Power Sector News Roundup for June 2, 2026
PFC subsidiary PFC Projects struck off by MCA
Power Finance Corporation Limited (PFC) has informed the stock exchanges that its wholly owned subsidiary, PFC Projects Limited (PPL), has been struck off from the Register of Companies by the Registrar of Companies (RoC), effective June 1, 2026. The action was taken under Section 248 of the Companies Act, 2013, following approvals from the Ministry of Power and the Ministry of Corporate Affairs (MCA). PPL, formerly known as Coastal Karnataka Power Limited, was originally established as a wholly owned subsidiary of PFC for the development of an Ultra Mega Power Project in Karnataka. The MCA approved the striking off on June 1, 2026, resulting in the removal of PPL from the Register of Companies.
Servotech signs MoU with HEPC for Rs 400 crore Haryana expansion
Servotech Renewable Power System Ltd. has signed a Memorandum of Understanding (MoU) with the Haryana Enterprises Promotion Centre (HEPC) to expand its manufacturing and warehousing operations in Haryana. The proposed investment is approximately Rs 400 crore and is expected to be implemented in phases over the next 24 to 36 months. According to the company, the project is expected to create around 500 direct and indirect employment opportunities. The expansion will increase manufacturing capacity across EV chargers, solar products, battery packs, Battery Energy Storage Systems (BESS), and power electronics.
Adani Energy Solutions incorporates seven new subsidiaries
Adani Energy Solutions Limited (AESL) has incorporated seven wholly owned subsidiaries as part of its expansion across the electricity value chain. The newly formed entities include Sunrays Step I Limited, Sunrays Step II Limited, Sunrays Step III Limited, Arasan Step I Limited, Arasan Step II Limited, Arasan Step III Limited, and Arasan Step IV Limited. Each subsidiary has an initial paid-up capital of Rs 5,00,000, comprising 50,000 equity shares of Rs 10 each, fully subscribed by AESL. The entities have been incorporated to undertake activities across the electricity sector, including generation, transmission, storage, supply, and distribution of electricity.
ACME Solar launches QIP at floor price of Rs 294.13 per share
ACME Solar Holdings Limited has launched a qualified institutions placement (QIP) after its Fund Raising Committee approved the opening of the issue on June 1, 2026. The floor price has been set at Rs 294.13 per equity share of face value Rs 2 each, with a possible discount of up to 5%. The company also approved the preliminary placement document and application form for the issue. Separately, its wholly owned subsidiary, ACME Sun Power Private Limited, commissioned an additional 33.333 MW / 160.512 MWh of BESS capacity in Rajasthan, increasing total commissioned capacity to 266.669 MW / 1,283.936 MWh.
IEX incorporates subsidiary for coal trading platform
Indian Energy Exchange Limited (IEX) has incorporated a wholly owned subsidiary, Indian Coal Exchange Limited, to establish an online trading platform for coal buyers and sellers. The subsidiary was incorporated on June 1, 2026, with an authorised share capital of Rs 100 crore comprising 10 crore equity shares of Rs 10 each. IEX holds 100% ownership in the new entity. The company stated that the subsidiary will require a licence from the designated regulator before commencing operations.
Alfa Transformers bags 12,000-unit transformer order from MGVCL
Alfa Transformers Limited has received a letter of award from Madhya Gujarat Vij Company Limited (MGVCL) for the supply of 12,000 distribution transformers valued at approximately Rs 63 crore. The order covers 11 KV / 0.433 KV three-phase 10 KVA aluminium-wound distribution transformers with Cold Rolled Grain Oriented (CRGO) or amorphous core material. Execution is scheduled within the current financial year. The company stated that the transaction is not a related party transaction.
Sunsure commissions 105 MWp solar project in Uttar Pradesh
Sunsure Energy has commissioned a 105 MWp solar power project in Mahoba district of Uttar Pradesh. The project is the first renewable energy development to evacuate green power through the state’s Green Energy Corridor-II infrastructure. Spread across 282 acres, the plant is connected through a dedicated 7-km, 132 kV transmission line and evacuates power via the 220 kV Kabrai substation. With this commissioning, Sunsure Energy’s operational portfolio in Uttar Pradesh has reached 365 MWp across 11 projects.
Vikran Engineering targets Rs 2,500 crore revenue in FY27
Vikran Engineering Limited has outlined plans to achieve revenue of Rs 2,200–2,500 crore in FY27, compared with Rs 1,249 crore in FY26. The company expects EBITDA margins to remain in the range of 14–15% and indicated revenue visibility of around Rs 3,000 crore for FY28. Management also stated that the company expects to become cash flow positive from operations in FY28 and does not plan any further equity dilution. Its consolidated order book crossed Rs 5,000 crore at the end of FY26.
Avaada secures financial closure for three renewable energy projects
Avaada Group has achieved financial closure for three utility-scale renewable energy projects, with total debt sanctions approaching USD 950 million. The portfolio includes an FDRE project in Bikaner, Rajasthan, a 300 MW solar project in Rajasthan backed by NTPC, and a 300 MW solar project in Gujarat supported by SECI. All three projects are under construction and are expected to be commissioned during FY2027–28. Financing was arranged through consortiums including Standard Chartered Bank, SBI, HSBC, DBS, SMBC, MUFG, and BNP Paribas.
The Central Electricity Regulatory Commission (CERC) has granted Datta Power Infra Private Limited an additional 30 days to submit financial closure documents for its 162 MW wind-solar hybrid projects in Madhya Pradesh. The Commission also criticised Central Transmission Utility of India Limited (CTUIL) for delays in issuing the final grant of connectivity. CERC observed that the final connectivity approval was issued nearly four-and-a-half months later than expected under regulations. While setting aside the revocation of connectivity, the Commission imposed revised compliance timelines and penalty provisions.
SWELECT enters Kerala with 26.6 MWp solar asset acquisition
Swelect Energy Systems Limited has acquired a 26.6 MWp solar independent power producer (IPP) asset in Kerala through the acquisition of U Solar 4 Asset Co. and its associated power purchase agreement (PPA). The transaction marks the company’s first group captive project in the state. SWELECT plans to expand the project into a 70 MWp solar park. The company said the acquisition supports its strategy of expanding clean energy assets across India.
Toshiba delivers indigenous 132 kV mobile GIS to POWERGRID
Toshiba Transmission & Distribution Systems (India) Private Limited (TTDI) has delivered an indigenously developed 132 kV mobile gas-insulated switchgear (m-GIS) system to Power Grid Corporation of India Limited (POWERGRID). The delivery follows the launch of India’s first indigenously developed 220 kV m-GIS system and precedes the planned delivery of an indigenous 400 kV m-GIS system later this year. According to TTDI, the system is designed for rapid deployment and greater grid flexibility. The company stated that the product has been developed using Toshiba’s global engineering expertise and local manufacturing capabilities in India.
Transrail Lighting wins Rs 575 crore orders across power and civil segments
Transrail Lighting Limited has secured new orders worth Rs 575 crore across its power transmission and distribution, civil construction, and pole businesses. The company said it currently holds L1 status for projects worth approximately Rs 400 crore. The latest orders include a 500 kV High Voltage Direct Current (HVDC) transmission line project, international product supplies, specialised civil construction works, and pole supply contracts. Management said the company continues to maintain a strong bidding pipeline across domestic and international markets.
DEE Development secures Rs 207 crore power sector order
DEE Development Engineers Limited has received a letter of intent for an order worth Rs 206.55 crore, excluding GST, from a Maharatna public sector undertaking operating in the power sector. The contract covers the manufacturing and supply of critical piping assemblies, including the main steam package and hot reheat system. According to the company, the order is domestic in nature and will be executed within India. Execution timelines range from two to 15 months from the purchase order date, depending on the project unit.
Indonesia identifies land for 100 GW solar expansion plan
Indonesia has identified 24,000 hectares of land on Java Island for a planned 100 GW solar power expansion programme requiring investments of around USD 71.3 billion. The government plans to prioritise the development of 17 GW of solar capacity in the initial phase along with approximately 33 GW of Battery Energy Storage Systems (BESS). President Prabowo Subianto has set a target of adding 100 GW of solar capacity between 2026 and 2028. The initiative forms part of Indonesia’s strategy to achieve a fully renewable energy mix by 2035 and reach net-zero emissions by 2060 or earlier.