Power Sector News Roundup for May 27, 2026
Ladakh extends ONGC pact for India’s first geothermal power project
Ladakh Lieutenant Governor Vinai Kumar Saxena has approved a five-year extension of the agreement for the proposed geothermal power project in the Puga Valley. The project is being developed by Oil and Natural Gas Corporation (ONGC) in eastern Ladakh at an altitude of more than 14,000 feet. Under the revised memorandum of understanding (MoU), ONGC will establish a 1-MWe pilot geothermal power plant and prepare a detailed project report (DPR) for commercial-scale development. India currently does not have a commercial-scale geothermal power plant, with the country’s geothermal potential estimated at around 10,600 MW.
BluPine Energy signs PPA with KEI Industries for Rajasthan hybrid project
BluPine Energy has signed a Power Purchase Agreement (PPA) with KEI Industries Limited for renewable energy supply from a hybrid solar and battery energy storage system (BESS) project in Rajasthan. The project forms part of up to 150 MW capacity under BluPine Energy’s special purpose vehicles (SPVs) in the state. KEI Industries has also entered into a Share Subscription and Shareholders’ Agreement to acquire a minimum 26% stake in Solarcraft Power India 24 Private Limited for captive renewable power procurement. The project is located in Badnoo, Bikaner, Rajasthan.
Jupiter Electric Mobility signs MoUs for 110 MWh BESS deployments
Jupiter Electric Mobility Pvt. Ltd. (JEM), a subsidiary of Jupiter Wagons Limited, has signed Memoranda of Understanding (MoUs) with Chalukya Power and Pickrenew Energy for battery energy storage system (BESS) deployments totalling 110 MWh. The projects include utility-scale and commercial and industrial (C&I) applications. Following the additions, JEM Energy’s BESS orderbook has crossed Rs 150 crore, including projects with private developers and public sector undertaking (PSU) clients such as Power Grid Corporation of India Limited. The company is targeting a combined orderbook of Rs 200 crore during FY 2026-27.
Universal Cables Q4 profit rises 11%; approves Rs 73 crore EHV upgrade
Universal Cables Ltd reported an 11.33% year-on-year increase in consolidated net profit to Rs 55.32 crore in Q4 FY26. Revenue from operations rose 24.66% to Rs 840.27 crore, while profit before tax stood at Rs 76.6 crore. The board approved a Rs 73 crore modernisation and technological upgradation plan for its extra high voltage (EHV) cable plant at Satna, Madhya Pradesh. The company also approved raising up to Rs 200 crore through non-convertible debentures (NCDs) or other debt securities.
JAKEDA awards 45.75 MW rooftop solar projects in J&K
The Jammu and Kashmir Energy Development Agency (JAKEDA) has awarded 45.75 MW of grid-connected rooftop solar projects across government departments in Jammu and Kashmir. The projects were awarded under the Renewable Energy Service Company (RESCO) model with tariffs ranging from Rs 4.19/kWh to Rs 5.27/kWh. A consortium led by Photon Surya Urja and Horizon Renewable Power secured the largest allocation of 36 MW for the Health & Medical Education Department in Jammu. The projects require developers to maintain a Capacity Utilization Factor (CUF) of 13.5% and use Approved List of Models and Manufacturers (ALMM)-compliant components.
KEC International secures Rs 1,303 crore orders across businesses
KEC International has secured new orders worth Rs 1,303 crore across its transmission and distribution (T&D), civil, renewables, and cables businesses. The T&D segment secured orders for 400/220 kV substations and associated transmission lines from a private developer in Southern India. The renewables business won an order for a 150+ MW wind project in Western India. The company also secured multiple cables and conductors orders across domestic and international markets.
H.G. Infra qualifies for UP transmission project bidding
H.G. Infra Engineering has been declared a qualified bidder for a transmission project in Uttar Pradesh under a tariff-based competitive bidding process conducted by REC Power Development and Consultancy Limited. The project includes two 220/132/33 kV air-insulated switchgear (AIS) substations and associated transmission lines in Mau and Mirzapur districts. The annual transmission charges quoted for the project stand at Rs 45.01 crore per year. The project will be developed on a Build, Own, Operate and Transfer (BOOT) basis with an 18-month execution timeline.
MNRE proposes relief package for 45 GW stranded RE capacity
The Ministry of New and Renewable Energy has circulated a draft Office Memorandum proposing a one-time relief package for nearly 45 GW of renewable energy projects awaiting Power Purchase Agreements (PPAs). The draft package includes a one-time 100% waiver of inter-state transmission system (ISTS) charges for projects signing PPAs within three months. It also proposes deemed approval of tariffs if State Electricity Regulatory Commissions (SERCs) do not act within 45 days. Developers holding stranded Letters of Award (LoAs) would be required to select from three proposed resolution mechanisms.
CleanMax secures $575 million financing, commissions Rajasthan solar project
Clean Max Enviro Energy Solutions has closed approximately $575 million in financing and commissioned a 351.4 MWp solar project in Rajasthan. The financing package includes External Commercial Borrowings (ECB), Foreign Currency Non-Resident Bank [FCNR(B)] funding, and INR-denominated term loans for nearly 1 GW of renewable energy projects. Separately, Clean Max Celestial Private Limited commissioned the 351.4 MWp project at Bikaner Solar Park on May 26, 2026. CleanMax said its contracted renewable energy portfolio reached 5.7 GW in FY2025-26.
Saatvik Green Energy secures Rs 171.45 crore solar module order
Saatvik Green Energy has received and accepted an order worth Rs 171.45 crore for the supply of solar photovoltaic (PV) modules. The order has been awarded by a domestic independent power producer (IPP) or engineering, procurement and construction (EPC) company. The contract is scheduled for execution by October 2026. The company recently reported FY26 revenue from operations of Rs 4,548 crore, up 111% year-on-year.
CERC proposes third DSM amendment covering wind-solar parity, storage and payment timelines
The Central Electricity Regulatory Commission (CERC) has issued a draft amendment to the Deviation Settlement Mechanism (DSM) and Related Matters Regulations, 2024. The proposed amendments cover wind-solar (WS) projects, standalone energy storage systems (ESS), and deviation charge payment timelines. The draft proposes treating WS sellers at par with general sellers for deviation charge calculations under specified timelines. Stakeholders can submit comments and objections by June 26, 2026.
Order book at Rs 3,498 crore: Diamond Power eyes long-term power sector upcycle
Diamond Power Infrastructure reported FY26 revenue from operations of Rs 1,911 crore, up 71% year-on-year. Profit after tax (PAT) increased 355% to Rs 158.17 crore, while EBITDA rose 243% to Rs 231.62 crore. The company stated that its revenue order book stood at around Rs 3,498 crore at the end of FY26. During the year, the company expanded its extra high voltage (EHV) cable capability up to 400 kV at its Vadodara facility.
Solarworld Energy’s PAT rises 56% in FY26 as BESS and solar EPC scale up
Solarworld Energy Solutions reported a 56% increase in profit after tax (PAT) to Rs 1,204.74 million in FY26. Revenue from operations increased 152.6% to Rs 13,761.56 million, while EBITDA rose 63% to Rs 1,879.27 million. The company reported an order book of Rs 28,130.42 million as of March 31, 2026. It also stated that its 3.4 GW automated battery energy storage system (BESS) manufacturing facility is ready with trial runs underway.
DRAIPL wins NERGS-III Siang Basin transmission project
Power Finance Corporation has transferred NERGS III Siang Basin Transmission Limited to Dineshchandra R Agrawal Infracon Private Limited (DRAIPL) following a competitive bidding process. The project is part of the interstate transmission system under the North Eastern Region Generation Scheme III (NERGS-III). It will evacuate power from the Heo and Tato I hydropower projects in Arunachal Pradesh. The estimated project cost stands at Rs 1,804 crore, with commissioning targeted by February 2029.
Global solar and wind generation surpass gas for the first time
Electricity generation from solar and wind globally exceeded gas-fired generation for the first time in April 2026, according to data analysed by Ember. Combined wind and solar generation reached 531 terawatt-hours (TWh), accounting for 22% of global electricity generation. Gas-fired generation stood at 477 TWh, representing 20% of global output. Ember stated that renewable energy growth has helped meet rising electricity demand while limiting growth in gas-fired generation.
Australia selects 7.8 GW renewable capacity under CIS Tender 7
Australia has selected 19 renewable energy projects with a combined capacity of 7.8 GW under Tender 7 of the Capacity Investment Scheme (CIS). The selected projects include wind, solar, and hybrid renewable energy systems across the National Electricity Market (NEM). Eight projects include integrated battery energy storage systems (BESS), contributing more than 2.0 GW and 7.9 GWh of storage capacity. Tender 9 for NEM generation capacity has also opened with a target of 5 GW.