Infrastructure & PPPs in India - Q1 2026 Update - Clean Energy Transition

YOG INFRA
8 hours ago
27 min read

INDIA’S clean energy sector is accelerating with major investments and policy support, including a USD 10 Bn green ammonia project, USD 566 Mn biofuel project, and a 6 GW solar manufacturing facility. Solar Energy Corporation of India is driving deployment through 1.2 GW renewables-plus-storage tenders and large-scale solarisation initiatives. The sector is further supported by USD 1.07 Bn green bonds, USD 2.15 Bn ammonia deals, and growing adoption of RTC renewables, BESS, and hybrid projects. Expanding manufacturing, storage, and hydrogen ecosystems highlight India’s push toward decarbonisation and energy security.

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 2026

ESSAR FUTURE ENERGY SIGNED MOU WITH GOVERNMENT OF GUJARAT FOR USD 566 MN BIO-FUEL PROJECT AT VIBRANT GUJARAT

Essar Future Energy Limited signed a Memorandum of Understanding (MoU) with the Government of Gujarat at the Vibrant Gujarat Regional Conference in Rajkot. Under the MoU, Essar Future Energy will establish a large-scale bio-fuel complex in Devbhumi Dwarka district, with an initial feedstock processing capacity of 1 Mn tonnes per annum (MTPA) to produce sustainable aviation fuel (SAF) and hydrotreated vegetable oil (HVO). The project involves a proposed investment of INR 5,100 Cr (USD 566 Mn) and is expected to generate around 350 direct employment opportunities, with operations targeted to commence by 2029.

The plant will mainly use fats, oils and greases as raw material, with used cooking oil sourced from within India as well as from overseas markets. The company is also looking at other possible inputs such as animal fat, oil derived from palm oil mill waste, and non-edible oils. The project will be developed as an SEZ unit and will focus on decarbonizing hard-to-abate sectors, offering clean fuel solutions for aviation, shipping, and road transport. Fuel produced at the facility will meet international sustainability standards. A significant share of the output will be sent to the United Kingdom for use at Essar’s Stanlow refinery, where it will be blended with conventional jet fuel and diesel to meet renewable fuel requirements. The remaining volumes are expected to be exported to other markets and supplied domestically once India introduces mandatory SAF usage.

USD 10 BN GREEN AMMONIA PROJECT IN ANDHRA PRADESH TO PUT INDIA ON CLEAN ENERGY EXPORT MAP

World's Largest Green Ammonia Complex AM Green, backed by the founders of Greenko Group, is developing green ammonia plants through AM Green Ammonia. AM Green Ammonia being a partnership between AM Green, Malaysia-based Gentari, Singapore's sovereign wealth fund GIC and Abu Dhabi Investment Authority. Construction at the Kakinada facility has already begun, placing the project among a limited number of large-scale green ammonia facilities globally that meet Renewable Fuels of Non-Biological Origin, or RFNBO, standards.

With a total investment of USD 10 Bn, the project is among the largest clean-energy investments in India. It is expected to generate up to 8,000 jobs during construction, along with substantial high-skill employment during operations and across allied sectors such as renewable energy, logistics, storage and port services. AM Green is developing India's first and the world's largest green ammonia complex, with a planned capacity of 1.5 Mn tonnes per annum, through the brownfield conversion of an existing ammonia-urea facility.

The project will be commissioned in phases, starting with 0.5 Mn tonnes per annum by 2027, scaling up to 1 Mn tonnes by 2028 and reaching full capacity by 2030. Once operational, the facility will enable India's first exports of green ammonia, used globally for clean shipping fuel, power generation and as a carrier for green hydrogen. The integrated project spans 7.5 gigawatts of solar and wind capacity, 1,950 megawatts of electrolyzed capacity and 2 gigawatts of round-the-clock renewable power supported by pumped hydro storage, including India's first such facility at Pinnapuram in Andhra Pradesh. AM Green has signed long-term supply agreements with Germany-based utility Uniper and is engaged with buyers in Japan and Singapore, marking India's first green energy export linkages with Europe and advanced Asian economies.

ONIX RENEWABLE SIGNED MOU WITH GUJARAT GOVERNMENT FOR USD 1.11 BN GREEN AMMONIA FACILITY AND SOLAR PROJECTS

Onix Renewable Ltd. signed a Memorandum of Understanding (MoU) with the Government of Gujarat to undertake large-scale renewable energy projects in the state. Under the MoU, the company has proposed setting up a green ammonia production facility at Fulzar, Taluka Vinchiya, District Rajkot, with a planned investment of INR 100 Bn (USD 1.11 Bn). The project is expected to generate around 1,500 jobs, with commercial operations targeted to begin in 2028.

Onix Renewable Ltd has also proposed the development of projects under Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) Component-C at multiple locations across Gujarat. The proposals involve investments of INR 1.21 Bn (USD 13.4 Mn) and INR 2.8 Bn (USD 31 Mn), with project execution scheduled to commence in 2026. These initiatives are expected to create around 680 direct and indirect employment opportunities and support decentralized solar generation, grid strengthening, and improved energy access for agricultural and rural consumers.

In addition, the company has proposed underground cable works at multiple locations in the state, with a proposed investment of INR 750 Mn (USD 8.3 Mn). These projects are planned to start in 2026 and are expected to generate around 200 employment opportunities.

SECI, NDMC SIGNED MOU TO SOLARISE 244 MUNICIPAL BUILDINGS ACROSS DELHI

The Solar Energy Corporation of India (SECI) signed a Memorandum of Understanding (MoU) with the New Delhi Municipal Council (NDMC) to undertake the solarisation of approximately 244 NDMC buildings across the national capital, marking a significant step towards clean and sustainable energy adoption in public infrastructure.

Under the agreement, rooftop solar systems will be deployed across NDMC-owned buildings, supporting the increased use of renewable energy within Delhi’s civic infrastructure. The initiative is expected to enhance energy self-reliance, lower carbon emissions in the capital, and reduce dependence on conventional power sources.

The project aligns with India’s broader clean energy and climate goals, while also demonstrating leadership in sustainable urban governance. By accelerating the adoption of solar power in municipal facilities, the SECI–NDMC collaboration is expected to serve as a model for other urban local bodies across the country.

KOSOL SIGNED 360 MW SOLAR MICROINVERTER DEAL WITH HOYMILES

KOSOL Energie Pvt. Ltd. signed a formal agreement with the Andhra Pradesh Government to roll out one of India's largest distributed rooftop solar programmes, covering around 150,000 homes across the state under the PM Suryaghar Yojana. As part of the initiative, the company has entered into a 360 MW microinverter supply agreement with global smart energy technology provider Hoymiles Power Electronics Inc.

The 360 MW deployment is the largest single microinverter deal executed in the Indian solar market to date. The adoption of microinverter-based architecture for such a large capacity is expected to deliver higher energy yields, improved safety, module-level monitoring and enhanced long-term system reliability, all of which are critical for India's rapidly expanding rooftop and decentralised solar segment. For both companies, the project represents a significant expansion of their solar solutions across residential, commercial and industrial applications.

GREW SOLAR WON 1,464.5 MW MODULE SUPPLY ORDER FROM NTPC RENEWABLE ENERGY

GREW Solar secured a major contract from NTPC Renewable Energy for the supply of high-efficiency solar PV modules totaling approximately 1,464.5 MW across multiple sites in Uttar Pradesh, as India accelerates its clean energy transition toward ambitious non-fossil fuel and net-zero targets. Valued at around INR 20.28 Bn (USD 224.7 Mn), the order ranks among the largest solar module supply agreements under NTPC REL's ongoing renewable energy programme and reinforces momentum in the country's expanding clean energy landscape.

GREW Solar will supply advanced, high-efficiency solar PV modules backed by robust quality standards and cutting-edge manufacturing technology for deployment across multiple sites. This project will play a pivotal role in supporting NTPC REL's renewable energy expansion, while advancing India's long-term clean energy transition and decarbonisation objectives.

LNK ENERGY LAUNCHES WITH USD 1.11 BN INVESTMENT PLAN, ANNOUNCES 6 GW INTEGRATED SOLAR MANUFACTURING PROJECT IN MAHARASHTRA

LNK Energy, a next-generation integrated clean energy platform, has announced its formal launch with a planned investment of INR 100 Bn (USD 1.11 Bn) over the next five years. The company will operate across advanced manufacturing, green fuels and renewable energy generation, supporting India's clean energy transition and long-term energy security.

As its first major initiative, the company will develop a 6 GW solar cell and module manufacturing facility with integrated ingot and wafer production at Chhatrapati Sambhaji Nagar in Maharashtra. Spreading across more than 60 acres, the project will manufacture high-efficiency solar cells and modules using advanced technologies and global quality standards. The company signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for setting up the facility.

FEBRUARY 2026

MPPTCL ENERGIZES 500 MVA POWER TRANSFORMER AT MANDSAUR SUBSTATION

Madhya Pradesh Power Transmission Company Ltd (MPPTCL or MP Transco) has successfully installed and energized an additional power transformer at the 400kV Mandsaur substation. MPPTCL that this 400/220kV, 500 MVA power transformer will help strengthen power supply in the Malwa region.

The Mandsaur–Neemuch region has emerged as one of the country’s prominent solar energy hubs. The new transformer will not only ensure reliable support for the region’s growing power demand but will also further strengthen and enhance the reliability of the power system in the Malwa region in the coming years. This is the third 400kV power transformer at Mandsaur, adding to the two existing power transformers of 315 MVA capacity each.

Considering the increasing allocation of Madhya Pradesh’s share of power from the Central grid, rapid growth in solar energy generation, and rising requirements of the Chambal pumping projects, a higher-capacity transformer had become necessary. The new 500 MVA transformer was designed to meet these requirements.

NLC INDIA, NALCO SIGN MOU TO DEVELOP THERMAL AND RENEWABLE POWER PROJECTS

NLC India has announced that the company has signed a Memorandum of Understanding (MOU) with National Aluminium Company (NALCO) to strengthen collaboration in the development of thermal and renewable energy projects.

The MoU provides a structured framework for cooperation in the proposed 1200 MW Thermal Captive Power Project and renewable energy development, aimed at meeting NALCO's captive and long-term power requirements in a reliable, cost-effective, and sustainable manner.

Its collaboration also enables exploration of long-term power tie-ups, including captive and group captive arrangements, as well as long-term coal supply arrangements, ensuring energy and fuel security for identified projects.

SIEMENS ENERGY INDIA APPROVES USD 220 MN INVESTMENT FOR POWER TRANFORMER CAPACITY EXPANSION

Siemens Energy India has approved an investment of around INR 2,060 Cr (USD 219.9 Mn) for setting up a new power transformer factory in India. This will expand the company's large power transformer manufacturing capacity by approximately 30,000 MVA.

The investment, approved by the company's Board of Directors, will be funded through internal accruals and is aligned with the Make in India initiative and the rapid expansion of India's power sector. The new capacity is expected to commence operations between 2030 and 2032. It is rising domestic and global demand for large power transformers, driven by energy transition and electrification trends, is the key rationale behind the expansion.

INDIA WRAPS UP 1.2 GW RENEWABLES-PLUS-STORAGE TENDER AT USD 0.069/KWH

SECI has concluded its auction for 1.2 GW of renewable energy capacity paired with energy storage systems, designed to deliver 4.8 GWh of assured peak power each day, equivalent to 1,200 MW for four hours. The lowest tariff discovered in the tender was INR 6.27/kWh.

Adyant Enersol, part of Datta Infra, secured 100 MW at INR 6.27/kWh. Serentica Renewables won 600 MW and AMPIN Energy took 199 MW, both at INR 6.28/kWh, with the remaining capacity allocated to ACME Solar. The projects will be developed on a build-own-operate basis, with SECI signing 25-year power purchase agreements (PPA) with the successful bidders and acting as an intermediary between developers and offtakers.

Under the tender terms, developers must build interstate transmission system-connected renewable energy projects integrated with energy storage systems, with generation and storage co-located for each project. Developers are responsible for land acquisition, installation, ownership, grid connectivity, and all regulatory approvals, with projects permitted to be located anywhere in India.

ENGIE INDIA AND PTC INDIA SIGN MOU FOR RENEWABLE OFFTAKE AND DEVELOPMENT OF BESS

ENGIE India and PTC India have signed a new Memorandum of Understanding (MoUs) to deepen their strategic collaboration in the renewable energy sector, building on the momentum of the 100 MW solar power purchase agreement concluded four months ago.

Under the MoU, the two companies will jointly explore market-based renewable offtake structures that enable flexible and innovative clean energy procurement models. The collaboration will also focus on the development of Battery Energy Storage Systems (BESS) to enhance grid resilience and reliability, alongside structured knowledge sharing to leverage ENGIE's global expertise in identifying emerging opportunities in India's evolving energy landscape.

The partnership further includes exploring additional areas of cooperation aimed at expanding India's renewable energy ecosystem and delivering long-term value for stakeholders. ENGIE and PTC India reiterated that strong, future-focused alliances are critical to accelerating decarbonisation and supporting the country's transition towards a sustainable and future-ready power system.

NGEL, ASSAGE SIGN MOU TO DEVELOP INDIA’S FIRST LARGE-SCALE GREEN UREA ECOSYSTEM AT PUDIMADAKA HUB

NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Ltd, has signed a strategic memorandum of understanding with Assago Industries Pvt. Ltd. to develop and operationalise India's first large-scale green urea production ecosystem at the upcoming Green Hydrogen Hub in Pudimadaka.

Under the MoU, NGEL will supply green ammonia, captured CO2, renewable power and utilities to Assago, enabling the production of green urea using clean feedstock. The collaboration is aimed at accelerating India's transition to sustainable fertiliser manufacturing and supporting the Atmanirbhar Bharat objective by reducing dependence on imported urea. The partnership marks a defining moment for India's transition towards sustainable fertiliser production. By producing indigenous Green Urea using renewable feedstock, Assago is proud to contribute to India's goal of self-reliance, decarbonization, and agricultural resilience.

The Pudimadaka Green Hydrogen Hub is planned with a capacity of 2.5 million tonnes per annum of green chemicals, including green methanol, green ammonia, sustainable aviation fuel and green urea. Assago Industries is expected to be among the first private players to produce green urea at scale using renewable ammonia and captured CO₂.

SECI LAUNCHES 870 MWP SOLAR MODULE TENDER

The Solar Energy Corp. of India (SECI) has issued a tender for the supply of 870 MWp of solar PV modules manufactured using domestically produced cells. The total capacity has been divided into three packages of 290 MWp each. Bidders may quote for one or more packages.

The selected bidder must supply 0.5% of the awarded package capacity as mandatory spares in addition to the awarded package. The scope of work includes the manufacturing, testing, supply and transportation of 870 MWp of monocrystalline silicon TOPCon glass-glass modules. The modules must have a minimum efficiency of 21.65% and a minimum power output of 585 Wp at standard test conditions (STC).

The modules will be supplied to project sites in Radhanesda and Banaskantha, Gujarat. Under the tender conditions, both the solar cells and modules must be manufactured in India. The modules must be sourced from manufacturers listed in the Approved List of Models and Manufacturers (ALMM) issued and updated by India’s Ministry of New and Renewable Energy (MNRE).

GREW SOALR SECURES 500 MW M10R AND G12R TOPCON SOLAR MODULES SUPPLY ORDER

GREW Solar has announced that the company has secured an order to supply 500 MW of high- efficiency solar PV modules from a leading power developer in India. The order includes the company's advanced M10R and G12R module series and will support the developer's upcoming utility-scale solar projects across multiple locations in the country, GREW Solar said in a statement.

GREW Solar will supply its domestically manufactured M10R and G12R modules, designed to deliver high efficiency, reliability, and performance under diverse operating conditions. The deployment of these modules is expected to contribute to the timely execution of large-scale solar installations and support the developer's clean energy capacity expansion plans.

The order comes as GREW Solar continues to scale its manufacturing capacity and strengthen its product portfolio to meet the evolving requirements of utility-scale and commercial solar projects. The company operates a 6.5 GW PV module manufacturing plant in Dudu, Rajasthan, with plans to scale to 11 GW, and is setting up an 8 GW solar PV cell facility in Narmadapuram, Madhya Pradesh.

NTPC FLOATS TENDER FOR 215 MW WIND PROJECT

NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC Limited, has floated a tender for the development of a 215 MW wind project for IndianOil NTPC Green Energy Limited (INGEL). INGEL is a joint venture between NGEL and the Indian Oil Corporation. The project will be situated at the Anantapur-II interstate transmission system (ISTS) substation in Andhra Pradesh under Tranche-III.

The scope of work covers the design, engineering, micro-siting, manufacturing, erection, testing, installation, and commissioning of the wind project. It also involves providing 10 years of operations and maintenance for the project, along with supplying mandatory spares.

Furthermore, the selected bidders are required to provide the wind-monitoring masts and the external extra-high-voltage transmission line to the ISTS substation. They are also required to construct all the project site roads, storage area, and sheds, and obtain the project transfer of title/lease deeds, the right-of-way, and infrastructure development approvals, and transfer them to NGEL.

ACME SOLAR SECURES SECI PPA FOR 190 MW WIND SOLAR HYBRID PROJECT UNDER ISTS FRAMEWORK

ACME Solar Holdings, through its subsidiary ACME Urja One Private Limited, has entered into a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) for a 190 MW wind solar hybrid project. The agreement increases the company’s total PPA-signed capacity to 5,820 MW.

The project is an Inter-State Transmission System (ISTS) connected hybrid installation, which forms part of a broader 380 MW tranche. With this agreement, the first half of the capacity has now secured long-term offtake.

The tariff for the project has been adopted by the Central Electricity Regulatory Commission (CERC), while the power procurement framework has also received approval from the relevant State electricity regulatory authority.

ODISHA ALLOCATES USD 60 MN FOR PM SURYA GHAR TOP UP, USD 543 MN FOR ENERGY SECTOR IN FY 2026-27 BUDGET

The Odisha government has allocated INR 495 Cr (USD 59.6 Mn) for additional State support to rooftop solar projects under the PM Surya Ghar Yojana in its Budget for FY 2026-27. The state will provide additional subsidy under the Odisha Akshaya Shakti Bikash Yojana (OASBY) to complement the central subsidy.

The Odisha government offers an additional subsidy of INR 25,000 (USD 265.93) for 1 kW, INR 50,000 for 2 kW, and up to INR 60,000 (USD 638.23) for 3 kW and above. Combined with the PM Surya Ghar central subsidy INR 78,000 (USD 829.69), residents can receive up to INR 1,38,000 (USD 1467.92) in total assistance for a 3-kW system.

Further, INR 200 Cr (USD 24.1 Mn) has been provided for the development of green hydrogen and green ammonia projects under OASBY. Overall, the state has allocated INR 4,505 Cr (USD 542.8 Mn) for the energy sector projects. Under the Mukhya Mantri Shakti Bikash Yojana (MMSBY), the state plans to enhance distribution and transmission infrastructure while supporting renewable energy and green energy evacuation projects.

CENTRE APPROVES USD 797 MN GREEN HYDROGEN JETTY AT PARADIP PORT

The Ministry of Ports, Shipping & Waterways (MoPSW) has approved the development of a dedicated jetty with allied facilities for handling green hydrogen, ammonia and other liquid cargo at Paradip Port at an estimated cost of INR 797.17 Cr (USD 96 Mn). The project will be implemented by Paradip Port Authority on a build-operate-transfer (BOT) basis.

The proposed facility will have a handling capacity of 4.0 million tonnes per annum and is designed to strengthen Paradip Port’s role as a hub for green energy cargo. The infrastructure will include a dedicated jetty, storage systems, pipelines, handling equipment and associated facilities.

The jetty will have a centre-to-centre distance of 279 meters between extreme end dolphins and a dredged depth of 14.3 meters in front of the berth to enable safe handling of liquid cargo vessels. Paradip Port Authority will provide capital support equivalent to 20% of the project cost, amounting to INR 159.43 Cr (USD 19.2 Mn), during the construction phase. The project is expected to be completed within 24 months.

The facility will also include provisions for handling other liquid cargo to ensure optimal utilisation during the initial growth phase of the green hydrogen sector and to diversify Paradip Port’s cargo profile. The project is aligned with the objectives of the National Green Hydrogen Mission and is expected to support investments in green energy infrastructure in Odisha while strengthening port-based logistics for clean energy commodities.

KOCHI AIRPORT TO BECOME INDIA’S FIRST AIRPORT TO OPERATE HYDROGEN-POWERED BUSES

Kochi International Airport will become the first airport in India to operate hydrogen-powered buses for passenger transportation, following a Memorandum of Agreement (MOA) signed between Cochin International Airport Ltd (CIAL) and the Kerala Hydrogen Valley Innovation Cluster (K-HVIC) Foundation.

The agreement provides for the procurement and operation of three hydrogen fuel cell electric buses under the Kerala Hydrogen Valley initiative. As per the MOA, the K-HVIC Foundation will extend financial support for the purchase of the buses, with funding capped at INR 2.90 Cr (USD 0.35 Mn) per bus. The total project cost is INR 8.7 Cr (USD 1.05 Mn). The procurement process is expected to be completed within 12 months, and ownership of the buses will rest with CIAL. The project aims to improve passenger convenience while significantly reducing emissions from airport transport operations.

Fuel supply for the buses will be ensured through a 1,000-kw green hydrogen plant being jointly developed by CIAL and Bharat Petroleum Corporation Limited (BPCL), which is scheduled to begin operations shortly. Statutory approvals for the hydrogen supply infrastructure have already been obtained, enabling early implementation of the initiative.

CEIGALL INDIA SECURES USD 205 MN FOR SOLAR + STORAGE PROJECT AT MORENA SOLAR PARK

Ceigall India receives Letter of Award from Rewa Ultra Mega Solar for a 220 MW solar power project with BESS integration in Madhya Pradesh. Ceigall India has recently received a Letter of Award (LOA) from Rewa Ultra Mega Solar (RUMSL) for the development of Unit 1 (220 MW) at Morena Solar Park, Madhya Pradesh.

The project, on a tariff-based competitive bidding mechanism, comprises a 220 MW Solar Power Project integrated with a Battery Energy Storage System (BESS). The tariff quoted for the project is INR 2.70 per kWh, with an approximate project value of INR 1,700 Cr (USD 204.8 Mn) (including GST).

The construction period for the project is 24 months, followed by an operational period of 25 years. The project is expected to contribute significantly to Madhya Pradesh's renewable energy capacity and support India's broader clean energy transition goals. The Morena Solar Park is a key renewable energy initiative in the state and is designed to enhance grid stability through integrated storage solutions. The addition of BESS alongside solar generation will enable efficient peak power management and improved dispatch reliability.

ADANI SECURES FUNDING FOR 6 GW TRANSMISSION PROJECT

Adani Energy Solutions Limited has bagged long-term financing from a consortium of Japanese banks for its flagship high-voltage direct current (HVDC) transmission project. The financing was led by Japanese banking partners MUFG Bank Limited and Sumitomo Mitsui Banking Corporation.

Furthermore, the green evacuation corridor has been configured as a high-capacity ±800 kV HVDC network with an evacuation capacity of 6,000 MW. The 950-kilometre corridor will connect Bhadla in Rajasthan to Fatehpur in Uttar Pradesh. It is backed by advanced HVDC technology supplied by Hitachi in partnership with Bharat Heavy Electricals Limited.

The project is scheduled to be commissioned by 2029. Additionally, it aims to strengthen the flow of renewable power across northern India by playing a central role in evacuating renewable energy from Rajasthan’s solar-rich regions and delivering it into the national grid.

MARCH 2026

COAL INDIA APPROVES USD 336 MN GUARANTEE FOR 875 MW SOLAR JV PROJECT

Coal India Ltd. (CIL) has approved providing a corporate guarantee of up to INR 3,160 Cr (USD 336.35 Mn) to its subsidiary CIL Rajasthan Akshay Urja Ltd. (CRAUL) for financing a large-scale solar power project.

The decision was taken by the CIL Board at a recently held meeting. CRAUL, a joint venture between CIL and Rajasthan Rajya Vidyut Utpadan Nigam Ltd. (RRVUNL), is developing an 875 MW solar PV project. CIL holds a 74% stake, while RRVUNL owns the remaining 26%.

The approved guarantee will cover 100% of the debt requirement, enabling CRAUL to raise funds for the project's capital expenditure. The transaction has been classified as being conducted at arm's length, given CIL's majority ownership in the venture.

From a financial standpoint, the move creates a contingent liability for CIL, limited to INR 3,160 Cr (USD 336.35 Mn), which would arise only in case of default by CRAUL on its debt obligations. The development reflects CIL's continued push into renewable energy as it diversifies beyond coal and strengthens its presence in India's fast-growing solar sector.

A.P. GOVT. SANCTIONS USD 6.46 MN FOR FIVE COMPRESSED BIO-GAS PLANTS

Andhra Pradesh government has sanctioned around INR 60 Cr (USD 6.46 Mn) to establish five Compressed Biogas (CBG) plants in urban local bodies, aiming to improve waste management and generate clean energy. The decision was issued through a government order by the Municipal Administration and Urban Development Department.

New plants will be set up in Rajamahendravaram, Nellore, Guntur and Ongole, while an existing facility in Vijayawada will be revived and upgraded. Each plant will have a processing capacity of 25 tonnes per day (TPD), taking the total capacity to 125 TPD. The project will be implemented with technical support from the CSIR-Indian Institute of Chemical Technology, Hyderabad, after earlier Public-Private Partnership (PPP) model tenders received limited response. As per revised cost norms, each 25 TPD plant is estimated at INR 12.60 Cr (USD 1.36 Mn), while the Vijayawada upgrade will cost INR 9.45 Cr (USD 1.02 Mn).

Funding will be shared by the Centre, State, urban local bodies and private developers, with developers expected to recover investments through CBG sales over a 20-year period.

INDIAN OIL ARM TECL FLOATS 100 MW ISTS WIND TENDER IN GUJARAT

Terra Clean, an Indian Oil Corporation (IOCL) subsidiary, has invited bids to develop a 100 MW end-to-end intrastate transmission system (InSTS)- connected wind project in Gujarat.

Government organizations and public sector undertakings of the central/state government, joint venture/subsidiary companies of IOCL, and startup entities registered with the Government of India will be exempt from submitting the EMD. Apart from setting up the InSTS project, the scope of work covers comprehensive operation and maintenance for 10 years. The project must be executed on a lump-sum turnkey model and within 23 months. It must be interconnected at the 66 kV level. Bidders must be class-I local suppliers.

CMPDI FLOATS USD 16.77 MN TENDER FOR 25 MW SOLAR PROJECT AT BCCL DUGDHA SITE IN JHARKHAND

Central Mine Planning and Design Institute Limited, a subsidiary of Coal India Limited, has issued a turnkey tender for setting up a solar power project in Jharkhand. The project will be developed for Bharat Coking Coal Limited at the Dugdha-II site of the Dugdha Coal Washery in Dhanbad.

The proposed plant will have a capacity of 25 MW (AC) and 35 MWp (DC) and will be a ground-mounted, grid-connected solar installation. The scope of work is comprehensive, covering design, engineering, procurement, supply, construction, testing, and commissioning of the project. The selected contractor will also handle operation and maintenance for a long period of ten years, making it a full lifecycle responsibility.

The total contract duration is 4,017 days. This includes 365 days for construction and commissioning, followed by 3,652 days dedicated to operation and maintenance. The estimated cost of the project is around INR 155.23 Cr (USD 16.77 Mn), including GST, indicating a significant investment in clean energy infrastructure in the region.

To ensure quality execution, CMPDI has set strict eligibility criteria for bidders. Companies must have prior experience in executing similar solar photovoltaic projects within the last ten years. In addition, bidders must show financial strength, with an average annual turnover of at least 30% of the project cost over the last three financial years. They are also required to maintain a minimum net worth of 10% of the estimated cost.

HPPCL INVITES BIDS FOR 6 MW SOLAR PROJECT WITH 2.1 MW/4.2 MWH BESS IN HIMACHAL PRADESH

Himachal Pradesh Power Corporation Limited (HPPCL) has invited bids for the development of a new renewable energy project in the Una district of Himachal Pradesh. The project involves the design, supply, construction, testing, and commissioning of a 6 MW (AC) solar power plant at Tihra Khas-I. In addition to solar generation, the facility will include a 2.1 MW / 4.2 MWh Battery Energy Storage System (BESS), which is expected to improve grid stability and help manage fluctuations in solar power generation.

The project will be developed on a turnkey basis. This means the selected contractor will handle the complete delivery of the plant, including land development, supply of equipment, construction activities, installation, testing, and final commissioning. Along with the project construction, the contractor will also be responsible for the operation and maintenance of the plant for a period of 15 years after commissioning. The integration of battery storage with solar generation is aimed at improving power reliability and ensuring a smoother energy supply to the grid.

SECI ISSUES TENDER FOR 1000 MW RTC THERMAL MIMIC RENEWABLE POWER SUPPLY

The Solar Energy Corporation of India Limited (SECI) has issued a Request for Selection (RfS) inviting renewable energy power developers to supply 1000 MW of Round-the-Clock Thermal Mimic (RTC-TM) power. The initiative is part of the SECI-RTC-TM-V tender and aims to ensure a reliable and firm supply of electricity to distribution companies by combining renewable energy with energy storage technologies that can replicate the consistent output typically associated with thermal power plants.

SECI is seeking projects capable of delivering firm and dispatchable renewable power to meet the growing demand from distribution companies (DISCOMs). The RTC-TM concept is designed to address one of the key challenges of renewable energy—intermittency—by integrating energy storage systems that allow developers to supply electricity continuously throughout the day.

The selected projects will be connected to the Inter-State Transmission System and developed on a Build-Own-Operate basis. Under this structure, SECI will sign long-term Power Purchase Agreements (PPAs) with the successful bidders for a period of 25 years. The power procured through these agreements will then be sold to various buying entities on a back-to-back basis, allowing distribution companies to access a reliable renewable electricity supply.

To ensure that the renewable projects mimic the reliability of thermal generation, SECI has introduced strict Demand Fulfilment Ratio requirements. Developers will be required to maintain a fulfillment ratio of 90% during peak demand hours and 80% during off-peak hours, although some seasonal flexibility may apply. On an annual basis, the projects must maintain an average fulfilment ratio of 90%. These requirements are intended to ensure that the electricity supply remains consistent and dependable for the grid.

GUVNL’S 625 MW SOLAR TENDER DISCOVERS INR 2.34/KWH TARIFF

Gujarat Urja Vikas Nigam Ltd’s tender for the procurement of power from 625 MW solar PV projects saw aggressive bidding, with the lowest (L1) discovered tariff at INR 2.34/kWh. The winners include Welspun Renewable Energy and NLC India, which secured 300 MW each.

The tender was launched by GUVNL in Q4 2025 to procure 625 MW of solar power from projects to be set up without energy storage anywhere in India. The selected developers will set up the projects on a build-own-operate basis at locations identified by them anywhere in India.

Solar PV modules for these projects must be sourced from the MNRE’s Approved List of Models and Manufacturers (ALMM List-I). These modules, in turn, must use cells from models and manufacturers listed under ALMM List-II for solar PV cells.

COAL INDIA, ONWARD SOLAR POWER WIN SECI'S 125 MW/500 MWH STANDALONE BESS AUCTION IN ODISHA

Solar Energy Corporation of India's (SECI) auction for setting up six standalone battery energy storage systems (BESS) in Odisha with a cumulative capacity of 125 MW/500 MWh has attracted an L1 bid of INR 3.04 lakh/MW/month.

Coal India has secured a total capacity of 80 MW/320 MWh, comprising four projects with a capacity of 20 MW/80 MWh each. It won Cluster I, with 40 MW/160 MWh capacity, at a tariff of INR 3.04 lakh/MW/month (USD 3,660/MW/month), and Cluster II, with 40 MW/160 MWh capacity, at a tariff of INR 3.05 lakh/MW/month (USD 3,675/MW/month). Onward Solar Power has secured 45 MW/180 MWh at a tariff of INR 3.75 lakh/MW/month (USD 4,520/MW/month).

The projects must be set up under a build-own-operate (BOO) model. The BESSD must set up, operate and maintain a BESS, with the primary objective of making the energy storage facility available to the GRIDCO for charging/discharging of the BESS, on an 'on demand basis.

The projects will be eligible for a viability gap funding (VGF) support at INR 18 lakh/MWh (USD 21,690/MWh). The projects must be set up inside the identified substations of the STU network in Odisha. Land identification and allocation for the projects will be under the scope of the GRIDCO/OPTCL owning the identified substations. Land will be provided on a right-to-use basis to the BESSD.

RAJESH POWER INKS BESPA WITH GUVNL FOR 65 MW/130 MWH STANDALONE BESS PROJECT IN GUJARAT

Rajesh Power Services has announced that its wholly-owned subsidiary, Rajesh Power Projects, has signed a Battery Energy Storage Purchase Agreement (BESPA) with state-run Gujarat Urja Vikas Nigam (GUVNL) for the development of a 65 MW/130 MWh standalone Battery Energy Storage System (BESS) project at Virpore in Gujarat.

The agreement establishes the long-term framework for the development and operation of the battery storage facility and marks Rajesh Power's formal entry into the utility-scale battery energy storage segment, the company stated.

Under the BESPA, the project will operate under a 12-year agreement from the date of commissioning at a contracted tariff of INR 1.89 lakh/MW/month (USD 2,030/MW/month). The project involves a 65 MW battery system with a storage capacity of 130 MWh, capable of supplying power for up to two hours. It is expected to be commissioned within 18 months from the date of signing of the agreement.

The project was awarded to the company earlier this year under tariff-based competitive bidding as part of GUVNL's 'Request for Selection for setting up of Standalone BESS - Phase VII', supported by Viability Gap Funding (VGF) through the Power System Development Fund (PSDF).

RAYS POWER TO DELIVER 200-MW RTC RENEWABLE PROJECT TO INDIAN RAILWAYS

Indian solar plant builder Rays Power Infra Pvt Ltd has secured a contract to install a renewable energy complex that will deliver 200 MW of round-the-clock (RTC) renewable energy to Indian Railways. The project will expand Rays Power’s order book by roughly INR 50 Bn (USD 528.5 Mn).

The project will integrate more than 700 MW of solar and wind generation capacity, supported by over 1,000 MWh of battery energy storage systems (BESS) to ensure power is available even during periods of low sunlight or wind. The complex is expected to become operational by June 2028.

Rays Power, which already has 2,247 MWp of installed solar, wind and hybrid assets, will execute the project through its subsidiary Bhalki Solar Power Pvt Ltd. The company plans to source the photovoltaic (PV) modules from its new manufacturing facility in Madhya Pradesh. The RTC power supply is seen to enhance grid stability and lower Indian Railways’ reliance on conventional fossil fuel-based power. Last week, the railway operator agreed to procure 150 MW of TRC renewable power under a deal with domestic clean energy platform Jindal Renewables.

BANK OF BARODA RAISES USD 1.07 BN VIA GREEN INFRA BONDS

Bank of Baroda (BOB) has raised INR 10,000 Cr (USD 1.07 Bn) through the issuance of green infrastructure bonds in the domestic market, becoming the first Indian bank to undertake such an issuance. The bonds are aimed at financing renewable energy and other eligible sustainable infrastructure projects.

The bank issued Series I Long-Term Green Infrastructure Bonds with a tenure of seven years and a coupon rate of 7.10% per annum. The proceeds will be deployed in projects that meet the eligibility criteria under the bank’s Green Financing Framework.

The issue received bids worth INR 16,415 Cr (USD 1.76 Bn) against a base issue size of INR 5,000 Cr (USD 0.54 Bn), reflecting strong investor demand. The level of oversubscription enabled the bank to raise INR 10,000 Cr (USD 1.07 Bn) under the issuance. The bonds have been assigned a ‘AAA’ rating with a stable outlook by Credit Analysis and Research (CARE) Ratings and the Investment Information and Credit Rating Agency (ICRA).

ADVAIT GREENERGY LAUNCHES 30-MW ELECTROLYSER ASSEMBLY PLANT IN INDIA

India’s Advait Greenergy Private Limited has officially opened a 30-MW facility for the assembly of alkaline electrolysers in the state of Gujarat, the first phase of a larger integrated manufacturing site. The facility is located in Mehsana and is designed as a scalable platform planned to reach 100 MW of annual capacity by the end of 2026, 300 MW by 2027. Over the long term, the capacity of the complex could be expanded to 1 GW.

The project is aligned with India’s National Green Hydrogen Mission and its target for the production of 5 million tonnes of green hydrogen annually by 2030. It has received approval for 300 MW of capacity under the government’s Production Linked Incentive (PLI) program for manufacturing electrolysers.

Advait Greenergy is a unit of Ahmedabad-based Advait Energy Transitions Limited (AETL). The company signed a Memorandum of Understanding (MoU) with the Government of Gujarat, pledging to invest INR 14 Bn (USD 150.7 Mn) in a portfolio of green energy and infrastructure projects across the state.

INDIAN REFINERY TO BUY GREEN HYDROGEN FROM BPCL-SEMBCORP JV

A joint venture between Bharat Petroleum Corp Ltd (BPCL), and Singapore’s Sembcorp Industries Ltd has been contracted to supply 10,000 tonnes of green hydrogen annually to the Numaligarh Refinery Ltd (NRL) in India. The deal was secured at a record-low price of INR 279 (USD 2.97/EUR 2.56) per kilogram after a reverse auction in which NeuEN Green Energy emerged as the winner among nine bidders.

Under the deal, it would deliver a green hydrogen plant at NRL's refinery in Assam. The facility will integrate renewable energy with advanced storage solutions. NRL is majority owned by state-run Oil India Limited, with the Government of Assam and the Engineers India Ltd as minority shareholders.

NeuEN is an equally-owned joint venture between BPCL and Sembcorp, launched to advance India’s transition to a low-carbon economy. It delivers clean-energy solutions across the renewable power, hydrogen and ammonia value chains.

RELIANCE SIGN USD 3 BN DEAL TO SUPPLY GREEN AMMONIA TO SAMSUNG FOR 15 YEARS

Reliance Industries (RIL) has signed a long-term supply and purchase agreement valued at over USD 3 Bn with South Korea's Samsung C&T Corporation to provide green ammonia for 15 years, starting from the second half of the financial year (FY) 2029. This agreement is the first in a series of long-term offtake partnerships to support the scale-up of RIL's New Energy platform.

The New Energy platform includes renewable energy, energy storage, green hydrogen, and downstream green fuels and chemicals. It is supported by in-house manufacturing of critical clean-energy technologies. The indigenization of critical clean energy technologies, including solar modules, battery energy storage systems, and electrolyzer systems, is a key pillar for the New Energy platform's ecosystem.

The company aims to deliver competitive, scalable, and reliable green energy solutions to the global markets by integrating these capabilities within a single ecosystem. It also aims to enhance the local industrial base with such initiatives.

ACME GROUP SIGN USD 2.15 BN GREEN AMMONIA DEAL WITH SOLAR ENERGY CORPORATION OF INDIA

ACME Group, a clean energy solution conglomerates, through its Green Hydrogen and Ammonia Business, has signed a 10-year binding Green Ammonia Purchase Agreement (GAPA) with the Solar Energy Corporation of India (SECI) for a capacity of 370,000 tonnes per annum (TPA) of green ammonia. The estimated contract value over the 10-year period is INR 20,000 Cr (USD 2.15 Bn). This follows the Letters of Award (LOA) received by ACME from SECI in August and September 2025 under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme Mode-2A, Tranche-l, India's first green hydrogen and ammonia procurement program.

The signing of this GAPA marks a milestone in India's transition to low-carbon industrial feedstocks in the fertiliser sector. Under the agreement, ACME will establish a green ammonia facility in Odisha, to supply the contracted capacity of Green Ammonia to six major fertiliser facilities spread across five states in both east and west coast of India.

SECI, acting as the intermediary aggregator, has executed Green Ammonia Sale Agreements (GASA) with leading fertiliser companies to ensure long-term demand visibility and supply stability. These include agreements with Indian Farmers Fertiliser Cooperative (IFFCO) for its Kandla plant in Gujarat and Paradeep plant in Odisha, each for 100,000 TPA. Additionally, Paradeep Phosphates (PPL) has signed agreements for its Paradeep plant in Odisha for 75,000 TPA and its Goa plant for 25,000 TPA. India Potash (IPL) has entered into an agreement for its Haldia plant in West Bengal for 20,000 TPA, while Coromandel International (CIL) has signed for its Visakhapatnam plant in Andhra Pradesh for 50,000 TPA.

TRUERE ORIANA POWER SECURES USD 337 MN GREEN AMMONIA AGREEMENT WITH SECI UNDER NATIONAL GREEN HYDROGEN MISSION

TrueRE Oriana Power has signed a long-term Green Ammonia Purchase Agreement (GAPA) with Solar Energy Corporation of India (SECI). The agreement entails a contracted supply of 60,000 tonnes per annum at a discovered price of INR 52.25 per kg (USD 0.56 per kg), with a total contract value of approximately INR 3,135 Cr (USD 337 Mn) over a period of 10 years. The corresponding Green Ammonia Sale Agreement (GASA) has also been executed between SECI and Madhya Bharat Agro Products, the end-offtaker.

TrueRE Oriana Power had received the Letter of Award (LOA) for the project in August 2025 under the Strategic Interventions for Green Hydrogen Transition (SIGHT) programme. The project, located in Sagar, Madhya Pradesh, will be developed by TrueRE Oriana Power. The company will be responsible for end-to-end execution, including development, approvals, and land- related clearances. With this project, TrueRE Oriana Power continues to expand its integrated energy portfolio, extending beyond renewable power generation into emerging green fuels.

MAHARASHTRA INKS MOU WITH CHAMBERY POWER FOR 2.1 GW PSP

The Water Resource Department of Maharashtra has inked an MoU with Chambery Power, a group company of EDF Power Solutions India. The MoU is for the development of the 2,100 MW Pimpalpada–Savale pumped storage project (PSP) in the Pune and Raigad districts of Maharashtra.

The proposed PSP is expected to entail a total investment of approximately INR 102.17 Bn (USD 1.09 Bn). It is also likely to generate around 2,500 employment opportunities during its development and operational phases.

Furthermore, with the addition of this project, the number of PSPs initiated in Maharashtra has increased to 55, with a combined planned capacity of 78,215 MW. These projects are expected to attract an estimated investment of about INR 4,170 Bn (USD 44.6 Bn).

List of Key Transactions - Q1 2026

Source: YOG INFRA analysis

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