Serentica buying Statkraft assets: KKR-backed Indian independent power producer (IPP) Serentica Renewables has signed binding agreements with Norway-based Statkraft to acquire its solar business in India. Statkraft’s India solar portfolio comprises 445 MW operational solar plant in Bikaner, Rajasthan, and 1 GW of development assets across the state. Serentica will use these assets to serve its commercial and industrial (C&I) clients on a round-the-clock (RTC) basis. It will expand Serentica’s operational portfolio to 1.5 GW and add to the pipeline, as the company targets a 17 GW operational portfolio by 2030. This divestment is part of Statkraft’s strategy to focus on its core markets in Europe and South America (see Statkraft To Prioritize Profitable Technologies, In Fewer Markets).
Solar module supply agreement: Indian solar PV manufacturer Vikram Solar has secured a 200 MW order from AB Energia, a solar company focused on the C&I segment. Vikram Solar will supply its high-efficiency M10R n-type TOPCon solar modules rated at 590 W and above. The modules will be deployed across Maharashtra, Madhya Pradesh, and Gujarat, with deliveries starting in September 2025 through early 2026. Recently, Vikram Solar also landed a 336 MW module contract from L&T Construction for Khavda in Gujarat for its Hypersol G12R n-type modules.
SBI financing for ACME: Indian renewable energy company ACME Solar says its subsidiary ACME Venus Urja Private Limited has raised long-term project funding of INR 38.92 billion from the State Bank of India (SBI). It will deploy the proceeds for the development and construction of a 400 MW Firm and Dispatchable Renewable Energy (FDRE) project. Repayment is spread across 19 years. The project is located in Barmer, Rajasthan, and contracted with NHPC at a tariff of INR 4.64/unit. It will also be accompanied by a battery energy storage system (BESS). Additionally, ACME said it has dropped the previously announced plan to acquire AK Renewable Infra Private Limited (see India Solar PV News Snippets).
Insolation lands new orders: Insolation Green Energy Private Limited, an Insolation Energy subsidiary, has secured a solar module supply order worth INR 1.43 billion from Zetwerk Manufacturing Businesses Private Limited. The order needs to be completed within FY 2025-26. The same subsidiary has also landed 3 letters of intent (LOIs) under the PM-KUSUM Scheme Component A for the deployment of 226.45 MW solar PV capacity. The contract from Jaipur Vidyut Vitran Nigam Limited (JVVNL) covers 20 sites, and the Ajmer Vidyut Vitran Nigam Limited (AVVNL) contract covers 115 sites. The final levelized tariff will be INR 3.04/unit for 16 sites, INR 2.82/unit for 5 sites, INR 2.75/unit for 53 sites, and INR 2.60/unit for 61 sites.
LOI for SWREL: Sterling and Wilson Renewable Energy Limited (SWREL) has received an LOI from a leading private IPP to execute the BOS EPC package for a 420 MW DC/300 MW AC solar project in Rajasthan. Valued at around INR 4.15 billion, including O&M and taxes, the contract covers the solar PV project and a 220/33 kV pooling substation. This marks SWREL’s first private IPP order of the fiscal year, taking its total order inflows beyond INR 24 billion.
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