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Fortum exits India’s renewable energy market

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Fortum Oyj has exited India’s renewable energy market by selling its platform, Fortum India Pvt Ltd (FIPL), to New York-based Hexa Climate Solutions, backed by I Squared Capital. Hexa acquired 100% of FIPL, including its management company, carbon credits, and a 40-member team. The sale process, managed by EY, attracted five bidders, including Japan’s Marubeni Corp, Dutch pension fund APG, and infrastructure fund AP Moller Capital. FIPL’s portfolio includes a 206 MW solar-wind hybrid project…

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Ministry of Coal introduces incentives to boost underground coal mining

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The Ministry of Coal in India has introduced new policy incentives aimed at boosting underground coal mining. These incentives are designed to reduce financial burdens and encourage investment in the sector. Key measures include a reduction in the floor percentage of revenue share for underground coal mines from 4% to 2%, along with the complete waiver of mandatory upfront payment requirements. In addition, a 50% rebate on performance security for underground coal blocks continues to…

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MNRE reports record 29.52 GW renewable capacity addition in FY 2024–25

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The Ministry of New and Renewable Energy (MNRE) has reported strong progress in India’s clean energy sector for the Financial Year 2024–25. A record 29.52 GW of renewable energy capacity was added during the year, taking the total installed renewable capacity to 220.10 GW as of 31 March 2025.   Solar energy was the main driver of this increase, with 23.83 GW added in FY 2024–25. This is a notable jump from the 15.03 GW added…

Regulatory Developments in Power Generation Sector: April 3, 2025

Regulatory Developments in Power Generation Sector: April 3, 2025

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APTEL partially approves GUVNL and Essar Power’s appeals against GERC order The Appellate Tribunal for Electricity (APTEL) has partially approved the cross-appeals filed by Gujarat Urja Vikas Nigam Limited (GUVNL) and Essar Power Limited against the Gujarat Electricity Regulatory Commission’s (GERC) order dated December 27, 2019, in Petition No. 972 of 2009. The case pertains to the determination of recoverable amounts and delayed payment charges by GUVNL, as directed by the Supreme Court in its…

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US grants approval for Holtec to transfer SMR technology to India

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The United States Department of Energy (DOE) has granted Holtec International a critical regulatory approval to transfer small modular reactor (SMR) technology to India.  The authorization, issued on March 26, 2025, allows Holtec to share unclassified SMR technology with three Indian firms: Holtec Asia, Tata Consulting Engineers Limited (TCE), and Larsen & Toubro Limited (L&T). The approval is valid for 10 years, with a review at the five-year mark. Conditions for technology transfer The approval…

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India approves offset mechanism for carbon market

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India has approved the Detailed Procedure for the Offset Mechanism and eight methodologies under the Indian Carbon Market (ICM). This enables voluntary participation in carbon trading and supports projects that reduce or remove greenhouse gas emissions. The government had notified The Carbon Credit Trading Scheme, 2023, in June last year, establishing the National Steering Committee for Indian Carbon Market (NSCICM). An amendment in December 2023 introduced an Offset Mechanism, allowing non-obligated entities to participate in…

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Actis acquires Stride Climate’s 371 MW solar portfolio in India

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Actis, a global investor in sustainable infrastructure, has acquired the entire operating portfolio of Stride Climate Investments, consisting of 371 MW (414 MWp) of solar power projects in India.  The deal was finalized with Macquarie Asset Management, which previously managed the portfolio. The portfolio includes 21 solar projects spread across seven states, with a significant concentration in Gujarat. These projects operate under long-term pay-as-produce power purchase agreements with a diverse set of off-takers, including central…

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TPG to acquire majority stake in Siemens Gamesa’s wind business in India

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TPG, a global alternative asset management firm, has agreed to acquire a majority stake in Siemens Gamesa’s onshore wind turbine manufacturing business in India and Sri Lanka. The investment will be made through TPG Rise Climate, the firm’s climate-focused investing platform. This deal marks the first investment under TPG’s Global South Initiative, a private equity strategy launched with ALTÉRRA to scale climate solutions. MAVCO Investments will also take a significant minority stake, while Siemens Gamesa…

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Anvil Cables and Wirepas deploy cloud-based prepaid metering in India

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Anvil Cables Private Limited, an Indian manufacturer of wires and cables for power transmission, has partnered with Wirepas, a global IoT connectivity firm, to implement a cloud-based electricity prepayment solution for Advanced Metering Infrastructure (AMI). The solution aligns with India’s AMI Standard Bidding Document (SBD) and utilizes RF mesh technology. It has already been deployed in over 500,000 smart meters in Assam and Kashmir, ensuring scalable and cost-effective connectivity. India is the first country to…

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India and Sri Lanka discuss strengthening cooperation in mineral resources

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Union Minister of State for Coal and Mines, Shri Satish Chandra Dubey, met Sri Lanka’s Minister of Industry, Shri Sunil Handunnetti, in New Delhi. They focused on boosting bilateral cooperation in mineral exploration, particularly in securing critical minerals like graphite and beach sand, key for clean energy and advanced technologies. Shri Dubey outlined India’s National Critical Mineral Mission to secure raw materials like lithium, graphite, and nickel, stressing the importance of mining rights and global…