Infrastructure & PPPs in India - Q1 2025 Update - Clean Energy Transition

YOG INFRA Q1 2025 insights

INDIA is beeming with a lot of project annoucements and developments in clean energy transition sectors. Most notably, we see green hydrogen and long-duration energy storage as focus sectors; wherein government has provided targted policy and regulatory support to encourage investments. There is also a larger number of JVs/ partnerships between local and international players, which has helped in technology-transfer and financing for such projects.

Read more about key developments in Infrastructure and PPPs in India in power & clean energy transition sector our latest insight.

This is first publication on a 2-part insight series on India.

---

JANUARY 2025

NTPC TO DEVELOP 1,500 TPD GREEN HYDROGEN HUB IN INDIA

India’s NTPC Green Energy will develop a USD 21 Bn green hydrogen hub in Andhra Pradesh, capable of producing 1,500 tonnes of green hydrogen and 7,500 tonnes of derivatives daily. The ‘NTPC Green Energy LTD Green Hydrogen Hub’ will be launched under the country’s National Green Hydrogen Mission and is expected to contribute to India’s capacity target of 500 GW by 2030. The strategy has encouraged the domestic production of electrolyzers, so NTPC could potentially use products developed by Reliance Industries or L&T.                          

The hub will be equipped with 20 GW of renewable energy capacity, making it one of India’s largest integrated green hydrogen production facilities. The derivatives set to be produced at Pudimadaka include green methanol, green urea, and sustainable aviation fuel (SAF), with a view to primarily exporting them.

PETRONAS ARM GENTARI INDIA TO RAISE USD 400 MN TO SUPPLY CLEAN POWER FOR GREEN AMMONIA

Gentari India, the clean energy arm of Malaysian energy major Petronas, looks to raise USD 300-400 Mn to set up solar and wind power assets that will supply round-the-clock power for green ammonia production. Gentari has hired investment bank BNP Paribas for this fundraising effort. The funds proposed to be raised will be used to set up around 2,400 megawatts (MW) of solar and wind assets in Karnataka and Andhra Pradesh.

AM Green is  setting up a 1-MTPA green ammonia project in Kakinada, Andhra Pradesh. Under the power supply contract, Gentari will be supplying 650 MW of round-the-clock, carbon-free energy to power AM Green Ammonia. Under the arrangement, Gentari will set up approximately 2400 MW of renewable energy capacity and integrate it with 350 MW of energy storage to supply firm and dispatchable green power. Across the Asia-Pacific region, Gentari has 8 gigawatts (GW) of installed and under-construction renewable energy assets, over 1,000 EV charging points, and more than 3,600 electric vehicles deployed under its vehicles-as-a-service business, which provides businesses with electric fleet options.

NLC INDIA RENEWABLES AND APDCL SIGN JOINT VENTURE AGREEMENT TO DEVELOP 1000 MW SOLAR POWER PROJECT IN ASSAM

NLC India Renewables Limited (NIRL) and Assam Power Distribution Company Limited (APDCL) signed a Joint Venture Agreement to establish a 1000 MW solar power project in the state. The new joint venture represents a significant step toward NIRL's goal of advancing India's energy transition while maintaining environmental sustainability. The establishment of the Joint Venture Company (JVC) will be jointly managed, with NIRL holding a 51% stake and APDCL holding 49%. This partnership will focus on developing 1000 MW of green energy projects in Assam, addressing the growing energy demands of the state through sustainable, clean power sources.

NIRL will contribute its extensive expertise in renewable energy project development, while APDCL will assist in acquiring land, securing regulatory approvals, and establishing power evacuation infrastructure.

Additionally, the project will sign Power Purchase Agreements (PPAs) with Assam's Distribution Companies (DISCOMs) to ensure the sale of 100% of the generated power for the next 25 years.

This Joint Venture signifies collective resolve to empower Assam with clean and sustainable energy solutions. By leveraging the synergies between NIRL and APDCL, the aim is to build robust infrastructure for renewable energy generation and distribution.

This initiative will not only ensure energy security for Assam but also catalyze socio-economic development by Creating green jobs and enhancing the State's sustainability index. The Joint Venture Company will focus on deploying innovative technologies to maximize efficiency, minimize carbon footprints, and meet the state's Renewable Purchase Obligation (RPO).

ENGIE PLANS TO EXPAND INDIA RENEWABLE ENERGY PORTFOLIO TO 7 GW BY 2030

Global energy giant Engie announced it plans to grow its portfolio of renewable energy capacity in India from the current 2.3 Gigawatt (GW) to 7 GW over the next five years through 2030. The company is celebrating a decade of clean energy transformation in India with a 2.3 GW portfolio, 1.1 GW of which is operational in seven states. It aims to expand its renewable portfolio to 7 GW by 2030, aligning with India’s Net Zero Carbon target by 2045. By leveraging advanced technologies and fostering community empowerment, the aim is to accelerate India’s energy transition and contribute meaningfully to its net-zero goals.

ENGIE has delivered many renewable energy projects in India including the 200 MW Raghanesda Solar Plant in Gujarat and the 140 MW Bhadla Solar Plant in Rajasthan. The company wants to enter the next decade in renewable energy transformation in India, it is dedicated to expanding footprint and supporting India’s transition to a sustainable energy future.

WAAREE ENERGIES ACQUIRES ENEL GREEN POWER INDIA FOR USD 91 MN

Solar module manufacturer Waaree Energies share purchase agreement with has entered into a Enel Green Power Development to acquire 100% of the share capital of Enel Green Power India for INR 7.92 Bn (USD 92 Mn). Enel Green Power India owns a solar and wind projects portfolio totaling 640 MWac (760 MWdc), including operational and projects under development in the country. The operational portfolio includes projects jointly owned with a partner where the majority equity stake is with Enel Green Power India

The acquisition aims to diversify revenue streams, enhance execution capabilities for wind projects, and facilitate expedited growth of Waaree’s independent power producer business. The acquisition is expected to be completed in three months, subject to the fulfillment of conditions precedent set out in the definitive agreements.

Enel Green Power India’s turnover from operations for the financial year (FY) 2024 stood at INR 1.12 Bn (USD 12.97 Mn), as against USD 2.66 Bn (USD 30.81 Mn) in FY23 and INR 1.29 Bn (USD 14.94 Mn) in FY22. The turnover excludes revenue from jointly owned projects from the time of the partner’s entry, INR 340 Mn (USD 3.93 Mn) in FY23 and INR 2.71 Bn (USD 31.38 Mn) in FY24. Waaree Energies’ INR 43.21 Bn (USD 513.95 Mn) initial public offering garnered strong investor interest from institutional and retail buyers.

JSW NEO COMPLETES ACQUISITION OF INDIAN WIND ENERGY PORTFOLIO 

India's JSW Neo Energy, a wholly owned subsidiary of JSW Energy, has acquired 125 MW of renewable energy assets from Hetero Labs and Hetero Drugs housed under three special purpose vehicles. The transaction values the Hetero portfolio at an enterprise valuation of approximately INR 6.3 Bn (USD 72.7 Mn). The 125 MW portfolio comprises wind projects located in the states of Andhra Pradesh and Maharashtra and have long-term power purchase agreements. The portfolio has a blended tariff of INR5.22/kWh and average remaining plant life of ~15 years. The total locked-in capacity of the company stands at 24.7 GW which consists of a diverse fuel mix and offtakers.

NTPC REL SIGNS MOU FOR GREEN HYDROGEN MOBILITY AT KANDLA PORT

NTPC Renewable Energy Limited (NTPC REL), a subsidiary of NTPC Green Energy Limited (NGEL), signed a MoU with Deendayal PortAuthority (DPA) to establish a green hydrogen fueling station and deploy 11 hydrogen-powered buses at Kandla Port in Gujarat. Under the initiative, NTPC REL aims to phase out fossil fuel buses at the port by promoting clean and green energy solutions.

ADVAIT ENERGY TRANSITIONS PARTNERS WITH HARYANA CITY GAS TO SET UP GREEN HYDROGEN PLANT

Advait Energy Transitions has entered into a green hydrogen off-take Memorandum of Understanding (MoU) with Haryana City Gas Distribution (Bhiwadi) Ltd. It will set up a 2,000 MTPA green hydrogen plant on a turnkey basis and provide operation and maintenance (O&M) services for the plant for one year from commissioning. Supplies of 15 MW alkaline electrolyzers and a balance-of-plant (BOP) system for the green hydrogen plant also fall under its scope of work. Advait will also provide consultancy cum advisory services for the usage of green hydrogen for various industrial as well as commercial purposes.

Industry body India Hydrogen Alliance has urged the government to allocate an additional USD 2.5 Bn for the National Green Hydrogen Mission in addition to the USD 2.3 Bn already allocated. Under National Green Hydrogen Mission, regions capable of supporting large-scale production and/or utilization of hydrogen are to be identified and developed as Green Hydrogen Hubs to allow pooling of resources and achievement of scale.

TATA STEEL TO DEVELOP HYDROGEN TRANSPORTATION PIPELINES

Tata Steel has become India's first steel company to develop pipes for hydrogen transportation, marking a significant milestone in the country's hydrogen mission. The pipes, processed at Tata Steel's Khopoli plant using steel manufactured at its Kalinganagar plant, have successfully met all the Critical properties required for hydrogen transportation. The complete technology development, from designing and manufacturing hot-rolled steel to producing the pipes, was done entirely in-house, demonstrating Tata Steel's ability to deliver Critical energy infrastructure.

The hydrogen qualification tests were carried out at RINA-CSM S.p.A, Italy, a leading approving agency for hydrogen-related testing and characterization. The new hydrogen-compliant API X65 grade pipes can be used for the transportation of 100% pure gaseous hydrogen under high pressure (100 bar). The successful testing of the new ERW pipes demonstrates capabilities to deliver Critical physical infrastructure for the energy sector, domestically.

Tata Steel research and development team has extensively developed innovative and sustainable solutions for hydrogen transportation and storage. The National Hydrogen Mission will enable India to build capabilities to produce at least 5 million metric tonnes (MMT) of Green Hydrogen per annum by 2030, with the potential to reach 10 MMT per annum with additional demand for exports which would require substantial investments in generation and transportation.

The demand for steel compliant with hydrogen transportation is expected to start from 2026-27, with the total steel requirement of 350KT spanning over the next 5 to 7 years.

BPCL PARTNERS WITH VOLKS ENERGIE FOR INDIA’S FIRST LFP SOLAR ENERGY PROJECT

Bharat Petroleum Corp. Ltd (BPCL) has entrusted Volks Energie with the deployment of a cumulative solar capacity of 280 kW backed with lithium ferro phosphate (LFP) battery storage of 1.6 MWh for its oil and gas pipeline network. The solar-plus-storage capacity will be equally distributed across 14 strategic locations in Andhra Pradesh and Telangana. EIL will oversee the entire project as a project management consultant.

Oil and gas pipelines need to operate safely. Cathodic protection is used to prevent corrosion of pipelines. Further, SCADA system is deployed for gas pipeline monitoring. These two Critical loads over the pipeline need to work to ensure energy supply even in the event of extreme conditions like calamities and national security issues. Solar plus storage systems are deployed to provide backup to these systems. For BPCL, Volks Energie will deploy a cumulative solar capacity of 280 kW backed with 1.6 MWh energy storage, which will be divided equally over 14 sites. Out of 20 kW solar at each site, 7-8 kW will be rooftop and the remaining 12-13 kW ground-mount.

Volks Energie’s scope of work includes complete design, supply, installation, and commissioning with eight years annual maintenance contract (AMC). This project marks BPCL’s foray into leveraging the advanced LFP batteries for its oil and gas pipeline project. Till now, NiCd has been deployed for oil and gas pipeline projects. The deployment of LFP batteries is a strategic move as these batteries offer a higher energy density.

NEURON ENERGY UNVEILS 1.5 GWH LITHIUM BATTERY FACTORY

EV battery manufacturer Neuron Energy has unveiled its lithium-ion battery manufacturing facility with an annual output of 1.5 GWh. The facility in Chakan, Pune, spans 5 acres and will produce high-performance lithium-ion batteries for a diverse range of applications, including two-wheelers, three-wheelers (L3 and L5 categories), golf carts, drones, battery energy storage systems (BESS), and telecom solutions.

The facility is built with an INR 25 Cr (USD 2.9 Mn) investment and houses a 6,500 sq. ft. experience centre to showcase Neuron’s advanced technologies and a 5,000 sq. ft. research and development centre focused on continuous innovation in energy storage.

NTPC ROLLS OUT CO2 BATTERY STORAGE PROJECT AT KUDGI THERMAL POWER STATION

NTPC Ltd, India’s largest integrated power generation company, has announced the launch of a CO2 battery energy storage project at NTPC Kudgi super thermal power station in Bijapur district of Karnataka. This project is undertaken by NETRA, the R&D wing of NTPC, and will be executed in collaboration with Triveni Turbine Ltd and Italy’s CO2 battery technology company Energy Dome. CO2 battery with an energy storage capacity of 160 MWh will be set up at NTPC Kudgi. This project forms part of NTPC’s broader strategy to explore novel long-duration energy storage (LDES) technologies for providing cost-effective round-the-clock green power as it increases renewable power generation within its total capacity.

CO2 battery technology by Energy Dome uses no lithium or rare-earth elements to store electricity. Instead, it uses readily available, off-the-shelf components from reliable, existing supply chains, thus aligning with the Government of India’s ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives. Unlike battery energy storage system, which is based on electrochemistry, CO2 battery is based on specialized electro-mechanical turbomachinery. It operates on ‘Closed Brayton Thermodynamic Cycle’ with anhydrous CO2 as the process fluid. Electricity is ‘charged’ and ‘discharged’ by manipulating ‘physical parameters’ of CO2 from vapor to liquid stage and vice-a-versa.

SJVN SIGNED AN MOU WITH THE GOVERNMENT OF BIHAR TO DEVELOP THE 1000 MW PSP PROJECT IN BIHAR

SJVN has signed Memorandum of Understanding (MoU) with Govt of Bihar for development of 1,000 MW Hathidah Durgawati pumped storage project and other PSPs in Bihar. The PSPs development in the state of Bihar will Create direct and indirect employment for 5000 persons and investment of about INR 10,000 Cr (USD 1.2 Bn).

The proposed river in Durgawati district, Kaimur, Bihar, the Hathidah Durgawati PSP, with an installed capacity of 1,000 MW (4x250 MW), is designed to generate a daily peak energy of 6.325 million units (MU) and an annual peak energy of 2,308.65 MU. The estimated project cost is INR 5,663 Cr (USD 651 Mn), with a levelized tariff of INR 9.39 per kWh (USD 0.1) (assuming a pumping energy rate of INR 3 per kWh) based on February 2024 price levels.

NTPC GREEN ENERGY, RVUNL FORM JOINT VENTURE FOR RENEWABLE PROJECTS IN RAJASTHAN

NTPC Green Energy (NGEL), a subsidiary of NTPC, and Rajasthan Rajya Vidyut Utpadan Nigam (RVUNL), a Rajasthan government enterprise, have established a joint venture named NTPC Rajasthan Green Energy. In this partnership, NGEL holds a 74% stake, while RVUNL owns the remaining 26%. The joint venture is set to develop, operate, and maintain renewable energy parks, including solar, wind, and hybrid projects, with a combined capacity of up to 25 gigawatts.

Additionally, plans include the development of a green hydrogen plant capable of producing up to one million tonnes. This collaboration aligns with India's commitment to expanding its renewable energy infrastructure and reducing carbon emissions. The joint venture is expected to play a significant role in achieving these national objectives by harnessing Rajasthan's abundant renewable energy resources.

FEBRUARY 2025

BESS OF INDIA TO HIT 66 GW BY 2032 WITH USD 60 BN BOOST

India’s Battery Energy Storage System (BESS) market is projected to grow significantly, reaching 66 GW by 2032, up from 0.2 GW currently. A recent report identifies an investment opportunity of INR 5 lakh Cr (USD 60 Bn) in this sector. Widespread BESS adoption could help avoid over 2,000 million tonnes of CO₂ emissions, making it a Crucial component of India’s clean energy future.

To support this growth, the government has introduced key policy incentives, including:

• 100% customs duty waiver on battery imports

• 10-year transmission charge exemption

• Production-Linked Incentives (PLI) for advanced battery storage

These policies are expected to attract large-scale investments, with Rajasthan (23 GW), Andhra Pradesh (14 GW), and Karnataka (3 GW) emerging as key states for deployment. With a national target of 500 GW of renewable energy by 2030, BESS will be vital for grid stability and power supply management. Strategic investments are expected to lower energy storage costs to INR 4.8 (USD 0.058) per unit, making storage more economically viable.

INVERTED TO ESTABLISH A 5 GWH BATTERY PLANT IN RAJASTHAN

Inverted has announced plans to set up a fully automated battery manufacturing plant in Ghilot, Rajasthan, with an annual production capacity of 5 GWh. The facility, spread over 4 acres, will produce battery solutions for four-wheelers, light commercial vehicles, and battery energy storage systems.

The company has committed an investment of INR 100 Cr (USD 12 Mn) for the development of this plant. Equipped with advanced robotics and AI-driven systems, the facility will ensure high-quality automation, precision, and consistency in production. Ghilot was strategically chosen for its connectivity, skilled workforce, and supportive industrial ecosystem, enabling Inverted to efficiently serve both domestic and international markets. Construction of the plant is scheduled to begin in December 2025, with operations expected to commence by April 2026.

NTPC AND INDIAN ARMY SIGN PPA FOR SOLAR-HYDROGEN MICROGRID IN CHUSHUL

NTPC and the Indian Army have signed a Power Purchase Agreement (PPA) for the supply of 200 kW RE-RTC power from a solar-hydrogen-based microgrid at Chushul, Ladakh, for a 25-year period. The microgrid aims to replace diesel generators, eliminating the need for fossil fuel logistics and reducing CO₂ emissions by approximately 1500 tons per year.

Located at an altitude of 4400 meters, and capable of operating in extreme temperatures as low as -30°C, this is the world’s most unique hydrogen-based off-grid microgrid project. Once operational, it will mark a significant step toward the decarbonisation and modernisation of defence infrastructure in remote Himalayan border areas.

WAAREE IS SET TO ESTABLISH A 300 MW ELECTROLYSER FACILITY IN GUJARAT

Waaree Group has begun constructing its alkaline electrolyser manufacturing facility in Valsad, Gujarat, with an initial production capacity of 300 MW. The facility will support sectors such as steel, refining, transportation, fertilizers, chemicals, food, and power generation, aiding their shift toward decarbonized processes.

It will feature advanced equipment and manufacturing processes to produce high-efficiency, reliable, and durable electrolysers for large-scale green hydrogen production. These electrolysers are designed for low power consumption, flexible operations, and minimal maintenance. The facility will also incorporate automated assembly lines for electrolyser stacks, ensuring precision and scalability in production.

HIMACHAL PRADESH TO SET UP NORTH INDIA’S FIRST GREEN HYDROGEN PLANT

The foundation stone for North India’s first 1 MW Green Hydrogen Plant was laid at Dabhota in Nalagarh Tehsil, Solan district, Himachal Pradesh. The project is being developed by Himachal Pradesh Power Corporation Limited (HPPCL) in collaboration with Oil India Limited, with a total estimated cost of INR 9.04 Cr (USD 1.09 Mn). The plant is targeted for completion within a year.

The project aligns with Himachal Pradesh’s goal of becoming India’s first Green Energy State by March 2026 and represents a major step in its renewable energy strategy. A 4,000-square-meter land parcel in Dabhota was selected after a detailed assessment. The plant will produce green hydrogen using electrolysis powered by renewable energy, with alkaline potassium hydroxide as the electrolyte. This process significantly reduces greenhouse gas emissions and supports the transition to clean energy.

With a production capacity of 423 kg of green hydrogen per day, the plant will consume approximately 13 litres of water per kilogram of hydrogen, sourced from underground tube wells, and 52.01 units of electricity per kilogram. The annual production is expected to be around 1,54,395 kg of green hydrogen.

MICROMAX VENTURES INTO SOLAR PANEL MANUFACTURING

Micromax Informatics is expanding into the renewable energy sector with the launch of Startup Energy, a new venture focused on solar panel manufacturing. In partnership with China’s Jinchen, the company will establish a 5 GW advanced solar module manufacturing facility, developed in multiple phases. The facility will incorporate automation and high-efficiency production technologies, ensuring cost-effective and sustainable solutions. It will also utilize advanced precision engineering to boost manufacturing capabilities. Startup Energy plans to collaborate with R&D partners to explore next-generation solar technologies, with a focus on improving energy efficiency and long-term sustainability.

Micromax’s entry into the solar energy sector aligns with India’s self-reliance mission and the national target of achieving 500 GW of renewable energy capacity by 2030. With India’s installed solar capacity exceeding 72 GW as of 2023, the demand for locally manufactured, high-quality solar panels is rising — an opportunity Startup Energy aims to leverage.

SOLAR PANEL MAKER EMMVEE ENERGY TO SET UP RS 15,000 CR PLANT IN BENGALURU

Emmvee Group has announced a INR 15,000 Cr (USD 1.7 Bn) investment to establish a large-scale solar panel manufacturing facility. The project will be developed in phases, with the first phase involving INR 5,000 Cr (USD 581 Mn) to set up a 5 GW capacity plant on 120 acres in the Bengaluru IT Investment Region, aiming to generate employment for up to 10,000 people.

This initiative is part of agreements signed at the Invest Karnataka 2025 event, with state government support backing the project. The facility is expected to significantly contribute to India’s renewable energy goals, aligning with national efforts to boost domestic solar panel production and promote sustainable energy solutions.

TATA POWER INSTALLED 4.3 GW SOLAR MANUFACTURING FACILITY IN TAMIL NADU

TP Solar Ltd., a subsidiary of Tata Power Renewable Energy Ltd. (TPREL), has commenced commercial production from its 2 GW solar cell line at its advanced manufacturing facility in Tirunelveli, Tamil Nadu — the largest single-location solar cell and module plant in India. This follows the successful launch of its module production line in October 2023, which has already produced 1,250 MW of solar modules.

The facility now has a total cell and module manufacturing capacity of 4.3 GW, with the remaining 2 GW cell capacity expected to be operational in the next 4–6 weeks, reaching peak production soon after. The plant is equipped with advanced TOPCon and Mono PERC technologies for high-efficiency solar cell and module production. This milestone supports India’s clean energy goals, strengthens domestic manufacturing, and reduces reliance on imports. The facility, part of an INR 4,300 Cr (USD 499 Mn) investment, reflects Tata Power’s commitment to innovation and self-reliance in the renewable energy sector.

The modules from this facility are already on the Government's Approved List of Models and Manufacturers (ALMM). Tata Power is confident its new cells will also be included in the ALMM list for solar cells, expected soon. Initially, the output will supply Tata Power’s ongoing projects, with plans to expand to broader markets. The company currently holds a 20% market share in rooftop and utility-scale solar segments and is targeting further growth under initiatives like the PM Surya Ghar Yojana.

SOLEX ENERGY COMMISSIONS 800 MW SOLAR MODULE LINE

Gujarat-based Solex Energy has announced the commissioning of its 800 MW solar module manufacturing line. The new line is tailored for mass production of n-type, rectangular cell Tapi-R series modules ranging from 585 Wp to 625 Wp.

The line operates 30% faster than other production lines in India, ensuring greater output efficiency and reduced lead times. The facility integrates artificial intelligence (AI) and automated optical inspection (AOI) and is fully automated, significantly enhancing quality control while reducing manual intervention. A standout feature of the new facility is India’s biggest chamber laminators, a pioneering innovation that significantly enhances module production. This cutting-edge technology enables higher module laminations in a single cycle, boosting efficiency while maintaining stringent quality standards.

The Solex Tapi-R series modules comprise 132 half-cut cells based on 182.2 x 210 mm wafers, delivering up to 625 Wp of power with 23.14% module efficiency. Solex Energy is investing to expand its manufacturing capabilities further as part of its Vision 2030 strategy. Plans include a new cell manufacturing facility with an initial capacity of 2 GW, scalable up to 5 GW, and an increase in module manufacturing capacity from 1.5 GW to 15 GW.

MARCH 2025

INDIAN STATE PLANS 4.1 GW COAL-FIRED PROJECT

The Madhya Pradesh state government is planning to invite bids for the development of a 4.1 GW coal-fired power project. The Madhya Pradesh Power Management Company, Jabalpur, is set to issue a tender before the end of the month. The project will be developed under the design, build, finance, own, and operate model and will be able to source coal under the policy introduced in 2017. A long-term power purchase agreement will be signed with the selected developer.

The project will utilize coal under the SHAKTI (Scheme for Harnessing and Allocating Koyala Transparently in India) policy, which allows power producers with long-term power purchase agreements to participate in bidding for coal linkages. The authority does not currently plan to issue any additional tenders for coal-fired projects this year.

JSW SIGNS PPA FOR 1.6 GW GREENFIELD THERMAL PROJECT

JSW Energy has signed a 25-year power purchase agreement (PPA) for a 1,600 MW (1.6 GW) greenfield super/ultra super-critical thermal power plant in Salboni, West Bengal, India. The project, scheduled for commissioning in five years, has its entire capacity contracted with West Bengal State Electricity Distribution Company Limited (WBSEDCL).

The plant will utilize domestic linkage coal allocated to West Bengal under the SHAKTI B (iv) policy. Additionally, JSW Energy has received the Commercial Operation Date (CoD) certificate for Unit 2 of the Utkal Thermal Power Plant (2 x 350 MW), which sells power through the merchant market and bilateral contracts.

KKR-BACKED SERENTICA RENEWABLES SIGNS POWER DELIVERY AGREEMENT 

Serentica Renewables, a KKR-backed clean energy platform, and Hindustan Zinc, a Vedanta Group firm, have signed a power delivery agreement (PDA) for up to 530 MW of renewable electricity. This agreement builds on a previous 450 MW deal, increasing Hindustan Zinc’s renewable energy contribution to over 70% of its total power requirement. The project will be fully operational by 2027 and will integrate solar, wind, and energy storage across multiple locations in India.

The PDA ensures a minimum of 315 MW of uninterrupted power in every 15-minute time block, moving beyond traditional round-the-clock models to a time-block-based firm renewable energy solution. Developed under a captive structure, the project will strategically eliminate dependence on conventional power sources through advanced storage systems and market mechanisms.

This initiative supports India’s net-zero ambitions, leveraging forecasting, grid management, and energy storage technologies to provide reliable, cost-effective clean power to energy-intensive industries. Hindustan Zinc has already started receiving renewable power from Serentica’s 180 MW solar park, used in producing Asia’s first low-carbon ‘green’ zinc, EcoZen.

TATA POWER TO DEVELOP 7 GW RENEWABLES PROJECTS

Tata Power Renewable Energy Limited (TPREL) and the Government of Andhra Pradesh will collaborate on renewable energy projects with an estimated investment of up to INR 490 Bn (USD 5.62 Bn). The parties have signed a Memorandum of Understanding (MoU) to explore opportunities for developing up to 7 GW of solar, wind, and hybrid projects with or without storage solutions in the state.

This strategic agreement aligns with Andhra Pradesh’s vision to expand its renewable energy portfolio and accelerate the transition to a sustainable energy future. The projects will contribute to the state’s clean energy targets while also boosting the local economy, fostering skill development, and supporting livelihoods. The initiative falls under Andhra Pradesh’s Integrated Clean Energy (ICE) Policy, which aims to develop over 160 GW of renewable energy with an investment potential of INR 10 Trn (USD 114.6 Bn).

As part of the agreement, TPREL will conduct feasibility studies, site assessments, and development activities, with the New and Renewable Energy Development Corporation of8 Andhra Pradesh (NREDCAP) providing support in site identification and evacuation infrastructure. This initiative is expected to significantly enhance Andhra Pradesh’s renewable energy capacity while reinforcing TPREL’s role in advancing India’s clean energy mission.

ACCELERA, GAIL TO PARTNER IN GREEN HYDROGEN PROJECTS

Accelera by Cummins and GAIL (India) Limited have signed a Memorandum of Understanding (MOU) to collaborate on green hydrogen and zero-emissions technologies in India. The partnership will combine Accelera’s expertise in hydrogen generation with GAIL’s extensive natural gas infrastructure to explore hydrogen production, blending, transportation, and storage. It will also evaluate hydrogen applications in sectors such as transport, power, and steel.

This collaboration follows the successful commissioning of GAIL's green hydrogen plant in Vijaipur, Madhya Pradesh, in December 2024, where Accelera supplied a 10-megawatt (MW) proton exchange membrane (PEM) electrolyzer system. The plant includes two PEM HyLYZER®-1000 electrolyzer units, producing 4.3 tons of green hydrogen per day, which is blended with natural gas to power GAIL’s on-site operations.

The partnership aligns with India’s National Green Hydrogen Mission, supporting the country’s target of producing 5 million tons of green hydrogen annually by 2030. The collaboration will focus on hydrogen blending with natural gas, developing industry standards, and exploring new applications for green hydrogen technology.

Electrolyzers powered by renewable energy play a critical role in green hydrogen production, accelerating the clean energy transition. Accelera is a leader in large-scale PEM electrolysis, having deployed over 600 electrolyzer units worldwide. Its advanced hydrogen production systems include a 20MW facility in Quebec, Canada, and a 25MW system in Florida, U.S.

INDIA APPROVES PILOT PROJECTS FOR HYDROGEN-FUELLED VEHICLES

India’s federal government has launched five pilot projects to use hydrogen in buses and trucks as part of the National Green Hydrogen Mission. The Ministry of New and Renewable Energy (MNRE) approved these projects, which include 37 vehicles (15 hydrogen fuel cell-based and 22 hydrogen internal combustion engine-based) and nine hydrogen refueling stations. The total financial support for these projects is INR 2.08 Bn (USD 23.83 Mn), with commissioning expected in 18 to 24 months.

The selected companies include major industry players involved in hydrogen vehicle trials and infrastructure development. These vehicles will operate on 10 routes across India, including Greater Noida –

1.  Delhi – Agra,

2.  Bhubaneshwar – Konark – Puri,

3. Ahmedabad – Vadodara – Surat,

4. Sahibabad – Faridabad – Delhi,

5. Pune – Mumbai,

6. Jamshedpur – Kalinga Nagar,

7. Thiruvananthapuram – Kochi,

8. Kochi – Edappally,

9. Jamnagar – Ahmedabad, and

10. NH-16 Visakhapatnam – Bayyavaram.

The mission aims to develop commercially viable hydrogen-based transport solutions, supporting infrastructure such as hydrogen refueling stations. These pilot projects will demonstrate safe operations, assess the effectiveness of hydrogen-powered vehicles, validate technical feasibility, and evaluate economic viability under real-world conditions.

HINDUSTAN POWER PLANS USD 71M SOLAR, STORAGE INVESTMENT 

Hindustan Power has signed a Memorandum of Understanding (MoU) with the Government of Assam to invest INR 6.2 Bn (USD 71 Mn) in renewable energy infrastructure. The investment will fund the development of a 100 MW solar power plant and a 100 MW battery energy storage system.

The company will allocate INR 5 Bn (USD 57 Mn) for the solar plant and INR 1.2 Bn (USD 14 Mn) for the battery storage facility. The project will be developed in collaboration with the Assam government and is expected to generate over 5,000 man-days of employment, contributing to both economic growth and clean energy development in the state. This initiative marks a significant step in advancing Assam’s renewable energy capacity and aligns with the state's clean energy ambitions.

---

List of Key Transactions - Q1 2025

Source: YOG INFRA analysis

---

ABOUT YOG INFRA

Our objective is to drive economic growth and make positive social impact through sustainable infrastructure development. ​YOG INFRA is an infrastructure focused financial advisory firm. We work with Developers and Development Finance Institutions (DFIs) and help them make informed investment decisions across infrastructure development lifecycle. With our offices in Singapore, India and UAE we work on projects globally, and the team brings strong experience in supporting development of infrastructure projects.

For more information about us, our service offerings and team, please visit www.yoginfra.com Contact us at info@yoginfra.com ©2025 YOG INFRA. All rights reserved. #infrastructure #update #PPP #india