SECI Announces Winners of 6 GWh Peak Power Supply Auction

IREDA’s Q1 Revenue Up 15% on Higher Loan Interest Accruals

ABRen Secures $1.6 Billion from MUFG to Fund Sprng Energy Acquisition

Coal India Seeks ₹7 Billion Term Loan for 750 MWh Battery Storage Project

GMIDC Tenders 150 MW Floating Solar Plus 150 MWh Battery Storage Project

GAIL Invites Bids to Augment 5 MW Solar Project in Rajasthan

PFC Consulting Awards Project to Evacuate 14 GW of Renewables in Gujarat

PFC Consulting Tenders Transmission Project for 400 kV Substation in Rajasthan

Grid India Issues New Procedure for Secure Operation of National Grid

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

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					</table>Government agencies <a href="https://www.mercomindia.com/solar-tender-and-auction-activity-declines-in-q2-2026" target="_blank" rel="noopener">issued</a> tenders for approximately 5.4 GW of solar capacity in the second quarter (Q2) of 2026, down 5.7% from 5.7 GW in the previous quarter and 21.5% lower than 6.8 GW in the same quarter last year. The decline in standalone solar tender issuance was driven partly by evolving distribution company procurement preferences, as utilities increasingly sought renewable energy solutions aligned with their demand profiles.
The Ministry of New and Renewable Energy (MNRE) <a href="https://www.mercomindia.com/mnre-clarifies-almm-list-ii-rules-for-solar-cell-compliance" target="_blank" rel="noopener">clarified</a> the applicability of the Approved List of Models and Manufacturers (ALMM) List II for solar cells across multiple categories of solar projects.
MNRE <a href="https://www.mercomindia.com/solar-module-capacity-under-almm-grows-to-215-5-gw" target="_blank" rel="noopener">expanded</a> the ALMM, adding 11,964 MW of solar module capacity. The cumulative module manufacturing capacity under ALMM now stands at 215,522 MW.
The Central Electricity Regulatory Commission <a href="https://www.mercomindia.com/cerc-rescinds-revocation-of-renewable-projects-grid-connectivity" target="_blank" rel="noopener">set</a> aside the revocation of two interstate transmission connectivity grants aggregating 105.84 MW and directed the Central Transmission Utility of India to restore them, subject to payment of compensation for delayed commissioning.
India’s distributed solar and energy storage markets are <a href="https://www.mercomindia.com/storage-engineering-and-service-become-distributed-solars-growth-drivers" target="_blank" rel="noopener">expanding</a>, driven by time-of-day tariffs, evolving rooftop regulations, backup power requirements, peak-shaving applications, and falling lithium-ion battery prices.
Power Finance Corporation <a href="https://www.mercomindia.com/pfc-awards-project-to-evacuate-3-gw-of-renewables-in-andhra-pradesh" target="_blank" rel="noopener">announced</a> the winner of the auction to establish the inter-state transmission system for integrating the Ananthapuram-III PS Renewable Energy Zone Phase-I (3 GW).
India <a href="https://www.mercomindia.com/pm-surya-ghar-powers-5-million-homes-total-capacity-hits-15-gw#:~:text=India%20has%20supported%20rooftop%20solar,rooftop%20solar%20capacity%20so%20far." target="_blank" rel="noopener">supported</a> rooftop solar installations for over 5 million households under the PM Surya Ghar: Muft Bijli Yojana since its launch in February 2024, the MNRE announced. The Surya Ghar program has commissioned a cumulative 14.8 GW of rooftop solar capacity so far.
Solar Energy Corporation of India <a href="https://www.mercomindia.com/seci-seeks-trading-partner-to-sell-renewable-energy" target="_blank" rel="noopener">invited</a> bids to select a collaboration partner to trade renewable power available from its existing and upcoming portfolio. The last day to submit bids is September 7, 2026. Bids will be opened on September 10.
NTPC <a href="https://www.mercomindia.com/ntpc-floats-om-tender-for-25-mw-floating-solar-project" target="_blank" rel="noopener">issued</a> a tender for two years of comprehensive operation and maintenance for the 25 MW floating solar project at NTPC Simhadri in Andhra Pradesh. Bids must be submitted by August 24, 2026. Bids will be opened on the same day.
The Indian Energy Exchange <a href="https://www.mercomindia.com/iexs-electricity-trading-volume-rises-in-july" target="_blank" rel="noopener">traded</a> 13,527 million units of electricity in July 2026, a 7.7% year-over-year (YoY) increase. According to government data, India’s energy consumption reached 170.70 billion units in July 2026, up 10.9% YoY. Higher power demand led to a 42.5% YoY increase in buy bids in the Day-Ahead Market, resulting in higher electricity prices.
Gujarat-based Torrent Power <a href="https://www.mercomindia.com/distribution-business-renewables-boost-torrents-revenue-3-in-q1-fy-2027" target="_blank" rel="noopener">posted</a> revenue of ₹81.24 billion (~$852.21 million) in Q1 of the financial year (FY) 2026-27, an increase of 3% YoY from ₹79.06 billion (~$829.34 million). Revenue growth can be attributed to improved operational performance across the company’s distribution businesses, improved performance of the renewable portfolio, driven by higher plant load factors and the contribution of projects commissioned during the previous year.
U.S.-based solar tracker firm Nextpower <a href="https://www.mercomindia.com/nextpower-raises-guidance-for-fy-2027-on-strong-q1-performance" target="_blank" rel="noopener">reported</a> revenue of $935 million in Q1 FY 2027, an 8.2% YoY increase from $864 million. However, it missed analysts’ expectations by approximately $8.04 million.

Daily News Wrap-Up: Solar Tender and Auction Activity Drops in Q2

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					</table>The Ministry of New and Renewable Energy (MNRE) <a href="https://www.mercomindia.com/mnre-proposes-standardized-nomenclature-for-solar-cells-under-almm-list-ii" target="_blank" rel="noopener">invited</a> stakeholder comments on a draft proposal to introduce a standardized nomenclature for solar photovoltaic cell models included in the Approved List of Models and Manufacturers (ALMM) List II. Stakeholders can submit their feedback by August 13, 2026.
The Central Electricity Regulatory Commission (CERC) <a href="https://www.mercomindia.com/cerc-proposes-ists-waiver-relief-for-renewable-projects-facing-grid-delays" target="_blank" rel="noopener">proposed</a> amendments to the framework for sharing interstate transmission system charges and losses, including relief for renewable energy projects delayed due to the non-availability of transmission infrastructure.
The Rajasthan Electricity Regulatory Commission <a href="https://www.mercomindia.com/rajasthan-regulator-rejects-plea-to-exempt-captive-solar-projects-from-rpo" target="_blank" rel="noopener">dismissed</a> petitions filed by two textile companies seeking exemption from Renewable Purchase Obligation compliance for electricity generated and self-consumed from behind-the-meter captive solar power projects.
On the sidelines of the Mercom India Renewables Summit 2026, Mercom India <a href="https://www.mercomindia.com/battery-pumped-storage-and-green-hydrogen-key-to-reducing-renewable-energy-curtailment" target="_blank" rel="noopener">spoke</a> with Prashant Choubey, President and Head of Green Hydrogen and Green Ammonia business at Avaada Group, about the evolution of India’s green hydrogen market, the key demand drivers, land acquisition challenges facing independent power producers, and the emerging challenges in the ingot and wafer manufacturing segment.
On the sidelines of the Mercom India Renewables Summit 2026, held in New Delhi on July 1 and 2, Mercom India <a href="https://www.mercomindia.com/india-can-build-a-complete-solar-manufacturing-ecosystem-within-five-years-interview" target="_blank" rel="noopener">spoke</a> to Prashant Mathur, Chief Executive Officer of Saatvik Green Energy, about the domestic manufacturing ecosystem, ALMM implementation, technology transitions, infrastructure needs, and India’s long-term renewables manufacturing ambitions.
India could face a <a href="https://www.mercomindia.com/skills-gap-a-concern-as-indias-solar-manufacturing-goes-upstream-interview" target="_blank" rel="noopener">shortage</a> of TOPCon solar cells over the next six to nine months as domestic manufacturing capacity catches up with module capacity, according to Nimish Jain, Executive Vice President at Vikram Solar. In an interview on the sidelines of the Mercom India Renewables Summit 2026, Jain discussed Vikram Solar’s expansion into cells, ingots, wafers, and battery energy storage systems, the need for skilled manpower, and the importance of synchronizing renewable energy and transmission development.
In an interview on the sidelines of Mercom India Renewables Summit 2026 <a href="https://www.mercomindia.com/indigenous-solar-ingot-equipment-needs-policy-support-interview" target="_blank" rel="noopener">held</a> in New Delhi on July 1 and 2, Rajasekar Elavarasan, Founder and CEO of Raana Semiconductors, and Avinash Kumar, Vice President – Technology, spoke about the company’s indigenous crystal-growth equipment, its planned 100 MW pilot facility, localization efforts, and the need for government support.
Coal India <a href="https://www.mercomindia.com/coal-india-tenders-750-mwh-battery-storage-system-in-telangana" target="_blank" rel="noopener">invited</a> bids for the development of an 187.50MW/750 MWh battery energy storage system at Choutuppal, in Telangana, along with 15 years of comprehensive operation and maintenance.
Central Electronics <a href="https://www.mercomindia.com/central-electronics-tenders-30-mw-solar-project-in-madhya-pradesh" target="_blank" rel="noopener">floated</a> a tender to set up a 30 MW ground-mounted solar project at the Sanjay Gandhi Thermal Power Plant in Birsinghpur, Madhya Pradesh. Bids must be submitted by August 10, 2026. Bids will be opened on the following day.
Bihar State Power Generation Company <a href="https://www.mercomindia.com/bihar-tenders-150-mw-of-solar-plus-300-mwh-of-energy-storage-projects" target="_blank" rel="noopener">issued</a> a tender to set up 150 MW of solar projects integrated with 75 MW/300 MWh of energy storage systems across the state. Bids must be submitted by August 21, 2026. Bids will be opened on the same day.
Cochin Shipyard <a href="https://www.mercomindia.com/cochin-shipyard-invites-bids-for-1-mw-rooftop-solar-project" target="_blank" rel="noopener">invited</a> bids to set up a 1 MW grid-connected rooftop solar power project at its Kochi facility in Kerala. The last date to submit bids is August 31, 2026. Bids will be opened on the following day.
Flex Foods eyes ₹1 million in monthly savings with 2.27 MW solar project. The project, located in Hosur, <a href="https://mercomindia.com/flex-foods-eyes-%E2%82%B91-million-in-monthly-savings-with-2-27-mw-solar-project" target="_blank" rel="noopener">combines</a> rooftop and ground-mounted capacity. Electricity is a significant operating expense for food processing and manufacturing companies because production lines, refrigeration systems, cold storage, and utility equipment can run for extended hours to ensure continuous production.
Brookfield Asset Management <a href="https://www.mercomindia.com/brookfield-launches-600-million-lumara-renewable-energy-platform-in-india" target="_blank" rel="noopener">launched</a> Lumara Energy, a renewable energy platform that plans to deploy approximately $600 million across an initial portfolio of more than 6 GW of solar, wind, and battery storage projects in India.
Bluebird Solar has <a href="https://www.mercomindia.com/bluebird-solar-bags-278-mw-module-supply-order-for-sjvn-projects" target="_blank" rel="noopener">secured</a> a 278 MW solar module supply order from Bridge &amp; Roof Company for two SJVN renewable energy projects. The projects comprise a 133 MW solar facility in Khavda, Gujarat, and a 145 MW project in Nawa, Rajasthan.
Independent renewable energy producer Juniper Green Energy’s ₹18 billion (~$188.66 million) initial public offering was <a href="https://www.mercomindia.com/juniper-green-energys-ipo-oversubscribed-6-12-times" target="_blank" rel="noopener">subscribed</a> 6.12 times at the end of the bidding window on August 3, 2026.
Government-owned power generation company SJVN <a href="https://www.mercomindia.com/sjvns-q1-fy27-revenue-jumps-higher-costs-pull-profits-down" target="_blank" rel="noopener">clocked</a> a consolidated revenue from operations of ₹13.94 billion (~$146.2 million) in the first quarter (Q1) of the financial year (FY) 2027, a 52% year-over-year (YoY) increase from ₹9.17 billion (~$96.2 million).
Clean energy solutions provider Clean Max Enviro Energy Solutions <a href="https://www.mercomindia.com/cleanmaxs-q1-revenue-doubles-as-renewable-energy-services-business-surges">reported</a> revenue from operations of ₹8.32 billion (~$87.21 million) in Q1 of FY 2027, a 107% YoY jump from ₹4.02 billion (~$42.14 million).
Electricity Generation Bangladesh <a href="https://www.mercomindia.com/bangladesh-invites-bids-for-220-mw-sonagazi-solar-project" target="_blank" rel="noopener">floated</a> a global tender to develop a 220 MW solar project in Sonagazi, Feni district. The last date to submit bids is September 2025.
Fuel cell manufacturer Ballard Power Systems <a href="https://www.mercomindia.com/bus-stationary-growth-lifts-ballards-top-line-15-in-q2-2026" target="_blank" rel="noopener">posted</a> revenue of $20.6 million in Q2 of 2026, an increase of 15.4% YoY from $17.8 million. The company attributed the growth to an increase in bus, stationary, and other markets, in particular materials handling.

Daily News Wrap-Up: MNRE Proposes Uniform Solar Cell Nomenclature

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					</table>India’s solar manufacturing sector is bracing for short-term pressure in the cell supply chain, with the Ministry of New and Renewable Energy’s (<a href="https://mnre.gov.in/en/" target="_blank" rel="noopener">MNRE</a>) mandating that projects use solar cells from the Approved List of Models and Manufacturers (ALMM) from June 2026.
Module manufacturers said that companies without ALMM-listed cell capacity are expected to face constraints in securing compliant cells while they wait for new cell manufacturing facilities to come online over the next few months.
According to the latest ALMM update, 193 GW of module manufacturing capacity has been listed, compared with just over 30.5 GW of cell manufacturing capacity.
The ALMM mandate for solar modules was issued five years ago. Since then, module manufacturing capacity has grown substantially, but cell manufacturing capacity has lagged far behind.
Amit Barve, Chief Executive Officer (CEO) at <a href="https://rayzonsolar.com/" target="_blank" rel="noopener">Rayzon Solar</a>, said the ALMM-II mandate is likely to cause a three- to six-month disruption in the cell supply chain. However, with cell manufacturing facilities at different stages of completion, he hoped the disruption would be unlikely to extend beyond six months.
The gap is even more pronounced in the TOPCon segment. With TOPCon making up the majority of the enlisted module capacity under ALMM, it accounts for only 32% of ALMM List-II capacity.
Tanmoy Duari, CEO at <a href="https://axitecsolar.com/in" target="_blank" rel="noopener">AXITEC Energy India</a>, said the extent of short-term disruptions in the cell supply chain would depend on how quickly additional cell manufacturing capacity comes online.
He added that the implementation of ALMM-II is expected to accelerate domestic investment in cell manufacturing and strengthen India’s solar supply chain over the medium-to long term.
Stakeholders said the mismatch between module and cell manufacturing capacity is likely to lead to higher captive consumption by integrated manufacturers. This could increase standalone module manufacturers’ reliance on standalone cell manufacturers or integrated module-cell manufacturers with excess capacity.
Standalone cell manufacturers account for around 9% of the capacity listed under ALMM-II, which could make it difficult for module manufacturers to secure supplies unless they have secured supply tie-ups.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/ALMM1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-96396 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/ALMM1.png" alt="" width="969" height="598" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/ALMM1.png 969w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/ALMM1-300x185.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/ALMM1-768x474.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/ALMM1-650x401.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/ALMM1-624x385.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/06/ALMM1-600x370.png 600w" sizes="auto, (max-width: 969px) 100vw, 969px" /></a>
Sourcing Strategies
Barve noted that, given the gap between India’s module and cell manufacturing capacity, there may not be sufficient surplus capacity for standalone module manufacturers after captive consumption by integrated manufacturers.
This could push standalone module manufacturers to adopt a range of sourcing strategies to avoid disruptions in cell supply.
Duari said that manufacturers may sign long-term sourcing agreements with ALMM-II-compliant cell manufacturers, enter contract manufacturing arrangements, diversify supplier networks, and improve procurement planning and inventory management to minimize disruptions.
Cell Capacity Expansion
Despite potential supply chain issues, module manufacturers said ALMM-II is unlikely to trigger a large wave of expansion into cell manufacturing due to the high capital expenditure required.
According to manufacturers, <a href="https://www.mercomindia.com/why-indias-solar-cell-production-lags-behind-module-manufacturing" target="_blank" rel="noopener">building</a> a solar cell production line typically requires four to five times as much capital as a module assembly plant of similar capacity.
Barve noted that small module manufacturers may face difficulty securing financing for cell manufacturing facilities due to their smaller module capacities.
Investment decisions will also depend on factors beyond immediate supply constraints. Duari said these include policy consistency, availability of financing, access to technology, and long-term market visibility.
Ishver Dholakiya, Founder and Managing Director at <a href="https://goldisolar.com/" target="_blank" rel="noopener">Goldi Solar,</a> said ALMM-II is expected to accelerate discussions on backward integration and long-term supply chain resilience. “While cell manufacturing requires significant capital investment, technological readiness, and scale, the policy direction is likely to encourage more manufacturers to evaluate investments across the value chain over the medium- to long-term.”
Cost Pressures
Module manufacturers said short-term disruptions are likely to push cell prices up. However, the actual impact will depend on demand-supply dynamics, manufacturing ramp-up timelines, global raw material trends, demand visibility, and execution timelines.
Developers said they are already <a href="https://www.mercomindia.com/developers-epc-players-wary-as-mnre-sticks-to-almm-solar-cells-mandate" target="_blank" rel="noopener">seeing</a> module costs rise by ₹1.5 (~$0.0156)/W to ₹2 (~$0.0209)/W.
Filing a petition with the Karnataka High Court to <a href="https://www.mercomindia.com/industry-bodies-move-karnataka-high-court-to-quash-almm-ii-mandate" target="_blank" rel="noopener">quash</a> the ALMM List-II mandate, renewable energy industry associations said that the lower availability of TOPCon cells under ALMM could push up project costs by ₹15 million (~$157,000)/MW, as it increases reliance on mono PERC cells. The petitioners said that the higher cost of projects using Mono PERC would stem from lower yield per unit area, which would require additional land, mounting structures, and cables.
Project Viability
The industry expects some near-term adjustment in project economics due to the expected short-term rise in module and cell prices.
However, solar is expected to remain one of the most competitive power generation sources in India.
Duari said rooftop consumers may still find the project economics attractive due to savings on grid electricity over the system lifecycle. “In the open access segment, developers may place greater emphasis on execution efficiency, financing structures, and long-term power purchase agreements to maintain project viability.”
Elevated module and cell prices may slightly affect project payback periods, particularly in highly price-sensitive segments such as rooftop solar and open access projects.
Barve added that for storage-integrated projects, technological advancements, economies of scale, and policy support are likely to improve commercial viability in the long run.
Module manufacturers said that despite rising module and cell costs, solar projects would remain largely viable due to strong long-term demand and rising power tariffs.
Dholakiya noted that the viability of rooftop and open access projects will continue to be shaped by factors such as grid tariffs, financing costs, project scale, and energy consumption patterns.
Relief Unlikely
Recently, MNRE <a href="https://mercomindia.com/mnre-panel-will-review-almm-solar-cell-exemption-extension-requests" target="_blank" rel="noopener">constituted</a> an expert committee to examine applications for time extensions to commission net metering and open-access renewable energy projects beyond May 31, 2026, under the ALMM mandate for cells. It has also <a href="https://mercomindia.com/mnre-panel-will-review-almm-solar-cell-exemption-extension-requests" target="_blank" rel="noopener">provided</a> an exemption for PM Surya Ghar consumers who forgo the subsidy.
However, industry executives said these are only project-specific measures, and it is unlikely such relief will be given to the manufacturing sector as a whole.
Barve said repeated extensions could dent investor confidence, and the government would not want a repeat of the extensions given to ALMM-I.
He added that the ALMM-II mandate was issued early, giving manufacturers sufficient time to become compliant before the deadline. The Ministry has also been consulting with stakeholders to assess the status of proposed cell manufacturing projects and to set a realistic compliance window.
Duari concurred, saying that policy implementation timelines play an important role in accelerating domestic manufacturing investments and creating long-term industry confidence.
Dholakiya said that policy initiatives such as ALMM and the production-linked incentive program have encouraged significant capacity expansion across the solar value chain over the past few years. Module manufacturers also expect similar growth in the solar cell manufacturing segment.
Although the ALMM List-II mandate is expected to cause short-term supply chain disruptions, a strong cell manufacturing pipeline could help ease the impact over the long term.

ALMM-II Mandate May Strain Cell Supply for Standalone Module Manufacturers

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