Daily News Wrap-Up: Power Ministry Extends RCO Compliance Deadline

Andhra Pradesh Floats Two Tenders for 27 MW Waste-to-Energy Projects

CERC Moves to Formalize Market Coupling, Names Grid India as the Operator

Trina, Waaree, Goldi, Rayzon, and Saatvik Lead Solar Module Supply in 2025

SECI Invites Bids for 1.5 GWh Peak Power Supply Under CfD Mechanism

Decline in Module Prices, Higher Raw Material Costs Hit JinkoSolar’s Q4 Revenue

NREDCAP Floats Empanelment Tender for Rooftop Solar Projects in Andhra Pradesh

Italy Adds 1.4 GW of Solar Capacity in Q1 2026

CleanPeak Energy to Acquire Sustainable Energy Infrastructure

Competition Regulator Clears Adani Group in Solar Tender Case


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					</table><p><a href="https://www.trinasolar.com/en-glb/" target="_blank" rel="noopener">Trina Solar</a>, <a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Energies</a>, <a href="https://goldisolar.com/" target="_blank" rel="noopener">Goldi Solar</a>, <a href="https://rayzonsolar.com/" target="_blank" rel="noopener">Rayzon Solar</a>, and <a href="https://saatvikgroup.com/" target="_blank" rel="noopener">Saatvik Green Energy</a> were the top solar module suppliers in 2025, according to Mercom’s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-cy-2025-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2026.</a></p>
<p>India’s solar module demand grew significantly in 2025, driven by record project installations. Annual capacity additions <a href="https://www.mercomindia.com/product/q4-2025-india-solar-market-update" target="_blank" rel="noopener">reached</a> 36.6 GW, marking the highest annual installation level recorded so far.</p>
<p>The country <a href="https://www.mercomindia.com/product/state-solar-manufacturing-india-2026" target="_blank" rel="noopener">added</a> 119 GW of module and over 9 GW of cell manufacturing capacity in 2025.</p>
<p>Trina Solar was the leading supplier during the year, accounting for 15% of the modules shipped to India. Waaree Energies and Goldi Solar ranked second and third, accounting for 10% and 6% of module shipments, respectively. Rayzon Solar and Saatvik Green Energy rounded out the top five, accounting for about 5% of annual module shipments each.</p>
<p>The top five suppliers accounted for 41% of the module capacities shipped to domestic solar projects in 2025.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-93585 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3.png" alt="Leading Solar Module Suppliers in India 2025" width="975" height="534" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3.png 975w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-300x164.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-768x421.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-650x356.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-624x342.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-600x329.png 600w" sizes="auto, (max-width: 975px) 100vw, 975px" /></a></p>
<p>Trina Solar was the only Chinese-origin supplier among the top five, supported by contracts secured in 2021–2022 during the early or paused phase of the Approved List of Models and Manufacturers (ALMM).</p>
<p>The presence of eight Indian module manufacturers in the top ten reflects a clear shift toward local sourcing, driven by supply chain localization, policy support, and particularly the ALMM mandate, which significantly strengthened the market share of domestic manufacturers.</p>
<p>The leading Indian module suppliers in 2025 were Waaree Energies, Goldi Solar, Rayzon Solar, Saatvik Green Energy, and <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a>.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-93587 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2.png" alt="Leading Domestic Solar Module Suppliers in India 2025" width="975" height="522" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2.png 975w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-300x161.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-768x411.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-650x348.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-624x334.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-600x321.png 600w" sizes="auto, (max-width: 975px) 100vw, 975px" /></a></p>
<p>Waaree Energies retained its position as the leading solar module manufacturer in India. During the year’s first half, the company <a href="https://www.mercomindia.com/waaree-to-double-texas-solar-module-manufacturing-plant-capacity-to-3-2-gw" target="_blank" rel="noopener">announced</a> an additional 1.6 GW expansion of its module manufacturing capacity at its U.S. facility. It also <a href="https://www.mercomindia.com/waaree-energies-commissions-950-mw-solar-module-plant-in-gujarat" target="_blank" rel="noopener">commissioned</a> a 950 MW module manufacturing facility in Gujarat and <a href="https://www.mercomindia.com/waarees-n-type-solar-module-plant-in-gujarat-expands-to-3-gw" target="_blank" rel="noopener">added</a> 1.5 GW of high-efficiency N-type module lines. Waaree ended the year with a domestic order to <a href="https://www.mercomindia.com/waaree-energies-secures-1500-mw-solar-module-supply-order" target="_blank" rel="noopener">supply</a> 1,500 MW of solar modules.</p>
<p>Goldi Solar emerged as the second-largest module manufacturer, supported by strong capacity expansion during 2025. The company <a href="https://www.mercomindia.com/goldi-solar-secures-%E2%82%B914-billion-in-havells-led-funding-round" target="_blank" rel="noopener">secured</a> ₹14.22 billion (~$161.07 million) in growth capital in a funding round led by Havells India, high-net-worth individuals, and institutional and strategic investors, which will support the company&#8217;s capacity expansion, backward integration into cell manufacturing, advancement in high-efficiency technologies, and expansion of market reach.</p>
<p>Rayzon Solar ranked third among domestic module suppliers, supported by its advanced TOPCon manufacturing lines. As of last December, Rayzon Solar <a href="https://www.mercomindia.com/solar-module-capacity-under-almm-grows-to-144-8-gw" target="_blank" rel="noopener">increased</a> its ALMM-listed capacity by 5,659 MW. During the year, the company <a href="https://www.mercomindia.com/rayzon-solar-secures-sebi-approval-for-%E2%82%B915-billion-ipo">received</a> approval to raise ₹15 billion (~$170.64 million) through an initial public offering.</p>
<p>Saatvik Green Energy is <a href="https://www.mercomindia.com/saatvik-begins-work-on-4-8-gw-solar-cell-and-4-gw-module-facility-in-odisha" target="_blank" rel="noopener">developing</a> a greenfield integrated facility in Odisha with 4 GW of module capacity and 4.8 GW of cell capacity. The company has also expanded into balance-of-system manufacturing, <a href="https://www.mercomindia.com/saatvik-commissions-2-gw-encapsulation-film-facility-in-haryana" target="_blank" rel="noopener">operationalizing</a> a 2 GW encapsulation polyolefin elastomer film facility at its Ambala campus. In October 2025, Saatvik <a href="https://www.mercomindia.com/saatvik-green-receives-solar-module-orders-worth-%E2%82%B97-billion-2" target="_blank" rel="noopener">secured</a> an order worth ₹6.9 billion (~$78.05 million) and also <a href="https://www.mercomindia.com/saatvik-green-receives-solar-module-orders-worth-%E2%82%B97-billion" target="_blank" rel="noopener">finalized</a> another order worth ₹7.07 billion (~$79.62 million) to supply high-efficiency solar modules.</p>
<p>Last November, ReNew announced plans to <a href="https://www.mercomindia.com/renew-to-invest-%E2%82%B9600-billion-in-clean-energy-projects-in-andhra-pradesh" target="_blank" rel="noopener">invest</a> ₹600 billion in clean energy projects in Andhra Pradesh, including a 6 GW solar ingot and wafer manufacturing facility.</p>
<p>TOPCon modules accounted for around 71% of total shipments in 2025, followed by Mono PERC at 29%, while HJT, thin-film, and polycrystalline technologies made up the remaining share.</p>
<p><a href="https://en.cell.tongwei.cn/" target="_blank" rel="noopener">Tongwei Solar</a>, <a href="https://www.jietaisolar.com/" target="_blank" rel="noopener">Jietai New Energy Technology</a>, <a href="https://www.solarspace.com/" target="_blank" rel="noopener">SolarSpace Technology</a>, <a href="https://aikosolar.com/en/" target="_blank" rel="noopener">AIKO Solar</a>, and <a href="https://www.dmegc.com.cn/" target="_blank" rel="noopener">Hengdian Group DMEGC Magnetics</a> were the top solar cell suppliers in 2025.</p>
<p>Mercom’s India Solar Market Leaderboard 2026 report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India’s solar industry leaders.</p>
<p>For the complete report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-cy-2025-market-shares-profiles" target="_blank" rel="noopener">click here</a>.</p>
<p>The <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Data Tracker</a>, which provides quarterly insights into competitors’ growth rates, is now available.</p>



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					</table><p>Pace Digitek <a href="https://www.mercomindia.com/pace-digitek-bags-order-to-supply-1-2-gwh-bess-from-seci" target="_blank" rel="noopener">received</a> an order from Solar Energy Corporation of India to supply a 600 MW/1,200 MWh standalone grid-connected battery energy storage system (BESS) in Andhra Pradesh. The total order value is ₹11.59 billion (~$131.93 million). The tender was floated in August this year. The scope of work includes the design and engineering of the complete BESS and its associated components. It involves the supply of BESS direct-current blocks equipped with heating, ventilation, and air conditioning, and a fire protection system. The supply also covers the power conversion system, the battery management system, and the energy management system.</p>
<p>A total of 16.5 GW of utility-scale solar tenders were <a href="https://www.mercomindia.com/indias-utility-scale-solar-tender-and-auction-activity-surges-in-q3-2025" target="_blank" rel="noopener">issued</a> by various agencies in the third quarter (Q3) of the calendar year 2025, representing a 137.6% increase from 6.9 GW in the previous quarter and a decrease of 17.8 % from 20 GW in the same quarter last year, according to Mercom India research. In 9M 2025, more than 37 GW was tendered, compared to 72 GW in 9M 2024, a decrease of 48%. The third quarter saw agencies floating nearly 8 GW of tenders under the PM KUSUM program, accounting for 48% of all renewable energy tenders announced during the period.</p>
<p>The Ministry of Power <a href="https://www.mercomindia.com/government-issues-draft-revisions-to-captive-power-project-rules" target="_blank" rel="noopener">proposed</a> to revise Rule 3 of the Electricity Rules, 2005, setting out the requirements for qualifying a power project as a captive project. The draft retains the key thresholds for ownership and consumption but introduces clarifications and additions regarding energy storage, indirect ownership through corporate structures, consumption benefit limits, and verification procedures. A project will qualify as a captive power project only if captive users collectively hold at least 26% ownership in the generating unit. This ownership refers to proprietary interest and control, or equity share capital with voting rights.</p>
<p>Tata Consulting Engineers, in collaboration with Enline and Gridpulse, <a href="https://www.mercomindia.com/indias-grid-goes-digital-tce-leads-first-400-kv-dynamic-line-rating-project" target="_blank" rel="noopener">commissioned</a> a 400 kV dynamic line rating (DLR) project for Power Grid Corporation of India on the Madurai–Tuticorin transmission line in Tamil Nadu. The project employs a real-time, artificial intelligence-driven approach to improve renewable energy integration, optimize existing grid assets, and enhance operational reliability. TCE delivered what is claimed as India’s first 400 kV DLR project on a 95 km double-circuit transmission line. The project used DLR sensors placed on critical spans of the Madurai–Tuticorin line to collect real-time weather and line data.</p>
<p>The Central Electricity Regulatory Commission <a href="https://www.mercomindia.com/cerc-proposes-%E2%82%B9245-mwh-as-buyout-price-under-renewable-consumption-obligation" target="_blank" rel="noopener">proposed</a> that designated entities, including electricity distribution licensees, open access consumers, and captive consumers, can fulfill their renewable consumption obligation through payment of the buyout price specified by it. The buyout price for the financial year (FY) 2024-25 will be set at ₹245 (~$2.79)/MWh, which is about 5% above the weighted average REC price for the year computed from transactions on power exchanges and via trading licensees. The buyout price for a financial year will be 105% of the weighted average REC price. By April 30 of every financial year up to FY 2029-30, the National Load Despatch Centre will publish the weighted average price of REC and the buyout price for the previous financial year.</p>
<p>The Uttarakhand Electricity Regulatory Commission <a href="https://www.mercomindia.com/uttarakhand-electricity-regulator-sets-%E2%82%B91-09-kwh-as-open-access-surcharge" target="_blank" rel="noopener">set</a> an additional surcharge of ₹1.09 (~$0.0123)/kWh for open access consumers for the period from October 1, 2025, to March 31, 2026. The additional surcharge has been reduced by ₹0.03 (~$0.00033)/kWh when compared to ₹1.12 (~$0.013)/kWh from October 1, 2024, to March 31, 2025. The Commission had imposed an additional surcharge of ₹1.14 (~$0.013)/kWh from April 1, 2025, to September 30, 2025. The decision follows a petition filed by Uttarakhand Power Corporation seeking approval to recover stranded fixed costs arising from its long-term power purchase commitments.</p>
<p>Hyderabad-based yarn and denim manufacturer Suryalakshmi Cotton Mills <a href="https://www.mercomindia.com/denim-company-suryalakshmi-meets-100-daytime-power-needs-from-solar-systems" target="_blank" rel="noopener">made</a> a strategic switch to solar, enabling it to meet 100% of its daytime power needs through a 5.5 MW captive solar project. The solar installation comprises a 3 MW ground-mount system and a 2.5 MW rooftop system. The cumulative 5.5 MW project was installed in phases. As a process industry operating 24/7, power expenses account for a major portion of Suryalakshmi’s operational costs. With rising operational and grid tariffs, the company chose to integrate renewable energy into its power procurement strategy.</p>
<p>Engineering, procurement, and construction company Bondada Engineering <a href="https://www.mercomindia.com/bondada-secures-bos-equipment-order-from-adani-for-650-mw-solar-project" target="_blank" rel="noopener">received</a> a letter of intent from the Adani Group to supply balance of system equipment for a 650 MW solar project at the Khavda Renewable Energy Park, Gujarat. The contract’s estimated cost is ₹10.5 billion (~$119.5 million). The scope of work for Bondada entails the design, engineering, manufacturing, procurement, quality assurance, and delivery of materials. It also involves providing on-site services, testing, and commissioning of free-issue materials.</p>
<p>Renewable energy solutions providers, Radiance Renewables and Sunsure Energy, have <a href="https://www.mercomindia.com/radiance-and-sunsure-secure-%E2%82%B96-8-billion-funding-from-niif-ifl" target="_blank" rel="noopener">received</a> cumulative funding of ₹6.8 billion (~$77.47 million) from NIIF Infrastructure Finance (NIIF IFL). Mumbai-based Radiance Renewables and Gurugram-based Sunsure Energy have received funding of ₹5.5 billion (~$62.6 million) and ₹1.3 billion (~$14.8 million), respectively, from NIIF IFL. Radiance will utilize the funding to support renewable energy projects for commercial and industrial (C&amp;I) businesses across Karnataka, Maharashtra, and Uttar Pradesh, and to retire its existing debt facilities. The company has commissioned over 51 open access projects, with nearly 1 GW of projects currently under development.</p>
<p>Kolkata-based solar module manufacturer Vikram Solar <a href="https://www.mercomindia.com/vikram-solar-receives-order-for-149-mw-of-solar-modules-from-sunsure" target="_blank" rel="noopener">received</a> an order for 148.9 MW of high-efficiency solar modules from renewable energy solutions provider Sunsure Energy. Vikram Solar will provide its M10R N-Type TOPCon modules rated at 595 W, which will be deployed across Uttar Pradesh and Maharashtra. Vikram Solar has a cumulative module manufacturing capacity of 4.5 GW. It plans to increase this capacity to 17.5 GW. It also aims to backward integrate by entering cell manufacturing, targeting a capacity of 12 GW by the financial year 2027. The company has an order book of 11.15 GW as of September 30, 2025, catering to 85% domestic market and the rest for exports.</p>
<p>Module manufacturer Rayzon Solar <a href="https://www.mercomindia.com/rayzon-solar-secures-sebi-approval-for-%E2%82%B915-billion-ipo" target="_blank" rel="noopener">received</a> approval for its draft red herring prospectus (DRHP) for an initial public offering to raise ₹15 billion (~$170.64 million) from the Securities and Exchange Board of India. According to the DRHP filed in June this year, Rayzon will utilize up to ₹12.65 billion (~$147.5 million) of the net proceeds to invest in its wholly owned subsidiary, Rayzon Energy, and partly finance the development of a 3.5 GW TOPCon solar cell manufacturing plant in Surat, Gujarat. Axis Bank has approved a loan of ₹3 billion (~$34.11 million) for the cell facility. Rayzon has estimated the cost of establishing the solar cell manufacturing plant at ₹16.51 billion (~$192.51 million).</p>
<p>Gujarat Industries Power Company <a href="https://www.mercomindia.com/gipcl-commissions-105-mw-of-capacity-at-its-600-mw-khavda-solar-project" target="_blank" rel="noopener">commissioned</a> a capacity of 105 MW of its 600 MW solar power project at Khavda, Gujarat. With this commissioning, the project’s total operational capacity now stands at 210 MW. The project is located within the 2,375 MW Renewable Energy Park at Khavda. It had commissioned 105 MW of capacity in June this year. Gujarat Urja Vikas Nigam had invited bids for the 600 MW solar power project in September 2022. The tender had a greenshoe option for an additional 600 MW. NHPC, SJVN Green Energy, and NTPC Renewable Energy emerged as winners in this auction.</p>
<p>In 2024, 581.9 GW of new renewable energy capacity was <a href="https://www.mercomindia.com/globally-582-gw-of-renewables-added-in-2024-91-of-all-new-capacity" target="_blank" rel="noopener">added</a> globally, representing a 15.1% annual growth rate and a 0.7% increase over 2023. The findings were published in the International Renewable Energy Agency’s report titled ‘Delivering on the UAE Consensus: Tracking progress toward tripling renewable energy capacity and doubling energy efficiency by 2030’. Despite the increase, the report states that the capacity growth still falls short of the trajectory required to achieve the target of 11.2 TW by 2030. To achieve this target, an average of 1,122 GW must be added each year between 2025 and 2030.</p>


Daily News Wrap-Up: Pace Digitek Secures Order to Supply 1.2 GWh BESS


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					</table><p>Module manufacturer <a href="https://rayzonsolar.com/" target="_blank" rel="noopener">Rayzon Solar</a> has received approval for its draft red herring prospectus (DRHP) for an initial public offering (IPO) to raise ₹15 billion (~$170.64 million) from the Securities and Exchange Board of India (<a href="https://www.sebi.gov.in/index.html" target="_blank" rel="noopener">SEBI</a>).</p>
<p>According to the DRHP <a href="https://www.mercomindia.com/rayzon-solar-files-for-%E2%82%B915-billion-ipo-to-use-funds-for-cell-manufacturing" target="_blank" rel="noopener">filed</a> in June this year, Rayzon will utilize up to ₹12.65 billion (~$147.5 million) of the net proceeds to invest in its wholly owned subsidiary, Rayzon Energy, and partly finance the development of a 3.5 GW TOPCon solar cell manufacturing plant in Surat, Gujarat.</p>
<p>Axis Bank has approved a loan of ₹3 billion (~$34.11 million) for the cell facility.</p>
<p>Rayzon has estimated the cost of establishing the solar cell manufacturing plant at ₹16.51 billion (~$192.51 million). The facility is currently being established and is expected to be operational by FY 2027.</p>
<p>The remaining funds will be utilized for general corporate purposes.</p>
<p>Several clean energy companies have filed DRHPs to raise funds from the capital market this year.</p>
<p>Recently, Rays Power Infra filed a DRHP with SEBI to raise ₹11.5 billion (~$130.82 million). The IPO will have a fresh issue size of ₹9 billion (~$102.38 million) and an offer for sale (OFS) of shares worth ₹2.5 billion (~$28.44 million).</p>
<p>The company plans to utilize ₹5 billion (~$56.88 million) from the net proceeds to partly fund a new solar cell manufacturing facility costing ₹9.21 billion (~$104.79 million) through its subsidiary. It plans to raise ₹3.22 billion (~$36.65 million) from secured loans and the remaining amount for the facility from internal accruals.</p>
<p>Rays Power Infra said it will utilize ₹2 billion (~$22.75 million) towards its incremental net working capital requirements for the financial year 2027.</p>
<p>Meanwhile, facility management and renewable energy solutions company BVG India has filed its DRHP to raise ₹3 billion  (~$34.11 million) through an IPO. It also has plans for an offer for sale under which existing shareholders will offload 28.5 million equity shares.</p>
<p>BVG has a 1 GW solar engineering, procurement, and construction portfolio and an 8 MW rooftop solar portfolio. It also has a 500 MW solar module manufacturing facility. It has completed over 750 MW of solar EPC projects.</p>
<p>Shivalaya Construction has also filed a DRHP with SEBI for an IPO. The IPO comprises a fresh issuance of ₹4.5 billion (~$51.16 million) and an OFS component up to 24,861,900 equity shares. The proceeds from the issue, up to ₹3.4 billion (~$38.66 million), will be allocated towards debt repayment, and the remaining amount towards general corporate purposes.</p>
<p>The company may also consider pre-IPO placement of up to ₹900 million (~$10.23 million). It recently <a href="https://www.mercomindia.com/purvah-sael-among-winners-of-secis-2-gw-solar-4-gwh-energy-storage-auction" target="_blank" rel="noopener">secured</a> a 600 MW capacity in the Solar Energy Corporation of India&#8217;s auction to set up 2 GW of solar projects with 4 GWh energy storage systems.</p>
<p>A raft of other IPOs by clean energy companies is in the <a href="https://www.mercomindia.com/indias-clean-energy-ipo-wave-powers-ahead-despite-headwinds" target="_blank" rel="noopener">pipeline</a> this year.</p>


Rayzon Solar Secures SEBI Approval for ₹15 Billion IPO

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