Power Sector News Roundup for May 21, 2026
CERC proposes stricter ESS connectivity and GNA bank guarantee norms
The Central Electricity Regulatory Commission (CERC) has issued draft amendments to the Connectivity and General Network Access regulations, proposing stricter rules for Energy Storage Systems (ESS), bank guarantees, source changes, and financial closure timelines. ESS projects seeking connectivity would need discharge capacity equal to twice the connectivity quantum in MWhr and furnish bank guarantees of Rs 5 lakh per MW. The draft also proposes faster return of bank guarantees after commercial operation, reduced timelines for source change applications, and new provisions for transfer of GNA. Stakeholders can submit comments and objections till June 22, 2026.
BII, CIP launch $300 million India renewables platform
British International Investment and Copenhagen Infrastructure Partners have launched North Star, a $300 million platform for utility-scale renewable energy projects in India. The platform will develop solar, wind, hybrid renewable energy, and energy storage projects, with expected annual generation of over 4 million MWh of clean electricity. BII and CIP will each commit up to $150 million, with the initiative forming the first deployment under BII’s £1.1 billion British Climate Partners programme. The platform aims to address funding and development gaps in India’s renewable energy sector.
Oyster Renewable, Dalmia Cement to build 31.6 MW hybrid project
Oyster Renewable Energy and Dalmia Cement (Bharat) Limited will develop a 31.6 MW solar-wind hybrid renewable energy project in Andhra Pradesh with an investment of around Rs 270 crore. The project will combine 21.6 MW of wind and 10 MW of solar capacity and is expected to be commissioned in 2027. It will supply renewable energy for Dalmia Cement’s industrial operations and reduce nearly 70,000 metric tonnes of carbon emissions annually. The project also aligns with Oyster Renewable’s target of developing 3.5 GW of hybrid renewable energy capacity by 2030.
Solfin raises Rs 280 crore for clean energy financing expansion
Solfin Sustainable Finance has raised Rs 280 crore and reported profitability within its first full year of operations. The Gurugram-based non-banking financial company finances rooftop solar, commercial and industrial renewable energy projects, and distributed clean energy systems. The company said the new capital will support artificial intelligence-driven credit underwriting, monitoring systems, collections infrastructure, and expansion into additional states. Solfin is also evaluating opportunities in electric vehicle financing, battery energy storage systems, and climate technology financing.
Saatvik Green Energy posts record FY26 revenue, profit
Saatvik Green Energy Limited reported record financial performance for FY26, with revenue from operations rising 111% year-on-year to Rs 4,548 crore and profit after tax increasing 64% to Rs 357.1 crore. The company produced 3,162 MW during the year with effective capacity utilisation of 84.07%, while its order book stood at around 5.89 GW as of March 31, 2026. Saatvik also announced plans to expand solar cell capacity in Odisha and enter ingot and wafer manufacturing with a proposed 6 GW capacity. The company said FY27 priorities include scaling integrated manufacturing and expanding into distributed solar and BESS segments.
KPI Green unit signs 120 MW BESS agreement with GUVNL
KPI Green Energy Limited said its subsidiary, Sun Drops Energia Limited, has signed a Battery Energy Storage Purchase Agreement with Gujarat Urja Vikas Nigam Limited for a 120 MW / 240 MWh standalone Battery Energy Storage System project in Gujarat. The project includes storage systems near the 220 kV Gariyadhar AIS and 220 kV Otha AIS substations and was awarded through a tariff-based competitive bidding process with support from Viability Gap Funding. Following the agreement, the group’s cumulative standalone BESS portfolio has increased to 565 MW / 1,130 MWh. The company said the project strengthens its position in utility-scale energy storage.
CEA issues ester oil advisory amid West Asia crisis
The Central Electricity Authority (CEA) has advised transmission utilities to use Ester Oil in at least 10% of new transformers, reactors, and related equipment of 33 kV and above. The advisory, linked to concerns over imported mineral oil dependence amid the ongoing West Asia crisis, encourages a mix of 5% natural ester and 5% synthetic ester oil. CEA cited fire safety, biodegradability, and environmental benefits as key reasons for promoting ester oil adoption. The advisory does not prohibit mineral oil use and does not specify compliance timelines or reporting requirements.
Rooftop solar installations get fourth mounting structure option
The Ministry of New and Renewable Energy (MNRE) has approved Zinc Aluminium Magnesium Alloy (ZAM) as a fourth material option for Module Mounting Structures under the PM Surya Ghar: Muft Bijli Yojana. Earlier, only Hot Dip Galvanized Iron, Aluminium, and Hot Dip Galvanized Mild Steel were permitted. MNRE said the amendment followed industry requests and consultation with the National Institute of Solar Energy. ZAM structures will need to comply with Indian Standard IS 18513:2023.
PM’s Europe tour advances hydrogen, offshore wind partnerships
Prime Minister Narendra Modi’s Europe tour resulted in multiple agreements covering clean energy, green hydrogen, semiconductors, and offshore wind cooperation with the Netherlands and Norway. India and the Netherlands launched a Strategic Partnership and a Joint Working Group on renewable energy cooperation focused on solar, storage, and hydrogen investments. India and Norway signed five agreements related to offshore wind, ocean technologies, and clean energy research. Advait Energy Transitions Limited and TECO Fuel Cell Technology AS also signed a hydrogen fuel cell collaboration agreement focused on domestic manufacturing and future mobility and maritime applications.
I Squared Capital launches $1 billion India transmission platform
I Squared Capital has launched Cube Grid, a $1 billion platform focused on India’s power transmission sector. The platform will build and acquire transmission infrastructure assets and has already signed agreements for seed assets comprising more than 1,450 circuit kilometres of transmission lines. The projects will be developed with Dineshchandra R. Agrawal Infracon Private Limited under the Tariff Based Competitive Bidding route. I Squared Capital said Cube Grid is modelled on its Cube Highways platform and will focus on long-term ownership of concession-based transmission assets.
Adani Power to acquire JAL power assets under NCLT-approved plan
Adani Power Limited has signed definitive agreements with Jaiprakash Associates Limited to acquire select power assets under the National Company Law Tribunal-approved resolution plan for JAL. The deal includes a 24% stake in Jaiprakash Power Ventures Limited, which operates 2,220 MW of thermal and hydro capacity, along with a 180 MW thermal power plant in Uttar Pradesh and an 11.49% stake in Prayagraj Power Generation Company Limited. The Competition Commission of India approved the transaction in August 2025. Adani Power said the acquisitions are expected to close within 90 days from March 17, 2026.