Terra Clean Invites Bids to Develop a 100 MW Wind Project in Gujarat

MNRE Pushes Maharashtra to Drop ‘Regressive’ Rooftop Solar Capacity Cap

MNRE Eyes Bigger Role in Renewable Energy Governance, Distinct from MoP

CEA Allows Type Testing of Power Equipment at Manufacturer’s NABL Labs

CERC Approves Tariffs for NHPC’s 1.2 GW Wind-Solar Hybrid Power Projects

MHI Invites Bids to Set Up Rare Earth Permanent Magnets Manufacturing

ILJIN Electronics to Raise ₹2.96 Billion from Amber Group Through Rights Issue

PFC to Raise ₹1.6 Trillion from Indian and Global Markets

SWELECT-FortifyGrid JV to Set Up Solar-Battery Storage Platform in Singapore

GAIL Invests ₹130 Million in JV with TruAlt to Develop Biogas Plants


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					</table><p>The Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>) has called for strengthening its role, considering the rapidly expanding scale and strategic importance of renewables, to give greater institutional clarity for effective administration.</p>
<p>The Ministry told a parliamentary standing committee that enacting a separate Renewable Energy Act may not be necessary, as electricity generated from renewables is integrated into the grid and governed by the Electricity Act, 2003. However, in all respects pertaining to renewable energy, the MNRE must be considered as ‘Central Government,’ it said.</p>
<p>The MNRE’s stance seeks to define a distinctive role for itself vis-à-vis the Ministry of Power (MoP), which enjoys exclusive authority over the Electricity Act&#8217;s provisions. It signals a push for clearer separation of powers and responsibilities between the MNRE and the MoP.</p>
<p>The parliamentary committee sought the MNRE’s views on requests it had received from stakeholders regarding the need for a separate Renewable Energy Act, given the expanding renewable energy sector in India.</p>
<p><strong>Policy, Planning, and Market Design</strong></p>
<p>The MNRE proposed that it be granted greater authority over renewable energy planning, electricity market design, tariff principles, and policy implementation. The Ministry has also suggested that it be given a central role in monitoring renewable purchase obligations/renewable consumption obligations, guiding regulators such as the Central Electricity Regulatory Commission and the National Committee on Transmission, and overseeing national energy transition planning.</p>
<p>The MNRE also wanted the power to frame and amend rules under Section 176 of the Electricity Act related to renewable energy. It said there was also a need to bring flexibility and storage resources into the renewable energy framework, and that all regulatory bodies and technical institutions must have representatives from the renewable energy sector at both the central and state levels.</p>
<p>The standing committee queried the MNRE about the anomalous situation in which large hydroelectric projects were included in renewable energy targets, even though the sector was administered by the MoP.</p>
<p>In response, the MNRE said that a unified administrative structure under MNRE for all renewable sources, including large hydro, would enable integrated policy formulation, holistic renewable energy planning, sectoral synergy across all renewable energy technologies, and improved coordination to achieve national renewable energy and net-zero goals.</p>
<p>Endorsing MNRE’s stand, the standing committee observed, “The Committee is of the view that being the nodal Ministry of the Government of India for all matters relating to renewable energy resources, MNRE should have more powers and authority to administer the planning, execution and evaluation of renewable energy projects so as to sustain India’s renewable energy transition.”</p>
<p>In the past, the MNRE and the MoP were both headed by the same Cabinet-rank Minister. In 2024, however, Pralhad Joshi was <a href="https://www.mercomindia.com/pralhad-joshi-gets-mnre-portfolio-khattar-is-new-minister-of-power" target="_blank" rel="noopener">assigned</a> the MNRE, while Manohar Lal was made in charge of the MoP. The move was seen as the government’s acknowledgement of the growing importance of renewables in India’s electricity sector.</p>
<p>Since then, Joshi has spearheaded several programs to push renewable energy adoption, including the government’s flagship rooftop solar program, the PM Surya Ghar: Muft Bijli Yojana, which aims to install rooftop systems on 10 million households by 2027. At last count, 3 million households across India had solar panels <a href="https://www.mercomindia.com/rooftop-solar-installations-under-pm-surya-ghar-reach-3-million" target="_blank" rel="noopener">installed</a> on their roofs.</p>
<p>Among other achievements, India has secured the third position globally behind China and the U.S. in solar installations. As of December 2025, India’s cumulative installed solar capacity stood at nearly 136 GW, according to <a href="https://www.mercomindia.com/product/q4-2025-india-solar-market-update" target="_blank" rel="noopener">Mercom’s Q4 and Annual 2025 Solar Market Update</a>.</p>



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					</table><p>The <a href="https://heavyindustries.gov.in/en" target="_blank" rel="noopener">Ministry of Heavy Industries</a> has invited bids to establish domestic manufacturing capacity for sintered neodymium-iron-boron (NdFeB) rare earth permanent magnets, widely used in electric vehicles, wind turbines, high-end electronics, aerospace, and defense systems.</p>
<p>The last day to submit the bids is May 28, 2026. Bids will be opened on May 29, 2026.</p>
<p>Bidders must submit a tender fee of ₹450,000 (~$4,832), and the bid security is ₹10 million (~$107,388).</p>
<p>The performance security for the five selected bidders is as follows:</p>
<ul>
<li>600 MTPA: ₹200 million (~$2.15 million)</li>
<li>700–900 MTPA: ₹300 million (~$3.22 million)</li>
<li>1,000–1,200 MTPA: ₹400 million (~$4.29 million)</li>
</ul>
<p>The program to promote the manufacturing of sintered rare earth permanent magnet targets is developing up to 6,000 metric tons per annum (MTPA) capacity.</p>
<p>Individual project sizes will range from 600 MTPA to 1,200 MTPA, with bids required in multiples of 100 MTPA.</p>
<p>Selected bidders must establish integrated manufacturing facilities that cover the entire production chain, from neodymium-praseodymium (NdPr) oxide through metal and alloy production to the manufacture of sintered NdFeB magnets.</p>
<p>These facilities may comprise one or more units across locations in India, provided they are wholly owned and controlled by the bidder, and all intermediate processing is carried out in-house.</p>
<p>The program tenure is seven years from the date of the letter of award (LOA), including a two-year gestation period for setting up manufacturing facilities and five years for incentive disbursement.</p>
<p>Bidders must meet the following minimum net worth requirements based on proposed capacity:</p>
<ul>
<li>600 MTPA: ₹1.8 billion (~$19.33 million)</li>
<li>700–800 MTPA: ₹2.45 billion (~$26.31 million)</li>
<li>900–1,000 MTPA: ₹3.1 billion (~$33.30 million)</li>
<li>1,100–1,200 MTPA: ₹3.75 billion (~$40.25 million)</li>
</ul>
<p>Applicants must submit a detailed project report (DPR) outlining the bidder profile, committed capacity, project location, estimated project cost, financing plan, business strategy, investment projections, implementation timelines, and financial projections.</p>
<p>The DPR must also demonstrate technological readiness across the manufacturing chain, including oxide-to-metal conversion, alloy preparation, powder production, magnet fabrication and sintering, and testing capabilities.</p>
<p>It must further include a manufacturing process flowchart, a capital equipment plan, a sourcing strategy, the availability of skilled manpower, and prior experience in manufacturing and marketing NdFeB magnets.</p>
<p>Selected bidders must meet the following investment thresholds:</p>
<ul>
<li>Within one year: Minimum eligible investment of ₹1.5 billion (~$16.11 million)</li>
<li>Within two years:
<ul>
<li>600 MTPA: ₹3 billion (~$32.22 million)</li>
<li>700–900 MTPA: ₹4.5 billion (~$48.33 million)</li>
<li>1,000–1,200 MTPA: ₹6 billion (~$64.44 million)</li>
</ul>
</li>
</ul>
<p>They must commission at least 50% of the allocated capacity within three years of the letter of award and begin commercial production for that portion.</p>
<p>Eligible investments include expenditure on plant and machinery, equipment, utilities, research and development, and technology transfer related to integrated magnet manufacturing. Expenditures on used or refurbished equipment, leased assets, and assets acquired through a slump sale are not eligible.</p>
<p>The government will provide capital support of 15% of the eligible investment, subject to capacity-linked caps.</p>
<p>The capital subsidy is capped as follows:</p>
<ul>
<li>600 MTPA: ₹750 million (~$8.05 million)</li>
<li>700–800 MTPA: ₹1 billion (~$10.74 million)</li>
<li>900–1,000 MTPA: ₹1.2 billion (~$12.89 million)</li>
<li>1,100–1,200 MTPA: ₹1.5 billion (~$16.11 million)</li>
</ul>
<p>In addition to capital support, the program provides a sales-linked incentive that will be awarded through a competitive bidding process based on the lowest quoted incentive rate following technical qualification.</p>
<p>The sales incentive is capped at ₹2,150 (~$23.09)/kg, subject to a 40% cap on net sales turnover, along with overall capacity-linked caps. Incentives will be disbursed over five years based on production and sales performance.</p>
<p>The capital subsidy and sales incentives will be disbursed only after all prescribed milestones are met, the full allocated capacity is commissioned and verified, and a completion certificate is issued.</p>
<p>Bidders must secure the supply of neodymium-praseodymium oxide. Limited supply support may be available from Indian Rare Earths only for select top-ranked bidders (L1–L3), subject to defined allocation limits. However, bidders cannot make their proposals contingent on such supply, and no relaxation of project timelines will be granted in the event of raw material constraints.</p>
<p>Last November, the Union Cabinet <a href="https://www.mercomindia.com/cabinet-approves-rare-earth-permanent-magnets-manufacturing-program/" target="_blank" rel="noopener">approved</a> a program to promote the manufacturing of sintered rare earth permanent magnets with a financial outlay of ₹72.8 billion (~$815.73 million).</p>
<p>The government <a href="https://www.mercomindia.com/cabinet-163-billion-national-critical-mineral-mission" target="_blank" rel="noopener">approved</a> the National Critical Mineral Mission in January last year. This initiative has an estimated expenditure of ₹163 billion (~$1.88 billion) and an expected investment of ₹180 billion (~$2.07 billion) by public sector undertakings and other entities.</p>



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					</table><p>Greater Noida-headquartered energy storage solutions provider <a href="https://www.iljin.co.in/" target="_blank" rel="noopener">ILJIN Electronics</a> plans to raise ₹2.96 billion (~$31.79 million) from its parent company, <a href="https://www.ambergroupindia.com/" target="_blank" rel="noopener">Amber Group</a>, through a rights issue.</p>
<p>Upon completion of the transaction, Amber will hold an 89.72% share in ILJIN Electronics, an increase of 0.04%.</p>
<p>The capital infusion will help IL JIN accomplish its strategic initiatives.</p>
<p>The rights issue process, including the allotment of equity shares to eligible equity shareholders, is expected to close on or before April 30, 2026.</p>
<p>ILJIN Electronics’ offerings include high-precision electronics manufacturing services for renewable energy, automotive, smart electronics, consumer durables, telecom, healthcare, industrial, aerospace, and defense sectors.</p>
<p>The company delivers end-to-end solutions encompassing product design support, PCB fabrication and assembly, embedded software, power electronics, and complete box-build systems.</p>
<p>ILJIN Electronics’ turnover stood at ₹14.6 billion (~$156.66 million) in FY 2025, ₹9.13 billion (~$97.96 million) in FY 2024, and ₹8.8 billion (~$94.42 million) in FY 2023.</p>
<p>Besides India, the company has a presence in the U.S., Germany, and Israel.</p>
<p>Last year, ILJIN Electronics India <a href="https://mercomindia.com/energy-solutions-provider-iljin-electronics-raises-%E2%82%B912-billion" target="_blank" rel="noopener">secured</a> ₹12 billion (~$128.86 million) in strategic funding through separate definitive agreements with ChrysCapital and InCred Growth Partners Fund I, along with their respective affiliates.</p>
<p>The company <a href="https://mercomindia.com/il-jin-electronics-forays-into-bess-buys-majority-stake-in-power-one" target="_blank" rel="noopener">forayed</a> into the energy storage market by announcing the acquisition of a majority stake in Bengaluru-based Power One Micro Systems in 2025. Power-One offers battery energy storage systems, solar inverters (on-grid, off-grid, and hybrid), electric vehicle charging solutions, and uninterrupted power supply solutions.</p>
<p>According to Mercom Capital Group’s Annual and Q4 2025 Funding and M&amp;A Report for Energy Storage, venture capital investment in energy storage <a href="https://mercomindia.com/energy-storage-sees-increased-vc-investment-momentum-in-2025" target="_blank" rel="noopener">gained</a> momentum in 2025, rising 30% year over year to $4.8 billion across 75 deals, even as total corporate funding for the sector declined 19% to $16.2 billion. Despite the decline in total capital raised, deal activity increased 3% during the year, indicating continued investor engagement in the sector</p>



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					</table><p>State-owned lender to the energy sector, Power Finance Corporation’s (<a href="https://pfcindia.co.in/ensite/" target="_blank" rel="noopener">PFC</a>) board has approved a plan to borrow up to ₹1.6 trillion (~$17.16 billion) from domestic and international markets through a wide range of instruments for the financial year (FY) 2026-27.</p>
<p>As per the plan, the company can raise up to ₹1.1 trillion (~$11.81 billion) through domestic long- and medium-term borrowings, including capital gain bonds, public issues or private placements of taxable or tax-free bonds, debentures and debt securities, fixed or floating rate, non-convertible, infrastructure, inflation-indexed, structured, market-linked, green, social, and ESG bonds.</p>
<p>This bucket also includes long- and medium-term loans from banks, financial institutions, and the government, including refinancings, as well as other domestic long- or medium-term borrowing instruments.</p>
<p>The board also cleared up to ₹200 billion (~$2.15 billion) in foreign-currency long- and medium-term borrowings.</p>
<p>These may include term loans, syndicated loans, subordinated loans, FCNR(B) loans, loans from multilateral agencies, unsecured or secured bonds, green bonds, subordinated bonds, and other instruments for raising foreign currency.</p>
<p>In addition, PFC can raise ₹200 billion (~$2.15 billion) through short-term domestic- or foreign-currency borrowings, and ₹100 billion (~$1.07 billion) through commercial paper, bringing the total approved borrowing ceiling to ₹1.6 trillion (~$17.16 billion).</p>
<p>The company clarified that funds raised and prepaid during the year will be excluded from this limit, and that borrowings under extra budgetary resources are also excluded.</p>
<p>On shareholder returns, the board declared a fourth interim dividend of ₹3.25 (~$0.034)/equity share of face value ₹10 (~$0.11) each, equivalent to 32.5%, subject to deduction of tax at source.</p>
<p>Recently, PFC <a href="https://www.mercomindia.com/pfc-rec-merger-moves-ahead-with-structured-execution-plan" target="_blank" rel="noopener">announced</a> that its merger with REC Limited was moving ahead in full steam, with execution plans being laid out to meet the statutory and regulatory requirements.</p>
<p>In January this year, PFC <a href="https://www.mercomindia.com/pfc-to-raise-up-to-%E2%82%B950-billion-through-secured-debentures" target="_blank" rel="noopener">launched</a> Tranche I of its public issue of secured, listed, and redeemable non-convertible debentures (NCDs), aiming to raise ₹50 billion (~$554.18 million) as part of its broader ₹100 billion (~$1.108 billion) shelf program.</p>



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					</table><p>Ethanol producer <a href="https://www.trualtbioenergy.com/" target="_blank" rel="noopener">TruAlt Bioenergy</a>’s subsidiary, Leafiniti Bioenergy, a compressed biogas (CBG) company, has received an investment of ₹130 million (~$1.4 million) through an equity share subscription from <a href="https://www.gailonline.com/" target="_blank" rel="noopener">GAIL (India)</a> for implementing CBG projects across Karnataka, Maharashtra, and Odisha.</p>
<p>This investment is pursuant to a share subscription-cum-shareholders’ agreement executed last year,  under which GAIL will <a href="https://www.mercomindia.com/gail-trualt-announce-72-million-cbg-jv" target="_blank" rel="noopener">acquire</a> 49% equity stake in Leafiniti. TruAlt will retain a 51% stake.</p>
<p>Leafiniti will roll out six greenfield CBG projects in the first phase, with each plant having a daily generation capacity of 12 tons. The CBG will be produced primarily from sugar mill residue, with a targeted annual delivery of 23,976 tons.</p>
<p>TruAlt said the biogas projects will also generate agricultural inputs, including 97,902 tons of fermented organic manure and 4,70,862 tons of liquid fermented organic manure annually.</p>
<p>GAIL had launched ‘Pankh’ in July 2017 to support promising startups, with a corpus of ₹5 billion (~$53.62 million). Since its inception, the initiative has invested in 38 startups across multiple sectors, including CBG.</p>
<p>Last July, the Ministry of Petroleum and Natural Gas <a href="https://www.mercomindia.com/petroleum-ministry-amends-subsidy-terms-for-compressed-biogas-machinery?utm_source=chatgpt.com" target="_blank" rel="noopener">amended</a> the disbursal pattern of financial assistance for CBG projects to procure biomass aggregation machinery. According to the amendments, CBG plants utilizing more than 50% biomass as feedstock for a 2-ton-per-day capacity project will be eligible for financial support of ₹9 million (~$104,970).</p>
<p>In June, the Ministry of New and Renewable Energy (MNRE) <a href="https://www.mercomindia.com/mnre-introduces-iot-based-monitoring-of-data-under-biomass-energy-program" target="_blank" rel="noopener">revised</a> the guidelines for the National Biomass Program for the financial years 2022 to 2027 (Phase-I). These amendments aimed to promote cleaner energy solutions, ease of doing business, and accelerate the adoption of biomass technologies across India.</p>
<p>The MNRE had <a href="https://www.mercomindia.com/mnre-introduces-iot-based-monitoring-of-data-under-biomass-energy-program" target="_blank" rel="noopener">notified</a> the National Bioenergy Program in 2022. This program would be valid from the financial year (FY) 2022 to FY 2026, with an outlay of ₹8.58 billion (~$104.66 million) approved for Phase-I.</p>



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					</table><p>Integrated infrastructure services company <a href="https://www.bluspring.com/" target="_blank" rel="noopener">Bluspring Enterprises</a> has announced that its wholly owned subsidiary, Bluspring New Horizon One (BNHOPL), has executed a share purchase agreement with Germany-based STEAG Energy and STEAG Energy Services India (<a href="https://www.steag.in/en/" target="_blank" rel="noopener">SESI</a>) to acquire 100% of SESI’s paid-up share capital for a cash consideration of ₹1.8 billion (~$19.28 million).</p>
<p>STEAG India, founded in 2001, provides O&amp;M services, digital solutions, engineering, and advisory services for conventional and renewable power projects.</p>
<p>Bluspring currently services over 2,000 MW of power capacity across its infrastructure portfolio, which includes industrial and energy-linked assets with renewable integration.</p>
<p>The company stated that the acquisition aligns with its strategy to expand its industrial vertical and strengthen its presence in the power services segment. STEAG India’s capabilities are expected to complement Bluspring’s existing operations and enhance its capabilities across the energy value chain, including renewables.</p>
<p>The transaction is also expected to provide access to established client relationships and act as a platform for international expansion. The company added that the acquisition is likely to be margin-accretive and earnings-per-share accretive, thereby improving its overall return on equity profile.</p>
<p>Upon completion, SESI will become a wholly owned subsidiary of Bluspring Enterprises. Its existing subsidiaries, STEAG Energy Services (Botswana), a wholly owned entity, and STEAG O&amp;M Company, a joint venture with Hinduja Energy (India), will become step-down subsidiaries of BNHOPL.</p>
<p>The acquisition process must be completed within 120 days, subject to the completion of mutually agreed conditions.</p>
<p>SESI has established operations across India and Botswana, with offices in Dubai and Bangladesh and project presence in select markets across the Middle East, Asia, and Africa.</p>
<p>Mergers and acquisitions (M&amp;A) activity was 17% <a href="https://www.mercomindia.com/corporate-solar-funding-down-16-yoy-in-2025-deal-count-rises-ma-robust" target="_blank" rel="noopener">higher</a> year-over-year in 2025, with 96 corporate M&amp;A transactions, up from 82 in 2024, according to Mercom Capital Group’s newly released 2025 Annual and Q4 Solar Funding and M&amp;A Report.</p>
<p>The number of large-scale solar project acquisitions in 2025 increased by 13%, to 246 from 217 in 2024. The total acquired capacity also dropped to 37.4 GW, a 1% decrease compared to 37.7 GW the previous year.</p>


Bluspring Acquires STEAG India Unit to Strengthen Energy Services


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					</table><p><a href="https://maharashtra.gov.in/" target="_blank" rel="noopener">Maharashtra </a>aims to meet 65% of its power needs from renewable energy sources and has set a target for power distribution companies to procure energy storage capacity equivalent to at least 100 GWh/day, or 10% of their power demand, by the financial year (FY) 2036.</p>
<p>These targets are part of the Maharashtra Renewable Energy and Energy Storage Policy for FY 2026 to FY 2036.</p>
<p>According to the policy, energy storage could be co-located with a renewable energy project or with a standalone project.</p>
<p>The minimum connectivity threshold for an energy storage system (ESS) seeking to connect to the intrastate transmission system (InSTS) network will be 5 MW. Standalone energy storage projects must apply for a grant of connectivity for the higher of the quantum of its proposed maximum injection of power to InSTS or proposed maximum draw from InSTS.</p>
<p>The ESS will be granted InSTS connectivity under MERC Transmission Open Access Regulations. The ESS may also draw power through InSTS for charging. It may also seek connectivity to the distribution network at either the 33 kV or 11 kV level.</p>
<p>The ESS, connected either to the InSTS or to the distribution network at the 33 kV or 11 kV level, will be exempt from transmission charges, distribution demand and wheeling charges, electricity duty, and cross-subsidy surcharge when drawing power for intermediate storage purposes. However, consumers drawing power from such ESS will pay the applicable tariff for their category.</p>
<p><strong>Co-located ESS</strong></p>
<p>Maharashtra aims to deploy at least 10 GW of new co-located ESS projects by FY 2030 and 25 GW by 2036.</p>
<p>The policy also mandates that DISCOMs must procure renewable energy from wind-solar projects with a co-located energy storage system. The energy storage must be at least 50% of the renewable energy project and configured for at least 2 hours of discharge for projects commissioned by the end of FY 2030. Such energy storage projects commissioned from the start of FY 2031 must be configured for a 4-hour discharge.</p>
<p>Existing renewable energy projects can also be integrated with energy storage systems; no changes to the existing power purchase agreement will be allowed. Such ESS can also increase the capacity of the existing project, provided the injection into the grid does not exceed the quantum granted under grid connectivity in any time block.</p>
<p>All existing and upcoming renewable energy projects evacuating power through a common pooling substation can set up storage projects. ESS can be integrated with individual renewable energy projects or at the level of the pooling substation as a whole for multiple projects.</p>
<p><strong>Standalone ESS</strong></p>
<p>Apart from pumped storage projects or battery-specific standalone storage tenders, DISCOMs may invite bids for technology-agnostic standalone storage tenders.</p>
<p>These standalone ESS projects may be operated in single or multiple cycles per day.</p>
<p>Standalone ESS may also be offered as storage-as-a-service or as a source of ancillary services to the grid.</p>
<p>The standalone ESS connected either to the InSTS or the distribution network at the 33 kV or 11 kV level will be exempt from transmission charges, distribution demand and wheeling charges, electricity duty, and cross-subsidy surcharge for drawing power for intermediate storage purposes.</p>
<p><strong>Distributed ESS Projects</strong></p>
<p>To improve supply reliability and increase the integration of distributed renewable energy projects, DISCOMs will conduct a cost-benefit analysis to assess the value of distributed storage in rural and urban areas within one year of this policy being notified.</p>
<p>DISCOMs will submit the analysis to the Maharashtra Electricity Regulatory Commission for approval and consider it under the demand flexibility portfolio obligation regulations and ESO targets.</p>
<p>The policy, the state must meet 10% of its energy storage target through decentralized ESS.</p>
<p>The projects can be financed through DISCOM ARR either in capital expenditure or total expenditure mode.</p>
<p>Priority will be accorded to the grid-connected renewable energy projects with energy storage integration.</p>
<p>For projects above 100 kW connected from April 1, 2026, storage must be provided for 50% of the total capacity and be configured for 2 hours of discharge.</p>
<p>All existing rooftop solar projects under various frameworks can also be integrated with ESS.</p>
<p>To meet the rising power demand, the government will also plan the development of solar plus storagre projects of 100-250 MW each in major urban and industrial areas.</p>
<p><strong>Bundling Thermal Projects</strong></p>
<p>To encourage the bundling of renewable energy or battery storage that would use a common transmission evacuation system with existing thermal plants and to reduce fuel costs, the MSPGCL and other IPPs selling power to DISCOMs in Maharashtra are encouraged to explore bundling projects.</p>
<p>The policy envisages a target of bundling projects comprising 2 GW of renewable energy and or ESS by FY 2030 and 5 GW of renewable energy and or ESS by FY 2036.</p>
<p><strong>Land Availability</strong></p>
<p>Government land can be provided for renewable-energy and battery-storage-integrated projects.</p>
<p>Private land on lease for renewable energy projects can be procured at the mutually agreed base annual lease rate, or at the higher of 6% of the land value determined for the year by the Registration and Stamps Department, or ₹125,000 (~$1,341.29) per hectare. The base lease rate will be increased by 3% annually.</p>
<p>The policy also allows non-agricultural land for renewable energy battery storage projects.</p>
<p>To increase renewable energy procurement, Maharashtra has planned to establish 10 renewable energy industry zones by FY 2030 and 15 by FY 2036. Each renewable energy industry zone must be at least 100 MW.</p>
<p>The state government will allocate ₹₹5 billion (~$53.68 million)for the development of these renewable energy industry zones.</p>
<p><strong>Grid Infrastructure</strong></p>
<p>The state transmission utility, along with the Maharashtra State load dispatch center, will revise the transmission integrated resource plans to account for 65% renewable energy injection and 10% energy storage by FY 2036.</p>
<p>To further encourage the development of solar-plus-storage and wind-solar hybrid projects, the state may introduce differentiated injection-scheduling rights between solar and non-solar hours for renewable energy projects.</p>
<p>To reduce right-of-way issues, reconductoring/upgrading of existing AC transmission lines to higher voltage AC lines with multiple circuits / multiple voltages and uprating using new-generation High Temperature Low Sag conductors must be explored to conserve existing RoWs, enhance power flow, and reduce losses per meter of RoW.</p>
<p>The policy also envisages the use of grid-forming inverters to improve grid stability as levels of renewable energy injection increase.</p>
<p>The state has issued the following framework for direct procurement up to 100 kW:</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/tabl1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-92152 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/tabl1.png" alt="" width="1187" height="485" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/tabl1.png 1187w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/tabl1-300x123.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/tabl1-768x314.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/tabl1-650x266.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/tabl1-624x255.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/tabl1-600x245.png 600w" sizes="auto, (max-width: 1187px) 100vw, 1187px" /></a></p>
<p>To improve competitive supply procurement by MSMEs and to meet their energy banking requirements, MSEDCL will conduct a bulk procurement program for BESS systems ranging from 10-100 kW with two to four hours of storage.</p>
<p><strong>Open Access</strong></p>
<p>The state government has also set targets of 5 GW/10 billion units (BU) for long-term Green Open Access procurement by FY 2029-30 and 10 GW/20 BU by FY 2035-36.</p>
<p>Long-term captive green energy open-access projects supplying power within Maharashtra and integrated with energy storage for 50% of the renewable energy project’s capacity, and for at least 4 hours of discharge, will be exempt from payment of electricity duty for 10 years.</p>
<p>DISCOMs are encouraged to assist the commercial and industrial sectors in meeting 100% of their power needs through renewable energy under a special tariff category. Such contracts to meet 100% of power needs through renewable energy must be for at least 1 year and must include an additional round-the-clock green tariff.</p>
<p>The Maharashtra government may designate an existing state company or establish a new one to provide 100% renewable energy to interested commercial and industrial consumers. The company may also apply to register as a renewable energy implementing agency with the Ministry of Power.  It may also sell renewable energy RTC power to other states and consumers there.</p>
<p>Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.</p>


Maharashtra Aims to Meet 65% of its Power Needs from Renewables by FY 2036


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					</table><p>The Himachal Pradesh Electricity Regulatory Commission (<a href="https://hperc.org/" target="_blank" rel="noopener">HPERC</a>) has set the rate for the sale of the state government’s free power to the Himachal Pradesh State Electricity Board (HPSEBL) at ₹2.73 (~$0.0292)/kWh for the financial year (FY) 2026–27, marking an increase from ₹2.70 (~$0.0289)/kWh in FY 2026 and ₹2.60 (~$0.0279)/kWh in FY 2025.</p>
<p>Himachal Pradesh is entitled to a share of electricity generated from hydroelectric projects located within the state as compensation for the use of its natural resources. This free power, typically around 12% of generation, comes from projects owned by central public sector undertakings such as NTPC, NHPC, and SJVN, as well as independent power producers and state entities.</p>
<p>In some cases, the share is higher, such as 20% from the Malana-I project, 16% from Chanju-I, and 15% from projects like Toss, while several small hydro projects also contribute an additional 1% toward the Local Area Development Fund.</p>
<p>The Commission calculated the rate by taking the higher of HPSEBL’s average power purchase cost and the ex-bus tariff of each generating station, and then deriving a weighted average based on the quantum of free power available.</p>
<p>For FY 2027, the average power purchase cost for FY 2026 was estimated at ₹2.66 (~$0.0285)/kWh, and this benchmark, along with station-specific tariffs or alternate values such as power purchase agreement rates or average pooled power purchase cost, was used to compute the final rate.</p>
<p>Based on this approach, the Commission estimated that HPSEBL would have access to approximately 548.23 million units of free power during the year, with a total notional cost of ₹1.49 billion (~$15.98 million). These calculations resulted in the approved rate of ₹2.73 (~$0.0292)/kWh.</p>
<p>In determining station-wise costs, the Commission relied on different benchmarks depending on data availability. For HPSEBL’s own generating stations, ex-bus tariffs determined by the Commission were used. For projects such as Ranjit Sagar Dam and Shanan, tariffs approved by the Punjab State Electricity Regulatory Commission were considered.</p>
<p>For private small hydro projects, approved power purchase agreement tariffs were used, and in cases where specific tariffs were unavailable, the Commission adopted an average pooled power purchase cost of ₹2.72 (~$0.0291)/kWh as a substitute.</p>
<p>Beyond tariff determination, the order contains a significant observation on the allocation of free power. HPSEBL informed the Commission that it is currently utilizing free power only from stations connected to its system and that free power from several other stations has not been made available by the state government.</p>
<p>The Commission expressed concern over this arrangement, stating that HPSEBL should have the first right to the state’s free power. It noted that consumers effectively bear the cost of this power because tariffs for hydro generators are determined after excluding the free power component.</p>
<p>As a result, restricting access to this power could mean that consumers are indirectly paying for it without receiving its benefits. The Commission urged the state government to review its approach and allocate the maximum possible quantum of free power to HPSEBL.</p>
<p>In June last year, Himachal Pradesh <a href="https://www.mercomindia.com/himachal-pradesh-regulator-finalizes-resource-adequacy-framework-regulations/" target="_blank" rel="noopener">finalized</a> its Resource Adequacy Framework Regulations to ensure that the state’s generating companies, distribution licensees, distribution companies and load dispatch centers contract sufficient electricity generation capacity to meet peak demand reliably, cost-effectively, and sustainably.</p>
<p>Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.</p>


HPERC Sets Himachal’s Free Power Rate at ₹2.73 /kWh for FY 2027


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					</table><p>India <a href="https://www.mercomindia.com/india-added-119-gw-solar-module-and-9-gw-cell-capacity-in-2025" target="_blank" rel="noopener">added</a> nearly 119 GW of solar modules and over 9 GW of solar cell capacity in 2025, according to Mercom India’s State of Solar PV Manufacturing in India 2026 report. The manufacturing expansion was driven by demand from India’s large utility-scale solar project pipeline, residential rooftop targets, the PM Surya Ghar program, and the Approved List of Models and Manufacturers (ALMM) List-II domestic cell mandate.</p>
<p>India’s battery energy storage market is <a href="https://www.mercomindia.com/high-temperatures-emerge-as-key-risk-for-battery-storage-in-india/" target="_blank" rel="noopener">entering</a> a new phase of growth, but developers are increasingly facing a constraint that traditional project models have not fully captured: heat. In key renewable hubs such as Rajasthan and Gujarat, summer temperatures often exceed 40°C, reaching 48°C during peak periods. In some procurement frameworks, systems are now expected to perform at ambient conditions approaching 50°C.</p>
<p>The Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/use-of-almm-listed-solar-wafers-mandatory-a-week-after-list-publication" target="_blank" rel="noopener">expanded</a> the ALMM framework by introducing a seven-day cut-off window after the publication of the initial solar wafers list to determine project exemptions. The ALMM for solar wafers takes effect on June 1, 2028. Projects that submit bids before this defined cut-off date can avoid using ALMM-listed wafers, even if they are commissioned after the effective date.</p>
<p>India’s non-fossil energy sources reached 52.3% of the country’s total <a href="https://www.mercomindia.com/indias-non-fossil-power-capacity-reaches-52-3-as-of-january-2026" target="_blank" rel="noopener">installed</a> power capacity of 520.5 GW as of January 2026, while thermal power continues to account for around 70% of electricity generation, according to the Ministry of Power. Of the total installed capacity, 271,96 GW comes from non-fossil sources, including renewables and nuclear, compared to 248.54 GW from fossil fuels, Minister of Power Manohar Lal told Parliament.</p>
<p>The Punjab State Electricity Regulatory Commission <a href="https://www.mercomindia.com/punjab-proposes-carry-forward-of-banked-energy-for-insts-open-access-projects" target="_blank" rel="noopener">proposed</a> amendments to the Punjab State Electricity Regulatory Commission (Terms &amp; Conditions for Intra-State Open Access) Regulations, 2011, to permit the carry-forward of banked energy for intrastate transmission system-connected green energy open access projects, including captive users.</p>
<p>Deendayal Port Authority <a href="https://www.mercomindia.com/deendayal-port-invites-bids-for-green-hydrogen-storage-and-fuel-cell-power-project" target="_blank" rel="noopener">invited</a> bids to set up a metal hydride technology-based green hydrogen storage system with a capacity of at least 3 kg and fuel cell-based power generation of at least 4 kW at its port in Kandla, Gujarat. The last date to submit bids is April 6, 2026. Bids will be opened on the same day. The scope of work includes designing, supplying, installing, integrating, testing, and commissioning the project.</p>
<p>PFC Consulting <a href="https://www.mercomindia.com/pfc-consulting-tenders-ists-to-evacuate-6-5-gw-renewable-energy-in-gujarat" target="_blank" rel="noopener">invited</a> bids to establish an interstate transmission system to evacuate 5,500 MW of renewable energy from the Jam Khambhaliya Renewable Energy Zone (Phase II) and 1,000 MW from Jamnagar (Phase I). Together, the system is expected to support the integration of around 6.5 GW of renewable energy capacity in the Dwarka–Jamnagar area. The last date to submit the bids is May 15, 2026. Bids will be opened on the same day.</p>
<p>Solar engineering, procurement, and construction company Solarium Green Energy <a href="https://www.mercomindia.com/solarium-green-commissions-1-gw-solar-module-plant-in-gujarat" target="_blank" rel="noopener">commissioned</a> a fully automated 1 GW solar module manufacturing facility in Ahmedabad, Gujarat. The facility will manufacture up to 725 Wp large-format crystalline silicon G12 solar modules using TOPCon cells and half-cut cells. The plant will also manufacture bifacial modules.</p>
<p>UltraTech Cement, an Aditya Birla Group company, <a href="https://www.mercomindia.com/ultratech-cement-to-source-power-from-60-mw-solar-project-with-battery-storage" target="_blank" rel="noopener">signed</a> an energy supply agreement and a share subscription &amp; shareholders’ agreement to procure power from Sunsure Solarpark Seven’s 60 MW captive solar project integrated with a battery energy storage system in Uttar Pradesh. UltraTech Cement will invest ₹192 million (~$2.07 million) to secure 26.18% stake in the special purpose vehicle of Sunsure Energy.</p>
<p>Global investment firm KKR will <a href="https://www.mercomindia.com/kkr-to-invest-up-to-310-million-in-e-bus-companies-allfleet-and-pmi-electro" target="_blank" rel="noopener">invest</a> up to $310 million (~₹28.63 billion) and form a partnership with electric bus (e-bus) platform Allfleet and e-bus manufacturer PMI Electro. The investment will enable KKR to acquire a majority stake in Allfleet and a minority stake in PMI Electro. The transaction is expected to be completed in mid- 2026.</p>
<p>Waaree Energies <a href="https://www.mercomindia.com/waaree-energies-drawn-into-arbitration-over-enel-green-power-india-deal" target="_blank" rel="noopener">received</a> a request for arbitration from Enel Green Power Development over a dispute arising from a share purchase agreement in 2025, under which Waaree had agreed to acquire the entire share capital of Enel Green Power India. The arbitration has been filed with the International Court of Arbitration of the International Chamber of Commerce, London.</p>
<p>Mumbai-based solar components manufacturer RenewSys <a href="https://www.mercomindia.com/renewsys-commissions-3-gw-solar-module-facility-in-maharashtra" target="_blank" rel="noopener">commissioned</a> a 3 GW solar module manufacturing facility at IndoSpace Industrial Park in Khopoli, Maharashtra. The facility has been designed to support high-volume module production, featuring AI-enabled automated production lines, advanced quality control systems, and logistics integration, with scope for future scalability.</p>
<p>Clean energy solutions provider Clean Max Enviro Energy Solutions <a href="https://www.mercomindia.com/cleanmaxs-income-rises-14-yoy-in-q3-fy-2026" target="_blank" rel="noopener">reported</a> a total income of ₹4.66 billion (~$50.45 million) in the third quarter of the financial year 2026, up 13.9% year-over-year (YoY) from ₹4.09 billion (~$44.28 million). Earnings before interest, taxes, depreciation, and amortization for the quarter stood at ₹3.07 billion (~$33.24 million), increasing 39.6% YoY from ₹2.20 billion (~$23.81 million).</p>


Daily News Wrap-Up: India Hit 119 GW Solar Module, 9 GW Cell Capacity in 2025


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					</table><p><a href="https://www.deendayalport.gov.in/en/" target="_blank" rel="noopener">Deendayal Port Authority</a> has invited bids to set up a metal hydride technology-based green hydrogen storage system with a capacity of at least 3 kg and fuel cell-based power generation of at least 4 kW at its port in Kandla, Gujarat.</p>
<p>The last date to submit bids is April 6, 2026. Bids will be opened on the same day.</p>
<p>Bidders must pay an earnest money deposit of ₹651,045 (~$7,047) and a security deposit of up to 10% of the contract value.</p>
<p>They must also submit a tender fee of ₹5,900 (~$64).</p>
<p>Successful bidders must submit performance security of up to 5% of the contract value.</p>
<p>The project’s estimated value is ₹32.6 million (~$352,867).</p>
<p>The scope of work includes designing, supplying, installing, integrating, testing, and commissioning the project. It also entails operation and maintenance (O&amp;M) for two years, comprising one year of defect liability and one year of comprehensive O&amp;M.</p>
<p>The project also involves the supply of a pressure regulation system for the required quality of hydrogen purification and filtration units, and protection container housing for metal hydride units, fuel cell units, and batteries.</p>
<p>Successful bidders must secure the required statutory certificates and requirements for the implementation of the project.</p>
<p>The project must be designed for saline environmental conditions and must be protected from environmental factors. It must also be designed as a containerized system to enable portability.</p>
<p>The project must be designed for interconnection at the 220/440 voltage level.</p>
<p>The project must be completed within six months. Delays in project completion will attract liquidated damages of up to 0.5% per week, capped at 10%.</p>
<p>Successful bidders must integrate the project with the existing 1 MW green hydrogen plant at Oil Jetty-7.</p>
<p>They must ensure that the output power is compatible with single- and three-phase electricity, and that at least 50% of the IP generated by this technology is shared with Deendayal Port Authority.</p>
<p>Bidders must have designed, supplied, installed, tested, and commissioned a metal hydride storage and fuel power system in the last seven years as follows:<br />
• Designed, supplied, installed, tested, and commissioned at least three metal hydride storage and fuel power systems of at least ₹13 million (~$140,715).<br />
• Designed, supplied, installed, tested, and commissioned at least two metal hydride storage and fuel power systems of at least ₹16.3 million (~$176,435).<br />
• Designed, supplied, installed, tested, and commissioned at least one metal hydride storage and fuel power system of at least ₹26 million (~$281,429).</p>
<p>Bidders must have a minimum annual turnover of ₹9.77 million (~$105,751) in the last three financial years.</p>
<p>Last year, the Gujarat government <a href="https://www.mercomindia.com/gujarats-new-green-hydrogen-policy-targets-3-mmtpa-by-2035" target="_blank" rel="noopener">notified</a> the Green Hydrogen Policy 2025 to achieve a production capacity of 3 million metric tons per annum by 2035. The main objectives also include achieving 30 GW of electrolyzer capacity and 75 GW of renewable energy capacity. The state aims to facilitate nearly ₹5 trillion (~$55.60 billion) in investments across the green hydrogen and renewable energy sectors.</p>
<p>In 2024, the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-issues-innovation-in-green-hydrogen" target="_blank" rel="noopener">unveiled</a> a program to promote innovative production and utilization of green hydrogen across various sectors.</p>


Deendayal Port Invites Bids for Green Hydrogen Storage and Fuel-Cell Power Project


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					</table><p>India’s non-fossil energy sources have reached 52.3% of the country’s total installed power capacity of 520.5 GW as of January 2026, while thermal power continues to account for around 70% of electricity generation, according to the <a href="https://powermin.gov.in/en" target="_blank" rel="noopener">Ministry of Power</a>.</p>
<p>Of the total installed capacity, 271,96 GW comes from non-fossil sources, including renewables and nuclear, compared to 248.54 GW from fossil fuels, Minister of Power Manohar Lal told Parliament.</p>
<p>Renewables account for 263.18 GW, or 50.6% of the total, with solar alone contributing 140.60 GW, or 27%, making it the largest single source in the capacity mix.</p>
<p>Wind capacity stands at 54.65 GW, or 10.5%. Solar capacity is now approximately 2.5 times that of wind, highlighting its position as the primary driver of India’s energy transition.</p>
<p>The expansion of renewable capacity has been rapid, supported by a strong project pipeline. A total of 157.80 GW of renewable capacity is under construction, including 67.28 GW of solar and 60.04 GW of hybrid projects.</p>
<p>In comparison, only 38.74 GW of thermal capacity is under construction, with a longer-term pipeline of 97 GW planned. Nuclear capacity under development stands at 6.6 GW.</p>
<p><strong>Generation still Thermal-Dominated</strong></p>
<p>Despite the shift in installed capacity, electricity generation remains dominated by thermal sources. In FY 2024–25, total electricity generation reached 1.82 trillion units (TU), of which thermal power contributed 1.36 TU, or approximately 74.5%.</p>
<p>Renewable energy, including hydro, generated 403,643 MU, accounting for around 22%. In FY 2025–26, up to January, total generation stood at 1.54 TU, with thermal sources contributing 1.07 TU, or around 70%, and renewables generating 408,365 MU, or about 26%.</p>
<p>Solar generation has reached approximately 138 BU, surpassing wind generation at around 95 BU. Large hydro continues to contribute between 134 BU and 162 BU annually, indicating stable but limited growth. Biomass, bagasse, small hydro, and waste-to-energy together contribute approximately 27,500 MU, representing a marginal share of total generation.</p>
<p><strong>Structural Constraints and Demand</strong></p>
<p>Solar projects operate at capacity utilization levels of around 18% to 22%, while wind ranges between 25% to 35%. In contrast, coal-based plants operate at 60% to 80%, enabling higher output. Thermal power also provides dispatchable and firm supply, which is critical for meeting base load and balancing intermittent renewable generation.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/MoP-Energy-requirement-India-updated-version.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-92120 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/MoP-Energy-requirement-India-updated-version.png" alt="State-wise Details of Energy Requirement and Energy Supplied for April 2025 - January 2026" width="786" height="532" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/MoP-Energy-requirement-India-updated-version.png 786w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/MoP-Energy-requirement-India-updated-version-300x203.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/MoP-Energy-requirement-India-updated-version-768x520.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/MoP-Energy-requirement-India-updated-version-650x440.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/MoP-Energy-requirement-India-updated-version-624x422.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/MoP-Energy-requirement-India-updated-version-600x406.png 600w" sizes="auto, (max-width: 786px) 100vw, 786px" /></a></p>
<p>Pumped hydro storage capacity under construction is at 11.62 GW and battery energy storage system capacity at 9.65 GW.</p>
<p>Demand patterns are constraining the utilization of renewables, as peak demand occurs in the evening when solar generation is unavailable. India’s peak demand reached 249.9 GW in FY 2024–25 and 245.4 GW in FY 2025–26 up to January, with projections rising to 345 GW by 2029–30 and 388 GW by 2031–32.</p>
<p>Renewable energy generation in states like Rajasthan and Gujarat has seen large-scale curtailment, despite new transmission projects coming online. According to developers, nearly 4 GW of commissioned renewable capacity continues to be curtailed during peak solar hours due to inadequate transmission margins. Despite rising power demand, supply availability has improved significantly, with energy shortfalls near zero and peak deficits negligible.</p>
<p>India’s renewable energy capacity, including large hydroelectric projects, <a href="https://www.mercomindia.com/led-by-solar-renewables-overtake-thermal-in-indias-power-mix" target="_blank" rel="noopener">reached</a> 258.3 GW, with solar power accounting for 26.5% of India’s total installed power capacity and 52.7% of the total installed renewable energy capacity as of December 2025.</p>


India’s Non-Fossil Power Capacity Reaches 52.3% as of January 2026


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					</table><p>Global investment firm <a href="https://www.kkr.com/" target="_blank" rel="noopener">KKR</a> will invest up to $310 million (~₹28.63 billion) and form a partnership with electric bus (e-bus) platform <a href="https://www.allfleetinc.com/" target="_blank" rel="noopener">Allfleet</a> and e-bus manufacturer <a href="https://pmielectro.com/" target="_blank" rel="noopener">PMI Electro</a>.</p>
<p>The investment will enable KKR to acquire a majority stake in Allfleet and a minority stake in PMI Electro.</p>
<p>The transaction is expected to be completed in mid- 2026.</p>
<p>KKR’s investment will strengthen Allfleet’s ability to collaborate with public transport authorities to expand e-bus fleets across key cities. It builds on an integrated, end-to-end solution spanning manufacturing, ownership, operations, and lifecycle support enabled by the ongoing partnership between Allfleet and PMI Electro.</p>
<p>Allfleet India is PMI Electro’s e-bus platform, focused on developing, owning, and operating large-scale electric public transport fleets. It plans to deploy more than 5,000 e-buses, operating under long-term concession and service agreements with multiple state transport authorities.</p>
<p>PMI Electro manufactures electric commercial vehicles in India and offers an electric bus portfolio comprising 7-metre, 9-metre, and 12-metre models, as well as electric school buses. To date, the company has deployed more than 3,000 e- buses across more than 30 cities in India.</p>
<p>The investment marks KKR Global Climate Transition&#8217;s first investment in India and its eighth globally, including recent investments in Australia. KKR has committed more than $44 billion to climate and environmental sustainability investments globally so far.</p>
<p>Neil Arora, Partner and Head of KKR’s Climate Transition strategy for Asia Pacific, said, “The differentiated combination of Allfleet’s proven, scalable platform and PMI’s manufacturing and service expertise stands out as a full-service solution in this market.”</p>
<p>In 2024, the Central government <a href="https://www.mercomindia.com/cabinet-pm-edrive-program" target="_blank" rel="noopener">launched</a> the PM-eBus Sewa-Payment Security Mechanism Program, with an outlay of ₹34.35 billion ($409 million) to support the procurement and operation of over 38,000 e-buses from FY 2024-25 to FY 2028-29. It has also allocated ₹36.79 billion ($438.1 million) in subsidies under the PM E-Drive program, including support for deploying 14,028 e-buses.</p>


KKR to Invest Up to $310 Million in E-Bus Companies Allfleet and PMI Electro


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					</table><p>Clean energy solutions provider <a href="https://www.cleanmax.com/" target="_blank" rel="noopener">Clean Max Enviro Energy Solutions</a> reported a total income of ₹4.66 billion (~$50.45 million) in the third quarter (Q3) of the financial year (FY) 2026, up 13.9% year-over-year (YoY) from ₹4.09 billion (~$44.28 million).</p>
<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter stood at ₹3.07 billion (~$33.24 million), increasing 39.6% YoY from ₹2.20 billion (~$23.81 million).</p>
<p>EBITDA margins in the renewable power sales segment improved from 81% to 83%, while margins in the renewable energy services segment increased from 15% to 22%.</p>
<p>The company reported a profit after tax (PAT) of ₹212 million (~$2.29 million), compared to a loss of ₹43 million (~$464,992) in the same quarter last year.</p>
<p>Earnings per share (EPS) rose to ₹2.41 (~$0.0260) from ₹0.25 (~$0.0027) a year ago.</p>
<p>CleanMax reached 3 GW of operational renewable energy capacity and 5.7 GW of contracted capacity as of March 1, 2026.</p>
<p>The company’s contracted but unexecuted renewable capacity stood at around 2.7 GW. Demand from data centers and AI customers accounted for 42% of CleanMax’s contracted portfolio, about 2.4 GW.</p>
<p><strong>9M FY 2026</strong></p>
<p>For the first nine months (9M) of FY 2026, CleanMax reported a total income of ₹14.36 billion (~$155.45 million), up 28.7% YoY from ₹11.15 billion (~$120.70 million)</p>
<p>EBITDA rose 33.3% YoY to ₹9.45 billion (~$102.30 million), compared to ₹7.09 billion (~$76.75 million) in the previous year.</p>
<p>PAT increased to ₹402 million (~$4.35 million) from ₹22 million (~$237,993) in 9M FY 2025, representing a 1,727% increase.</p>
<p>For the nine-month period, diluted EPS increased to ₹3.75 (~$0.0405) from ₹0.59 (~$0.0063).</p>
<p>CleanMax expects to sustain growth momentum, with guidance indicating over 1.5 GW of annual capacity additions in FY2027.</p>
<p>CleanMax recently <a href="https://www.mercomindia.com/tcpl-packaging-to-procure-power-from-cleanmaxs-3-mw-solar-project" target="_blank" rel="noopener">signed</a> an agreement with TCPL Packaging to supply renewable power for its operations, adding to a growing list of corporate clean energy partnerships the company has secured across sectors. Recent deals include CEAT <a href="https://www.mercomindia.com/ceat-to-augment-clean-power-use-from-cleanmaxs-59-mw-wind-solar-projects" target="_blank" rel="noopener">procuring</a> power from CleanMax’s 59 MW wind-solar hybrid projects for its facilities in Gujarat and Tamil Nadu, BASF India <a href="https://www.mercomindia.com/basf-india-to-procure-power-from-cleanmaxs-12-21-mw-wind-solar-project" target="_blank" rel="noopener">sourcing</a> renewable energy from a 12.21 MW wind-solar hybrid project in Gujarat, and GSK Pharma <a href="https://www.mercomindia.com/gsk-pharma-to-procure-power-from-cleanmaxs-4-95-mw-solar-project" target="_blank" rel="noopener">entering</a> into an arrangement to procure power from a 4.95 MW solar project in Maharashtra.</p>
<p>In February, CleanMax’s ₹31 billion (~$340.92 million) initial public offering (IPO) was <a href="https://www.mercomindia.com/renewable-energy-solutions-provider-cleanmaxs-ipo-subscribed-94/" target="_blank" rel="noopener">subscribed</a> 0.94 times at the end of the bidding window. The IPO saw bids for 20.57 million shares out of the 21.8 million shares on offer.</p>


CleanMax’s Income Rises 14% YoY in Q3 FY 2026


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-mga-thermal-secures-12-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, has</strong><a href="https://mercomcapital.com/thermal-energy-storage-company-mga-thermal-secures-12-million/" target="_blank" rel="noopener"><strong> secured</strong></a><strong> A$17 million (~$12 million) in funding.</strong> The latest round brings the total capital raised to more than A$50 million (~$35 million). The new investment will be used to accelerate the company’s transition from pilot deployments to full commercial rollout.</p>
<p><strong>Amarenco, an independent power producer, </strong><a href="https://mercomcapital.com/amarenco-secures-150-million-preferred-equity-tranche/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a €130 million (~$150 million) preferred equity tranche </strong>from its long-standing shareholder Arjun Infrastructure Partners. The facility will be used to accelerate its growth in European markets. The investment is expected to reinforce the company’s integrated independent power producer platform and support its trajectory towards structural autonomy</p>
<p><strong>Doral Renewables, a utility-scale renewable energy project developer, has </strong><a href="https://mercomcapital.com/doral-renewables-secures-525-million-in-letter-of-credit-financing/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> approximately $525 million in letter of credit facilities.</strong> The first transaction is an approximately $385 million Deferred Equity Contribution Guarantee facility, and the second arrangement is an approximately $140 million all-purpose guarantee facility.</p>
<p><strong>AmpliSi, a U.K.-based advanced materials company that develops silicon anodes for lithium-ion batteries, has </strong><a href="https://mercomcapital.com/amplisi-secures-2-7-million-in-pre-seed-funding-round/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> £2 million (~$2.7 million)</strong> in a pre-seed funding led by Northern Gritstone and Clean Growth Fund. The latest funding round will support AmpliSi’s transition from laboratory development toward industrial scale-up and early customer engagement.</p>
<p><strong>A consortium of three investors led by LeapFrog Investments, Emerging Market Climate Action Fund, and Carlyle AlpInvest has </strong><a href="https://www.mercomindia.com/renew-offloads-11-stake-in-ci-arm-for-95-million" target="_blank" rel="noopener"><strong>picked</strong></a><strong> up a combined stake of approximately 11.3% in</strong> <strong>ReNew Green Energy Solutions</strong>, the commercial and industrial platform of ReNew Energy Global. LeapFrog led the investment round, committing $50 million.</p>
<p><strong>Swift Solar, a company that designs and manufactures Perovskite-based photovoltaic cells, has </strong><a href="https://mercomcapital.com/swift-solar-acquires-meyer-burgers-manufacturing-assets-and-ip/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> the core manufacturing assets and intellectual property of Meyer Burger</strong>, a manufacturer of solar cells and modules. With this acquisition, Swift Solar plans to build a GW-scale HJT cell and module manufacturing facility in the U.S. The company also plans to add perovskite tandems to the same factory.</p>
<p><strong>Alternative credit platform BlackSoil has </strong><a href="https://www.mercomindia.com/blacksoil-invests-%E2%82%B9750-million-in-euler-motors-to-support-ev-growth" target="_blank" rel="noopener"><strong>invested</strong></a><strong> ₹750 million (~$8.1 million) in electric vehicle manufacturer Euler Motors</strong> as part of a funding round following the company’s Series D raise completed in May 2025. The round was led by BlackSoil with participation from several other investors. The capital will primarily support Euler Motors’ operational requirements and expansion plans.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week’s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-heliup-raises-19-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: MGA Thermal Secures $12 Million


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					</table><p>The Punjab State Electricity Regulatory Commission (<a href="https://pserc.punjab.gov.in/" target="_blank" rel="noopener">PSERC</a>) has proposed amendments to the Punjab State Electricity Regulatory Commission (Terms &amp; Conditions for Intra-State Open Access) Regulations, 2011, to permit the carry-forward of banked energy for intrastate transmission system (InSTS) connected green energy open access projects, including captive users.</p>
<p>It proposed permitting the month-to-month carry-forward of banked energy until the end of the settlement period.</p>
<p>Stakeholders can share their feedback before April 20, 2026.</p>
<p>As per the draft amendments, the carry-forward of banked energy will be allowed from June 1 of the current calendar year to May 31 of the next calendar year.</p>
<p>The proposed amendments also specify that any unused banked energy remaining at the end of the settlement period will lapse, and no compensation will be provided for the lapsed energy.</p>
<p>The settlement period for FY 2026 is proposed to be extended to May 31, 2026, with any unused surplus power for FY 2026 to be managed under the Electricity (Promoting Renewable Energy to Green Energy Open Access) Amendment Rules, 2023.</p>
<p>Last year, PSERC <a href="https://mercomindia.com/pserc-approves-additional-surcharge-for-partial-and-full-open-access-power-consumers" target="_blank" rel="noopener">accepted</a> the Punjab State Power Corporation’s request to approve an additional surcharge of ₹1.22 (~$0.014)/kWh for full open access consumers and ₹0.83 (~$0.009)/kWh for partial open access power consumers.</p>
<p>For InSTS-connected projects, PSERC <a href="https://mercomindia.com/punjab-draft-deviation-settlement-guidelines" target="_blank" rel="noopener">issued</a> the draft Deviation Settlement Mechanism and Related Matters Regulations, 2025, to establish a commercial mechanism to ensure grid users’ adherence to scheduled electricity drawal and injection and maintain grid security and stability.</p>
<p>The Ministry of Power recently <a href="https://www.mercomindia.com/easing-group-captive-norms-may-boost-ci-participation" target="_blank" rel="noopener">allowed</a> group captive projects to meet the 51% consumption requirement collectively, rather than based on the individual proportionality requirement. This has raised hopes for increased adoption of open access by commercial and industrial consumers.</p>
<p>According to Mercom’s Q4 &amp; Annual 2025 India Solar Open Access Market Report, India <a href="https://www.mercomindia.com/india-adds-7-8-gw-of-solar-open-access-capacity-in-2025" target="_blank" rel="noopener">added</a> 7.8 GW of solar open access capacity in 2025, a largely flat 0.5% year-over-year growth from 7.7 GW.</p>
<p>Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.</p>


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