Power Sector News Roundup for July 27, 2026
Rayzon, Navitas partner with Caelux for 10 GW tandem solar modules
Rayzon Solar and Navitas Solar have separately entered five-year partnerships with U.S.-based perovskite technology company Caelux for a combined 10 GW of perovskite-silicon tandem solar module manufacturing in India. Each agreement covers 5 GW, with commercial production targeted to begin in 2028. The companies will integrate Caelux’s perovskite-coated, energy-producing solar glass with n-type Tunnel Oxide Passivated Contact (TOPCon) technology, targeting module efficiencies of up to 28% compared with around 25% for conventional TOPCon modules. Rayzon plans to use its 11.3 GW bifacial module manufacturing platform, while Navitas Solar currently manufactures mono Passivated Emitter and Rear Contact (PERC) and n-type TOPCon modules with power ratings of up to 720 W.
Shirdi Sainath Power to set up battery plant in Bihar
Shri Shirdi Sainath Power Infratech Pvt. Ltd. will invest Rs 87.55 crore to establish a lithium-ion battery manufacturing plant at the Hathua Industrial Area in Gopalganj, Bihar. The facility will have capacity to produce 5,000 batteries per day and is expected to become operational by 2027. It will manufacture batteries for electric vehicles (EVs), solar energy storage systems, inverters, telecom equipment and industrial applications. The Bihar Industrial Area Development Authority (BIADA) has approved the project under the state’s industrial promotion policy, and the facility is expected to create more than 400 direct jobs.
LNK Energy achieves financial closure for Phase 1 of 6 GW solar facility
LNK Energy has achieved financial closure with the State Bank of India (SBI) for Phase 1 of its planned 6 GW integrated solar manufacturing facility in Maharashtra. The facility will cover multiple stages of the solar manufacturing value chain, including ingots, wafers, cells and modules. LNK Energy, founded by Paritosh Ladhani, Kushagra Nandan and Varun Karad, has committed to invest Rs 10,000 crore over the next five years across advanced manufacturing, green fuels and renewable energy generation. The company was introduced by its co-founders on the sidelines of the World Economic Forum Annual Meeting 2026.
Radio telescope forces re-route, cost jump for Gujarat transmission line
The National Committee on Transmission (NCT) has approved a revised estimated cost of Rs 3,418 crore for Part-C of a transmission scheme designed to evacuate power from 14 GW of renewable energy capacity in Gujarat, up approximately Rs 655 crore, or 23.7%, from Rs 2,763 crore. A major change involves re-routing the Nasik-Alephata 765 kV double-circuit (D/c) line to maintain the 15 km separation required from the Giant Metrewave Radio Telescope (GMRT) antennas near Pune. The revised Nasik-Alephata line length has increased from 100 km to 145 km, while the Alephata-Lonikand-I 400 kV D/c line has been reduced from 70 km to 22 km. The revised scope also adds a 240 MVAr switchable line reactor on each circuit at the Nasik end, along with associated bays and Neutral Grounding Reactor (NGR) bypass arrangements.
Enerparc Energy secures financing from PTC India Financial Services
Enerparc Energy has secured financing from PTC India Financial Services Limited for renewable energy projects serving India’s Commercial & Industrial (C&I) segment. The funding will support the development and execution of solar power projects supplying electricity to commercial and industrial consumers. Enerparc Energy said the financing will support its ongoing renewable energy development activities in India. The transaction comes as developers expand C&I renewable portfolios to meet growing corporate demand for long-term clean power.
OHPC awards LoI to MEIL for 600 MW Upper Indravati PSP
Odisha Hydro Power Corporation Limited (OHPC) has awarded the Letter of Intent (LoI) to Megha Engineering & Infrastructures Limited (MEIL) for Engineering, Procurement & Construction (EPC) of the 600 MW Upper Indravati Pumped Storage Project at Ranibahal in Kalahandi district, Odisha. Estimated at Rs 3,394 crore, the project will comprise four 150 MW reversible units and use the existing reservoir of the 600 MW Upper Indravati Hydro-Electric Project. The off-stream, open-loop scheme is expected to generate approximately 1,040 million units annually and includes a 2.392 km head race tunnel, a 17-metre-diameter surge shaft, an underground powerhouse complex and a 530-metre-long rockfill dam with a clay core. Development will require 164 hectares of land, predominantly forest land, and around 227 families across four villages are expected to be affected.
Shakti Pumps Q1 revenue rises 37.9% to record Rs 8,587 million
Shakti Pumps (India) Limited reported its highest-ever consolidated first-quarter revenue of Rs 8,587 million in Q1 FY27, up 37.9% from Rs 6,225 million in Q1 FY26 and broadly unchanged from Rs 8,578 million in Q4 FY26. EBITDA declined to Rs 829 million with a 9.6% margin from Rs 1,436 million and 23.1% in Q1 FY26, while PAT stood at Rs 516 million with a 6.0% margin against Rs 968 million and 15.6% a year earlier. Solar pump revenue increased 51.3% year-on-year to Rs 6,851 million as installations rose 57.6% to 27,678 units, while exports contributed Rs 829 million. As of July 22, 2026, the company had an outstanding order book of approximately Rs 10,000 million and is progressing 0.5 GW of Domestic Content Requirement (DCR) module manufacturing capacity, with commissioning expected by September 2027.
NTPC board approves Rs 12,000 crore NCD fundraising plan
NTPC Limited’s Board of Directors has approved raising up to Rs 12,000 crore through non-convertible debentures (NCDs) in the domestic market, subject to shareholder approval. The proposal was approved on Friday, July 24, 2026, and allows secured or unsecured, redeemable, taxable or tax-free, cumulative or non-cumulative NCDs through private placement in one or more tranches comprising not more than 12 series. The NCDs may be listed on BSE and/or NSE, with individual issuance terms to be determined at the time of fundraising. NTPC also reported Q1 net profit of Rs 6,721.05 crore, up 11.82% year-on-year, while revenue from sales rose 7.81% to Rs 50,740.96 crore.
REC Q1 FY27 net profit rises 23% sequentially to Rs 4,149 crore
REC Limited reported net profit of Rs 4,149 crore in Q1 FY27, up 23% sequentially from Rs 3,362 crore in Q4 FY26, while net interest income increased 5% to Rs 5,212 crore. Its standalone loan book reached Rs 5.90 lakh crore as of June 30, 2026, including renewable energy loans of Rs 78,596 crore, or 13.32% of the portfolio, and infrastructure and logistics loans of Rs 59,289 crore. Stage-3 loan assets declined to 0.11%, net worth increased 15% year-on-year to Rs 91,836 crore, and the Capital Adequacy Ratio (CRAR) stood at 23.06%. The Board declared a first interim dividend of Rs 4.25 per equity share for FY27.
IEX Q1 net profit rises 11.65% as power trading volume grows 15.9%
Indian Energy Exchange Limited (IEX) reported consolidated net profit of Rs 134.75 crore in Q1 FY27, up 11.65% year-on-year, while revenue from operations increased 11.37% to Rs 157.87 crore. Electricity traded on the platform reached 37.5 billion units (BUs), registering year-on-year growth of 15.9%, as India’s Q1 FY27 electricity consumption increased 8.8% to 485.4 BUs and peak demand reached a record 270.8 GW in May 2026. Profit before tax (PBT) rose 11.62% to Rs 176.80 crore, while consolidated revenue including other income stood at Rs 202.8 crore and profit after tax (PAT) at Rs 134.8 crore. IEX has more than 9,000 registered participants and said it continues to account for around 80%-85% of India’s electricity exchange market.
ACC to acquire 26% stake in Amplus Andhra Power for captive supply
ACC Limited has approved the acquisition of a 26% stake in Amplus Andhra Power Private Limited for approximately Rs 5.31 crore to source electricity under the captive consumption framework. ACC will acquire 9,58,548 equity shares, with completion expected on or before October 30, 2026. Amplus Andhra Power, incorporated on October 24, 2016, operates in infrastructure and renewable energy and reported turnover of Rs 85.40 million in FY 2025, Rs 70.60 million in FY 2024 and Rs 99.40 million in FY 2023. ACC’s Q1 FY27 standalone revenue from operations declined to Rs 5,790 crore from Rs 6,277 crore, while net profit fell to Rs 147 crore from Rs 375 crore.
CG Power Q1 FY27 standalone profit rises 27% to Rs 364 crore
CG Power and Industrial Solutions Limited reported Q1 FY27 standalone sales of Rs 3,061 crore, up 16% year-on-year, while profit after tax increased 27% to Rs 364 crore. EBITDA rose 27% to Rs 518 crore with margin improving to 16.9% from 15.4%, and the standalone unexecuted order backlog reached Rs 17,333 crore as of June 30, 2026, up 45% year-on-year. Power Systems sales increased 31% to Rs 1,402 crore, while Industrial Systems sales rose 6% to Rs 1,671 crore. The company commissioned its S3 Unit-II Extra High Voltage (EHV) switchgear facility at Nashik on June 4, 2026, and CG Semi Private Limited commenced commercial production at its G1 Outsourced Semiconductor Assembly and Test (OSAT) facility in Sanand on July 4, 2026.
Indo Tech gets NTPC approval for 400 kV transformers for BESS projects
Indo Tech Transformers Limited has received approval from NTPC Limited to manufacture transformers in the 400 kV voltage class for Battery Energy Storage System (BESS) projects, expanding beyond its existing 220 kV range. The Shirdi Sai Electricals Limited subsidiary has also secured an order for two 90 MVA 400 kV transformers through a reputed engineering, procurement and construction (EPC) contractor. The approval allows Indo Tech Transformers to address higher-voltage requirements across utility-scale power systems, renewable energy, transmission infrastructure and BESS. The company expects the expanded range to open higher-value business opportunities over the medium to long term.
IREDA appoints Javvadi V.N. Subramanyam as Government Nominee Director
Indian Renewable Energy Development Agency Limited (IREDA) has appointed Shri Javvadi V.N. Subramanyam, Joint Secretary at the Ministry of New and Renewable Energy (MNRE), as Government Nominee Director with effect from July 24, 2026. The appointment follows an MNRE order dated July 23, 2026, and will continue until three Functional Director posts are filled or until further orders, whichever is earlier. Shri Subramanyam is an Indian Administrative Service (IAS) officer with more than 18 years of experience and previously served as Director in the Department of Economic Affairs under the Ministry of Finance, among other central and state roles. He is a Chartered Accountant and Cost Accountant, securing All India First Rank, and holds a Bachelor’s degree in Commerce and a Master’s in Public Policy.
Adani Energy wins Rs 8,500 crore Vizag transmission project
Adani Energy Solutions Limited (AESL) has secured an inter-state transmission project in Andhra Pradesh with an estimated value of Rs 8,500 crore under the Government of India’s Tariff-Based Competitive Bidding (TBCB) framework. The project will support an estimated 4,500 MW of demand from proposed green hydrogen and green ammonia facilities in the Vizag region and is scheduled for completion within 30 months. Its scope includes a 4×1,500 MVA, 765/400 kV Gas Insulated Substation (GIS) at Pendurthi (Vizag), a 3×1,500 MVA, 765/400 kV substation at Khammam-II, 1,582 ckm of transmission lines and 10,500 MVA of transformation capacity. Following the award, AESL’s transmission order book stands at over Rs 80,000 crore.
Waaree Renewable wins EPC orders for 1,082 MWp solar projects
Waaree Renewable Technologies Limited has received two Letters of Award (LOA) for engineering, procurement and construction (EPC) of ground-mounted solar photovoltaic (PV) projects with combined capacity of 800 MWac / 1,082 MWp. The orders, received on July 25, 2026, comprise a 400 MWac / 530 MWp project and a 400 MWac / 552 MWp project, both scheduled for completion during FY 2027-28. The contracts are domestic commercial orders from one of India’s leading renewable energy companies. Waaree Renewable Technologies reported Q1 FY27 consolidated revenue from operations of Rs 924.25 crore, up 53.23% year-on-year, and PAT of Rs 118.97 crore, up 37.70%.
Swelect Energy to acquire Dexler Solar Park, develop 7 MWdc project
Swelect Energy Systems Limited will acquire 100% of Dexler Solar Park Phase 1 Private Limited (DSPP1), which will become its wholly owned subsidiary and develop a solar project of up to 7.0 MWdc under the group captive scheme. The acquisition was approved by Swelect Energy’s Investment Committee on July 25, 2026. DSPP1 was incorporated in Karnataka on March 5, 2018, with paid-up equity share capital of Rs 1,00,000 and reported nil turnover, a loss after tax of Rs 34,860 and negative net worth of Rs 6,45,190 in FY 2024-25. The entity operates in renewable energy generation and distribution and was originally incorporated as a subsidiary of Dexler Energy Private Limited.
Torrent Power gets ToR nod for 1,600 MW Chhattisgarh coal plant
The Expert Appraisal Committee (EAC) for Thermal Projects under the Ministry of Environment, Forest and Climate Change (MoEF&CC) has recommended Terms of Reference (ToR) for Torrent Power Limited’s proposed 1,600 MW ultra super-critical coal-fired project in Raigarh district, Chhattisgarh. The Rs 22,915 crore greenfield project will comprise two 800 MW units across 312.47 hectares and require around 72,456 m³ of water per day and 8.2 Million Tonnes Per Annum (MTPA) of coal. Torrent Power proposes a 48-hectare ash pond, a 74-hectare greenbelt with around 1.85 lakh saplings, Electrostatic Precipitators (ESP), Low NOx burners and a 275-metre-high chimney. The EAC also directed the company to comply with the outcome of Civil Appeal no. 3399/2020 pending before the Supreme Court and not disturb disputed structures until judgment.
Orient Cement to acquire 9% stake in Vena Energy wind project
Orient Cement Limited has approved the acquisition of a 9.04% equity stake in Vena Energy KN Wind Power Private Limited, operator of a 46 MW wind power project in Karnataka, for Rs 12.34 lakh. The company will acquire 25,665 equity shares and 9,777 cumulative convertible preference shares, with the transaction expected to close on or before August 31, 2026. The investment will enable Orient Cement to source electricity from the project under the captive consumption framework. Orient Cement reported Q1 profit after tax of Rs 77 crore compared with Rs 55 crore a year earlier, while revenue from operations declined to Rs 604 crore from Rs 647 crore.
Tamil Nadu, AP, Maharashtra, MP get new transmission schemes
The National Committee on Transmission (NCT) has approved four transmission schemes covering Tamil Nadu, Andhra Pradesh, Maharashtra and Madhya Pradesh to integrate renewable energy and strengthen networks. The approvals include the Rs 634 crore Karur strengthening scheme, the Rs 3,673 crore Kadapa-II REZ Phase-I system, the Rs 2,295 crore Solapur scheme and the Rs 3,573 crore Gadarwara-II and Mandsaur augmentation. Kadapa-II will establish 3×1,500 MVA of 765/400 kV and 7×500 MVA of 400/220 kV transformation capacity, while the Solapur scheme will support evacuation of 2 GW of renewable energy. The Madhya Pradesh system will evacuate power from the 2×800 MW Gadarwara-II Thermal Power Station (TPS) and accommodate an additional 1,500 MW of renewable generation at Mandsaur Pooling Station (PS).
MahaGenco floats tender for Varandh Ghat and Koyna Stage-6 PSPs
Mahagenco Renewable Energy Limited (MahaGenco REL) has invited bids for consultancy services to prepare Detailed Project Reports (DPRs) for the 1,200 MW Varandh Ghat Pumped Storage Project (PSP) and 1,000 MW Koyna Stage-6 PSP in Maharashtra. The tender was issued on July 24, 2026, with Varandh Ghat planned as four 300 MW units and Koyna Stage-6 as four 250 MW units. The consultant’s mandate covers DPR preparation under the latest Central Electricity Authority (CEA) guidelines, engineering studies, surveys, Environmental Impact Assessment (EIA) and Environmental Management Plan (EMP) studies, and environmental, forest and wildlife clearances wherever applicable. Online bids are due by August 21, 2026, and techno-commercial bids are scheduled to open on August 25.
Why Meta’s data centre push is clashing with its clean energy goals
Meta has withdrawn from RE100, the global corporate renewable electricity initiative led by the Climate Group, after investments in new natural gas generation meant it could no longer meet the initiative’s technical criteria. Meta joined RE100 in 2016, while the initiative currently has 444 members, including Apple, Google and Microsoft. The withdrawal comes as Meta expands its data centre infrastructure, including plans involving 10 natural gas power plants to support its Hyperion data centre in Louisiana. Meta said the exit does not alter its target of matching 100% of its electricity consumption with clean energy and says it has achieved this on an annual basis since 2020.
Portugal and Spain step up pumped storage expansion plans
Portugal has unveiled a National Energy Storage Strategy targeting approximately 3.9 GW of pumped storage capacity by 2030 and more than 5 GW by 2040, while Spain has awarded €165 million to seven pumped storage projects. Portugal currently has more than 3.6 GW of operational pumped storage capacity and plans competitive storage auctions, future pumped storage tenders and regulatory reforms as renewable energy accounts for around 80% of its electricity generation. Spain’s seven selected projects will collectively add 2.071 GW of generation capacity and 21.091 GWh of storage capacity across Andalusia, Asturias, Aragon, Extremadura, Catalonia and Galicia. The Spanish funding under the second BORALMAC call was increased from an initial €90 million allocation by €75 million following strong demand.