of July stood at ₹1.17 trillion (~$15.95 billion), and the outstanding amount stood at ₹126.73 billion (~$1.73 billion).</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2020/09/DISCOM-Dues-to-Power-Generators-as-of-July-2020.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-21358" src="https://mercomindia.com/wp-content/uploads/2020/09/DISCOM-Dues-to-Power-Generators-as-of-July-2020.png" alt="DISCOM Dues to Power Generators as of July 2020" width="644" height="314" srcset="https://cms.mercomindia.com/wp-content/uploads/2020/09/DISCOM-Dues-to-Power-Generators-as-of-July-2020.png 644w, https://cms.mercomindia.com/wp-content/uploads/2020/09/DISCOM-Dues-to-Power-Generators-as-of-July-2020-300x146.png 300w, https://cms.mercomindia.com/wp-content/uploads/2020/09/DISCOM-Dues-to-Power-Generators-as-of-July-2020-624x304.png 624w, https://cms.mercomindia.com/wp-content/uploads/2020/09/DISCOM-Dues-to-Power-Generators-as-of-July-2020-600x293.png 600w" sizes="auto, (max-width: 644px) 100vw, 644px" /></a></p>
<p>The state of Rajasthan registered the highest backlog with an overdue amount of ₹356.26 billion (~$4.8 billion), out of which ₹331.47 billion (~$4.49 billion) have been unpaid for more than 60 days.</p>
<p>Tamil Nadu followed with an overdue amount of ₹190.64 billion (~$2.58 billion), out of which, ₹168.07 billion (~$2.28 billion) have been overdue for more than 60 days. Uttar Pradesh was another state that had a huge backlog, with an overdue amount of ₹132.87 billion (~$1.8 billion), out of which ₹107.83 billion (~$1.46 billion) have been unpaid for more than 60 days.</p>
<p>Going by the report, Arunachal Pradesh, Manipur, Tripura, Chhattisgarh, and Himachal Pradesh were termed as the <strong>‘best’</strong> states in terms of ease of payments by DISCOMs. Bihar, West Bengal, and Meghalaya were termed as ‘<strong>good.</strong>’</p>
<p>The portal rated the states of Assam, Nagaland, Rajasthan, Madhya Pradesh, Maharashtra, Telangana, Karnataka, Odisha, Kerala, Jharkhand, Goa, Delhi, Himachal Pradesh, Uttarakhand, and Jammu and Kashmir as the <strong>‘worst’</strong> states for ease of payments by the DISCOMs.</p>
<p>As per the data, Adani Green Energy Limited, Tata Power Company, and NLC India Limited were owed amounts of ₹12.01 billion (~$162.89 million), ₹13.78 billion (~$186.9 million), and ₹19.62 million (~$266.1 million) respectively.</p>
<p>The Ministry of Power recently <a href="https://mercomindia.com/ministry-of-power-wants/" target="_blank" rel="noopener noreferrer">suggested</a> that the power generation and transmission companies should reduce the late payment surcharge up to 12% annually for distribution companies. This suggestion would apply to all late payments made under the liquidity infusion program.</p>
<p>REC Limited recently <a href="https://mercomindia.com/over-rec-discom-liquidity-package/" target="_blank" rel="noopener noreferrer">reported</a> that it had approved over ₹300 billion (~$4 billion) to distribution companies in the country as of July 31, 2020. Similarly, PFC <a href="https://mercomindia.com/power-finance-releases-liquidity-package/" target="_blank" rel="noopener noreferrer">approved</a> ₹306.07 billion (~$4.09 billion) as of July 31, 2020, as part of the liquidity package for DISCOMs.</p>


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