Power Sector News Roundup for February 13, 2026

Inox Clean, RJ Corp form JV for African renewables

Inox Clean Energy Limited, part of the INOXGFL Group, has formed an equal joint venture with RJ Corp Limited to enter the African renewable energy market. The partnership has acquired Skypower Services MENA Limited and plans to commission about 570 MW of renewable energy capacity in the initial phase. The projects are part of a multi-GW pipeline backed by sovereign-backed power purchase agreements and are expected to deliver internal rates of return above 20%. Inox Clean is targeting 2.5 GW of installed renewable capacity in Africa by the end of FY29, with debt funding expected from multilateral development finance institutions for projects in Zambia, Zimbabwe, and the Democratic Republic of Congo.

Saatvik Cleantech to acquire 49% in Intelligent Hydel Solutions

Saatvik Green Energy Limited has informed the stock exchanges that its wholly owned subsidiary, Saatvik Cleantech EPC Private Limited, signed a Share Purchase Agreement on February 12, 2026, to acquire a 49% equity stake in Intelligent Hydel Solutions Private Limited. Intelligent Hydel Solutions was incorporated on January 29, 2024, and has reported nil turnover for the financial years 2023–24 and 2024–25. RMC Switchgears Limited had announced in February 2024 that it formed Intelligent Hydel Solutions as its subsidiary with a 51 percent stake. In January 2026, Saatvik Ceantech secured a turnkey engineering, procurement, and construction contract valued at Rs 20.84 crore.

Bondada Engineering signs MoU for green data centres

Bondada Engineering Limited has signed a Memorandum of Understanding with Dubai-based Bryanston Renewables FZCO on February 11, 2026, to jointly develop green-powered data centres in India and select international markets. The MoU establishes a non-binding framework to create ready-to-deploy data centre project packages for investors and operators. The collaboration aligns with policy priorities outlined in the Union Budget 2026, including expansion of digital infrastructure and incentives for green data centres. The company stated that it will inform stakeholders of material developments.

Adani Power forms subsidiary for nuclear energy business

Adani Power Limited has incorporated Adani Atomic Energy Limited as a wholly owned subsidiary on February 11, 2026. The entity has an authorised capital of Rs 5,00,000, divided into 50,000 equity shares of Rs 10 each, fully subscribed by Adani Power through cash consideration. Media reports since late 2025 have indicated that the Adani Group is evaluating replacing up to 30 GW of thermal capacity with nuclear generation. The move aligns with the Government of India’s target of achieving 100 GW of nuclear power capacity by 2047.

Rajesh Power forms transmission JV for East Central Railway

Rajesh Power Services Limited has entered into a joint venture agreement with VITS Total Power Solutions Private Limited to execute a transmission project for East Central Railway. The joint venture, RPSL-VITS JV, will see Rajesh Power hold a 51% stake and act as lead member. The project includes a 132 kV double-circuit transmission line from Grid Substation Nabinagar to Railway Traction Substation Nabinagar and installation of two 132 kV line bays. The agreement is limited to execution of the specified project and is not a related party transaction.

POWERGRID acquires Bellary Davanagere transmission SPV

Power Grid Corporation of India Limited has acquired Bellary Davanagere Power Transmission Limited on February 12, 2026, after winning a tariff-based competitive bidding process conducted by REC Power Development and Consultancy Limited. The project, estimated at Rs 1,111 crore, will support renewable energy integration at Davanagere (0.25 GW) and Bellary (2.75 GW) in Karnataka. It includes construction of an approximately 80-km 400 kV quad double circuit transmission line and augmentation works at both pooling stations. The project will be implemented on a build, own, operate, and transfer basis with a completion period of 24 months.

Q3 FY26 earnings: INOX India, Coal India, Hindalco, Insolation Energy, Solex

INOX India Ltd reported Q3 FY26 revenue of Rs 436 crore, up 27.4% YoY, with adjusted profit after tax of Rs 68 crore. Coal India Limited posted consolidated profit of Rs 7,157 crore, down 15.8% YoY, and revenue of Rs 34,924 crore. Hindalco Industries Limited reported consolidated profit of Rs 2,049 crore, down 56.8% QoQ, on revenue of Rs 66,521 crore. Insolation Energy and Solex Energy reported higher revenue growth, with Insolation’s Q3 FY26 revenue at Rs 575.3 crore and Solex’s at Rs 319.4 crore.

Alpex Solar invests Rs 10 crore in subsidiary, scales capacity

Alpex Solar Limited has approved an equity infusion of up to Rs 10 crore in Alpex Green Energies Private Limited. The company has consolidated aluminium frame manufacturing at Unit VII in Kosi Kotwan Extension, Mathura, with installed capacity of 6,000 metric tonnes per annum, expected to rise to 12,000 metric tonnes per annum by the end of FY27. Commercial production has commenced at Unit V in Greater Noida, raising total module capacity to 2.4 GW. For the quarter ended December 31, 2025, operating revenue increased 245.4% YoY to Rs 648.08 crore.

GUVNL awards 335 MW BESS tender to three bidders

Gujarat Urja Vikas Nigam Limited has awarded its 335 MW/670 MWh standalone battery energy storage system tender to three bidders. Advait Energy Transitions Limited secured 150 MW at Rs 2.10 lakh per MW per month, while Equentia Natural Resources Pte Ltd and Sundrops Energia received allocations at Rs 2.12 lakh per MW per month. The tender is supported by viability gap funding under the Power System Development Fund scheme. The projects will operate under a tariff-based competitive bidding framework and support two charge-discharge cycles per day.

PFC and REC move ahead with proposed merger

Power Finance Corporation Limited and REC Limited have informed the stock exchanges that they are proceeding with a proposed merger following in-principle board approval on February 6, 2026. The combined entity would become the largest power sector financier in India based on consolidated metrics. The Government of India will retain control, and the merged entity will continue to qualify as a government company under the Companies Act, 2013. The final scheme will be disclosed after regulatory and statutory approvals.

NHPC, GRIDCO sign MoU for 1,000 MW Masinta pumped storage project

NHPC Limited and Grid Corporation of Odisha have signed a Memorandum of Understanding on February 12, 2026, to explore development of a 1,000 MW pumped storage project at Masinta in Deogarh district. Preparation of the detailed project report is at an advanced stage. The collaboration also includes assessment of additional renewable energy opportunities in Odisha. The initiative aims to support grid stability and renewable energy integration.

MoP revises ash utilisation norms for thermal power plants

The Ministry of Power has issued revised guidelines mandating coal and lignite-based thermal power plants to achieve 100 per cent ash utilisation in line with Ministry of Environment, Forest and Climate Change notifications. The framework requires plants to declare issuable ash and adopt transparent mechanisms, including auctions with a minimum floor price of Rupee One per metric tonne. Concessional supply to MSEs within a 100 km radius has been mandated through an Expression of Interest process. The Central Electricity Authority will oversee implementation of the revised norms.