2 GW solar cell deal: Solar PV module manufacturer Vikram Solar has signed an agreement with Jupiter International for the supply of 2 GW crystalline silicon solar cells, compliant with the Approved List of Models and Manufacturers (ALMM) List-II. The order worth around INR 2,000 crore comprises high-efficiency TOPCon and mono PERC solar cells. Vikram Solar has transitioned entirely to G12R-based module portfolio. The company is also venturing into solar cell manufacturing, aiming for module and cell capacities of 15.5 GW and 12 GW, respectively, by FY2027 (see Vikram Solar Q3 FY26 Revenue Up 8% On Higher Module Sales).
Boost to rooftop solar: The World Bank Group’s Multilateral Investment Guarantee Agency (MIGA) has approved a guarantee of $197.67 million to support India’s rooftop solar segment. The 5-year MIGA guarantee to Citibank for its non-shareholder loan to the State Bank of India (SBI) will enable the latter to refinance the remaining principal of a $500 million World Bank loan of 2016 for the Grid-Connected Rooftop Solar Photovoltaic (GRPV) systems program. MIGA said the guarantee will protect Citibank against the risk of non-honoring of financial obligations by a state-owned enterprise, while supporting clean energy development in India. Recently, under India’s flagship rooftop solar scheme, PM Surya Ghar Muft Bijli Yojana (PMSGMBY), a total of over 30 lakh households installed rooftop solar systems.
IPO launch: Renewable energy supplier to corporate clients Clean Max Enviro Energy Solutions Limited has launched its initial public offering (IPO) to raise INR 3,100 crore. It comprises a fresh issue of INR 1,200 crore and an offer for sale of INR 1,900 crore. The company has priced the IPO at INR 1,000 to INR 1,053 per share. Ahead of its public subscription (February 23 to February 25), the company raised INR 921 crore from anchor investors, including Temasek Holdings, SBI Life, Nomura Asset Management, HDFC Mutual Fund, Abu Dhabi Investment Authority, Franklin Templeton Mutual Fund, SBI General Insurance, Premji Invest, Tata Investment Corporation, BNP Paribas, among others.
Cabinet hikes POWERGRID investment cap: The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has raised the equity investment limit for Power Grid Corporation of India Limited (POWERGRID) from INR 5,000 crore to INR 7,500 crore per subsidiary, while retaining the 15% net worth cap. The move will enable POWERGRID to make higher investments in transmission projects, including UHVAC and HVDC networks, to support renewable energy evacuation and boost competition under the Tariff Based Competitive Bidding (TBCB) framework. “The approval will enable POWERGRID, the largest and most experienced transmission service provider in the country, to expand its investment in its core business and support the evacuation of renewable energy capacity, helping achieve the target of 500 GW from non-fossil-based sources,” said CCEA in a statement posted by Prime Minister Narendra Modi on his social media account.
Exploring floating solar potential: The Ministry of New and Renewable Energy (MNRE) has directed all states and union territories to identify and prioritize water bodies for the development of floating solar PV projects. The country currently has only 700 MW of installed floating PV capacity. In a Stakeholder Consultation Workshop, MNRE blamed it on the lack of data on potential sites and a clear framework for project execution. It also discussed the draft Floating Solar PV Potential Assessment Report and draft Floating Solar Policy prepared by the National Institute of Solar Energy (NISE) and IIT Roorkee, respectively. It will finalize the policy based on feedback from the states.
500 MW module order: Waaree Energies Limited (WEL) has received a 500 MW solar module supply order from an unidentified solar power developer and independent power producer (IPP). It will deliver the modules during FY 2026-27.
NGEL expands commercial capacity: NTPC’s green energy arm, NTPC Green Energy Limited (NGEL), has commissioned 158.4 MW of solar PV capacity out of a 250 MW project in Andhra Pradesh through a subsidiary. It commissioned this capacity for Atana Kadapa Renewable Power Private Limited, a subsidiary of Arana Renewable Power. Separately, NGEL has also announced the start of commercial operations for 165 MW of the 1.2 GW Khavda-II Solar PV Project in Gujarat. With these projects online, NGEL’s total commercial renewable energy capacity has risen to 9.15 GW.
