Power Sector News Roundup for February 12, 2026

Bondada Engineering secures first major bank-funded term loan for BESS project

Bondada Engineering Limited has received sanction for a term loan from Canara Bank to finance the debt component of its Battery Energy Storage System (BESS) project with TNGECL, the company announced in a regulatory filing. The sanction marks the company’s entry into large-scale, bank-funded infrastructure financing and represents a strategic shift toward asset ownership and annuity-based revenue models. The company is also eligible for Viability Gap Funding (VGF) totalling Rs 108 Crore under the project. Bondada Engineering stated that the financial closure reflects institutional confidence in its project execution capabilities and governance framework and reaffirmed its commitment to completing the project within scheduled timelines while expanding its renewable energy and energy storage portfolio through disciplined capital management.

POWERGRID wins Pune Region-I transmission expansion project

Power Grid Corporation of India Limited (POWERGRID) has been declared the successful bidder for an intra-state transmission project in Maharashtra under the Tariff Based Competitive Bidding (TBCB) framework. The Letter of Intent (LoI) was received on February 11, 2026, for the project titled “Network Expansion scheme in Maharashtra for removal of Transmission constraints in Pune Region-I (765/400 kV AIS Pune East),” to be implemented on a Build, Own, Operate and Transfer (BOOT) basis. The scope includes a new air-insulated substation (AIS) in Ahilyanagar District, 765 kV and 400 kV transmission lines, two 1,500 MVA interconnecting transformers, a 240 MVAr bus reactor, and associated bay extensions and line-in-line-out (LILO) works. The scheduled completion period is 24 months from the effective date, while the final bid outcome for the parallel 400/220 kV AIS Wagdari (Dist. Solapur) project is awaited.

Land constraints prompt redesign of Ananthapuram-III REZ transmission scheme

The National Committee on Transmission (NCT) has approved a revised transmission scheme for the Ananthapuram-III Renewable Energy Zone (REZ), reducing Phase-I capacity to 3 GW and replacing the proposed 765 kV Bidadi link due to land constraints flagged by Karnataka Power Corporation Limited (KPCL). PFC Consulting Limited (PFCCL) informed Central Transmission Utility of India Limited (CTUIL) that land was unavailable to upgrade the existing 400/220 kV Bidadi GIS to 765 kV, with severe Right of Way (RoW) constraints also anticipated. The revised plan centres on a new 765/400 kV GIS substation near Malur, a 765 kV double-circuit line to Krishnagiri, and multiple 400 kV connections to the Bengaluru area, with Phase-I cost estimated at approximately ₹2,659 crore. The balance 4.5 GW capacity will be developed under a separate Phase-II scheme following further studies.

SJVN posts higher Q3FY26 revenue and profit, declares interim dividend

SJVN Limited reported consolidated revenue from operations of Rs 1,081.97 crore in Q3FY26, compared to Rs 670.99 crore in Q3FY25, with total income at Rs 1,124.47 crore and net profit after tax at Rs 224.31 crore. Total expenses rose to Rs 705.25 crore from Rs 567.28 crore in the year-ago period. Operating margin improved to 60.69%, while net profit margin declined to 20.73% from 22.17% in the corresponding quarter of the previous year. The Board approved an interim dividend of Rs 1.15 per equity share for FY2025-26, with February 20, 2026 fixed as the record date, and cleared a proposal to raise up to Rs 1,000 crore through non-convertible debentures on a private placement basis.

Jupiter International commissions 1 GW solar cell unit at Baddi

Jupiter International Ltd has commissioned a 1 GW mono-PERC solar cell manufacturing unit in Baddi, Himachal Pradesh, increasing its total installed solar cell capacity to approximately 2 GW. The facility, set up by wholly owned subsidiary Jupiter Solartech Pvt Ltd in Village Katha, Solan district, is the company’s third solar cell unit and adds to its existing 959 MW capacity. The company is also developing a 1.25 GW Tunnel Oxide Passivated Contact (TOPCon) solar cell production line and pursuing multiple investments, including Rs 10.9 billion in Maharashtra, Rs 27 billion in Andhra Pradesh, Rs 20.05 billion in Odisha, and a Rs 5 billion capital raise to support expansion. Phase 1 of the Andhra Pradesh project includes 2.4 GW of solar PV cell and 1.5 GW of module capacity, targeted by March 2026, with Phase 2 adding 2.4 GW by July 2026.

Radiance Renewables raises $100 million equity from IFU and FMO

Radiance Renewables Private Limited has secured $100 million in equity investment from Impact Fund Denmark (IFU) and FMO, with each institution committing $50 million. The investment, made through the Danish SDG Investment Fund II, is expected to catalyse an additional $300 million in private sector debt and will fund development and operation of 926 MW of solar projects across India. Radiance oversees a 2 GW portfolio across operational, under-construction and development-stage projects and serves nearly 70 commercial and industrial (C&I) clients. The company is targeting annual capacity addition of over 500 MW through hybrid solar-wind-storage parks through FY 2027.

CleanMax raises Rs 15 billion in pre-IPO round led by Temasek, Bain

CleanMax Enviro Energy Solutions has raised Rs 15 billion in a pre-initial public offering (IPO) funding round led by Temasek Holdings and Bain Capital, with shares allotted at Rs 1,053 each. The total targeted fundraising, including the pre-IPO placement, is about Rs 52 billion, following regulatory clearance for an updated Draft Red Herring Prospectus and an earlier filing with the Securities and Exchange Board of India (SEBI) for a Rs 5,200 crore public issue. Temasek and Bain Capital will together hold around 10% of CleanMax following the transaction. CleanMax operates over 2.5 GW of operational, owned and managed capacity across India, the Middle East and Southeast Asia.

EVE Energy commissions 400 MWh storage project using 628Ah cells

EVE Energy Co. has commenced operations at a 400 MWh energy storage facility in Hebei province, China, deploying its 628Ah ultra-large battery cells at grid scale for the first time. The project forms part of the Ruite New Energy Lingshou 200MW/400MWh independent energy storage project and comprises 80 units of 5 MWh direct-current systems and 40 integrated power conversion cabins. The company stated that cumulative production of its 628Ah cells has exceeded 1 million units. EVE Energy also signed a strategic cooperation agreement with Beijing Guowang Power Technology Co. covering 10 GWh of large battery systems for future deployment.