PEL diversifies portfolio: Indian solar PV manufacturer Premier Energies Limited (PEL) is expanding its portfolio to solar inverter and transformer production. The company has announced a 51% share purchase agreement for Pune-based solar inverter and smart energy solutions company KSolare Private Limited, which has an annual production capacity of 500,000 inverters. It caters to the residential market with its on-grid, off-grid, and hybrid models. The remaining 49% stake will be co-acquired by Syrma SGS Technologies Ltd. PEL says this acquisition will help it foray into the residential solar inverter segment, aligned with the PM Surya Ghar Muft Bijli Yojana. It is also investing in acquiring a 51% stake in Transcon Ind Limited to diversify into power transformer manufacturing. “The strategic acquisition enables the company to diversify into power transformer manufacturing and immediately establish a presence in this critical segment. More than just diversification, it represents a calculated leap toward becoming a full-spectrum energy solutions provider by bridging the gap between generation and transmission,” stated PEL.
692 MW solar module orders: Waaree Energies Limited (WEL) has announced securing new solar module supply orders in India and the US for a combined 692 MW capacity. This comprises 3 separate orders from Indian renewable energy companies for 220 MW, 210 MW, and 140 MW of solar modules. Its wholly-owned subsidiary, Waaree Solar Americas, which operates a module manufacturing facility in Texas, has also landed a contract for the supply of 122 MW of solar modules from an unidentified utility-scale solar and storage projects company in the US. All these orders need to be delivered in the financial years 2025-26 and 2026-27.
Tender and auction activity: State agencies in India auctioned 2.2 GW of solar PV projects during Q3 2025, an increase of 21.4% from 1.7 GW in the previous quarter, but a decline of 66.8% year-on-year (YoY), according to Mercom India Research. On the other hand, tender issuance is higher, as 16.5 GW of utility-scale solar tenders issued during the quarter represented a 137.6% sequential increase, even as it dropped 17.8% from 20 GW tendered in Q3 2024. Of this, nearly 8 GW was tendered under the PM KUSUM program. According to Mercom, demand from offtakers is rising, but developers continue to face difficulties converting it into power purchase agreements (PPAs) and power sale agreements (PSAs).
Financial close for 840 MW: Blueleaf Energy, the pan-Asian renewable energy platform backed by Macquarie Asset Management, and Indian EPC Jakson Green Limited have achieved financial close for their 840 MW solar projects in Rajasthan’s Bikaner. This marks the completion of funding for their 1 GW Rajasthan Solar Portfolio. The projects, comprising 280 MW and 560 MW, secured financing from Axis Bank and hold 25-year PPAs with SECI and NHPC, respectively. With construction set to begin soon, these projects will join the 140 MW Bhawad Solar Project currently under construction. The Bikaner projects will be grid-connected via the Bikaner-III inter-state transmission system (ISTS).
300 MW solar project online: NHPC Limited, the state-owned utility, has commissioned the 300 MW Karnisar Solar Project in Bikaner, Rajasthan. The project’s full commissioning followed the completion of the 5th and final phase of 85.72 MW. It is contracted under a 25-year PPA with Punjab State Power Corporation Limited (PSPCL).
Captive generating plant requirements: India’s Ministry of Power (MoP) has proposed draft amendments to Rule 3 of Electricity Rules, 2005, regarding the requirements of captive generating plants. It seeks to qualify a power-generating plant as captive only if the captive users hold at least 26% ownership and use a minimum of 51% of the aggregate electricity generated annually for captive use. In case of a power plant set up by a registered cooperative society, both the 26% and 51% thresholds must be satisfied collectively by the members of the cooperative society. The share of captive consumption for a single user in this cooperative must not exceed 110% of their proportionate entitlement. These requirements will come into force once it is published in the official gazette.
650 MW BOS order: Construction engineering company Bondada Engineering has received a letter of intent (LOI) from Adani Group for a 650 MW solar power project at Khavda Renewable Energy Park, Gujarat. Bondada will supply goods for balance of system (BOS) for the project. It includes the complete design, engineering, and commissioning of the project under the broad scope of work within a year. The deal is worth INR 10.5 billion ($119 million).