IEX Power Trade Surges 30% YoY to 12,550 MU in February

Daily News Wrap-Up: Top Five States for Solar Open Access Installations

POWERGRID Floats Tenders to Set Up 300 MW/600 MWh Battery Storage Systems

Project Finance Brief: Arevon Energy Secures $183 Million for Solar Project

Funding and M&A Roundup: SolarAfrica Energy Secures $39 Million

UltraTech to Procure Solar Power from AMPIN SPV’s 30 MW Project

Bihar Announces Generic Renewable Energy Tariffs for FY 2026

Rooftop Solar Installations Under PM Surya Ghar Reach 3 Million

Terra Clean Issues Tender for 291 Transformers for Renewable Energy Projects

POWERGRID Invites Bids for 100 MW/200 MWh Battery Storage Project in Punjab


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2026/02/amazon_polly_90593.mp3?version=1771248400">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Module manufacturer <a href="https://www.cosmicpvpower.com/" target="_blank" rel="noopener">Cosmic PV Power</a> has commissioned an additional 1.6 GW TOPCon G12R solar module line at its Surat, Gujarat facility, bringing its total manufacturing capacity to 3 GW.</p>
<p>The company is also planning to set up a 4 GW TOPCon G12R solar cell manufacturing facility in Madhya Pradesh. In the first phase, 1.1 GW of capacity will be commissioned by December.</p>
<p>Cosmic PV Power manufactures modules of N-Type TOPCon, Mono PERC, and Bifacial technologies.</p>
<p>Apart from module manufacturing, its offerings include engineering, procurement, and construction of solar projects, as well as rooftop solar installation.</p>
<p>Cosmic PV Power has 1,302 MW of solar module manufacturing capacity <a href="https://www.mercomindia.com/solar-module-capacity-under-almm-grows-by-9-3-gw" target="_blank" rel="noopener">listed</a> in the Approved List of Models and Manufacturers (ALMM) List-I.</p>
<p>In the recent ALMM list for modules, the Ministry of New and Renewable Energy (MNRE) <a href="https://www.mercomindia.com/solar-module-capacity-under-almm-jumps-to-162-gw" target="_blank" rel="noopener">expanded</a> it by adding 17,268 MW of solar module capacity. The cumulative module manufacturing capacity under ALMM now stands at 162,109 MW.</p>
<p>The MNRE, in a draft amendment to the ALMM order, <a href="https://mercomindia.com/mnre-proposes-almm-for-wafers-ingots-in-solar-backward-integration-push" target="_blank" rel="noopener">proposed</a> creating an ALMM List-III for wafers, on the lines of the solar modules and cells lists.</p>
<p>The amendment proposes that all projects falling under ALMM’s purview must mandatorily source their modules from ALMM List-I. Such modules must also use solar cells from the ALMM List-II. The cells, in turn, must use wafers from ALMM List-III.</p>
<p>Addressing the widening gap between solar module and cell manufacturing, MNRE <a href="https://www.mercomindia.com/mnre-flags-solar-module-glut-asks-lenders-to-fund-upstream-manufacturing" target="_blank" rel="noopener">asked</a> the Department of Financial Services to advise banks, financial institutions, and non-banking financial companies to adopt a cautious approach while financing new standalone solar module facilities.</p>
<p>To <a href="https://mercomindia.com/mnre-wants-solar-tenders-scrapped-for-circumventing-almm-mandate-for-cells" target="_blank" rel="noopener">enforce</a> the mandate for ALMM List-II, the MNRE asked government agencies to scrap tenders with short bid submission timelines, clearly intended to circumvent the ALMM mandate on solar cells. It further asked tendering agencies to cancel such tenders and float new ones.</p>
<p>Last year, the Ministry <a href="https://www.mercomindia.com/mnre-exempts-sight-mode-green-hydrogen-projects-from-almm-norms" target="_blank" rel="noopener">clarified</a> that renewable energy projects supplying power exclusively to green hydrogen and green ammonia developers who have been awarded capacity under the Strategic Interventions for Green Hydrogen Transition Program’s Mode-2A and Mode-2B will be eligible for a relaxation from the requirement to use solar cells from ALMM List-II.</p>


Cosmic PV Power Adds 1.6 GW Solar Module Manufacturing Line in Gujarat


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/09/amazon_polly_84579.mp3?version=1758204234">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The Indian Renewable Energy Development Agency (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>) has approved a loan of ₹11.34 billion (~$129 million) to Insolation Green Energy, a wholly owned subsidiary of <a href="https://insolationenergy.in/" target="_blank" rel="noopener">INA Solar</a>, to finance its 4.5 GW solar cell manufacturing facility in Madhya Pradesh.</p>
<p>The estimated cost of setting up the solar cell plant is ₹15.12 billion (~$172 million). The remaining ₹3.78 billion (~$43 million) will be funded from  internal accruals</p>
<p>In August, the company <a href="https://www.mercomindia.com/insolation-energy-breaks-ground-on-4-5-gw-solar-cell-facility" target="_blank" rel="noopener">broke</a> ground on the manufacturing plant for solar cells and an 18,000 MT aluminum frame manufacturing facility in the Power and Renewable Energy Equipment Zone at Narmadapuram, Madhya Pradesh.</p>
<p>Recently, INA Solar <a href="https://www.mercomindia.com/ina-solar-commissions-4-5-gw-solar-module-plant-in-rajasthan" target="_blank" rel="noopener">operationalized</a> a 4.5 GW solar module manufacturing plant at the Sawarda village in Rajasthan’s Jaipur district. With the commissioning of this plant, INA Solar has expanded its manufacturing capacity to 5.5 GW.  The facility, spread over 600,000 sq ft, manufactures TOPCon modules.</p>
<p>The company said it plans to enter solar wafer manufacturing.</p>
<p>It also announced plans to develop a 635 W to 650 W capacity manufacturing line of its G12R TOPCon module.</p>
<p>INA Solar expects to produce 2 GW of solar modules in the financial year 2026.</p>
<p>The company plans to expand its solar module manufacturing capacity to 10 GW by 2028. It also announced plans to expand its solar cell manufacturing capacity to 9 GW and aluminum frame manufacturing capacity to a 54,000 MTA plant by 2028.</p>
<p>The company reported executing over 100 MW of rooftop solar projects for corporate and government projects to date.</p>
<p>In FY 2025, the company reported a consolidated turnover of ₹13.34 billion (~$152 million), reflecting a growth of 80.93% compared to ₹7.37 billion (~$84 million) in FY 2024. The company attributed the growth in consolidated turnover to an increase in market share and strong demand for its advanced solar solutions.</p>


IREDA Approves ₹11.34 Billion Loan to Insolation Green Energy


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72467.mp3?version=1731069917">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Natural gas company Mahanagar Gas (<a href="https://www.mahanagargas.com/" target="_blank" rel="noopener">MGL</a>) will invest ₹2.3 billion (~$27.2 million) in IBC India to establish a gigafactory in Bengaluru to manufacture prismatic NMC Li-ion cells, which have extensive applications across the mobility and battery storage sectors.</p>
<p>This partnership aims to strengthen India’s battery production landscape and support the transition to sustainable energy solutions.</p>
<p>MGL signed a share subscription agreement and a shareholding agreement with the International Battery Company (<a href="https://ibcbatt.com/" target="_blank" rel="noopener">IBC US</a>) to form a joint venture company.</p>
<p>International Battery Company India will establish the joint venture.</p>
<p>MGL and IBC US will subscribe to shares in a predetermined ownership ratio of 44% to 56%, subject to the completion of conditions precedent and obtaining relevant regulatory approvals.</p>
<p>IBC US, based in California, is expected to bring expertise to the partnership. The company has established a pilot facility in Seoul, South Korea, to develop and produce Li-ion cells.</p>
<p>The partnership also aims to address the growing demand for locally sourced battery cells in India, which are currently being imported.</p>
<p>Ashu Shinghal, Managing Director of MGL, said the company’s foray into battery cell manufacturing will strengthen its position in the evolving energy space.</p>
<p>Priyadarshi Panda, CEO of IBC,  emphasized the specific design of the company’s products to address the needs of Indian OEMs and consumers. He underscored the importance of energy independence for India and the role of Li-ion cells in achieving this objective.</p>
<p>In February, MGL <a href="https://www.mercomindia.com/mahanagar-gas-forays-into-ev-sector" target="_blank" rel="noopener">announced</a> the acquisition of a 30.97% shareholding in 3ev Industries, a manufacturer of three-wheel electric vehicles, for ₹ $960 million (~$11.56 million).</p>
<p>This came three years after MGL <a href="https://www.mercomindia.com/tata-mgl-collaborate-solar-ev-charging" target="_blank" rel="noopener">collaborated</a> with Tata Power to explore the e-mobility segment and other value-added services of mutual interest, such as solar rooftop installations.</p>


Mahanagar Gas, IBC to Build ₹2.3 Billion Li-ion Cell Gigafactory in Bengaluru


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/10/amazon_polly_71267.mp3?version=1729490366">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>New Delhi-based solar module manufacturer <a href="https://gautamsolar.com/" target="_blank" rel="noopener">Gautam Solar</a> has announced plans to expand its solar module manufacturing capacity to 5 GW by 2025 at its facility in Bhiwani, Haryana.</p>
<p>This expansion will occur in three phases. The first phase is set for completion in November 2024, followed by the second and third phases in January and April 2025, respectively.</p>
<p>Additionally, the company has outlined a ₹10 billion (~$118.96 million) cell expansion plan with further growth funded through an Initial Public Offering (IPO), anticipated in the next 12-18 months.</p>
<p>The technology used in the cell facility will be N-type TopCon.</p>
<p>The IPO will drive the company’s plan to set up a 2 GW solar cell manufacturing plant to bolster solar module production and achieve the 5 GW target within the stipulated time.</p>
<p>A spokesperson for the company said Gautam Solar is evaluating the suitability of locating its solar cell plant in states with a good manufacturing ecosystem and infrastructure.</p>
<p>In 2024, Gautam Solar <a href="https://www.mercomindia.com/gautam-solar-ventures-investment" target="_blank" rel="noopener">announced</a> a foray into solar cell manufacturing by investing ₹10 billion (~$119.4 million) in a 2 GW solar cell facility. The company aims to include its solar cells in the Approved List of Models and Manufacturers (ALMM).</p>
<p>The solar cell facility will address the growing demand for domestic content requirement panels, a requisite for government-backed subsidy projects that mandate locally manufactured components.</p>
<p>According to Mercom India Research’s State of Solar PV Manufacturing in India 1H 2024 Report, India <a href="https://www.mercomindia.com/india-module-manufacturing-capacity-2024" target="_blank" rel="noopener">added</a> 11.3 GW of solar modules and 2 GW of cell manufacturing capacity in the first half of 2024. The capacity additions were driven by a robust solar project pipeline of 132.7 GW planned between 2024 and 2026 and the reinstatement of the ALMM order.</p>


cell-manufacturing

Get the most relevant India solar and clean energy news.

RECENT POSTS