Power Sector News Roundup for March 19, 2026
Author: PPD Team Date: March 20, 2026
Maharashtra notifies RE and storage policy with 65% target by FY36
The Government of Maharashtra has notified the Maharashtra Renewable Energy and Energy Storage Policy 2025-26 to 2035-36 through a resolution dated March 18, 2026. The policy targets renewable energy to meet 65% of the state’s electricity demand by FY 2035-36, with demand projected to reach about 350–360 billion units. It requires distribution companies to procure storage capacity equivalent to at least 10% of demand, implying around 100 GW renewable capacity and 100 GWh daily storage. The policy promotes hybrid projects, stand-alone storage, and offers exemptions on transmission charges and duties for storage-linked consumption. It also provides land incentives, RE industrial zones, and open access targets of 10 GW by FY 2035-36.
Cabinet clears Rs 2,584.60 crore small hydro scheme for 1,500 MW
The Union Cabinet has approved a Small Hydro Power Development Scheme for FY 2026-27 to FY 2030-31 with an outlay of Rs 2,584.60 crore. The scheme targets development of about 1,500 MW, with higher central financial assistance for North Eastern and border regions. A total of Rs 2,532 crore is allocated for direct project support, with expected investments of about Rs 15,000 crore. The scheme includes support for DPR preparation for around 200 projects and is expected to generate about 51 lakh person-days of employment. It focuses on decentralised generation with lower transmission losses and limited land impact.
Crisil flags curtailment risk for 35 GW renewable capacity
Over 35 GW of renewable energy capacity faces a high risk of grid curtailment due to delays in interstate transmission system development, according to Crisil Ratings. Projects under Temporary General Network Access saw nearly 39% curtailment between November 2025 and February 2026, rising to around 50% in Rajasthan and Gujarat for 13–14 GW capacity. Around 20 GW of new capacity expected in FY27 may initially operate under TGNA, increasing total exposure to 35–37 GW. A 50% curtailment could reduce equity IRR by up to 150 basis points and DSCR by up to 10 basis points. Near-term impact is cushioned by moratoriums and debt service reserve accounts, with improvement expected as transmission capacity expands.
NCT clears Rs 839.55 crore transmission scheme for Sunni and Luhri HEPs
The National Committee on Transmission has recommended a Rs 839.55 crore transmission system for evacuation from Sunni Dam HEP (382 MW) and Luhri Stage-I HEP (210 MW) via tariff-based competitive bidding. REC Power Development and Consultancy Limited has been appointed as bid process coordinator, with implementation aligned to October 15, 2029. The scheme includes a 400/220 kV Nange GIS pooling station, ICTs, and a 50 km 400 kV double circuit line to Koldam. The routing was revised back to Ogli to reduce line length and construction complexity. SJVN is required to complete enabling infrastructure one year before commissioning.
PVUNL synchronises Unit-2 of 800 MW Patratu plant
Patratu Vidyut Utpadan Nigam Limited synchronised Unit-2 (800 MW) of the Patratu STPP on March 17, 2026. The unit follows the commercial operation of Unit-1 declared on November 5, 2025. Phase I comprises three units of 800 MW each, totalling 2,400 MW, under an EPC contract awarded to BHEL for Rs 18,668 crore. About 85% of power will be allocated to Jharkhand. Unit-2 is yet to achieve commercial operation, with trial runs and full load pending.
NTPC Green commissions 165 MW at Khavda-II solar project
NTPC Green Energy Limited has declared commercial operation of 165 MW at the Khavda-II Solar PV Project in Gujarat, effective March 19, 2026. The capacity forms part of the 1,200 MW project being developed by NTPC Renewable Energy Limited. This is the fourth phase of capacity addition from the project. The group’s installed capacity has increased to 9,727.68 MW from 9,562.68 MW. The update was disclosed in a filing dated March 18, 2026.
CleanMax reports 33% EBITDA growth, crosses 3 GW capacity
CleanMax Enviro Energy Solutions Limited reported EBITDA of Rs 945 crore for the first nine months of FY26, up 33% from Rs 709 crore. Commissioned capacity reached 3.0 GW as of March 1, 2026, with 1.3 GW added during the year across seven states. Total contracted capacity stands at 5.7 GW, with 2.7 GW expected over 24 months, and the data and AI segment accounts for 42%. PAT increased to Rs 40 crore from Rs 2 crore. The company also signed an agreement to acquire Kintech Solarbikaner Private Limited for Rs 38.06 crore and announced a board change replacing Arijit Basu with Dinesh Khara.
Sunsure Energy raises Rs 606 crore debt, adds RBL Bank as lender
Sunsure Energy has secured Rs 606.22 crore in debt financing for solar projects in Maharashtra and Uttar Pradesh. RBL Bank has provided Rs 144.46 crore for refinancing a project in Augasi, while Aseem Infrastructure Finance Limited committed Rs 461.76 crore. The funding supports over 242 MWp of solar capacity for C&I consumers under long-term PPAs. The entry of RBL Bank reflects improving lender confidence in the segment. The company is expanding across multiple states with a focus on institutional capital.
Solarium commissions 1 GW solar module plant in Gujarat
Solarium Green Energy Limited has commissioned a 1 GW solar module manufacturing facility in Ahmedabad. The plant, built at about Rs 90 crore, produces G12 modules up to 725 Wp using TOPCon and bifacial technologies. It supports backward integration and is expected to reduce EPC costs and improve margins. At 85% utilisation, it has potential to generate annual revenue exceeding Rs 1,000 crore. The facility will supply both internal EPC demand and external B2B customers.
APAR approves US capital infusion and Gujarat RE investment
APAR Industries Limited has approved up to USD 5 million investment in APAR USA LLC, maintaining 100% ownership. The subsidiary supports its conductors and cables business and has not reported revenue since 2022. The company also approved Rs 10.76 crore investment in Clean Max Rudra Private Limited for a hybrid project in Rajkot with 9.90 MVA wind and 7.34 MWp solar capacity. The transaction is classified as related-party and executed at arm’s length. APAR retains proportional voting rights without board representation.
Websol raises Rs 48 crore via promoter warrant conversion
Websol Energy System Limited has raised Rs 48.09 crore through conversion of warrants into 1.21 crore equity shares at Rs 53 per share. The allotment to Websol Green Projects Private Limited was approved on March 13, 2026. Post-allotment, paid-up equity capital stands at Rs 434.16 million. The company operates a solar cell facility of 1,200 MW and module capacity of 550 MW in West Bengal. It supplies under DCR norms and serves domestic and international markets.
Waaree signs principal partnership with Rajasthan Royals
Waaree Energies Limited has signed as Main Principal Partner with Rajasthan Royals for the ongoing T20 season. Its logo will feature on matchday jerseys and training kits, as disclosed on March 18, 2026. The partnership aims to expand brand visibility beyond industrial segments. Waaree has module capacity of about 22.3 GW and cell capacity of up to 5.4 GW. The move reflects increasing use of sports platforms for brand outreach by solar manufacturers.