Power Sector News Roundup for February 25, 2026

Bajaj Electricals appoints Rahul Pundir as Chief Supply Chain Officer

Bajaj Electricals Limited has appointed Rahul Pundir as Chief Supply Chain Officer, effective March 2, 2026. After joining, he will be designated as Senior Management Personnel at the company’s next Board Meeting. The company disclosed the appointment to stock exchanges on February 24, 2026. Rahul Pundir brings more than 24 years of global experience in supply chain leadership and will manage end-to-end supply chain operations. He joins from Procter & Gamble (P&G), where he served as Executive Officer, Product Supply & Sustainability Leader for the AMA region, based in Japan.

Exide Industries invests Rs 100 crore more in EESL

Exide Industries Limited infused a further Rs 100 crore into Exide Energy Solutions Limited (EESL) through a rights issue subscription announced on February 24, 2026. The investment takes Exide Industries’ total contribution to the lithium-ion battery venture to Rs 4,352.23 crore while retaining a 100 % stake. The capital infusion involves subscription to 2.5 crore equity shares with a face value of Rs 10 each and a premium of Rs 30 per share. The funds will support EESL’s greenfield facility in Bengaluru for manufacturing lithium-ion battery cells, modules, and packs. Equity shares linked to the investment were allotted on February 24, 2026.

KEC International secures Rs 1,002 crore T&D and cables orders

KEC International Limited secured new orders worth Rs 1,002 crore across transmission and distribution (T&D) and cables and conductors businesses, announced on February 24, 2026. The T&D segment includes orders for 220/132 kV transmission lines, substations, and extra high voltage (EHV) cabling under a composite project in India and a 400 kV transmission line internationally. The company also received contracts for supply of towers, hardware, poles, cables, and conductors across domestic and overseas markets. Vimal Kejriwal said the orders strengthened the T&D order book and diversified the domestic customer base. Year-to-date order intake reached about Rs 21,300 crore.

Kalpataru Projects to acquire full stake in Saudi JV KIOCL

Kalpataru Projects International Limited signed an agreement on February 23, 2026, to acquire the remaining 35 % stake in Kalpataru IBN Omairah Company Limited (KIOCL). The deal involves purchasing 175 equity shares from Bin Omairah Contracting Company Limited for Saudi Arabian Riyal (SAR) 10 million, equivalent to about United States Dollar (USD) 2.67 million. After completion, KIOCL will become a wholly owned subsidiary, increasing the company’s holding from 65 % to 100 %. The transaction is expected to close on or before May 31, 2026, subject to approvals from the Saudi Business Centre and other authorities. KIOCL undertakes power transmission, distribution, and substation projects in Saudi Arabia.

NTPC-MAHAGENCO consortium completes STPL acquisition

NTPC Limited, with Maharashtra State Power Generation Company Limited (MAHAGENCO), completed the acquisition of Sinnar Thermal Power Limited (STPL) on February 24, 2026. The transaction followed a Resolution Plan approved by the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016. STPL operates a coal-based thermal power plant at Sinnar, Nashik, Maharashtra, with installed capacity of 1,350 MW across five units of 270 MW each. Following completion, NTPC Group’s total installed capacity increased to 88,132 MW. Commercial capacity stands at 87,052 MW.

L&T secures major PT&D EPC orders in India and Middle East

Larsen & Toubro Limited’s Power Transmission & Distribution (PT&D) vertical secured engineering, procurement, and construction (EPC) orders for grid system projects in India and the Middle East. In India, contracts cover two 220 kV Gas Insulated Substations (GIS) in the Durgapur-Raniganj-Asansol belt, including related transmission line sections. In the Middle East, orders include turnkey construction of five substations and more than 250 kilometers of transmission lines across three countries, with voltage levels up to 500 kV. One contract involves supply and installation of a 400 kV underground cable system. The orders fall under the company’s “Major” category valued between Rs 2,500 crore and Rs 5,000 crore.

POWERGRID commissions RE transmission project, gets higher investment limit

Power Grid Corporation of India Ltd. (POWERGRID) announced full commissioning of an interstate transmission system and Cabinet approval to raise its equity investment limit per subsidiary. POWERGRID Narala Transmission Limited commissioned the ISTS project for evacuation of power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-II Part-G, with effect from December 7, 2025, and DOCO notification received on February 24, 2026. The Cabinet Committee on Economic Affairs (CCEA) approved raising the equity investment limit per subsidiary from Rs 5,000 crore to Rs 7,500 crore while retaining the 15 % net worth cap. The approval supports renewable evacuation and expansion of core transmission business. It enables participation in projects such as Ultra High Voltage Alternating Current (UHVAC) and High Voltage Direct Current (HVDC) networks.

Vikram Solar shareholders approve board changes

Shareholders of Vikram Solar Limited approved three board changes through a postal ballot, with results announced on February 20, 2026. Suresh Gopinathan Menon was appointed Non-Executive Non-Independent Director, bringing 36 years of experience. Joginder Pal Dua was appointed Independent Director for a five-year term ending November 30, 2030. Neha Agrawal was re-appointed Whole-Time Director for a three-year term starting March 22, 2026. The appointments were disclosed in an exchange filing.

Waaree subsidiary wins 300 MW wind project from SECI

Waaree Forever Energies Private Limited received a Letter of Award from the Solar Energy Corporation of India Limited (SECI) for development of a 300 MW wind power project in Dwarka, Gujarat. The award was disclosed in a filing dated February 24, 2026. The project will be executed under a Power Purchase Agreement (PPA) valid for 25 years from scheduled commencement of supply. The award covers development of the wind power facility as a one-time contract. Waaree Forever Energies is a wholly owned subsidiary of Waaree Energies Limited.

Aboitiz Power in talks for majority stake in Fourth Partner Energy

Aboitiz Power is in advanced talks to acquire a majority stake in Fourth Partner Energy, according to sources. Early investors including TPG Rise, Norfund, the Asian Development Bank (ADB), the International Finance Corporation (IFC), and DEG have invested Rs 4,031 crore since 2019. Stake size and valuation remain undisclosed. Aboitiz Power reported annual revenue of about USD 3.5 billion and is negotiating independently, potentially with another investor. Fourth Partner Energy operates a 1.5 GW renewable portfolio across India and international markets.

MSEDCL plans December 2026 IPO after agriculture demerger

Maharashtra State Electricity Distribution Company Ltd (MSEDCL) plans to launch an IPO by December 2026 after separating its agricultural load into a new entity from April 1, 2026. The move targets balance sheet improvement as the discom carries unpaid arrears of Rs 96,000 crore. Agriculture dues account for Rs 76,000 crore, government departments Rs 12,000 crore, and other consumer categories Rs 10,000 crore. The company expects the demerger to reduce working capital borrowings and create a cleaner balance sheet before listing. MSEDCL also plans to supply agricultural load through solar power using distributed renewable energy (DRE) projects.

Suzlon appoints Ajay Kapur as Group CEO, forms GEC

Suzlon Energy appointed Ajay Kapur as Group Chief Executive Officer (CEO) effective February 24, 2026, and created a Group Executive Council (GEC). The board also established an Executive Management Council led by the Group CEO. J.P. Chalasani was elevated to the GEC while continuing as Key Managerial Personnel (KMP). Girish Vanvari was appointed Additional Director as Independent Director for a five-year term ending February 23, 2031. The restructuring aligns with the company’s “Suzlon 2.0” strategy to expand across renewable energy segments.

CEA issues draft meter regulation amendments

The Central Electricity Authority (CEA) released draft amendments to the Installation and Operation of Meters Regulations, 2006, inviting comments by March 26, 2026. The draft proposes supply through smart meters compliant with Indian Standards (IS) in areas with communication network coverage. For areas without coverage, installation of prepayment meters may be allowed by State Electricity Regulatory Commissions (SERCs). The amendments require advanced metering infrastructure to include prepayment functionality and interoperability. Revised provisions also define metering requirements for open access consumers across voltage levels.

Vayona Energy signs 702 MW wind turbine deal with TPREL

Vayona Energy signed a 702 MW agreement with Tata Power Renewable Energy Limited (TPREL) covering supply of 195 SG 3.6-145 wind turbines. The projects span Karnataka, Maharashtra, and Tamil Nadu and will expand TPREL’s wind portfolio beyond 2 GW. Vayona Energy reported more than 3.6 GW in orders and over 2 GW installed as of December 2025. The company’s portfolio exceeds 12 GW across operational and pipeline assets. Vayona Energy was formed in December 2025 after rebranding Siemens Gamesa’s former onshore wind business in India.

Tata Power-DDL commissions compact 630 kVA unitised substation

Tata Power Delhi Distribution Limited commissioned a 630 kVA Unitised Substation (USS) for deployment in space-constrained areas ahead of peak summer demand. The substation is expected to serve about 500 consumers and improve network capacity for load management. Its compact design allows installation where conventional substations are not feasible. The project forms part of network strengthening measures across North and Northwest Delhi. The USS integrates multiple distribution components within a single enclosure.

Xcel Energy-Google deal adds 1,900 MW clean energy and 30 GWh storage

Xcel Energy signed an Electric Service Agreement to supply power to a new Google data centre in Pine Island, Minnesota. The agreement includes addition of 1,900 MW of clean energy capacity and deployment of a 300 MW (30 GWh) iron-air battery system supplied by Form Energy. The plan adds 1,400 MW of wind, 200 MW of solar, and 300 MW of long-duration energy storage under a Clean Energy Accelerator Charge. Google will fund all grid infrastructure linked to the project so existing customers do not bear additional costs. The agreement remains subject to approval by the Minnesota Public Utilities Commission.