Infrastructure & PPPs in India - Q3 2025 Update - Clean Energy Transition

YOG INFRA
Oct 16
26 min read

YOG INFRA Q3 2025 insights

INDIA's clean energy sector is accelerating due to strong policy, financing, and private-sector activity. In clean energy space, there is strong international financing support for projects in green hydrogen, biogas, e-mobility, and decentralized renewables. Private investments are increasing, including establishment of new renewable energy platforms, IPOs and issuance of green bonds. Technological progress continues, and record low tariffs have been discovered for solar-plus-storage battery storage tenders in the country as industry moves toward round-the-clock renewable power highlight India's growing clean energy ecosystem

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.

JULY 2025

GCF APPROVES USD 200 MN FOR ADB'S INDIA CLEAN ENERGY PROGRAM

The Green Climate Fund (GCF) has approved USD 200 Mn for the Asian Development Bank’s (ADB) clean energy program in India. The concessional funding will support the India Green Finance Facility (IGFF), a blended finance program designed to attract investment from development finance institutions (DFIs) and the private sector into emerging clean energy technologies.

The IGFF, ADB will extend lines of credit to national DFIs to build a pipeline of projects. The program will target technologies such as round-the-clock renewable energy, green hydrogen, compressed biogas, electric transport in rural areas, and decentralised renewable energy solutions.

A key feature of the IGFF is a USD 65 Mn risk-sharing facility, which will provide partial credit guarantees to enable smaller developers to access affordable finance for projects such as compressed biogas that are often overlooked by commercial lenders due to higher risks. The initiative represents ADB’s first partnership with GCF in India and aims to catalyze the uptake of emerging clean technologies, strengthen the role of financial institutions in climate action, and support India’s long-term net zero emission targets.

INDIAN GOVERNMENT INTRODUCES DRAFT PETROLEUM, NATURAL GAS RULES

The Draft Petroleum & Natural Gas Rules, 2025, aim to modernize India’s upstream oil and gas framework with major reforms. A key feature is the introduction of an investor-friendly stabilization clause, protecting lessees from adverse impacts of future legal or fiscal changes such as increases in taxes, royalties, or levies, by allowing compensation or deductions. To reduce infrastructure duplication and support smaller players, lessees must declare underutilized pipeline and facility capacity and provide third-party access on fair terms, subject to government oversight.

For the first time, operators will be allowed to undertake integrated renewable and low-carbon projects—including solar, wind, hydrogen, and geothermal energy—within oilfield blocks, provided safety standards are met, and petroleum operations are not disrupted. The draft strengthens environmental stewardship through mandatory greenhouse gas monitoring and reporting, a regulatory framework for carbon capture and storage (CCS), and site restoration funds with post-closure monitoring for at least five years.

These reforms replace the Petroleum Concession Rules, 1949, and the Petroleum and Natural Gas Rules, 1959, and follow amendments to the Oilfields (Regulation and Development) Act, 1948. They precede OALP Round X, India’s largest exploration and production bidding round.

Alongside the draft rules, a revised Model Revenue Sharing Contract has been released, aligning with the new framework on unitization, merged lease areas, and infrastructure sharing obligations. A revised Petroleum Lease format clarifies procedures for lease relinquishment, reservoir extension, and cancellation triggers, providing greater operational certainty.

BLACKSTONE PLANS INDIA RENEWABLES PLATFORM

US-based investment manager Blackstone is planning a renewables investment platform in India. The initial investment could be around USD 500 Mn, with potential for increase, though plans remain subject to change.

Blackstone is currently evaluating 800 MW of renewables assets on sale by Macquarie’s Vibrant Energy, with bids for the portfolio. The firm is also likely to bid for Edelweiss Group's 74% stake in a 1.2 GW solar platform co-owned with Engie. Edelweiss’ unit EAAA India Alternatives has appointed Standard Chartered to manage the sale. In addition, Blackstone is competing for 2 GW of renewable assets owned by a Norwegian company, for which it has already submitted a non-binding offer, as reported in May.

Previously, the investment manager had focused on real estate and private equity in India. In March 2025, it filed a draft prospectus for a public offering for what will be the country’s largest real estate investment trust, seeking to raise up to USD 723.4 Mn. The firm has indicated expectations to double its assets under management in India to USD 100 Bn, with gross annual returns around 40%.

INOX CLEAN ENERGY FILES DRAFT PROSPECTUS FOR USD 699 MN IPO

INOX Clean Energy has confidentially filed draft papers with the markets regulator to raise about INR 6,000 Cr (USD 720 Mn) through an Initial Public Offering (IPO). This could become the largest IPO in India’s clean energy and renewables sector. With a proposed equity dilution of over 10%, the company is targeting market capitalization of around INR 50,000 Cr (USD 6 Bn).

A major portion of the public issue is expected to comprise a fresh equity offering, with proceeds earmarked for new facilities in solar and Independent Power Producer (IPP) projects. The proposed IPO surpasses earlier filings by Juniper Green INR 3,000 Cr (USD 360 Mn) in June 2025 and Waaree Energies INR 4,300 Cr (USD 516 Mn) in October 2024. The company has also recently raised around USD 84 Mn in equity.

INOX Clean Energy is expected to incur capital expenditure of about INR 6,500 Cr (USD 780 Mn) to complete its under-construction renewable energy and manufacturing capacities. This will be funded through project-level debt, cash accruals from operations, and equity contributions from investors and promoters. While funding for under-construction renewable projects is secured, additional equity will be required for manufacturing expansions.

INOX Clean Energy develops and operates renewable energy projects and manufactures solar cells and modules through its subsidiaries. Its current operational capacity is 157 MW (including 107 MW of wind and 50 MW of solar). An additional 400 MW is under construction, comprising 350 MW of hybrid projects and 50 MW of solar.

OCIOR ENERGY WINS INDIAN GREEN HYDROGEN TENDER

A renewable hydrogen project developer has won a tender from a state-owned refiner for a 5,000 mt/year renewable hydrogen plant at the Visakh refinery, quoting a price of USD 3.82/kg (INR 328/kg).

This is the lowest known price for renewable hydrogen in India so far, following an earlier 10,000 mt/year tender awarded in May at USD 4.65/kg (including taxes). In the latest auction, the winning bid of INR 328/kg (USD 3.82/kg) came in below a competing bid of INR 345/kg (USD 4.02/kg, excluding taxes).

The tender enables renewable hydrogen procurement for use in the Visakh refinery. The plant will be developed on a build-own operating (BOO) basis for 25 years. India’s National Green Hydrogen Mission targets production of 5 million mt/year of renewable hydrogen by 2030, aiming to build a full hydrogen ecosystem for domestic use and exports. Refineries and fertilizer producers are expected to drive the early adoption of renewable hydrogen.

SUNSURE, ENERICA TO DEVELOP 250 MW BESS IN INDIA

A standalone 250 MW/1,000 MWh Battery Energy Storage System (BESS) tender has been awarded at INR 6.64 (USD 0.079) per kWh, one of the first in India with charging power under the developer’s scope and tariff quoted in INR/kWh. The tender was launched in February 2025 and concluded five months later, with half the capacity awarded at INR 6.64 (USD 0.079)/kWh and the remaining 125 MW at INR 6.65 (USD 0.080)/kWh.

The developers are eligible for Viability Gap Funding (VGF) support capped at INR 2.7 Mn (USD 32,000) per MWh or 30% of the capital cost, whichever is lower, with an additional capacity option of up to 250 MW/1,000 MWh under a greenshoe clause. Under the tender conditions, the Battery Energy Storage System Developer (BESSD) is required to install, operate, and maintain the facility, with minimum system availability of 95% per month. A ceiling tariff of INR 7.80 (USD 0.093) per kWh had been set for this tender, and the results were below this limit. This project is also the first of its kind in India with energy-based billing (INR/kWh) and charging power in the developer’s scope.

AMPIN, NXTRA SIGN PPA FOR 125.65 MW OF RENEWABLE ENERGY

AMPIN has signed a power purchase agreement (PPA) with NXTRA, data center operator for 125.65 MW of solar-wind hybrid energy capacity. The power will be sourced from projects in Rajasthan and Karnataka through the Inter-State Transmission System (ISTS). With this agreement, the total renewable energy partnership between the two companies has surpassed 200 MW.

The additional capacity will supply 205,167 MWh of renewable energy annually, reducing emissions by 149,156 tCO2e. The delivery will be executed in two phases, using captive solar-wind hybrid projects. Previously, renewable energy supply was provided through intra-state open access in states including Uttar Pradesh, Maharashtra and Odisha. With this new agreement, renewable energy delivery will expand to 11 additional states, introducing large-scale ISTS renewable energy supply from a single Independent Power Producer (IPP).

INDIAN RENEWABLES DEVELOPER ACME WINS CONTRACT TO SUPPLY GREEN AMMONIA

An Indian project developer has won a third renewable ammonia auction, securing a 10-year fixed-price contract to deliver 100,000 t/yr to a fertiliser plant in Kandla, Gujarat. The winning bid was INR 54.73/kg (USD 628.71/t), the second-highest winning bid so far, only behind INR 55.75/kg in the first round. The starting price for the latest auction was INR 75.51/kg (USD 867.14/t), the second-highest opening among the eight rounds held so far.

The volume covered in this auction was the largest to date. The developer has now secured offtake of 225,000 t/yr through three auction wins, nearly half of the 516,100 t/yr with which it had initially entered the tenders. A further auction for 100,000 t/yr of supply to a plant in Paradeep, Odisha.

The developer is planning a 1.2 Mn t/yr renewable ammonia facility at Gopalpur port in Odisha. Under the scheme, state-owned Solar Energy Corporation of India has so far allocated 560,000 t/yr of renewable ammonia supply out of the 724,000 t/yr offered.

BROOKFIELD-BACKED AVAADA TO DEVELOP 1GW RENEWABLES PROJECTS

AVAADA has signed a memorandum of understanding (MoU) with the Government of Bihar to develop 1 GW of renewable energy projects across the state. The company will invest INR 50 Bn (USD 570.5 Mn) in projects that will include ground-mounted and floating solar plants, community solar plants, and battery energy storage systems.

The state government will facilitate the developer in obtaining necessary approvals and clearances from concerned departments. The projects are expected to provide direct employment for around 500 people, with production likely to commence within two years after power purchase agreements are executed and land or water bodies are facilitated by the state government. The developer will also be entitled to receive incentives as per the applicable state policies and incentive rules.

AUGUST 2025

TATA, NTPC WIN INDIA’S 125 MW BESS TENDER

NHPC awarded its 125 MW/500 MWh standalone battery energy storage system (BESS) project in Kerala (Tranche-I) to three companies—NTPC Green Energy, Opera Energy, and Tata Power Renewable Energy (TPREL). The project, tendered in January 2025, is connected to the intrastate transmission system under NHPC’s first BESS rollout.

Awarded Capacities and Tariffs:

1. NTPC Green Energy:

o 40 MW/160 MWh at the Sreekantapuram substation – INR 434,000 (USD 4,950) per MW per month.

o 40 MW/160 MWh at the Pothencode substation – INR 457,000 (USD 5,215) per MW per month.

2. Opera Energy:

o 15 MW/60 MWh at the Mulleria substation – INR 438,000 (USD 4,990) per MW per month.

3. Tata Power Renewable Energy (TPREL):

o 30 MW/120 MWh project – INR 438,000 (USD 4,990) per MW per month.

o Awarded under a 12-year Battery Energy Storage Purchase Agreement (BESPA), with commission expected within 15 months.

TPREL already operates a 100 MW solar + 120 MWh BESS hybrid project in Rajnandgaon, Chhattisgarh. The NHPC award marks its entry into standalone battery storage, reinforcing its role in delivering dispatchable and sustainable energy solutions.

GENTARI SIGNS WIND PPA WITH AMAZON IN INDIA

Gentari, the clean energy solutions arm of Malaysia’s Petronas, has signed a Power Purchase Agreement (PPA) with Amazon Web Services (AWS) for an 80 MW wind power project in Karur, Tamil Nadu, India. The project, scheduled to commence operations in mid-2027, is expected to generate approximately 300,000 MWh of renewable energy annually. It will contribute to advancing Gentari’s strategy of expanding utility-scale renewable energy projects while supporting AWS’s target of achieving net-zero carbon emissions by 2040.

This PPA follows a collaboration agreement signed in 2023 and represents a concrete step toward developing cost-effective, scalable renewable energy in the region. The project aims to enhance clean energy supply in India while strengthening regional energy transition efforts. Gentari continues to grow its portfolio across renewable energy, hydrogen, and green mobility, focusing on building long-term partnerships that accelerate the global journey to net zero.

INDIA’S NTPC WINS GREEN AMMONIA SUPPLY CONTRACT

India’s NTPC Renewable Energy, a wholly owned subsidiary of NTPC Green Energy, has won a contract to supply 70,000 metric tonnes per annum (MT/year) of green ammonia in an auction conducted by the Solar Energy Corporation of India (SECI).

The supply will go to a phosphatic fertiliser manufacturer located in Meghnagar, Madhya Pradesh. NTPC Renewable Energy secured the contract at a tariff of INR 51.80 per kg (USD 0.62 per kg). This auction formed part of SECI’s larger tender for a total of 724,000 MT/year of green ammonia across 13 locations in India.

INDIA’S ADANI POWER PLANS USD 3 BN THERMAL PROJECT

Adani Power will set up a 2.4 GW greenfield thermal power plant in Bihar with an investment of USD 3 Bn. The company has received a Letter of Intent from Bihar State Power Generation Company to supply 2.274 GW of power to state distribution companies from the upcoming project.

The project, to be developed at Pirpainti in Bhagalpur district, will be a 3x800 MW ultra-supercritical power plant under the Design, Build, Finance, Own, and Operate (DBFOO) model. Adani Power was the lowest bidder with a final supply price of INR 6.075 (USD 0.073) per KWh. The first unit will be commissioned within 48 months of the appointed date, and the last unit within 60 months.

The plant will be fueled through coal linkage under the SHAKTI Policy of the Government of India. It is expected to generate 10,000–12,000 jobs during construction and around 3,000 jobs once operational. The company will subsequently execute a Power Supply Agreement with state utilities.

INDIA’S SCC INFRA, INSOLARE CONSORTIUM WINS GREEN AMMONIA CONTRACT

SCC Infrastructure and InSolare Energy have won the green ammonia auction conducted by the Solar Energy Corporation of India (SECI) under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme, Mode-2A, Tranche-I. The consortium secured a contract to supply 70,000 tonnes annually of green ammonia to Madhya Bharat Agro Products-III in Dhule, Maharashtra, at a winning price of INR 53.05 (USD 0.64) per kilogram.

This marks the fourth successful auction out of a planned thirteen under SECI’s programme to procure green hydrogen and its derivatives. The scheme is designed to scale up clean fuel infrastructure, encourage private sector participation, and create cost-effective supply chains for green hydrogen and green ammonia. Produced using renewable energy, green ammonia is increasingly seen as a sustainable alternative in agriculture, shipping, and industrial applications, reducing reliance on fossil-based ammonia.

The winning bid prize of INR 53.05 (USD 0.64) per kilogram reflects competitive market dynamics and is viewed as a step towards cost parity with conventional ammonia. With nine more auctions to follow, the initiative is expected to accelerate India’s green hydrogen economy, strengthen renewable energy adoption, and support its goal of becoming a global leader in clean fuel production and exports.

L&T, ITOCHU TO JOINTLY DEVELOP INDIA GREEN AMMONIA PROJECT

India-headquartered Larsen & Toubro (L&T) and Japan-based Itochu will jointly develop and commercialise a green ammonia project in Gujarat. L&T Energy GreenTech Ltd (LTEG), a wholly-owned subsidiary of L&T, has entered into a Joint Development Agreement with Itochu Corporation of Japan to set up a 300 KTPA green ammonia facility at Kandla. Under the agreement, Itochu will offtake the product for bunkering applications in Singapore.

L&T had earlier acquired land at Kandla for green hydrogen and green ammonia projects. This collaboration supports LTEG’s strategy to expand across the green energy value chain and aligns with Itochu’s plan to introduce low-carbon ammonia as a zero-emission marine fuel.

With its abundant renewable resources and competitive electricity costs, India is well positioned to emerge as a global leader in green hydrogen and its derivatives. Under the National Green Hydrogen Mission, India targets at least 5 MMTPA of production capacity by 2030, with investments expected to exceed USD 100 Bn.

INDIA'S GAIL, TRUALT FORM BIOGAS JV

TruAlt Bioenergy (TruAlt) and Indian state-run utility GAIL have formed a strategic joint venture (JV) to expedite compressed biogas (CBG) sector development in India. GAIL will acquire a 49% equity stake in TruAlt's wholly-owned subsidiary Leafiniti Bioenergy (LBPL), subject to conditions and approval from the Department of Investment and Public Asset Management.

The JV will develop greenfield CBG facilities in phases. In the first phase, six plants will be constructed, each handling 12 tonnes per day (TPD), with a total annual CBG output of 23,976 tonnes. Since 2021, LBPL has been operating a 10.2 TPD press-mud-based CBG facility in Karnataka.

HINDUJA PLANS UP TO USD 4 BN RENEWABLES INVESTMENT

Hinduja Group is planning to invest USD 3Bn–4Bn to expand its renewable energy capacity in India to 10 GW by 2030, up from 3 GW. The capital expenditure will be financed through a mix of equity and debt in a 70:30 ratio. The group is considering bringing in investors and is open to funding from both international and domestic sources, including long-term investors such as pension funds once the portfolio grows.

The expansion will focus on wind, solar, hybrid projects with battery energy storage systems, and pumped hydro to enhance reliability, while maintaining operations of its thermal power assets. Priority will be given to hybrid-based solar projects with energy storage. Through Gulf Oil, the group has acquired UK-based Indra, a provider of slow-charging technology with vehicle-to-grid functionality, and Indian fast-charger manufacturer Tirex.

RELIANCE INFRASTRUCTURE WINS 390 MW INDIA SOLAR AND STORAGE PROJECT

Reliance Infrastructure has received a Letter of Award (LOA) from NHPC for a 390 MW inter-state transmission system (ISTS)-connected solar power project coupled with a Battery Energy Storage System (BESS). Once commissioned, the project will add 700 MWp of solar DC capacity and 780 MWhr of BESS capacity to Reliance Group’s portfolio. The winning tariff was discovered at INR 3.13/kWh, placing it among the most competitively priced projects in India’s renewable energy sector.

The project was part of an NHPC tender that attracted participation from 15 entities, with 14 qualifying for the e-reverse auction. The tender was oversubscribed nearly four times, underscoring growing industry interest in dispatchable renewable energy solutions.

INDIA TARGETS 10% OF GREEN HYDROGEN GLOBAL DEMAND BY 2030

India targets 10% share of global green hydrogen demand by 2030. Under the SIGHT scheme, 8,62,000 tonne per annum hydrogen production capacity has been awarded to 19 companies and 3,000 MW electrolyser manufacturing capacity awarded to 15 companies.

Five states have notified green hydrogen policies, facilitating land allocation, water availability, banking of renewable power, and hydrogen hub development. Over 100 standards and protocols have been adopted or are under development to ensure quality and safety. The National Green Hydrogen Mission, launched in Jan 2023 with an outlay of INR 19,744 Cr (USD 2.4 Bn), aims to position India as a global hub for green hydrogen exports. The government is considering incentives and financial instruments such as viability gap funding, green bonds, and multilateral bank support.

India aims to produce 5 Mn tonne of green hydrogen annually by 2030, supported by 125 GW of renewable energy capacity dedicated to hydrogen production. Pilot projects have been launched in steel, transport, and shipping sectors. A total of 23 R&D projects has been sanctioned, with over 100 proposals under evaluation for Centres of Excellence. Three testing facilities for green hydrogen have already been awarded.

Technological advances in solar PV, offshore wind, and electrolyser efficiency are expected to further reduce costs, addressing challenges of grid integration, storage, land availability, and competitiveness. The global green hydrogen market is projected to exceed 100 Mn tonne by 2030, with Indian firms actively forging global partnerships to ensure cost competitiveness and strengthen export potential.

SEPTEMBER 2025

MP TO ADD ANOTHER 1,320 MW OF POWER IN TWO EXISTING POWER PLANTS

Madhya Pradesh is gearing up for a major leap in energy infrastructure by adding another 1,320 MW of power in its exiting thermal power plants at Sarni (Betul) and Chachai (Amarkantak).

1. Satpura Thermal Power Station, Sarni

Revised Cost: Rs. 11,678 crores (USD 1.41 Bn)
Capacity: 660 MW
Funding Model: 20:80 equity-debt ratio
State Equity: Rs. 684.53 crore (USD 82.46 Mn)
Remaining Share: Allocated through 2030-31 via departmental budget

2. Amarkantak Thermal Power Station, Chachai

Revised Cost: Rs. 11,476.31 crores (USD 1.38 Bn)
Capacity: 660 MW
Funding Model: 20:80 equity-debt ratio
State Equity: Rs. 699.90 crore (USD 84.33 Mn)
Remaining Share: Distributed from 2026-27 to 2030-31

These projects by Madhya Pradesh Power Generating Company Limited reflect a focused strategy to meet growing energy demands while maintaining financial prudence through staggered funding and private participation.

COAL INDIA ISSUES TENDERS TO BUILD 5 GW OF RENEWABLE POWER CAPACITY

Government-owned Coal India Ltd has launched tenders for 3 GW of solar and 2 GW of wind power capacities, inviting turnkey bids covering all stages of project execution, from design and construction to commissioning and operation and maintenance.

The solar and wind initiatives are aimed at regions with substantial power resources, taking into account existing and committed transmission, and recent state policy moves. Tentative locations include states like Andhra Pradesh, Tamil Nadu, Karnataka, Rajasthan, and Madhya Pradesh, among others.

Applicants can bid for capacities ranging between 200 MW and 3,000 MW for solar and between 100 MW and 2,000 MW for wind, based on their capabilities. The minimum capacity utilisation factors (CUFs) are set at 25% and 35%, respectively.

PDG TO IMPLEMENT INDIA'S FIRST CARBON-FREE ENERGY MATCHING SCHEME AT MU1 CAMPUS IN MUMBAI

APAC data center developer Princeton Digital Group (PDG) has partnered with Flexidao and Tata Power Renewable Energy Limited (TPREL) to implement India’s first hourly carbon-free energy (CFE) matching scheme at its 150MW MU1 campus in Mumbai.

The CFE scheme will utilize Flexidao's renewable energy matching software platform to align MU1’s consumption with solar generation supplied via a Power Purchase Agreement (PPA) with TPREL on an hourly basis. TPREL originally signed the PPA to power the data center back in 2023. The 25-year agreement is tied to a captive solar project in the Nanded district of Maharashtra, India, and started generating power in June 2023.

To support the new scheme, PDG has developed new systems for automated meter data collection, hourly verification, and renewable energy proof management. This will allow the company to align the energy consumption of the data center to renewable generation under its Tata Power solar PPA. PDG, Flexidao’s platform and advisory services played a central role in designing these systems.

PDG’s MU1 campus is located within a 50-acre park in Airoli, Navi Mumbai. The first two buildings at the site are live with a combined capacity of 50MW. The first facility on the campus was delivered in Q4 2022, while the second went live earlier this year. The first phase of a 100MW expansion is currently under construction. The company has recently secured USD 60 Mn in green loans to support the expansion of the MU1 data center.

KPI GREEN ENERGY LAUNCHES INDIA'S FIRST EXTERNALLY CREDIT-ENHANCED GREEN BOND WORTH INR 670 CRORE

KPI Green Energy Ltd. has become the first renewable energy developer in India to issue an externally credit-enhanced Green Bond, raising INR 670 crore (USD 82.72 Mn) to fund its clean energy portfolio.

The bond carries a coupon rate of 8.5% per annum with a five-year quarterly amortising profile. It is backed by a 65% guarantee from GuarantCo, part of the UK-based Private Infrastructure Development Group (PIDG), which is funded by the governments of the UK, Switzerland, Australia, Sweden, the Netherlands (via FMO), France, and Canada. GuarantCo's strong ratings, AA- from Fitch and A1 from Moody's, enabled the bond to secure AA+ (CE) ratings from domestic agencies CRISIL and ICRA.

Proceeds from the issue will be used to expand KPI Green's solar, wind, and hybrid power capacity across India. To estimates, the projects financed through this bond will supply clean electricity to around 210,000 people and several businesses annually, while helping avoid approximately 344,000 tonnes of CO2 emissions each year.

The issuance also represents a broader milestone for India's debt markets, deepening access to green finance. Analysts note that such credit-enhanced instruments could pave the way for other corporates to tap new liquidity pools for renewable energy infrastructure.

ENVISION ENERGY INDIA LAUNCHES INR 500 CRORE WIND BLADE FACTORY TO BOOST GUJARAT’S RENEWABLE ENERGY MANUFACTURING

Envision Energy India has initiated construction of an INR 500 crore (USD 5.63 Mn) wind turbine blade manufacturing facility in Kalyangadh, Ahmedabad District, Gujarat. This marks the company’s third manufacturing site in India and aligns with national initiatives like Make-in-India and Atmanirbhar Bharat, aimed at boosting domestic renewable energy production and reducing reliance on imports.

The new facility is designed to produce up to 1,500 wind turbine blades annually using six molds. It will cater to 3.3 MW and 5 MW turbine platforms, supporting over 4 GW of wind energy projects across more than 10 sites in five districts of Gujarat, strengthening the regional renewable energy infrastructure.

Once fully operational by mid-2027, the plant is expected to generate approximately 4,000 direct and indirect jobs. This will benefit local communities and ancillary industries while enhancing the supply chain for wind energy components, contributing to Gujarat’s growing status as a hub for renewable energy manufacturing.

The development aligns with India’s goal of achieving 50% of installed power capacity from non-fossil sources by 2030. Envision Energy’s Gujarat facility is expected to play a crucial role in advancing the country’s clean energy transition and supporting large-scale renewable energy deployment in the region.

ULTRATECH LAUNCHES INDIA’S FIRST ON-SITE HYBRID RTC RENEWABLE ENERGY PROJECT

UltraTech Cement has operationalised a 7.5 MW round-the-clock (RTC) hybrid renewable energy project at its Sewagram Cement Works in Gujarat. The first-of-its-kind solution combines bifacial solar modules with trackers, wind energy and battery storage, co-located on-site, to ensure uninterrupted power for cement manufacturing without grid reliance.

The project was executed in collaboration with clean energy solutions provider Gentari. Installed as a behind-the- meter system, it is the country's first for industrial power consumption, setting a benchmark for emissions reduction and energy cost optimisation through advanced system integration. UltraTech is positioning green energy as a core driver of its decarbonisation journey, aligned with its 2050 Net Zero target. The company aims to raise the share of green energy in its power mix to 65% by 2027 and 85% by 2030

MADHYA PRADESH SETS RECORD WITH 600 MW SOLAR-PLUS-STORAGE PROJECT AT ₹2.70/KWH IN MORENA

Madhya Pradesh has achieved a major milestone in renewable energy with the country’s first solar-plus-storage project in Morena, which recorded a groundbreaking tariff of ₹2.70/kWh. This is the first time in India that a tariff below ₹3/kWh has been discovered for a firm and dispatchable renewable energy (FDRE) project. The auction, conducted by Rewa Ultra Mega Solar Limited (RUMSL), concluded after a rigorous 12-hour reverse auction process.

The Morena Solar Park will host two solar-plus-battery storage units, each with a capacity to supply 220 MW of power across three time periods. These include up to 220 MW during real-time solar generation, two hours of evening peak supply using solar-charged batteries, and two hours of morning peak supply using inexpensive grid power charged during late-night hours. The project ensures 95% annual availability of peak supply, a first in the country. Unlike earlier projects where peak capacity was lower than solar capacity, this project will deliver the same level of supply during both peak and non-peak hours.

The auction received strong global interest, with 16 companies participating and the bid capacity oversubscribed by nearly 10 times. Participants included prominent names such as Acme Solar, Adani Renewable, NTPC Renewable Energy, ReNew Solar, Engie Energy, AMPIN Energy, Apraava Energy, Goldi Solar, Dilip Buildcon, and Waaree Forever Energies.

CEIGALL India Limited emerged as the lowest bidder with a tariff of ₹2.70/kWh for one unit, while Acme Solar won the second unit with a tariff of ₹2.764/kWh. Together, they secured the 600 MW project, marking an important step for Madhya Pradesh in advancing its renewable energy capacity. The power generated will be procured by the state, making this project a benchmark for cost-effective, dispatchable clean energy in India.

SECI INVITES BIDS FOR 13 MW ROOFTOP SOLAR PROJECTS IN PUDUCHERRY

The Solar Energy Corporation of India (SECI) has issued a request for selection to install 13,043 kW of grid-connected rooftop solar projects on government buildings in Puducherry (Tranche-V). The systems will be installed under the renewable energy service company (RESCO) mode. They must also sign a 25-year power purchase agreement (PPA) with SECI.

The scope of work entails the design, engineering, erection, testing, and commissioning of the solar projects. It also involves providing operation and maintenance services for the entire PPA term. Selected bidders must supply and store project equipment and conduct civil works. They must also obtain a no-objection certificate from the relevant distribution company for grid connectivity. Successful bidders must secure the projects' net-metering, grid- connectivity, and all the permits, approvals, licenses, and insurance.

IB SOLAR TO INVEST ₹3,000 CRORE IN 4GW SOLAR CELL MANUFACTURING FACILITY AT YEIDA

Indian solar module manufacturing company Integrated Batteries India (IB Solar) is set to invest around INR 3,000 crore (USD 361.45 Mn) to set up a 4GW solar cell manufacturing plant after the Yamuna Expressway Industrial Development Authority (YEIDA) approved the allotment of 25 acres of land in Sector 8. The plan is a breakthrough for the Noida based firm in terms of both ambition and size.

The project, classified as an "ultra mega" investment, is part of Uttar Pradesh’s broader push to attract large-scale industrial investments and transform the region around the upcoming Noida International Airport at Jewar into a renewable energy and manufacturing hub.

Located strategically along the Yamuna Expressway and in close proximity to the airport, the facility is expected to give IB Solar significant logistical advantages for both domestic and export markets. This investment adds to the state’s growing renewable energy ecosystem, with YEIDA positioning itself as a preferred destination for high-value manufacturing projects.

KP GROUP PARTNERS WITH AHES AND GH2 SOLAR TO ESTABLISH 100,000 TPA GREEN AMMONIA FACILITY IN INDIA

KP Group has announced a strategic partnership with AHES, South Korea, and GH2 Solar, India, to establish and operate a Green Ammonia production facility in India with a capacity of 100,000 metric tons per annum (TPA). The collaboration represents a significant milestone in KP Group's commitment to advancing green energy solutions and decarbonising the industrial sector, supporting India's National Green Hydrogen Mission objectives.

The partnership is formalised through a Memorandum of Understanding (MoU) signed by KPI Green Hydrogen & Ammonia (KPI GH), a KP Group company, AHES and GH2 Solar. The facility will be developed and operated by KPI GH, AHES and GH2 will provide technical and strategic support, including arranging offtake agreements for the Green Ammonia produced, targeting markets in South Korea, Japan, and other international destinations. AHES will also be one of the primary offtakers themselves.

The 15-year strategic collaboration reinforces KP Group's commitment to a sustainable energy future. Pricing will be indexed to international ammonia benchmarks ensuring competitive positioning.

SECI INVITES BIDS FOR 1 MW ROOFTOP SOLAR PROJECT AT RASHTRAPATI BHAVAN

The Solar Energy Corporation of India (SECI) has invited bids to set up a 1,000-kW grid-connected rooftop solar photovoltaic (RTSPV) project at Rashtrapati Bhavan, New Delhi, under Tranche III of RTSPV projects.

The scope of work includes the design, erection, testing, and commissioning of the solar project. It also involves providing operation and maintenance services for 25 years. These services would include preventive and breakdown maintenance, cleaning, replacement of defective parts, insurance, online monitoring, and joint meter readings.

INDORE FIRST CITY TO GET WATER SUPPLY POWERED BY SOLAR PLANT

Indore in Madhya Pradesh, already India’s cleanest city for eight consecutive years, will become the country’s first city to receive drinking water supplied using electricity generated from a solar power plant. The 60-MW plant, built on 220 acres in Jalud village, Khargone district, is funded mainly by Rs 244 crore (USD 29.40 Mn) raised through the Indore Municipal Corporation’s (IMC) green bonds. The plant, costing Rs 308 crore (USD 37.11 Mn) in total, will power pumps to supply Narmada River water over 80 km to Indore, reducing the IMC’s monthly electricity expenses by nearly Rs 5 crore (USD 0.60 Mn) from the current Rs 25 crore (USD 3.01 Mn). The solar plant is set to start operations in November 2025 and marks the first renewable energy project in India financed via green bonds by an urban local body. This initiative aims to promote sustainable energy use while supporting Indore’s ongoing commitment to cleanliness and environmental sustainability under the Swachch Bharat Mission.

INDIAN UTILITY LAUNCHES 1.5 GWH BATTERY STORAGE TENDER

Uttar Pradesh Power Corp. Ltd. (UPPCL) has launched a tender for the selection of developers to supply energy from 1,500 MWh (375 MW x 4 hours) of standalone battery energy storage systems (BESS) in the state of Uttar Pradesh, on an on-demand basis.

The selected developers will set up the BESS projects, connected to the State Transmission Utility (STU), on a build-own-operate (BOO) basis. The stored energy will be supplied in accordance with the requirements of the state’s DISCOMs during peak hours. The projects will be supported by viability gap funding (VGF) through the Power System Development Fund (PSDF).

UPPCL will enter into a battery energy discharge purchase agreement (BEDPA) with the successful bidders. The charging power for the BESS must be arranged by the developer from renewable energy sources. Each BESS must be made available for one complete charge-discharge cycle per day, and the developer must ensure a minimum system availability of 95% monthly.

SJVN INVITES BIDS FOR 600 MW ISTS-CONNECTED WIND POWER PROJECTS WITH TARIFF-BASED COMPETITIVE BIDDING

SJVN Limited, a joint venture of the Government of India and the Government of Himachal Pradesh, has announced a fresh tender to select developers for 600 MW of wind power projects connected to the Inter-State Transmission System. The tender is part of the ongoing efforts to expand renewable energy capacity through tariff-based competitive bidding.

The tender has set clear conditions on capacity to encourage fair competition. Developers must bid for a minimum capacity of 50 MW and can go up to a maximum of 300 MW. This balance allows both medium and large-scale players to participate. The projects are required to maintain a minimum capacity utilization factor of 22%, ensuring efficiency and reliable performance over the long term. These technical and financial safeguards are designed to strengthen the reliability of the projects and contribute effectively to the grid.

MPPMCL FLOATS TENDER TO PROCURE ENERGY STORAGE CAPACITY FROM PSPs

The Madhya Pradesh Power Management Company Limited (MPPMCL), on behalf of Madhya Pradesh distribution companies and Uttar Pradesh Power Corporation Limited (UPPCL), has issued a tender to procure 500 MW of energy storage capacity from pumped storage projects (PSPs). The capacity will be procured from PSPs that are connected to the interstate transmission system.

The scope of work is to provide energy storage from PSPs on a demand-based basis for 40 years, on a build, own, and operate model (BOO Model). It also includes covering the maintenance of the transmission system up to the delivery point. Additionally, the scope also entails bearing all costs related to transmission, development, and operation until the interconnection point.

Furthermore, discharge of up to 6 hours must be provided by the PSPs, with a maximum of four hours of continuous discharge. The projects are required to begin supplying power within 72 months of inking the pumped storage project agreement (PSPA). The supply of the full contracted capacity must start no later than 10 years from the date of inking the PSPA.

CHHATTISGARH LAUNCHES 760 MWH BATTERY STORAGE TENDER

Chhattisgarh State Power Distribution Co. Ltd (CSPDCL) has invited proposals for setting up pilot standalone battery energy storage system (BESS) projects, connected to the state grid, for an aggregate storage capacity of 760 MWh (380 MW x 2 hours). The BESS must be capable of two complete charge/discharge cycles per day.

The total project capacity of 380 MW/760 MWh will be located in the vicinity of CSPDCL substations in Chhattisgarh. Land identification and allocation for the projects is under CSPDCL’s scope. The selected developers will establish the BESS on a build-own-operate (BOO) basis. They will make the energy storage facilities available to CSPDCL for charge/discharge operations on an “on-demand” basis. CSPDCL aims to utilize the BESS to meet the energy requirements of the state’s DISCOMs during peak and off-peak hours. It will enter into a battery energy storage purchase agreement (BESPA) with the successful bidders.

NCRTC ISSUES TENDER FOR 110 MW SOLAR POWER PLANT IN UTTAR PRADESH TO POWER NAMO BHARAT CORRIDOR

National Capital Region Transport Corporation (NCRTC) has floated a tender to select solar power developers to set up a 110 MW (AC) grid-connected solar PV power project in Uttar Pradesh under captive mode. The scope of work covers end-to-end project execution - from initial design and conceptualisation through to final commissioning. It also encompasses identifying suitable land, securing it through lease or purchase, and undertaking its full development.

The project must be completed within 18 months from the signing of PPA. The bidders must have experience in commissioning of at least 55 MW capacity of ground-mounted solar energy project in a contract within the last 10 years ending last day of the month before the month of deadline for bid submission.

HPPC SEEKS DEVELOPERS TO BUILD 500 MW GRID-CONNECTED SOLAR POWER PROJECTS IN HARYANA

Haryana Power Purchase Centre (HPPC), a joint forum created by the Uttar Haryana Bijli Vitran Nigam and Dakshin Haryana Bijli Vitran Nigam, has invited bids to procure 500 MW of solar power from projects located within the state. Bidders must submit bids for at least 5 MW.

HPPC will enter into a power purchase agreement (PPA) with the selected bidders for 25 years from the commercial operation date. Projects that are under construction, not yet commissioned, or already commissioned but have untied capacity without a PPA, are eligible. Projects should be commissioned within 18 months from the date of execution of the PPA.

ACME SOLAR SECURES LOA FROM TATA POWER-D FOR FDRE PROJECT

ACME Solar Holdings has secured a letter of award (LoA) for a 50 MW firm and dispatchable renewable energy (FDRE) project at a tariff of Rs 4.43 per unit. The capacity has been won in a 250 MW FDRE tender issued by Tata Power-D, which is a joint venture between Tata Power Company Limited and the Government of the National Capital Territory of Delhi.

Furthermore, the FDRE project will integrate various renewable energy technologies, such as solar power and a battery energy storage system, to fulfill the supply obligations of a power purchase agreement (PPA) tenor of 25 years. The project is scheduled to be commissioned within 24 months from the PPA signing date.

IGL AND RVUNL SIGN JV AGREEMENT TO DEVELOP 500 MW SOLAR POWER PLANT IN RAJASTHAN

Indraprastha Gas Ltd. (IGL) and Rajasthan Rajya Vidyut Utpadan Nigam (RVUNL) have signed a Joint Venture Agreement (JVA) to set up large-scale solar power projects in Rajasthan. Under the agreement, the newly formed JV company will initially develop a 500 MW solar power plant.

Under the agreement, IGL will hold a 74% stake in the JV company, while RVUNL will own the remaining 26%. The JV company's board will comprise six directors, including four nominees from IGL and two from RVUNL. In April 2025, IGL's board approved an equity investment of approximately INR 382 crore (USD 46.02 Mn) for setting up the 500 MW solar plant.

This strategic initiative aligns seamlessly with IGL's mission to diversify its portfolio and spearhead the transition to clean energy towards the achievement of its net-zero targets. Recognising the paramount significance of renewable energy, the company has formally identified renewable energy as a pivotal business segment in its recently rolled out diversification strategy." the company stated in an earlier regulatory filing.

ANTONY WASTE HANDLING SECURES ₹3,200 CRORE WASTE-TO-ENERGY PROJECTS IN AP

Antony Waste Handling Cell Limited (AWHCL), an integrated solid waste management company, announced that its material subsidiary, Antony Lara Enviro Solutions Private Limited, has been awarded two significant 15 MW Waste-to-Energy (WTE) projects in Andhra Pradesh by the New & Renewable Energy Development Corporation of Andhra Pradesh Ltd. The combined project value is approximately ₹3,200 crore (USD 385.54 Mn).

Each project will have a construction period of around 24 months from the date of the concession agreement signing, Power Purchase Agreement (PPA) execution, or land transfer, whichever is later. The concession period will last 20 years, during which the Andhra Pradesh Southern Power Distribution Company Limited (APSPDCL) — serving the Kurnool and YSR Kadapa regions — will purchase the generated power at ₹8.10 per unit.

The facilities will include an advanced Material Recovery Facility (MRF) for processing mixed municipal solid waste (MSW) before energy conversion. Automated sorting and separation technologies will recover recyclables, extract organic fractions for treatment, and process inorganic, non-recyclable residues into feedstock for the WTE plants. This feedstock will be thermally treated in high-efficiency incineration units to generate renewable electricity.

With high throughput capacity, the plants will divert thousands of tonnes of waste from landfills daily, cut methane and CO₂ emissions, and contribute to India’s renewable energy capacity targets and the Swachh Bharat Mission. Once operational, AWHCL’s clean energy portfolio will expand to approximately 44 MW, reinforcing its leadership in sustainable waste management.

List of Key Transactions - Q3 2025

Source: YOG INFRA analysis

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