Month in a Minute: Top Headlines from the Indian Renewable Sector in February 2026

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


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					</table><p>Madhya Pradesh-based Hardi Hydro Energy <a href="https://www.mercomindia.com/hardi-hydro-energy-wins-sjvns-250-mw-500-mwh-standalone-bess-auction" target="_blank" rel="noopener">won</a> SJVN’s auction to set up 250 MW/500 MWh of standalone battery energy storage (BESS) systems at the 1,360 MW Panipat thermal power station in Haryana. Hardi Hydro Energy won the entire tendered capacity by quoting a tariff of ₹197,000 (~$2,174)/MW/month. The tender was floated in December last year.</p>
<p>As part of a larger bid to decentralize the energy marketplace, the Delhi Electricity Regulatory Commission <a href="https://www.mercomindia.com/delhi-launches-six-month-pilot-on-peer-to-peer-solar-trading" target="_blank" rel="noopener">gave</a> the nod for a mechanism for interstate and intrastate peer-to-peer (P2P) solar energy trading on a six-month pilot basis. The Commission said that the energy trading rate on the P2P energy trading platform will be determined between the consumers and prosumers.</p>
<p>NTPC Renewable Energy <a href="https://www.mercomindia.com/ntpc-rel-floats-tender-for-540-mw-wind-project-in-andhra-pradesh" target="_blank" rel="noopener">issued</a> a tender for the development of a 540 MW wind energy project at the interstate transmission system substation Anantapur-III in Andhra Pradesh under Tranche-II. Bids must be submitted by March 30, 2026. Bids will be opened on the same day.</p>
<p>Saatvik Cleantech EPC, a wholly owned subsidiary of Haryana-based solar module manufacturer Saatvik Green Energy, <a href="https://www.mercomindia.com/saatvik-forays-into-ipp-segment-to-buy-49-stake-in-intelligent-hydel" target="_blank" rel="noopener">entered</a> into a share purchase agreement to acquire a 49% stake in Intelligent Hydel Solutions, which is setting up a 41 MW solar project in Maharashtra. Saatvik Cleantech EPC invested ₹1 million (~$11,038) by acquiring 100,000 equity shares of IHSPL, each with a face value of ₹10 (~$0.110).</p>
<p>Solar module manufacturer GREW Solar <a href="https://www.mercomindia.com/grew-solar-raises-%E2%82%B910-5-billion-to-expand-cell-capacity-in-madhya-pradesh" target="_blank" rel="noopener">raised</a> ₹10.5 billion (~$118.4 million) in a new funding round led by Bay Capital Investment to expand manufacturing capacity at its Dudu facility in Rajasthan and its upcoming plant in Madhya Pradesh. The Dudu facility is being expanded to 11 GW. It also includes an in-house research and development laboratory.</p>
<p>Solar module manufacturer Vikram Solar <a href="https://www.mercomindia.com/vikram-solar-secures-%E2%82%B932-billion-working-capital-facilities" target="_blank" rel="noopener">signed</a> an agreement to renew and enhance its existing working capital facilities, amounting to ₹32 billion (~$353.23 million), extended by a lenders’ consortium. As of February 10, 2026, Vikram Solar has an outstanding loan of ₹1.05 billion (~$11.57 million) secured under fund-based working capital facilities, and ₹25.44 billion (~$280.79 million) under non-fund-based working capital facilities.</p>
<p>Rajasthan-based smart metering solutions and service provider Genus Power <a href="https://www.mercomindia.com/genus-deploys-10-million-smart-meters-across-nine-states" target="_blank" rel="noopener">deployed</a> 10 million smart meters under the Revamped Distribution Sector Scheme (RDSS) across nine states. Under RDSS, India aims to replace 250 million conventional meters with smart meters by 2028.</p>
<p>Power Finance Corporation (PFC) and REC Limited’s merger is <a href="https://www.mercomindia.com/pfc-rec-merger-moves-ahead-with-structured-execution-plan" target="_blank" rel="noopener">moving</a> ahead in full steam, with execution plans being laid out to meet the statutory and regulatory requirements. After REC became a subsidiary of PFC, exposure under the Reserve Bank of India’s Large Exposure Framework was capped at the group limit of 25% of banks’ Tier I capital.</p>
<p>Battery manufacturer Amara Raja Energy and Mobility <a href="https://www.mercomindia.com/amara-rajas-revenue-up-4-2-in-q3-due-to-strong-ev-market-growth" target="_blank" rel="noopener">posted</a> a revenue of ₹34.1 billion (~$376.14 million) in the third quarter of the financial year 2026, a 4.21% year-over-year increase from ₹32.72 billion (~$360.95 million). Its new energy business crossed the ₹2 billion (~$22.06 million) revenue mark in the quarter.</p>
<p>Singapore-headquartered energy-as-a-service (EaaS) infrastructure platform August Energy <a href="https://www.mercomindia.com/august-energy-signs-energy-as-a-service-deal-with-1-5-gw-solar-module-plant" target="_blank" rel="noopener">signed</a> its first EaaS contract in India for a 1.5 GW solar module manufacturing facility near Jaipur, Rajasthan, marking its entry into integrated utility services for the country’s rapidly expanding solar manufacturing sector.</p>
<p>In a move to curb Chinese influence on the clean energy supply chain, the U.S. Department of the Treasury <a href="https://www.mercomindia.com/us-tightens-tax-credit-rules-to-curb-chinas-clean-energy-role" target="_blank" rel="noopener">issued</a> interim guidance to enforce provisions under Section 45X of the Internal Revenue Code that restrict companies from claiming federal clean energy subsidies if they rely on foreign-made material.</p>
<p>The U.S. Department of Commerce <a href="https://www.mercomindia.com/us-slaps-102-72-antidumping-duty-on-chinese-active-anode-material-imports" target="_blank" rel="noopener">determined</a> antidumping and countervailing duties of up to 102.72% and 66.86%, respectively, on the imports of active anode material from China. The duty imposition followed investigations after the American Active Anode Material Producers filed petitions with Commerce and the United States International Trade Commission seeking the imposition of 920% tariffs on imports of natural and synthetic graphite from China to make lithium-ion battery anode material.</p>
<p>The U.S. Department of Commerce <a href="https://www.mercomindia.com/us-to-retain-antidumping-duties-on-polysilicon-imports-from-china-taiwan" target="_blank" rel="noopener">concluded</a> that revoking the prevailing antidumping duty (AD) and countervailing duty (CVD) on crystalline silicon photovoltaic product imports from China and Taiwan will lead to a recurrence of dumping. Commerce announced its affirmative final determinations in the second expedited sunset review of AD and CVD orders for the two countries issued in 2015.</p>
<p>The European Union (EU) <a href="https://www.mercomindia.com/eu-installs-27-1-gwh-battery-storage-in-2025-utility-scale-leads-growth" target="_blank" rel="noopener">installed</a> 27.1 GWh of new battery storage capacity in 2025, marking a 45% year-over-year increase and the bloc’s 12th consecutive record year, according to  SolarPower Europe’s EU Battery Storage Market Review 2025. In 2024, Europe’s battery energy storage market had grown by 15%.</p>


Daily News Wrap-Up: Hardi Hydro Wins 250 MW/500 MWh BESS Auction


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					</table><p>Singapore-headquartered energy-as-a-service (EaaS) infrastructure platform <a href="https://august-energy.com/" target="_blank" rel="noopener">August Energy</a> has signed its first EaaS contract in India for a 1.5 GW solar module manufacturing facility near Jaipur, Rajasthan, marking its entry into integrated utility services for the country’s rapidly expanding solar manufacturing sector.</p>
<p>Under the agreement, the company will invest approximately ₹80 million (~$883,072) in the facility and provide chilled-water cooling, compressed air, and uninterruptible power supply (UPS) infrastructure under a 10-year contract. The company stated that integrated utilities contracts of this nature typically last 7 to 15 years.</p>
<p>Hitender Singh Grover, Country Head EaaS – Integrated Utilities at August Energy, stated, “<span data-teams="true">August energy has designed and deployed a highly energy efficient EaaS solution that is scalable and manages to deliver sustained energy savings over the asset life cycle of the customer.”</span></p>
<p>Manufacturing processes are temperature-sensitive and require controlled environments for process cooling, clean room cooling, and heating, ventilation, and air conditioning systems. The compressed air system will have a designed capacity of 1,428 cubic feet per minute to support production equipment.</p>
<p>The cooling infrastructure is designed to deliver 480 tons of refrigeration of chilled water capacity to the plant. In large-scale solar module manufacturing facilities with capacities of 1 GW to 2 GW or more, electric chillers are critical to maintaining process stability.</p>
<p>In addition, the project includes the provision of 1,100 kVA UPS capacity to manage power quality and provide backup for critical infrastructure, reducing the risk of production interruptions.</p>
<p>August Energy highlighted operational challenges associated with medium-sized capacities, where highly efficient technologies such as centrifugal chillers and centrifugal compressors may not always be preferred solutions.</p>
<p>The company noted that solar manufacturers, particularly those integrating backward from EPC to manufacturing, require additional operational expertise to manage utilities efficiently.</p>
<p>Rajasthan’s high ambient temperatures pose further efficiency challenges for cooling systems, requiring design considerations that address thermal performance. The project incorporates loop redundancy in the chilled water system and structured preventive maintenance to ensure uninterrupted delivery of utilities.</p>
<p>“In a greenfield project, the customer has a choice between investing capital or adopting an asset-light and off-the-balance-sheet model to optimize capital allocation toward core revenue growth activities,” Grover said.</p>
<p>August Energy will assume operational responsibility, guarantee uptime, and ensure efficiency throughout the asset lifecycle, delivering performance and savings for the manufacturer.</p>
<p>In July 2025, Switzerland-based impact asset manager responsAbility <a href="https://www.mercomindia.com/august-energy-15-million-expand-india-renewables-portfolio" target="_blank" rel="noopener">invested</a> $15 million (~₹1.28 billion) in August Energy on behalf of its investors. The funding enabled the company to expand its portfolio of distributed renewable energy projects in India.</p>


August Energy Signs Energy-as-a-Service Deal with 1.5 GW Solar Module Plant

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