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Madhya Pradesh Lays Out Banking SOP for Green Energy Open Access Consumers

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					</table>India added nearly 6 GW of solar open access capacity in the first half (1H) of the calendar year 2026, up 42% year-over-year (YoY) compared to 4 GW, according to Mercom India’s newly released <a href="https://www.mercomindia.com/product/q2-2026-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener">Q2 2026 India Solar Open Access Market Report</a>.
In the second quarter (Q2), 3 GW of solar open access capacity was added, the highest quarterly addition on record, and an increase of 10% quarter-over-quarter (QoQ).
As of June 2026, India’s cumulative installed solar open access capacity stood at 36 GW.
Installation activity during 1H 2026 was shaped by regulatory deadlines and evolving market conditions. Developers accelerated procurement and project commissioning ahead of the phased reduction in the interstate transmission system charges waiver and the implementation of sourcing requirements under the Approved List of Models and Manufacturers (ALMM) List-II.
Although the ALMM List-II compliance deadline for open access projects was later deferred to the end of 2026, the relief came only after the original deadline had passed, prompting many developers to advance their procurement and commissioning schedules.
Priya Sanjay, Managing Director at Mercom India, said that the record installations and a large pipeline demonstrate the strength of underlying demand from commercial and industrial (C&amp;I) consumers.
Rising project costs, transmission constraints, changing banking and open access regulations, and domestic sourcing requirements are pressuring project economics. “The opportunity remains significant, but growth will increasingly depend on states providing predictable regulations and developers being able to deliver projects at tariffs that continue to offer meaningful savings to consumers,” she said.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/report1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-103507 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/report1.png" alt="" width="921" height="556" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/report1.png 921w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/report1-300x181.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/report1-768x464.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/report1-650x392.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/report1-624x377.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/report1-600x362.png 600w" sizes="auto, (max-width: 921px) 100vw, 921px" /></a>
Rajasthan led solar open access capacity additions in Q2 2026, accounting for 25% of the total, while the top five states contributed 91% of quarterly installations.
Demand across these markets came from a broad base of C&amp;I consumers, including automotive, cement, chemicals, electrical and electronics, fast-moving consumer goods, healthcare, information technology, data centers, petroleum, pharmaceuticals, and textiles sectors.
Sanjay highlighted that solar project costs are expected to rise, as ALMM-II-compliant modules are likely to be more expensive than non-DCR modules. She added that developers are expected to accelerate project execution to capture the cost benefits from the ALMM extension for open access projects, although their ability to do so will depend heavily on securing timely grid connectivity.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/report2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-103508 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/report2.png" alt="" width="1195" height="727" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/report2.png 1195w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/report2-300x183.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/report2-768x467.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/report2-650x395.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/report2-624x380.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/report2-600x365.png 600w" sizes="auto, (max-width: 1195px) 100vw, 1195px" /></a>
Karnataka led with a 21% share, followed by Rajasthan and Maharashtra at 16% each. Together, the top five states accounted for 77% of cumulative capacity, reflecting the market’s continued concentration in states with strong industrial demand and established open access frameworks.
The development pipeline in the top solar open access states also remains substantial. Rajasthan had the largest pipeline, followed closely by Maharashtra and Karnataka.
In the first two months of 2026, Karnataka emerged as the leading seller in the Green Day-Ahead Market (G-DAM), accounting for 35% of electricity sold. Punjab was the leading procurer from G-DAM, followed by Damodar Valley Corporation and Gujarat.
The volume traded in the Green Term-Ahead Market (G-TAM) on IEX was 67.2 MU in these two months.
The cleared volume of renewable energy certificates (RECs) traded on the Indian Energy Exchange declined 86% compared to Q1 2026. The sharp fall in REC trading followed elevated activity in Q1, when obligated entities stepped up purchases ahead of the financial year-end to meet renewable purchase obligation requirements.
Looking ahead, Sanjay said that while the ALMM-II extension is expected to accelerate project execution, developers’ ability to capitalize on the opportunity will depend on the regulatory environment and how effectively they absorb additional costs arising from state-level mandates, including storage requirements such as those in Maharashtra.
She added that if developers can overcome these bottlenecks, the period through December presents a strong window for project execution.
The report tracks how market and regulatory shifts are affecting project economics across 13 major states, with state-level analysis of retail tariffs, power purchase agreement prices, open access charges, installed capacity, and the development pipeline.
The Q2 2026 Solar Open Access Market Report by Mercom India provides vital market data and insights. For the complete report, visit: 
<a href="https://www.mercomindia.com/product/q2-2026-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener">https://www.mercomindia.com/product/q2-2026-mercom-india-solar-open-access-market-report</a>

India’s Solar Open Access Capacity Up 6 GW in 1H 2026

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					</table>India <a href="https://www.mercomindia.com/india-adds-record-27-gw-of-solar-capacity-in-first-half-of-2026" target="_blank" rel="noopener">added</a> a record 27 GW of solar capacity in the first half (1H) of the calendar year 2026, up 49% year-over-year (YoY) from 18 GW, according to Mercom India Research’s newly released Q2 and 1H 2026 India Solar Market Update. India installed nearly 12 GW of solar capacity in the second quarter (Q2) of 2026, making it the second-highest quarterly addition on record.
India’s nascent floating solar market has <a href="https://www.mercomindia.com/indias-floating-solar-hinges-more-than-subsidies" target="_blank" rel="noopener">struggled</a> to scale amid high project costs, complex reservoir engineering, fragmented water-surface allocation, and limited technical standards. The ₹50.7 billion (~$530.20 million) Pradhan Mantri Surya Sarovar Yojana, recently approved by the Union Cabinet, could lower one of the biggest barriers – cost.
The Bihar government <a href="https://www.mercomindia.com/bihar-offers-rooftop-solar-subsidy-top-up-of-%E2%82%B910000-kw-under-pm-surya-ghar" target="_blank" rel="noopener">approved</a> additional financial assistance of ₹10,000 (~$105)/kW for residential consumers installing rooftop solar systems under PM Surya Ghar: Muft Bijli Yojana. The state Cabinet approved the Energy Department’s proposal to provide an additional subsidy in addition to the financial assistance available from the central government.
The Odisha government <a href="https://www.mercomindia.com/odisha-amends-renewable-energy-policy-to-support-wind-storage" target="_blank" rel="noopener">announced</a> additional incentives for battery energy storage, removed the capacity cap on wind project allocations, and extended electricity duty benefits for eligible renewable energy consumers. These initiatives are part of the amendments to the Odisha Renewable Energy Policy, 2022, approved by the Odisha Cabinet.
The Appellate Tribunal for Electricity <a href="https://www.mercomindia.com/aptel-upholds-capacity-based-wheeling-charges-for-captive-wind-project" target="_blank" rel="noopener">upheld</a> Ajmer Vidyut Vitran Nigam’s decision to levy wheeling charges based on the higher of contracted or utilized open access capacity of a captive wind project in Rajasthan,
A manufacturing facility in Maharashtra <a href="https://www.mercomindia.com/solar-plus-storage-cuts-grid-imports-and-diesel-use-at-maharashtra-firm" target="_blank" rel="noopener">reduced</a> its monthly grid electricity purchases by 11.1% and lowered diesel consumption after integrating a 600 kW/1.2 MWh battery energy storage system (BESS) with its existing 500 kW rooftop solar installation. The BESS project at Western Metal Industries’ facility in Pune integrates rooftop solar, battery storage, grid supply, and diesel generation through an energy management system developed by Harmonizer Energy.
The Godavari Marathwada Irrigation Development Corporation <a href="https://www.mercomindia.com/maharashtra-invites-eois-for-115-mw-floating-solar-project-with-battery-storage" target="_blank" rel="noopener">invited</a> expressions of interest to develop a 115 MW floating solar project with a co-located battery energy storage system in Maharashtra. The last date to submit bids is September 2, 2026. Bids will be opened on September 4.
Rajasthan Renewable Energy Corporation <a href="https://www.mercomindia.com/rajasthan-floats-consultancy-tender-for-45-mw-renewable-energy-projects" target="_blank" rel="noopener">invited</a> bids to select an agency to prepare detailed project reports for 45 MW of renewable energy projects in the state. The projects will have indicative capacities of 30 MW at Mathania in Jodhpur district and 15 MW at Phalodi. The last date to submit bids is August 24, 2026. Bids will be opened on August 25.
Gujarat Urja Vikas Nigam <a href="https://www.mercomindia.com/gujarat-tenders-1-gw-4-gwh-standalone-battery-storage-projects" target="_blank" rel="noopener">invited</a> bids to set up 1,000 MW/4,000 MWh of standalone battery energy storage systems in the state (Phase-X). The last date to submit bids online is September 14, 2026. Bids will be opened on September 18.
Motilal Oswal Group <a href="https://www.mercomindia.com/inox-clean-raises-billion-motilal-oswal-group" target="_blank" rel="noopener">committed</a> ₹15 billion (~$157.20 million) to Inox Clean Energy, the integrated renewable energy platform of the INOXGFL Group. Of the amount, ₹10 billion (~$104.80 million) has already been invested through compulsorily convertible debentures.
Jaipur-based solar module manufacturer Insolation Energy <a href="https://www.mercomindia.com/strong-solar-module-demand-drives-insolation-energys-q1-revenue-up-105" target="_blank" rel="noopener">posted</a> revenue of ₹7.41 billion (~$77.6 million) in Q1 of the financial year 2026-27, up 104.7% YoY compared to ₹3.62 billion.

Daily News Wrap-Up: India Adds 27 GW of Solar in 1H 2026

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					</table>India added a record 27 GW of solar capacity in the first half (1H) of the calendar year (CY) 2026, up 49% year-over-year (YoY) from 18 GW, according to Mercom India Research’s newly released <a href="https://www.mercomindia.com/product/q2-2026-india-solar-market-update" target="_blank" rel="noopener">Q2 and 1H 2026 India Solar Market Update</a>.
India installed nearly 12 GW of solar capacity in the second quarter (Q2) of 2026, making it the second-highest quarterly addition on record. Installations declined 24% from 15 GW in the first quarter but remained broadly flat YoY.
Solar project commissioning remained strong during the first half, supported by rising clean energy demand and developers accelerating project completion around the financial year-end and ahead of regulatory and transmission-related deadlines.
<blockquote>“India added record solar capacity in the first half of 2026, supported by strong demand and projects moving ahead of key policy changes. The concern now is whether this pace can continue. Utility-scale project commissioning is being slowed mainly by limited transmission availability and domestic cell shortages, along with other project-level challenges. Several projects are nearing completion but cannot connect to the grid because evacuation infrastructure is not yet ready. ALMM List-II has added pressure on domestic cell supply, especially TOPCon, affecting timely procurement and project planning. India’s large project pipeline will not translate into commissioned capacity at current forecasted levels unless these major bottlenecks are addressed,” said Raj Prabhu, CEO of Mercom Capital Group.</blockquote>
According to the report, the limited availability and higher prices of ALMM-compliant domestic cells also contributed to the decline in installations from the previous quarter. Many projects that had already secured equipment and transmission readiness were commissioned earlier, while some developers faced higher procurement costs after the ALMM List-II requirement took effect.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table3-Solar-Market-Update-Report.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-103017 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table3-Solar-Market-Update-Report.png" alt="Table3-Solar Market Update Report" width="1029" height="348" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table3-Solar-Market-Update-Report.png 1029w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table3-Solar-Market-Update-Report-300x101.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table3-Solar-Market-Update-Report-768x260.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table3-Solar-Market-Update-Report-650x220.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table3-Solar-Market-Update-Report-624x211.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table3-Solar-Market-Update-Report-600x203.png 600w" sizes="auto, (max-width: 1029px) 100vw, 1029px" /></a>
<blockquote>Priya Sanjay, Managing Director at Mercom India, said, “A significant portion of large-scale solar installations came from the open access segment, indicating strong demand from commercial and industrial (C&amp;I) consumers. Another factor was the ALMM mandate for solar cells, which came into effect on June 1. Developers rushed to commission projects before the restriction became applicable.”
“The other major factor was the phasing out of ISTS charges waiver. Developers commissioning later would have had to pay higher transmission charges, which may not have been factored into the tariffs at which they originally bid,” Sanjay added.</blockquote>
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table2-Solar-Market-Update-Report-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-103020 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table2-Solar-Market-Update-Report-1.png" alt="Table2-Solar Market Update Report" width="599" height="334" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table2-Solar-Market-Update-Report-1.png 599w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table2-Solar-Market-Update-Report-1-300x167.png 300w" sizes="auto, (max-width: 599px) 100vw, 599px" /></a>
Large-scale solar installations totaled 8 GW during Q2, down 37% quarter-over-quarter (QoQ) from 13 GW and 23% YoY from 10 GW. The segment accounted for 68% of total solar capacity additions during the quarter. Rooftop solar additions reached 4 GW, accounting for 33% of quarterly additions.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table1-Solar-Market-Update-Report-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-103019 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table1-Solar-Market-Update-Report-1.png" alt="Table1-Solar Market Update Report" width="935" height="570" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table1-Solar-Market-Update-Report-1.png 935w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table1-Solar-Market-Update-Report-1-300x183.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table1-Solar-Market-Update-Report-1-768x468.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table1-Solar-Market-Update-Report-1-650x396.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table1-Solar-Market-Update-Report-1-624x380.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/Table1-Solar-Market-Update-Report-1-600x366.png 600w" sizes="auto, (max-width: 935px) 100vw, 935px" /></a>
Capacity additions remained highly concentrated geographically. Gujarat accounted for 40% of large-scale solar capacity additions during the quarter, followed by Rajasthan at 19% and Maharashtra at 17%.
As of June 2026, India’s cumulative installed solar capacity reached 165 GW. Large-scale solar projects accounted for 83% of the total, while rooftop solar represented 17%.
Solar photovoltaic capacity accounted for 30% of India’s total installed power capacity and 57% of renewable energy capacity at the end of Q2.
Rajasthan led the country in cumulative installed large-scale solar capacity, with a 31% share, followed by Gujarat at 22% and Karnataka at 11%.
The top 10 states accounted for 98% of large-scale solar installations during Q2.
India’s large-scale solar project pipeline stood at 208 GW as of June 2026. An additional 151 GW of projects had also been tendered and were awaiting auction.
Tender, Auction Activity Declines
Large-scale solar tender activity slowed sharply during the first half of 2026. Tenders totaling 11 GW were announced during the period, down 54% from 24 GW in 1H 2025.
Utility-scale solar projects totaling 5 GW were auctioned, down 59% YoY from 13 GW.
“Two things currently take the longest time: land acquisition and transmission connectivity. Earlier, equipment supply was less of a constraint. Today, even procuring transformers can involve an eight-month waiting period. There is also a substantial backlog of projects for which power purchase agreements (PPAs) and power sale agreements (PSAs) have not been signed. If those projects have not progressed, issuing more tenders does not necessarily solve the problem,” Sanjay said.
<blockquote>“Instead of creating a very long gestation period with uncertainty at every stage, it is better to clear the existing backlog and then proceed with new bidding. Once the backlog is cleared, subsequent activity can move faster. PSAs can be signed more quickly, PPAs can follow, and other project requirements can fall into place,” she added.</blockquote>
During Q2, tenders for 5 GW of utility-scale solar capacity were issued, down 22% YoY from 7 GW and 6% quarter-over-quarter from 6 GW.
Auctions totaled 2 GW during the quarter, declining 56% from 4 GW in the preceding quarter and 40% from 3 GW YoY.
Mercom&#8217;s Q2 and 1H 2026 India Solar Market Update report covers all facets of India&#8217;s solar market. For the complete report, visit: <a href="https://www.mercomindia.com/product/q2-2026-india-solar-market-update" target="_blank" rel="noopener">https://www.mercomindia.com/product/q2-2026-india-solar-market-update</a>

India Adds Record 27 GW of Solar Capacity in First Half of 2026

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					</table>India added solar projects totaling 18 GW in the first half (1H) of 2025, a 31% year-over-year (YoY) increase from the same period last year, according to Mercom India Research’s newly released <a href="https://www.mercomindia.com/product/q2-2025-india-solar-market-update" target="_blank" rel="noopener">Q2 2025 India Solar Market Update</a>.
In the second quarter (Q2) of 2025, India added 11.3 GW of solar capacity, a 145.4% YoY increase from 4.6 GW and a 66.9% <a href="https://www.mercomindia.com/india-adds-7-gw-solar-capacity-q1-2025" target="_blank" rel="noopener">increase</a> from Q1 2025.
Solar accounted for 64% of new power capacity additions in Q2 2025.
In 1H 2025, solar project commissioning in India accelerated due to regulatory deadlines.
Developers aimed for partial commissioning before June 2025 to secure interstate transmission system (ISTS) charge waivers, supported by the rising demand from distribution companies (DISCOMs) for round-the-clock (RTC) power.
According to Priya Sanjay, Managing Director at Mercom India, the rush to commission projects before the expiry of the interstate transmission system charges waiver was the major driver behind solar capacity additions in Q2.
She added that the installations would have been higher if there were fewer challenges in securing modules compliant with domestic content requirements (DCR).
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Q22025QMU-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-83682 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Q22025QMU-1.png" alt="" width="940" height="316" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Q22025QMU-1.png 940w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Q22025QMU-1-300x101.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Q22025QMU-1-768x258.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Q22025QMU-1-650x219.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Q22025QMU-1-624x210.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/Q22025QMU-1-600x202.png 600w" sizes="auto, (max-width: 940px) 100vw, 940px" /></a>
Rajasthan, Gujarat, and Maharashtra led in large-scale solar capacity additions for the quarter, accounting for 33.7%, 27%, and 17.4% of installations, respectively.
About the future of vanilla solar projects, Sanjay said the extent of demand for vanilla projects will depend on the demand from DISCOMs. “One of the reasons for the likelihood of wind-solar hybrid projects to take the forefront is better utilization of land and transmission infrastructure for hybrid projects. If there is a smaller tariff gap between hybrid and vanilla projects, even DISCOMs may prefer offtake from hybrid projects.”
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/ud-cart.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-83720 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/ud-cart.png" alt="" width="955" height="456" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/ud-cart.png 955w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/ud-cart-300x143.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/ud-cart-768x367.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/ud-cart-650x310.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/ud-cart-624x298.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/ud-cart-600x286.png 600w" sizes="auto, (max-width: 955px) 100vw, 955px" /></a>
“India’s solar installations surged in Q2 with over 11 GW added, making it one of the strongest quarters to date. Developers continue to face shortages of DCR-compliant modules, transmission and substation bottlenecks, and delays in power purchase agreement signings. At the same time, the market is transitioning toward storage, RTC, and hybrid projects to address grid challenges and curtailment risks. Without stronger domestic manufacturing output and balanced policy interventions, installations will remain under pressure and lag behind the expanding pipeline,” said Raj Prabhu, CEO at Mercom Capital Group
Utility-Scale Projects
Large-scale solar capacity rose by 20% YoY from 12.6 GW in 1H 2024.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/image-9.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-83694 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/image-9.png" alt="" width="1033" height="595" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/image-9.png 1033w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/image-9-300x173.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/image-9-768x442.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/image-9-650x374.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/image-9-624x359.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/08/image-9-600x346.png 600w" sizes="auto, (max-width: 1033px) 100vw, 1033px" /></a>
As of June 2025, India&#8217;s cumulative installed solar capacity stood at 116.4 GW.
Large-scale projects accounted for nearly 86%, and rooftop solar accounted for almost 14% of the cumulative installations. Solar projects accounted for 24% of India&#8217;s total installed power capacity and over 49% of the total installed renewable energy capacity as of the end of June 2025.
Rajasthan, Gujarat, and Karnataka were the top three states in cumulative installations of large-scale solar projects, accounting for around 29%, 18%, and 13%, respectively.
As of June 2025, the top 10 states accounted for over 95% of cumulative large-scale solar installations.
Tenders and Auctions
As of June 2025, India&#8217;s large-scale solar project pipeline stood at almost 191 GW, with an additional over 131 GW of projects tendered and pending auction.
In Q2 2025, tenders issued for utility-scale solar capacity dropped by 65% YoY to 6.5 GW from 18.6 GW and 53.8% quarter-over-quarter (QoQ) from 14.1 GW, as the Ministry of New and Renewable Energy is yet to announce detailed quarterly targets or allocate capacities to implementing agencies, adding to the uncertainty
In 1H 2025, 20.6 GW of large-scale solar capacity tenders were announced, down 58.2% from 49.3 GW during the same period in 2024.
Sanjay noted that the drop was due to the confusion among developers on whether to account for ISTS waiver charges in the tariff. “Module availability remains another issue unaddressed.”
Auctions for utility-scale solar projects in Q2 2025 totaled 1.6 GW, down 75.2% from 6.7 GW from the same period last year and 74.1% QoQ from 6.4 GW.
In 1H 2025, 8.1 GW of utility-scale solar projects were auctioned, a 74% drop from 31.8 GW in 1H 2024.
With the issuance of the Approved List of Models and Manufacturers (ALMM) List II for cells, Sanjay sees a short-term supply crunch.
She said developers and manufacturers agree there will be a short-term supply shortage of modules manufactured using cells from ALMM-List II.
“Cell manufacturing plants take longer to come online compared to modules. Many existing cell manufacturing plants may not even be operating at their full production capacity, and the government should account for that when estimating the country’s cell manufacturing capacity.”
Sanjay said developers feel that the government should extend some leeway on a case-by-case basis.
Mercom&#8217;s Q2 2025 India Solar Market Update report is 94 pages long and covers all facets of India&#8217;s solar market. For the complete report, visit: <a href="https://www.mercomindia.com/product/q2-2025-india-solar-market-update" target="_blank" rel="noopener">https://www.mercomindia.com/product/q2-2025-india-solar-market-update</a>

Solar Installations in India Jumped 31% YoY in 1H 2025

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					</table>Wind solutions provider <a href="https://www.suzlon.com/" target="_blank" rel="noopener">Suzlon Energy</a>’s net profit jumped year-over-year (YoY)  97.05% to ₹2.01 billion (~$23.90 million) in the second quarter (Q2) of the financial year (FY) 2024-25 from ₹1.02 billion (~$12.13 million).
The company’s revenue rose 48.42% to ₹21.21 billion (~$252.26 million) in Q2 from ₹14.29 billion (~$169.96 million) in the same period last year.
Suzlon’s Earnings before interest, taxes, depreciation, and amortization (EBITDA) also rose 30.66% to ₹2.94 billion (~$34.96 million) from ₹2.25 billion (~$26.76 million).
The company’s order book stands at 5.1 GW. The commercial and industrial and captive and retail sectors accounted for 2.7 GW, central and state projects accounted for 1.2 GW , and public sector undertakings 1.2 GW.
Suzlon has a 20.9 GW global installed wind energy capacity. The company has an installed base of 15 GW in India and more than 9,900 turbines installed.
1H results
In the first half (1H) of FY25, the company’s revenue increased 49.31% YoY to ₹41.66 billion (~$495.49 million) from ₹27.9 billion (~$331.83 million).
The company’s net profit also soared 147.78% YoY to ₹5.03 billion (~$59.82 million) from ₹2.03 billion (~$24.14 million).
<img loading="lazy" decoding="async" class=" wp-image-72130 aligncenter" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/suzlon-chart-300x158.png" alt="" width="772" height="407" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/suzlon-chart-300x158.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/suzlon-chart-768x405.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/suzlon-chart-650x342.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/suzlon-chart-624x329.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/suzlon-chart-600x316.png 600w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/suzlon-chart.png 1116w" sizes="auto, (max-width: 772px) 100vw, 772px" />
Suzlon  <a href="https://mercomindia.com/suzlon-wind-turbine-order-ntpc-green" target="_blank" rel="noopener">signed</a> a 1,166 MW  wind energy order from NTPC Green Energy to install a total of 370 wind turbine generators of S144 equipped with a Hybrid Lattice Tubular tower and a rated capacity of 3.15 MW each.
The company also executed definitive agreements to acquire a 76% stake in Renom Energy Services in two tranches from the Sanjay Ghodawat Group.
It <a href="https://www.mercomindia.com/suzlon-secures-turbine-order-from-jindal-renewables" target="_blank" rel="noopener">received</a> a 400 MW wind order from JSP Green Wind 1, a special-purpose vehicle of Jindal Renewables.
In Q1 FY25, Suzlon Energy <a href="https://mercomindia.com/suzlons-q1-2025-net-profit" target="_blank" rel="noopener">recorded</a> net revenue of ₹20.16 billion (~$241.02 million), a 50% YoY increase from ₹13.48 billion (~$161.16 million).
In Q4 FY24, the company’s total income <a href="https://www.mercomindia.com/suzlon-energys-q4-income-rises-as-order-book-swells" target="_blank" rel="noopener">reached</a> ₹21.79 billion (~$262 million), a 29.85% YoY increase from ₹17 billion (~$204.6 million).

Suzlon Energy’s Net Profit Rises 97% YoY in Q2 FY2025

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					</table>Spain-based renewable energy company EDP Renewables (<a href="https://www.edpr.com/" target="_blank" rel="noopener">EDPR</a>) reported a net profit of €265 million (~$270 million) in the first half (1H) of 2022, an 87% year-over-year growth.
EDPR&#8217;s revenues reached €1,237 million, a 45% YoY growth, or an increase of €381 million (~$389 million) from the previous year.
The company recorded earnings before interest, taxes, depreciation, and amortization (EBITDA) of €976 million (~$996 million), a 49% YoY growth.
This performance, supported by the 16% increase in generation compared to last year, was driven by additional installed capacity and stronger renewable resources.
EDPR has 1.8 GW of wind and 1.3 GW of solar capacity under construction as of June 22.
Installed capacity increased to 13.8, with Europe and North America representing 40% and 51% of the portfolio, respectively. EDPR&#8217;s portfolio comprises 12.2 GW of wind onshore and 1.3 GW of solar.
EDPR generated 17.8 TWh of clean energy in the 1H 2022, an increase of 16% YoY, avoiding 11 million tons of CO2 emissions, with Europe and North America representing 36% and 57% of total generation output, respectively.
In Europe, generation increased 10% compared to last year, impacted by higher installed capacity and a stable renewable resource.
In North America, the output is up 12% interannually, reflecting better renewable resources in the U.S. and Canada. In South America, production increased 111% compared to the previous year, driven by higher installed capacity in Brazil, partially offset by lower renewable resources.
In June, EDPR <a href="https://mercomindia.com/edp-renewables-invest-1-58-billion-develop-offshore-wind/" target="_blank" rel="noopener">announced</a> that it would invest €1.5 billion (~$1.58 billion) in Ocean Winds through a 50:50 joint venture with global energy company Engie. The investment is part of the company&#8217;s strategic partnership announced in 2021 to accelerate energy transition through offshore wind.
Earlier this year, EDPR said it would <a href="https://mercomindia.com/daily-news-wrap-up-nhpc-hdfc-securitization-deal/" target="_blank" rel="noopener">acquire</a> a 91% stake in Sunseap and announced the closure of its S$1.1 billion (~$795 million) deal with the solar energy system developer. The company is mulling an investment of S$10 billion (~$7.2 billion) in 2030 to create an industry-leading clean energy hub for the Asia-Pacific region, with a portfolio including nearly 10 GW of clean projects.

EDP Renewables Net Profit Rises by 87% YoY to $270 Million

Total corporate funding (including venture capital funding, public market, and debt financing) for Energy Storage, Smart Grid, and Efficiency companies in 1H 2022 was up significantly year-over-year (YoY) with $17 billion compared to $10.4 billion raised in 1H 2021.
To get a copy of the report, visit: <a href="https://cms.mercomindia.com/product/1h-q2-2022-funding-ma-report-for-storage-grid-efficiency">https://cms.mercomindia.com/product/1h-q2-2022-funding-ma-report-for-storage-grid-efficiency</a>
<a href="https://cms.mercomindia.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-Efficiency-Corporate-Funding-1H-2021-1H-2022.jpg"><img loading="lazy" decoding="async" class="aligncenter wp-image-10556" src="https://cms.mercomindia.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-Efficiency-Corporate-Funding-1H-2021-1H-2022-1024x301.jpg" alt="Energy Storage, Smart Grid, Efficiency Corporate Funding 1H 2021-1H 2022" width="900" height="265" /></a>
Global VC funding (venture capital, private equity, and corporate venture capital) for Energy Storage, Smart Grid, and Efficiency companies come in 20% lower in 1H 2022 with $3.9 billion compared to $4.9 billion in 1H 2021. One large deal in Q2 2021 contributed to the difference.
In Q2 2022, VC funding for Energy Storage, Smart Grid, and Efficiency companies increased to $2.4 billion in 34 deals compared to $1.6 billion in 37 deals in Q1 2022. Funding amounts were 34% lower YoY compared to the $3.6 billion raised in 28 deals in Q2 2021.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2022.jpg"><img loading="lazy" decoding="async" class="aligncenter size-large wp-image-10567" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2022.jpg" alt="Energy Storage, Smart Grid, and Efficiency Top VC Funded Deals in 1H 2022" width="625" height="469" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2022.jpg 1227w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2022-300x225.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2022-768x576.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2022-650x487.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2022-624x468.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Energy-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2022-600x450.jpg 600w" sizes="auto, (max-width: 625px) 100vw, 625px" /></a>
Energy Storage
In 1H 2022, $15.8 billion was raised in corporate funding from 57 deals, 64% higher compared to $9.6 billion raised in 43 deals in 1H 2021.
Corporate funding in energy storage is on pace to be the highest ever in 2022. A higher share of financing activity in energy storage has steadily shifted from VC funding to public and debt funding as a significant number of companies have gone public over the past two years.
VC funding in Energy Storage in 1H 2022 was down significantly with $2.9 billion in 45 deals compared to $4.4 billion in 34 deals in 1H 2021. One large funding deal in Q2 2021 contributed to the difference.
The Top 5 VC funding deals in 1H 2022 were: Eolian, which raised $925 million, Group 14 Technologies with $400 million, Hydrostor with $250 million, Sunfire with $215 million, and Factorial Energy, which raised $200 million. A total of 165 VC investors participated in Energy Storage funding in 1H 2022.
Announced debt and public market financing activity in the first half of 2022 ($12.8 billion in 12 deals) spiked compared to the first half of 2021 when $5.2 billion was raised in nine deals.
There were 16 announced Energy Storage project funding deals in 1H 2022, bringing in a combined $3.8 billion compared to $1.2 billion in six deals in 1H 2021.
In 1H 2022, there were a total of 13 (six disclosed) Energy Storage M&amp;A transactions compared to nine transactions (two undisclosed) in 1H 2021.
Smart Grid 
VC funding in Smart Grid companies in 1H 2022 was 58% higher with $731 million compared to the $463 million raised in 1H 2021.
In Q2 2022, VC funding for Smart Grid companies increased to $419 million in eight deals compared to $312 million in 12 deals in Q1 2022. Funding amounts were 138% higher YoY compared to $176 million raised in seven deals in Q2 2021.
The Top 5 VC funding deals in 1H 2022 were: Arcadia with $200 million, Freewire Technologies with $125 million, Tibber with $100 million, Span with $90 million, and GridX with $40 million.
Announced debt and public market financing for Smart Grid companies came to $307 million in four deals in 1H 2022 compared to $8 million in one deal in 1H 2021.
In 1H 2022, there were a total of 10 Smart Grid M&amp;A transactions (two disclosed) compared to 11 transactions (all undisclosed) in 1H 2021. 
Efficiency
VC funding for Energy Efficiency companies in 1H 2022 was $269 million compared to the $5 million raised in 1H 2021.
Two Energy Efficiency companies raised $160 million in VC funding in Q2 2022 compared to $109 million in four deals in Q1 2022. In a YoY comparison, an undisclosed amount was raised in one deal in Q2 2021.
There were no debt or public market financing deals for Energy Efficiency technology companies in 1H 2022. In 1H 2021, $343 million was raised in one deal.
In the first half of 2022, there were no M&amp;A transactions. In 1H 2021, there was one disclosed M&amp;A transaction for $300 million.
To get a copy of the report, visit: <a href="https://cms.mercomindia.com/product/1h-q2-2022-funding-ma-report-for-storage-grid-efficiency">https://cms.mercomindia.com/product/1h-q2-2022-funding-ma-report-for-storage-grid-efficiency</a>

Corporate Funding into Energy Storage, Smart Grid, and Efficiency Companies Increase with $17 Billion in 1H 2022

Total corporate funding (including venture capital funding, public market, and debt financing) for Battery Storage, Smart Grid, and Efficiency companies in 1H 2021 was up exponentially year-over-year (YoY) with $10.4 billion compared to $1.5 billion raised in 1H 2020 when the market was affected by COVID-19.
To get a copy of the report, visit: <a href="https://cms.mercomindia.com/product/1h-q2-2021-funding-ma-report-storage-grid-efficiency" target="_blank" rel="noopener">https://cms.mercomindia.com/product/1h-q2-2021-funding-ma-report-storage-grid-efficiency</a>
&nbsp;
<a href="https://cms.mercomindia.com/wp-content/uploads/2021/07/Battery-Storage-Smart-Grid-Efficiency-Corporate-Funding-1H-2020-1H-2021-1.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-8798" src="https://cms.mercomindia.com/wp-content/uploads/2021/07/Battery-Storage-Smart-Grid-Efficiency-Corporate-Funding-1H-2020-1H-2021-1.png" alt="Battery Storage, Smart Grid, Efficiency Corporate Funding 1H 2020-1H 2021" width="791" height="242" /></a>
Global VC funding (venture capital, private equity, and corporate venture capital) for Battery Storage, Smart Grid, and Efficiency companies come in 468% higher in 1H 2021 with $4.9 billion compared to $858 million in 1H 2020. Investments continue to rise as battery storage companies are poised to play a vital role in the transition from fossil fuels to renewables.
In Q2 2021, VC funding for Battery Storage, Smart Grid, and Efficiency companies increased with $3.6 billion in 28 deals compared to $1.3 billion in 24 deals in Q1 2021. Funding amounts were 493% higher YoY compared to the $605 million raised in 26 deals in Q2 2020. The increase in funding activity was primarily due to a multi-billion dollar deal in the Battery Storage sector this quarter.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/07/Battery-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2021.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-8796" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/07/Battery-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2021.png" alt="Battery Storage, Smart Grid, and Efficiency Top VC Funded Deals in 1H 2021" width="493" height="469" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/07/Battery-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2021.png 493w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/07/Battery-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-1H-2021-300x285.png 300w" sizes="auto, (max-width: 493px) 100vw, 493px" /></a>
Battery Storage
In 1H 2021, $9.6 billion was raised in corporate funding from 41 deals compared to the $716 million raised in 19 deals in 1H 2020. After the corporate funding cratered in Q1 2020 due to the COVID-19 effect, funding levels have improved every quarter since, as the economy and the financial activity bounced back.
VC funding in Battery Storage companies in 1H 2021 was up significantly with $4.4 billion in 33 deals compared to $536 million in 14 deals in 1H 2020. Northvolt&#8217;s $2.75 billion funding round in Q2 2021 was a big part of the funding increase.
The Top 5 VC funding deals in 1H 2021 were: Northvolt, which raised $2.75 billion, Sila Nanotechnologies, which raised $590 million, SES, which secured $139 million, EnergyNest, which secured $132 million, and Solid Power, which raised $130 million. A total of 106 VC investors participated in Battery Storage funding in 1H 2021.
Announced debt and public market financing activity in the first half of 2021 ($5.2 billion in eight deals) spiked compared to the first half of 2020, when $180 million was raised in five deals.
There were five announced Battery Storage project funding deals in 1H 2021, bringing in a combined $781 million compared to $26 million in five deals in 1H 2020.
In 1H 2021 there were a total of nine (two disclosed) Battery Storage M&amp;A transactions compared to eight transactions (all undisclosed) in 1H 2020.
Smart Grid 
VC funding in Smart Grid companies in 1H 2021 was 68% higher with $463 million compared to the $275 million raised in 1H 2020.
In Q2 2021, VC funding for Smart Grid companies decreased with $176 million in seven deals compared to $287 million in 10 deals in Q1 2021. Funding amounts were 9% lower YoY compared to $194 million raised in 14 deals in Q2 2020.
The Top 5 VC funding deals in 1H 2021: Volta Charging raised $125 million; Mainspring Energy raised $95 million, FreeWire Technologies received $50 million, Wallbox raised $40 million, and Voltus raised $31 million.
Announced debt and public market financing for Smart Grid companies came to $8 million in one deal in 1H 2021 compared to $10 million in three deals in 1H 2020.
In 1H 2021, there were a total of 11 Smart Grid M&amp;A transactions (all undisclosed) compared to six transactions (all undisclosed) in 1H 2020.
Efficiency
VC funding for Energy Efficiency companies in 1H 2021 was 89% lower with $5 million compared to the $47 million raised in 1H 2020.
One Energy Efficiency company raised an undisclosed amount of VC funding in Q2 2021 compared to $5 million in one deal in Q1 2021. In a YoY comparison, $40 million was raised in four deals in Q2 2020.
Announced debt and public market financing activity in the first half of 2021 ($343 million in one deal) was 31% lower compared to 1H 2020, when $500 million was raised in one deal.
In 1H 2021 there was one Efficiency M&amp;A transaction ($300 million) compared to one transaction ($1.4 billion) in 1H 2020.
To get a copy of the report, visit: <a href="https://cms.mercomindia.com/product/1h-q2-2021-funding-ma-report-storage-grid-efficiency" target="_blank" rel="noopener">https://cms.mercomindia.com/product/1h-q2-2021-funding-ma-report-storage-grid-efficiency</a>

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