Power Sector News Roundup for February 19, 2026

AdaniConneX incorporates Navi Mumbai Power Distribution subsidiary

AdaniConneX Private Limited (ACX), a 50:50 joint venture of Adani Group and EdgeConneX, has incorporated a wholly owned subsidiary, Navi Mumbai Power Distribution Limited (NMPDL). NMPDL has been incorporated in India and registered with the Registrar of Companies (RoC), Ahmedabad, with a subscribed capital of Rs 100,000 divided into 10,000 equity shares of Rs 10 each, and ACX indirectly holds a 50 per cent stake. NMPTL has been established to carry out electric power generation and transmission activities and operates within the power transmission industry aligned with Adani Enterprises’ energy sector strategy. At present, NMPTL has not commenced business operations and reports nil turnover.

L&T, NVIDIA plan gigawatt-scale AI infrastructure venture in India

Larsen & Toubro (L&T) has proposed a venture with NVIDIA to build gigawatt-scale artificial intelligence infrastructure in India, announced at the India AI Summit on February 18, 2026. The partnership supports the Government of India’s India AI Mission and combines L&T’s engineering and project execution capabilities with NVIDIA’s integrated AI computing platforms, including GPUs, CPUs, networking technologies, accelerated storage, and NVIDIA AI Enterprise software. Initial plans include expanding GPU cluster capacity at L&T’s Chennai data centre to 30 megawatts within a 300-acre campus and developing a separate 40-megawatt data centre under construction in Mumbai. The platform is designed as a sovereign-by-design AI factory framework to enable deployment of critical data, models, and AI workloads across sectors while serving domestic enterprises, hyperscalers, cloud providers, and international off-takers.

Greenzo, Lord’s Mark sign MoU for 60 MW green hydrogen projects in UP

Greenzo Energy has signed a memorandum of understanding (MoU) with Lord’s Mark Industries to develop about 60 MW of green hydrogen projects in Uttar Pradesh across Gorakhpur, Aligarh, Jhansi, and Lucknow. Each facility will integrate electrolysers with captive solar power and battery storage to operate independently of the grid under a distributed hydrogen production model. Greenzo Energy will act as the technology and engineering, procurement, and construction (EPC) partner, while Lord’s Mark Industries will handle financing, regulatory processes, and commercial arrangements. The initiative aligns with India’s strategy to expand green hydrogen production, although project timelines and specific end-users have not been disclosed.

MIGA issues $197.67 million guarantee for SBI rooftop solar refinancing

The Multilateral Investment Guarantee Agency (MIGA) has issued a $197.67 million guarantee to support refinancing of a $500 million World Bank loan extended to State Bank of India (SBI) for grid-connected rooftop solar projects. The five-year guarantee has been provided to Citibank for its non-shareholder loan to SBI, representing the second collaboration between Citi, MIGA, and SBI within two years after a similar initiative in 2024. SBI’s rooftop solar programme, launched in 2016 with World Bank support, has enabled installation of 1,004 MW of rooftop solar capacity to date, according to an International Bank for Reconstruction and Development (IBRD) implementation report. MIGA stated the guarantee aligns with India’s climate objectives and its plan to expand annual guarantee issuance to $20 billion by 2030.

CleanMax sets Rs 1,000–1,053 IPO price band; issue opens February 23

CleanMax Enviro Energy has fixed a price band of Rs 1,000 to Rs 1,053 per share for its initial public offering (IPO), which will open on February 23, 2026 and close on February 25. The IPO includes a fresh issue worth up to Rs 1,200 crore and an offer-for-sale (OFS) of up to Rs 1,900 crore by promoters and investors, with about Rs 1,122.6 crore from fresh proceeds allocated toward repayment of borrowings. Ahead of the issue, the company completed a Rs 1,500 crore pre-IPO placement from Temasek Holdings, Steadview Capital, and Bain Capital. As of October 31, 2025, CleanMax reported operational, owned, and managed capacity of 2.80 GW and an additional 3.17 GW under contract pending execution, according to CRISIL.

GEAPP launches India grid accelerator with $25 million commitment

The Global Energy Alliance for People and Planet (GEAPP) has launched the India Grids of the Future Accelerator at Mumbai Climate Week 2026 with a commitment of up to $25 million. The platform aims to support utilities in integrating renewable energy and storage and signed memoranda of understanding (MoUs) with distribution companies (DISCOMs) in Delhi and Rajasthan as “Champion Utilities,” along with an agreement with the All India DISCOM Association (AIDA). The initiative includes the ENTICE 3.0 Energy Transitions Innovation Challenge focused on energy storage and grid digitalisation and will operate through a D4 framework covering digitalisation, distributed energy resources, consumer participation, and innovation ecosystem development. By 2030, the programme targets support for at least 15 utilities and impact on nearly 300 million people, alongside a planned three-year $100 million fundraising effort from 2026 to 2028.

Pace Digitek subsidiary wins USD 1.35 million mobile BESS order

Pace Digitek Limited stated that its subsidiary Lineage Power Private Limited secured a purchase order valued at USD 1,346,210 from Yaqin Chem for mobile battery energy storage systems under purchase order number YCKSA/2026//02/14. The contract covers supply of four mobile battery energy storage units installed on gooseneck trailers, including two units rated at 200 KW–1200 KWH and two units rated at 200 KW–2500 KWH. Delivery of all units is planned by April 2026. In January 2026, Lineage Power also received an advance purchase order worth Rs 94.35 crore from Bharat Sanchar Nigam Limited (BSNL) for advanced Li-ion battery solutions.

Power Mech wins EPC orders for Adani thermal projects

Power Mech Projects Limited has secured contracts exceeding Rs 1,000 crore from two subsidiaries of Adani Power Limited for ultra-supercritical thermal power projects in Uttar Pradesh and Madhya Pradesh. The allocation includes Rs 515 crore for the Mirzapur Thermal Energy project and Rs 490 crore for the Mahan Energen project, excluding GST and other applicable taxes. The scope covers erection, testing, commissioning, and manpower support for Steam Generator (Package A) and Steam Turbine Generator (Package B) for two 800 MW units at each site. Execution timelines are set at 36 months from the required erection start date following issuance of Notices to Proceed.

PFCCL issues RfP for synchronous condenser project at Fatehgarh-II

PFC Consulting Limited (PFCCL) has issued a Request for Proposal (RfP) to select a Transmission Service Provider (TSP) for installation of two synchronous condenser units at the 765/400/220kV Fatehgarh-II Pooling Station in Rajasthan. The project will be developed on a build, own, operate and transfer (BOOT) basis with completion targeted within 30 months and includes dynamic reactive power support of +300 MVAr to -200 MVAr and minimum short-circuit contribution of 1200 MVA. The single-stage, two-envelope bidding process on the MSTC platform sets April 17, 2026 as the technical bid deadline, with a bid bond of Rs 22.80 crore and contract performance guarantee of Rs 57 crore. Transmission charges will remain fixed over the 35-year Transmission Service Agreement (TSA) term.

Russia ratifies loan amendments for Bangladesh Rooppur nuclear project

The Russian State Duma has ratified amendments to four intergovernmental loan agreements with Bangladesh for construction of the Rooppur Nuclear Power Plant, with approval by the Federation Council. The amendments extend loan availability to 2027, introduce a revised repayment mechanism, and address settlement challenges linked to US dollar transactions, including provisions related to overdue debt and penalties. The original 2016 agreement provided an export loan of up to USD 11.38 billion covering up to 90% of the project’s estimated USD 12.6 billion cost. Rosatom is developing the project with two VVER-1200 reactors of 1,200 MW each, representing the largest Russian nuclear energy development in South Asia.

ADB, GRE sign $350 million loan for solar-plus-BESS projects in Thailand

The Asian Development Bank (ADB) and Gulf Renewable Energy Company Limited (GRE), a subsidiary of Gulf Development Public Company Limited (GULF), signed a $350 million loan agreement to support three renewable energy projects in Thailand combining solar power with battery energy storage systems (BESS). The financing covers two solar-plus-BESS projects with combined capacity of 126 MW and 151 megawatt-hours of storage and a separate 68 MW solar power plant expected to reduce carbon dioxide emissions by about 191,550 tons annually. The package includes $75 million from ADB ordinary capital resources, a $50 million B-loan from DBS Bank Ltd., $150 million in parallel loans from DEG, Development Finance Institute Canada (DFIC) Inc., and Export Finance Australia, and $75 million from the ADB-administered Leading Asia’s Private Infrastructure Fund 2 (LEAP 2). As of December 2025, GULF reported total installed generation capacity of 16,504 MW across energy, infrastructure and utilities, telecommunications and satellite, and digital businesses.