Japanese trading company Sumitomo Corporation will invest in a renewable energy project developed by Hero Future Energies (HFE). HFE is the renewable energy arm of India’s Hero Group. The project in Bidar district of Karnataka will combine approximately 500 MW of solar and wind capacity with a 200 MWh co-located battery energy storage system (BESS). Sumitomo will acquire a 49% stake in Clean Solar Power (Baniyana) Pvt. Ltd., the project company, while HFE’s wholly owned subsidiary Hero Solar Energy will hold 51%. The project is planned to begin commercial operations in March 2027. The electricity will be sold primarily to SJVN Ltd. under a 25-year power purchase agreement (PPA), with surplus electricity to be sold on the power exchange.
Indian Railway Finance Corporation (IRFC) has signed an INR 4,200 crore term loan agreement with Damodar Valley Corporation (DVC) to finance renewable energy projects in Jharkhand and West Bengal. A Navratna Central Public Sector Enterprise under India’s Ministry of Railways and the market-borrowing arm of Indian Railways, IRFC will use the loan to support DVC’s portfolio of floating solar, ground-mounted solar, rooftop solar and BESS projects. DVC will use its existing land, reservoirs, and transmission infrastructure to locate renewable energy assets.
Gujarat-based solar PV manufacturer Solex Energy and its wholly owned subsidiary Solex Green Energy Limited have secured two work orders worth a combined INR 194.14 crore, including taxes. The orders cover the supply of TOPCon solar PV modules to domestic entities in the power and electricity sector. Solex Green Energy secured the larger INR 180.98 crore order for TOPCon bifacial glass-to-glass (G2G) modules, while Solex Energy received a INR 13.16 crore order for similar TOPCon bifacial G2G modules. The company manufactures PV modules at its Tadkeshwar, Gujarat facility, which has a 4 GW annual module production capacity. On October 5, 2026, Solex also announced an INR 75.96 crore order for 620 W n-type TOPCon G12R glass-to-glass modules from domestic power-sector entities.
Adani Group-backed Vishakha Renewables Limited, a Gujarat-based manufacturer of solar module components, has filed its Draft Red Herring Prospectus (DRHP) for an initial public offering (IPO). The proposed issue comprises a fresh issue of equity shares worth up to INR 1,250 crore and an offer for sale of up to 18.15 million shares. Vishakha Renewables plans to use INR 900 crore of the fresh issue proceeds to repay or prepay borrowings, with the remaining proceeds earmarked for general corporate purposes. The company may also undertake a pre-IPO placement of up to INR 250 crore, which would reduce the size of the fresh issue accordingly. As of March 2026, Vishakha Renewables had solar glass capacity of 660 tons per day, equivalent to 4.40 GW; aluminum frame capacity of 14,508.75 tons per year, equivalent to 3.37 GW; encapsulant capacity of 23.20 million linear meters, equivalent to 6.03 GW; and backsheet capacity of 8.05 million linear meters, equivalent to 3.80 GW. With a manufacturing facility in Mundra, the company plans to expand its solar glass, aluminum frame, and encapsulant manufacturing capacities.
Hyderabad-based EPC company Bondada Engineering has received an EPC order worth INR 1,153.93 crore, including taxes, for a 270 MW ground-mounted solar PV project. This capacity will be located at various locations in Maharashtra. Separately, Bondada’s subsidiary, Onix IPP Private Limited, has received an INR 911.25 crore sanction from State Bank of India (SBI) to finance a 225 MW solar independent power producer (IPP) project. The facility includes INR 900 crore in term loans and INR 11.25 crore in non-fund-based facilities. The project has a 25-year PPA with Maharashtra State Electricity Distribution Company (MSEDCL).
