Clean Max Enviro Energy Solutions Limited has secured approximately $575 million in financing from a mix of domestic and international financing facilities to support the expansion of its solar and wind portfolio in India. Specifically, it will be used for nearly 1 GW of CTU-connected renewable energy projects across Rajasthan and Karnataka. It raised the funding through External Commercial Borrowings (ECB), INR borrowing and Foreign Currency Non-Resident (Bank), FCNR(B), from multiple global and Indian banks.
The projects aim to supply renewable power to large corporate and technology-sector customers. The financing includes support from lenders such as HSBC, BNP Paribas, Société Générale, SMBC, Credit Agricole, and DBS Bank. The company said demand from the AI, cloud computing, and data center industries is emerging as a key driver for renewable energy procurement in India. Recently, CleanMax and Apple announced an investment of INR 100 crore to develop 150 MW of renewable energy capacity in India (see Apple To Invest INR 100 Crore For Renewable Energy In India).
Union Minister of State (Independent Charge) for Science & Technology Jitendra Singh inaugurated an indigenous Plasma Enhanced Chemical Vapor Deposition (PECVD) system. An indigenously built fab within the Indian Association for the Cultivation of Science (IACS) premises in Kolkata, it will be used for the fabrication of India’s 1st amorphous silicon solar cell. PECVD is used to deposit anti-reflective coatings on solar cells.
The facility is aimed at advancing domestic solar-cell research and manufacturing capabilities. During the event, the minister said the project reflects India’s push for self-reliance in advanced renewable energy technologies under the Atmanirbhar Bharat initiative. He also noted that the PECVD system, developed by Prof. Ashok Kumar Barua, marks an important step in India’s efforts in renewable energy and solar technology development.
The Uttar Pradesh government has allotted land for 2 major solar manufacturing projects in the Yamuna Expressway Industrial Development Authority (YEIDA) region. These projects involve a combined investment of nearly INR 5,000 crore. The state’s Chief Minister, Yogi Adityanath, handed over allotment letters to CESC Green Power Ltd. and Integrated Batteries India Pvt. Ltd. for setting up solar PV manufacturing facilities.
CESC Green Power, part of the RP-Sanjiv Goenka Group, will invest INR 3,805 crore to establish a 3 GW solar cell and module manufacturing facility on 100 acres. The project promises to create around 5,000 jobs. Integrated Batteries India will invest INR 1,146 crore in a 4 GW solar PV cell manufacturing unit spread across 25 acres, generating around 500 jobs, according to a state government statement reported by local media. CESC had earlier unveiled INR 45 billion in solar manufacturing plans in Odisha for 3 GW of solar cell and module production capacity each, along with a 5 GWh battery cell pack fab (see India Solar PV News Snippets).
Pennar Industries Limited has announced an investment of INR 5.8 crore in ZAP91 Solar India Private Limited, its joint venture (JV) company focused on solar module manufacturing. The investment, to be made in a single tranche before June 30, 2026, will support the completion, commissioning, and start of commercial production at the company’s manufacturing plant in Sadashivpet, Telangana.
Pennar will hold a 45% stake in the JV following the investment and will expand its presence in the solar PV manufacturing domain. ZAP91 Solar India, incorporated in December 2024, is currently developing its manufacturing facility and has not yet started production. Pennar had earlier announced a JV with Zetwerk Manufacturing for a 250 MW module facility in Telangana (see Pennar & Zetwerk Announce Solar Module Manufacturing JV In India).
ACME Solar Holdings Limited has signed a 25-year power purchase agreement (PPA) with Solar Energy Corporation of India Limited (SECI) for a 300 MW/1,200 MWh ISTS-connected assured peak power project. The project will supply 4 hours of assured peak power during non-solar hours for a tariff of INR 6.28/kW and requires a minimum annual availability of 85%.
This firm and dispatchable renewable energy (FDRE) project will use ACME Solar’s existing night-time connectivity at high-irradiation locations and will be connected to ISTS substations. ACME won the project under SECI’s FDRE Tranche-VII tender following a tariff-based competitive bidding process and an e-reverse auction held in February 2026. With this agreement, ACME Solar’s PPA-signed portfolio has increased to 6.57 GW out of its total contracted portfolio of 8.07 GW.
Indian Metals & Ferro Alloys Limited (IMFA) has entered into a 29-year renewable energy PPA with EG Urja Strot Private Limited. The contract is for 65 MW of demand, comprising 81.4 MW of solar, 102.6 MW of wind, and 25 MWh of battery energy storage systems (BESS). It will be under captive consumption. For this, IMFA will subscribe to 26% of the equity capital of EG Urja, or INR 110.18 crore, in one or more tranches. The acquisition is scheduled to be completed by June 2027.