Power Sector News Roundup for May 8, 2026

MNRE issues solar module warranty SOP for PM Surya Ghar, PM KUSUM

The Ministry of New and Renewable Energy (MNRE) has issued a Standard Operating Procedure (SOP) for warranty management and claims settlement of solar photovoltaic (PV) modules installed under distributed renewable energy programmes, including PM Surya Ghar: Muft Bijli Yojana and PM KUSUM. The framework mandates a minimum 10-year product warranty and a 25-year performance warranty for participating manufacturers. Manufacturers are required to replace defective modules with new units of equivalent or higher specifications, while the use of refurbished modules has been prohibited. The SOP also mandates online complaint registration systems, defined timelines for inspections and replacements, and integration with the Domestic Content Requirement (DCR) portal.

India issues fast-track SOP for FDI approvals in energy manufacturing

The Department for Promotion of Industry and Internal Trade (DPIIT) has introduced a new Standard Operating Procedure (SOP) to accelerate approvals for Foreign Direct Investment (FDI) proposals requiring government clearance. The framework establishes a paperless approval process through the Foreign Investment Facilitation (FIF) and National Single Window System (NSWS) portal, with proposals expected to be decided within 12 weeks. Fast-track approval coverage includes manufacturing of capital goods for power generation, Battery Energy Storage Systems (BESS), advanced battery materials, and rare earth magnets used in wind turbine generators. The SOP also permits FDI proposals from land-bordering countries in notified energy activities under specified ownership conditions.

Vikram Solar posts record FY26 revenue, approves Rs 3,726 crore capex

Vikram Solar Limited reported consolidated revenue of Rs 4,802 crore in FY26, up 40% year-on-year, while Profit After Tax (PAT) rose 236% to Rs 470 crore. The company’s order book stood at 8.2 GW as of March 31, 2026, supported by record order bookings of 1.9 GW during Q4 FY26. Its Board approved a Rs 3,726 crore capital expenditure plan for a 6 GW backward-integrated wafer and ingot manufacturing facility in Tamil Nadu, targeted for commissioning by FY29. Vikram Solar also confirmed progress on its new module and cell manufacturing projects and formalised multiple management appointments during a board meeting held on May 7, 2026.

ACME Solar reports 59% rise in FY26 revenue, PAT doubles

ACME Solar Holdings Limited reported a 59% year-on-year rise in consolidated revenue to Rs 2,507 crore in FY26, while net profit increased 99% to Rs 498 crore. The company commissioned around 2.3 GWh of Battery Energy Storage System (BESS) capacity during the year and completed a 100 MW wind project. Total project additions during FY26 reached 1,401 MW, while the under-construction portfolio expanded to 5,081 MW, including nearly 15 GWh of BESS capacity. ACME Solar also tied up debt exceeding Rs 15,000 crore for under-construction projects and refinanced approximately Rs 3,300 crore of operational assets.

EAC clears over 5,100 MW hydro, pumped storage projects

The Expert Appraisal Committee (EAC) for River Valley and Hydroelectric Projects has granted or recommended Terms of Reference (ToR) for four hydroelectric and pumped storage projects with a combined planned capacity exceeding 5,100 MW. The proposals include the 1,500 MW Amba Pumped Storage Project by NTPC Limited, the 1,200 MW BR-01 Pumped Storage Project by Greenko BR01 IREP Private Limited, the 1,500 MW Aruna Pumped Storage Project by THDC India Limited, and the 909 MW Niare Hydroelectric Project in Arunachal Pradesh. The committee directed developers to undertake environmental impact assessments, wildlife conservation measures, and compliance with forest and eco-sensitive zone regulations. Several projects were also asked to revise Memorandums of Understanding (MoUs) to align with revised capacities.

PFCCL issues RFP for Satara pumped storage transmission scheme

PFC Consulting Limited (PFCCL) has floated a Request for Proposal (RFP) for the “Network Expansion Scheme in Western Region to cater to pumped storage potential near Satara (up to 4500 MW) – Part A” under the Inter-State Transmission System (ISTS). The project will be developed on a Build, Own, Operate, and Transfer (BOOT) basis through tariff-based competitive bidding (TBCB). Phase-I includes development of a new 765/400 kV Satara substation and associated transmission infrastructure, while Phase-II will expand evacuation capacity to 4,500 MW. The last date for online bid submission is July 3, 2026.

India, EU launch €15.2 million EV battery recycling call

India and the European Union (EU) have launched a joint funding call focused on electric vehicle (EV) battery recycling technologies with combined funding of €15.2 million, equivalent to about Rs 169 crore. The initiative is jointly funded by the EU’s Horizon Europe programme and India’s Ministry of Heavy Industries. The programme will support advanced recycling technologies, pilot-scale demonstrations, and digitally enabled collection systems integrated with the informal sector. Proposal submissions are open until September 15, 2026.

Shakti Pumps posts record FY26 revenue on solar pump demand

Shakti Pumps (India) Limited reported its highest-ever annual financial performance for FY26, with consolidated revenue from operations reaching Rs. 2,697.61 crore. The company attributed growth to a 51% year-on-year rise in solar pump installations during Q4 FY26 and a 20% increase for the full fiscal year. Shakti Pumps also reported a decline of more than Rs 4,200 Mn in trade receivables during Q4 FY26, supporting net cash flow from operations of Rs 1,241 Mn. Its order book stood at Rs 15,000 Mn as of May 7, 2026.

Waaree Renewable to acquire 55% stake in APSPL for Rs 1,225 crore

Waaree Renewable Technologies Limited (WRTL) has signed definitive agreements to acquire a 55% stake in Associated Power Structures Private Limited (APSPL) in a transaction valued at Rs 1,225 crore. APSPL operates in the manufacturing of lattice structures for power transmission and distribution, renewable energy, and telecommunications sectors. The acquisition will involve the purchase of existing shares and subscription to fresh equity shares. The transaction is expected to be completed by June 15, 2026.

Pace Digitek wins 250 MW BESS project from DVC in Jharkhand

Pace Digitek Limited has received a Letter of Award from Damodar Valley Corporation (DVC) for a 250 MW / 500 MWh Battery Energy Storage System (BESS) project at Maithon in Jharkhand. The total contract value stands at Rs 7,019.54 million, including Goods and Services Tax (GST). The award includes supply, engineering procurement and construction (EPC), and a 12-year operation and maintenance contract. The company said its total BESS portfolio has crossed 5 GWh following the latest order.

Apple, CleanMax to invest Rs 100 crore in C&I renewable energy

Apple Inc. and CleanMax Enviro Energy Solutions Limited have announced a strategic co-investment of around Rs 100 crore to support renewable energy projects for India’s commercial and industrial (C&I) sector. The investment will be used for large-scale renewable energy projects aimed at supporting low-carbon infrastructure and clean energy adoption among corporate consumers. CleanMax stated that data centres and artificial intelligence (AI) accounted for 42% of its contracted volumes as of Q3 FY26. The company currently serves more than 570 customers across India, the Middle East, and South-East Asia.

PFC incorporates SPV for Fatehgarh-II synchronous condenser project

Power Finance Corporation Limited (PFC) has incorporated Fatehgarh II Transmission Limited as a wholly owned subsidiary of PFC Consulting Limited (PFCCL). The special purpose vehicle (SPV) has been created for installation of two Synchronous Condenser (SynCon) units at the 765/400/220 kV Fatehgarh-II Pooling Station. The project will be developed under the Tariff Based Competitive Bidding (TBCB) route on a Build, Own, Operate, and Transfer (BOOT) basis. Each SynCon unit will provide dynamic support of at least +300 MVAr / -200 MVAr.

Ampyr commissions 67.5 MWp Somasamudra solar project in Karnataka

Climate Fund Managers and Ampyr Energy have commissioned the 67.5 MWp Somasamudra Phase 1 solar photovoltaic (PV) plant in Karnataka’s Ballari district. The open access project supplies renewable electricity to commercial and industrial (C&I) consumers and forms part of Ampyr Energy’s India portfolio exceeding 500 MW of operational and under-construction capacity. The project is expected to generate more than 118 GWh annually and avoid over 97,000 tonnes of carbon dioxide emissions each year. It received support from Climate Investor One (CIO), backed by the European Union (EU).

PLN launches 1,225 MW solar tender across Indonesia

Indonesian state-owned utility PLN has launched a tender for the 1,225 MW Mentari Nusantara I solar power project across multiple regions of Indonesia. The procurement process is being conducted under an integrated tender model called ‘Giga One’, with projects targeted for commercial operations in 2029. The solar capacity will be distributed across Sumatra, Kalimantan, Java, Sulawesi, West Nusa Tenggara, Maluku, and Papua. PLN stated that the model is intended to support economies of scale and improve investor certainty.

Adani Green incorporates two renewable energy subsidiaries

Adani Green Energy Limited has incorporated two new step-down subsidiaries, ARE64L Step-One Renewable Energy Limited and ARE64L Step-Two Renewable Energy Limited. The entities are wholly-owned subsidiaries of Adani Renewable Energy Sixty Four Limited (ARE64L), in which Adani Green Energy holds a 50% stake. Both companies have been incorporated with an authorised capital of Rs 1,00,000 each. They will undertake renewable energy-based power generation activities.

Ceigall India FY26 revenue rises 17% to Rs 40,224 million

Ceigall India Limited reported consolidated revenue of Rs 40,224 million for FY26, up 17.1% year-on-year. Its order book stood at Rs 185,543 million as of March 31, 2026, with renewable energy accounting for 19.19% of the total order book. Consolidated PAT for FY26 rose to Rs 3,089 million from Rs 2,866 million in FY25. The company said diversification into renewable energy and power transmission emerged as a major development during the year.

REC appoints Rajesh Kumar Agarwal as PFC nominee director

REC Limited has appointed Shri Rajesh Kumar Agarwal, Director (Finance) at Power Finance Corporation Limited (PFC), as PFC’s Nominee Director on its Board with effect from May 1, 2026. The appointment was approved by the Ministry of Power through an Office Order dated May 6, 2026. Agarwal has more than 31 years of experience across the power and financial sectors. Prior to PFC, he worked with NTPC, Nuclear Power Corporation of India Limited (NPCIL), and Delhi Transco Limited (DTL).