Power Sector News Roundup for May 18, 2026
PFC and REC boards approve merger proposal for presidential clearance
Power Finance Corporation Limited (PFC) and REC Limited have approved a proposal for the merger of REC into PFC, subject to approval from the Hon’ble President of India. The merger will be carried out under Sections 230 to 232 of the Companies Act, 2013, with the share exchange ratio to be determined by appointed valuers. Upon completion, all assets and liabilities of REC will transfer to PFC and REC will stand dissolved. The companies stated that the merged entity is expected to become India’s largest power sector financier based on consolidated financial metrics.
MNRE receives approval for Rs 2,585 crore small hydro scheme
The Ministry of New and Renewable Energy (MNRE) has received approval for a Rs 2,584.60 crore Small Hydro Power Development Scheme for FY 2026–27 to FY 2030–31. The scheme targets the addition of around 1,500 MW of small hydro capacity through projects ranging from 1 MW to 25 MW. Solar Energy Corporation of India Limited (SECI) has been appointed as the National Programme Implementing Agency. Projects in North-Eastern states and border districts will receive Central Financial Assistance (CFA) of up to 30%, while projects in other regions will receive up to 20%, subject to prescribed caps.
PSPCL awards 500 MW standalone BESS capacity to three firms
Punjab State Power Corporation Limited (PSPCL) has awarded 500 MW/1,000 MWh of standalone battery energy storage systems (BESS) capacity to Stockwell Solar, Rama Reflection India, and Ceigall India. Stockwell Solar secured 150 MW/300 MWh at Rs 3.35 lakh/MW/month, while Rama Reflection India and Ceigall India secured capacity at Rs 3.44 lakh/MW/month. PSPCL will sign 12-year Battery Energy Storage Purchase Agreements (BESPAs) with the developers. The projects are required to maintain 95% monthly availability and operate for two cycles per day.
CEA, AIDA release standard transformer specifications for DISCOM procurement
The Central Electricity Authority (CEA) and the All India Discoms Association (AIDA) have released standard technical specifications for CRGO core distribution transformers. The document aims to standardise transformer procurement and improve quality, efficiency, and reliability across India’s distribution network. The specifications mandate compliance with IS 1180 standards, BIS certification, and Bureau of Energy Efficiency (BEE) star labelling. The framework also introduces stricter requirements for CRGO traceability, oil quality, testing, and manufacturing inspections.
SECI awards Konark solar-plus-storage project at Rs 2.60/kWh
Solar Energy Corporation of India (SECI) has awarded a 10 MW solar project with a co-located 10 MW/20 MWh BESS to BNC Power Projects Limited at a tariff of Rs 2.60/kWh. The project will supply power to GRIDCO Limited and forms part of the MNRE initiative to achieve 100% solarisation of Konark Sun Temple and Konark town in Odisha. The project was awarded without availing viability gap funding support available under the scheme. The tariff is below the scheme ceiling of Rs 2.70/kWh.
Pace Digitek wins Rs 7,099 million BESS contract from NLC India
Pace Digitek Limited has secured a Rs 7,099.19 million contract from NLC India Renewables Limited (NIRL) for a 250 MW / 500 MWh BESS project in Tamil Nadu. The project will be developed across substations at Ottapidaram, Annupankulam, and Kayathar. The scope includes engineering, supply, erection, commissioning, and 12 years of operation and maintenance services. The project is scheduled for commissioning within 12 months from the letter of award.
JSW Energy commissions 250 MW renewable capacity
JSW Energy Limited has commissioned around 250 MW of renewable energy capacity since April 2026, taking its total installed generation capacity to 13.7 GW. The additions include 130 MW of wind, 69.4 MW of solar, and 50 MW from Unit I of the Tidong Hydro Plant. Renewable energy now accounts for 59% of the company’s installed capacity. JSW Energy plans to add around 3 GW of renewable capacity in FY27 and has reiterated its target of achieving 30 GW generation capacity by 2030.
Power Grid approves three transmission projects worth Rs 584 crore
Power Grid Corporation of India Limited (POWERGRID) has approved three transmission and communication infrastructure projects worth Rs 584.13 crore. The projects include augmentation of a 400/230 kV Interconnecting Transformer at Tuticorin-II GIS and installation of Optical Ground Wire (OPGW) systems in the Western and Eastern Regions. The projects are targeted for commissioning between February 2028 and September 2028. The approvals were granted by the company’s Committee of Directors on Investment on Projects.
CEL commissions 200 MW solar module plant in Uttar Pradesh
Central Electronics Limited (CEL) has commissioned a 200 MW solar module manufacturing facility in Uttar Pradesh. The plant was inaugurated by Union Minister of State Jitendra Singh. CEL stated that the facility was commissioned within a year of issuing the request for proposal in April 2025. The company is also expanding into vertical-axis wind turbines, hybrid renewable systems, data centres, and defence electronics.
Skipper secures Rs 1,265 crore T&D orders
Skipper Limited has secured transmission and distribution (T&D) orders worth Rs 1,265 crore across domestic and international markets. The orders include 765 kV and 400 kV transmission line projects in India and supply orders for towers and monopoles in Latin America. The company stated that the orders strengthen its position in both domestic and overseas T&D markets. Skipper operates in more than 65 countries.
Several power and renewable energy companies reported FY26 financial results. Kalpataru Projects International Limited (KPIL) reported a 22% rise in revenue to Rs 27,143 crore, while KEC International Limited posted record revenue of Rs 23,506 crore. Power Grid Corporation of India Limited reported a 9.7% rise in Q4 FY26 net profit despite lower revenue. Premier Energies reported a 64.5% increase in Q4 net profit, while SJVN Limited reported a 22.3% rise in standalone revenue during FY26.
Diamond Power commissions seventh MV/EHV cable line in Gujarat
Diamond Power Infrastructure Limited has commissioned its seventh medium voltage (MV) and extra high voltage (EHV) power cable production line in Vadodara, Gujarat. The line uses Continuous Catenary Vulcanisation (CCV) technology for manufacturing XLPE power cables. The company stated that three more production lines are under installation and are expected to become operational before March 31, 2027. Diamond Power expects continued demand growth from utilities, renewable energy, and urban transmission infrastructure.
Adani Power incorporates new power trading subsidiary
Adani Power Limited has incorporated a wholly owned subsidiary, Integrated Power Supply Limited (IPSL), for power trading and related activities. IPSL has been incorporated with an authorised share capital of Rs 5,00,000. The company stated that the subsidiary will engage in trading, brokerage, and representation activities in electricity and other forms of energy. Earlier in April 2026, Adani Power had incorporated two nuclear energy subsidiaries.
Waaree Energies completes acquisition of Waaree Semicon
Waaree Energies Limited has completed the acquisition of Waaree Semicon Private Limited through its wholly owned subsidiary Waaree Power Private Limited for Rs 1 lakh. Waaree Semicon has now become a step-down subsidiary of Waaree Energies. The company plans to build capabilities in power semiconductor products such as photovoltaic diodes, IGBTs, and MOSFETs. The acquisition is aimed at strengthening Waaree’s power electronics supply chain.
Power Grid elevates three executives to Executive Director roles
Power Grid Corporation of India Limited (POWERGRID) has promoted three Chief General Managers to Executive Director positions with effect from May 15, 2026. Shri Jiten Das has been appointed Executive Director (CTUIL), Shri Rajiv Gandhi as Executive Director (Engineering-Survey), and Shri Sanjay Kumar Gupta as Chief Operating Officer for International Business. The company stated that the appointments are governed by POWERGRID service rules. All three executives have over three decades of sector experience.
NHPC appoints Diwakar Nath Misra as Government Nominee Director
NHPC Limited has appointed Shri Diwakar Nath Misra as Government Nominee Director on its Board with effect from May 14, 2026. Shri Misra currently serves as Additional Secretary (Hydro) in the Ministry of Power. He replaces Shri Mohammad Afzal and will serve until further orders. Shri Misra is a 2000-batch IAS officer from the Assam-Meghalaya cadre.
KPI Green Energy appoints Rajesh Shrivastava as Whole-Time Director
KPI Green Energy Limited has appointed Rajesh Shrivastava as Additional Director and Whole-Time Director for a five-year term effective May 15, 2026. The company stated that he brings nearly 37 years of experience across conventional and renewable energy sectors. KPI Green Energy also proposed the re-appointment of Venu Birappa as Independent Director for a second term. Both appointments remain subject to shareholder approval.
Bajaj Electricals appoints Ashween Anand as CFO
Bajaj Electricals Limited has appointed Ashween Anand as Chief Financial Officer with effect from May 16, 2026. Anand will oversee finance, governance, compliance, and transformation initiatives. She previously served as CFO at Tata Starbucks and has also worked with EY, Deloitte, Mondelēz International, and Colgate-Palmolive. The company stated that the appointment supports its long-term value creation strategy.