Power Sector News Roundup for November 11, 2025

India

Waaree Renewable Technologies expands EPC contract by Rs 27.22 crore

Waaree Renewable Technologies Ltd. has expanded the value of its existing engineering, procurement, and construction (EPC) contract for a 980 MWp / 700 MWac solar project by Rs 27.22 crore. The company received formal confirmation of the enhancement on November 10, 2025. With this revision, the total contract value now stands at Rs 1,017.82 crore, including taxes. The scope expansion applies to an ongoing turnkey EPC project first announced in February 2024, with core terms unchanged. The revised execution schedule will be jointly finalised by both parties.

Tata Power completes second tranche of investment in Bhutan hydropower project

Tata Power Company Limited has completed the second tranche of its planned investment in Khorlochhu Hydro Power Limited (KHPL), securing a 40% equity stake in the company developing a 600 MW hydropower project in Bhutan. The Rs 60 crore infusion forms part of a total investment of about Rs 830 crore. Tata Power subscribed to 60 lakh equity shares under this tranche, following a Share Purchase Agreement signed in August 2024. The 600 MW project, estimated at Rs 6,900 crore, aligns with Tata Power’s renewable expansion goals. KHPL is now an associate company of Tata Power, with the transaction completed on an arm’s length basis.

Transformers and Rectifiers secures Rs 103 crore order from GETCO

Transformers and Rectifiers (India) Limited (TARIL) has received an order worth Rs 103.45 crore from Gujarat Energy Transmission Corporation Limited (GETCO) for the manufacture and supply of 54 transformers of various types. The company said the order is part of its routine business and is not a related party transaction. Deliveries are expected to be completed by the next financial year. TARIL, India’s second-largest transformer manufacturer by capacity, operates three facilities near Ahmedabad producing power, distribution, furnace, and specialty transformers.

PFC and REC form new SPVs for interstate transmission projects

Power Finance Corporation Ltd. (PFC) and REC Limited have incorporated new special purpose vehicles (SPVs) to implement interstate power transmission projects. PFC’s subsidiary PFC Consulting Limited has set up Alibag Power Transmission Limited for the 765/400/220 kV AIS Dolvi project in Maharashtra, following a Letter of Intent from MSETCL. REC’s subsidiary REC Power Development and Consultancy Limited has established WR ER Part C Power Transmission Limited and WR ER Part A Power Transmission Limited for the “WR-ER Inter-Regional Network Expansion Schemes.” All three SPVs will handle project development, land acquisition, and statutory approvals before transfer to selected developers.

JSW Energy commissions 85 MW of new renewable capacity

JSW Energy Limited has commissioned 85 MW of renewable capacity, including 74 MW of solar and 11 MW of wind projects. This raises the company’s total installed capacity to 13,295 MW, with renewable energy accounting for 57% of the portfolio. JSW Energy’s locked-in generation capacity stands at 30.5 GW, including 13.3 GW operational and 12.5 GW under construction. The company also holds 29.4 GWh of locked-in energy storage capacity, including hydro pumped and battery systems. JSW Energy aims for 30 GW of generation and 40 GWh of storage capacity by FY 2030, with a carbon neutrality target by 2050.

REC, SJVN, Reliance Power, and others report Q2 results

Several power sector firms reported their Q2 FY 2025-26 results showing mixed performance. REC Limited posted a 9.3% rise in net profit to Rs 44.14 billion, while total income grew 10.8% to Rs 151.53 billion. SJVN Limited’s net profit fell 30.2% year-on-year to Rs 3.08 billion, though EBITDA margins improved to 83.3%. Reliance Power’s revenue rose 12.2% to Rs 19.74 billion, but net profit dropped 97% to Rs 0.87 billion due to a one-time gain in the previous year. Saatvik Green Energy, KEC International, Kalpataru Projects, and Power Mech Projects also reported varied revenue and margin movements during the quarter.

GK Energy signs agreement to procure 875 MW of DCR-compliant solar cells

GK Energy Limited has signed an agreement to procure 875 MW of domestic content requirement (DCR) compliant solar photovoltaic cells, comprising 450 MW of Mono PERC and 425 MW of TOPCon cells. Deliveries are scheduled by March 31, 2027. The cells will be used across the company’s ongoing and future solar projects in multiple states. GK Energy specialises in EPC solutions for solar-powered agricultural water pump systems. In September 2025, it raised Rs 1 billion in pre-IPO funding led by Valuequest, 360 One, and Kotak AIF.

Saatvik Solar wins Rs 2.99 billion domestic solar module orders

Saatvik Solar Industries Private Limited, a subsidiary of Saatvik Green Energy Limited, has secured domestic solar module orders worth Rs 2.99 billion from three independent power producers and EPC companies. Deliveries are planned between December 2025 and March 2026. In October 2025, Saatvik Green Energy also won a Rs 6.89 billion order from Indian developers for high-efficiency modules. The company reported a 61.6% rise in Q2 revenue to Rs 7.68 billion and a 36.4% increase in profit after tax to Rs 0.83 billion, maintaining an EBITDA margin above 16%.

PM Modi inaugurates projects worth Rs 8,260 crore in Uttarakhand

Prime Minister Narendra Modi inaugurated and laid foundation stones for projects worth Rs 8,260 crore in Uttarakhand on November 9, 2025, marking the state’s 25th foundation day. The initiatives span energy, drinking water, irrigation, and urban development. In the energy sector, Modi inaugurated an electrical substation in Pithoragarh and solar plants on government buildings to improve state infrastructure and renewable adoption. The Dehradun water supply project under the AMRUT scheme and an AstroTurf Hockey Ground in Haldwani were also launched.

Global

China’s TOPCon cell prices dip as Indian buyers renegotiate post-duty announcement

Chinese TOPCon solar cell prices declined 1.22% to $0.0405/W this week following weak demand and Indian buyers revising contracts after India’s proposed antidumping duty. The duty, recommended by the Directorate General of Trade Remedies, could impose up to 30% on Chinese imports for three years. Despite this, Chinese cells remain over 50% cheaper than Indian-made ones. Trade reports indicate increased transshipments via Southeast Asia to bypass origin limits. India’s DCR modules are priced around Rs 24.5 ($0.28)/W compared with Rs 13.5 ($0.15)/W for non-DCR modules, while China’s wafer market continues to face oversupply pressures.