Large orders for Saatvik: Indian solar module manufacturer Saatvik Green Energy Limited has announced receiving 2 large module supply orders worth INR 6.89 billion ($78 million). One of these, worth INR 506.2 million, is from unidentified independent power producers/EPC that needs to be executed by the end of November 2025. Another INR 6.39 billion ($72 million) order has been received by the group company, Saatvik Solar Industries Private Limited, to be delivered by the end of June 2026. The company recently released its Q1 FY26 financial results (period ending June 30, 2025), according to which its order book stood at over 4 GW (see Newly Listed Saatvik Green Energy Reports Q1 FY26 Results). To meet growing demand, it is expanding its 3.8 GW production capacity by an additional 1 GW. It plans to use the proceeds from its INR 9 billion initial public offering (IPO) to fund the Odisha project, where it plans to install 4.8 GW of solar cell and 4 GW of module capacity.
Better offer for ReNew: ReNew Global Energy plc has received a revised, best and final non-binding proposal from a consortium led by Masdar. Other members of the consortium include Canada Pension Plan Investment Board (CPP Investments), Abu Dhabi Investment Authority (ADIA) subsidiary Platinum Hawk, and ReNew’s Founder and CEO, Sumant Sinha. It now seeks to acquire all remaining shares of the company, not already owned by the consortium, for $8.15/share. The offer is 15.3% higher than the initial December 2024 proposal of $7.07/share and represents a 28.5% premium to the undisturbed share price on December 10, 2024 (see Masdar-Led Consortium Proposes ReNew Energy Acquisition). ReNew says a special committee, comprising 6 independent directors, is evaluating the proposal.
Sembcorp’s SGD 246 million deal: Sembcorp Industries, via its subsidiary Sembcorp Green Infra Limited, has signed an agreement to acquire 100% of ReNew Sun Bright Private Limited for approximately SGD 246 million ($190 million). A subsidiary of ReNew Private Limited, ReNew Sun Bright operates a 300 MW solar plant in Fatehgarh, Rajasthan, which has been commercially operational since November 2021 and runs under a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company Limited (MSEDCL). Sembcorp plans to fund the acquisition through internal cash and external borrowings, pending regulatory approvals, and is expected to close in H1 2026. Post-acquisition, Sembcorp’s installed and in-development renewable energy capacity will reach 6.9 GW in India and 19.3 GW globally.
EIB backs India clean energy fund: The European Investment Bank’s (EIB) EIB Global is investing up to $60 million in the India Energy Transition Fund, a $300 million greenfield infrastructure fund managed domestically by Indian alternative asset manager EAAA Alternatives. The fund aims to accelerate private capital into renewable energy, battery storage, energy efficiency, transmission, electric vehicles (EV), and circular economy projects such as recycling and wastewater management. This is the country’s 1st energy transition fund managed by a domestic fund manager, said the bank. The initiative will channel equity and quasi-equity into greenfield infrastructure projects and growth-stage companies. EIB said this will create opportunities for technology and investment flows between India and the EU.
Serentica’s hybrid RE PPA with MRF: Renewable energy company Serentica Renewables has signed a long-term power purchase agreement (PPA) with leading Indian tire manufacturer MRF Limited. Serentica has established a special purpose vehicle (SPV) with MRF holding a minority stake and Serentica holding the remainder, to supply power to MRF under a captive power framework. The 170 MW hybrid renewable project, combining solar and wind, will deliver round-the-clock (RTC) power to MRF’s facilities via the ISTS network. It says that the partnership supports MRF’s sustainability and net-zero goals while marking a key milestone in Serentica’s industrial renewable energy expansion in India.
50 MW online: Adani Green Energy Limited (AGEL) subsidiary Adani Green Energy Twenty Six A Limited has commissioned 50 MW solar power generation capacity in Khavda, Gujarat. It expands the company’s total operational renewable energy capacity to over 16.73 GW.
