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Vena Energy, the renewable energy arm of Vena Group, today announced the successful financial close of the 500 MWp Ixus Bugallon Solar Power Project in Bugallon, Pangasinan, Philippines. 

The project represents another significant milestone in Vena Energy’s continued investment in the Philippines renewable energy sector. Located adjacent to the existing 550 MWp Bugallon Solar Power Project also developed by Vena Energy, the Ixus Bugallon Solar Power Project will increase Vena Energy’s capacity in Pangasinan to approximately 1 GWp upon completion, further strengthening one of the country’s largest solar development clusters. Awarded under the Philippine Department of Energy’s second Green Energy Auction Program (GEAP 2), the project supports the country’s renewable energy ambitions and reinforces Vena Energy’s commitment to clean energy transition in the Philippines.  

Once operational, the project is expected to generate enough renewable power to supply the equivalent annual electricity needs of approximately 650,000 Philippine households, while avoiding more than 570,000 tons of CO2 emissions annually, equivalent to removing around 125,000 vehicles from the road or planting 9.5 million trees. The project is also expected to save an estimated 830 million litres of water per year compared to conventional energy generation. 

“Achieving financial close for the Ixus Bugallon Solar Power Project reflects the continued confidence of our banking partners in Vena Energy’s ability to develop, finance and deliver large-scale renewable energy infrastructure. As the Philippines advances its clean energy transition, we remain committed to mobilising long-term capital for projects that strengthen energy security and deliver lasting value to communities and stakeholders.”, said Simone Grasso, Chief Investment Officer of Vena Group and Global Head of Vena Nexus

The project secured approximately USD 310 million in senior debt financing from a syndicate of eight international banks: BNP Paribas, Crédit Agricole Corporate and Investment Bank, DBS Bank Ltd., ING Bank N.V., Intesa Sanpaolo S.p.A., MUFG Bank Ltd., Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.  

The financing marks another significant mobilisation of international bank capital into the Philippine renewable energy sector, reflecting Vena Energy’s ability to develop high-quality, bankable projects that attract long-term international funding. 

The Solar Energy Corporation of India (SECI) has invited bids from Solar Power Developers (SPDs) for the development of 5.29 MW (5,290 kW) of grid-connected rooftop solar photovoltaic (RTSPV) projects under the RESCO (Renewable Energy Service Company) mode through tariff-based competitive bidding. The initiative forms part of RTSPV Tranche-XII and aims to expand rooftop solar deployment across multiple client organisations.

Under the tender, the selected developers will be responsible for the complete design, engineering, procurement, supply, installation, testing, commissioning, and operation and maintenance (O&M) of the rooftop solar projects throughout the term of the Power Purchase Agreement (PPA). The scope also includes obtaining grid connectivity approvals, net-metering permissions, insurance, and all statutory clearances required for project execution.

The projects will be implemented under the RESCO model, wherein developers will invest in, own, operate, and maintain the rooftop solar plants while supplying electricity to the respective client organisations. The rooftop solar systems will primarily utilise photovoltaic technology, with the tender remaining technology-agnostic for eligible solar PV solutions.

SECI stated that the estimated cumulative project capacity is around 5,290 kW, while the final capacity for each project will be confirmed during the execution of the Power Purchase Agreement following site assessments and mutual agreement between the developer and the client organisation.

According to the tender conditions, the selected developers will sign separate Power Purchase Agreements (PPAs) with the respective client organisations. Each PPA will remain valid for 25 years from the commercial operation date (COD) of the project, providing long-term revenue visibility for developers.

The tender also requires developers to submit performance guarantees and service charges before PPA execution. SECI will facilitate the PPA signing process after verifying compliance with the tender’s technical, financial, and shareholding requirements. Developers executing projects through Special Purpose Vehicles (SPVs) must maintain the prescribed controlling shareholding for at least one year after project commissioning.

The initiative is expected to support India’s rooftop solar expansion by enabling government and institutional consumers to adopt clean energy under the RESCO model while reducing upfront investment requirements. The projects will also contribute to increasing distributed renewable energy capacity and advancing the country’s clean energy transition.

Waaree Renewable Technologies Limited (WRTL), one of India’s leading Engineering, Procurement and Construction (EPC) companies in the renewable energy sector and a subsidiary of Waaree Energies Limited, announced the signing of an ECI (Early Contractor Involvement) Agreement with a special purpose vehicle of a top global independent power producer (IPP) (“Principal”), to develop a utility-scale solar photovoltaic (PV) project integrated with a Battery Energy Storage System (BESS) in New Zealand.

The project will be undertaken in consortium with two experienced local companies, with WRTL leading solar supply and engineering, marking WRTL’s strategic entry into the Australia and New Zealand (ANZ) renewable energy market. The ECI is signed for limited early work; upon completion of ECI work, the Principal may sign the EPC contract for the project with the consortium.

The project is expected to become one of New Zealand’s largest solar energy projects upon completion. The integrated renewable energy and storage solution will support the country’s transition towards a cleaner energy mix while enhancing grid reliability, improving energy resilience, and enabling greater integration of renewable power.

The ECI agreement represents a significant milestone in WRTL’s international growth journey and underscores the company’s commitment to expanding its presence in high-growth global renewable energy markets. By partnering with established local companies, WRTL will combine its proven EPC expertise and project execution capabilities with local market knowledge to deliver a world-class renewable energy asset.

The ANZ region continues to be an attractive destination for renewable energy investments, supported by ambitious decarbonization targets, growing electricity demand, and increasing deployment of energy storage solutions. WRTL’s entry into this market aligns with its long-term vision of becoming a globally recognized renewable energy solutions provider while contributing to the energy transition in developed markets.

Mr. Sunil Rathi, Executive Director, Waaree Renewable Technologies Limited, said, “This agreement marks an important milestone in Waaree Renewable Technologies Limited’s international expansion strategy. Entering the ANZ market through this proposed landmark project in New Zealand reflects our confidence in the region’s renewable energy potential and our ability to execute large-scale, technologically advanced clean energy projects. We are pleased to collaborate with experienced local partners and look forward to delivering a project that supports New Zealand’s clean energy ambitions while strengthening WRTL’s global footprint.”

The project positions WRTL to pursue further opportunities across the ANZ region and other international markets, building a diversified global portfolio and long-term stakeholder value.

Emmvee Photovoltaic Power Limited reported its strongest first-quarter performance to date for the quarter ended June 30, 2026, with profit after tax (PAT) more than doubling year-on-year. The company’s PAT increased by 103% to ₹380.3 crore, while revenue from operations grew 51% year-on-year to ₹1,555.5 crore, compared to ₹1,027.8 crore in Q1 FY26.

The company achieved its highest-ever quarterly performance, supported by increased production volumes, improved capacity utilisation, and deeper integration of internally manufactured solar cells. Emmvee reported record EBITDA and PAT margins of 35.24% and 24.2%, respectively, reflecting operational efficiency and improved manufacturing integration.

The Board of Directors approved the unaudited financial results for Q1 FY27 at its meeting held on July 15, 2026. Following the strong quarterly performance, the company has set an FY27 EBITDA target of ₹2,400 crore and expects stable EBITDA per watt of approximately ₹2.5 for modules and ₹6.5 for solar cells.

During the quarter, EBITDA increased by 56% year-on-year to ₹548.1 crore, compared to ₹350.5 crore in Q1 FY26. The EBITDA margin improved to 35.24% from 34.10%, registering an expansion of 114 basis points. The company’s Profit Before Tax (PBT) grew by 96% to ₹469.6 crore, compared to ₹240.2 crore in the corresponding quarter last year. The company reported a basic and diluted EPS of ₹5.49, while the paid-up equity share capital remained unchanged at ₹13,846.90 lakh.

Emmvee recorded a strong improvement in manufacturing output during Q1 FY27, achieving its highest-ever quarterly production volumes. Solar module production increased by 53% year-on-year to 970 MW, while solar cell production grew 26% to 454 MW. The effective solar cell capacity utilisation improved significantly to 83%, compared to 68% in Q1 FY26, supported by higher internal cell consumption and improved operational efficiency.

As of the end of Q1 FY27, Emmvee had an installed annual manufacturing capacity of approximately 10.3 GW for solar modules and 2.94 GW for TOPCon solar cells. The company continues to strengthen its integrated solar manufacturing capabilities to meet growing demand across domestic and international markets.

During the quarter, the company secured order inflows of 1.48 GW, taking its total order book to an all-time high of approximately 9.9 GW. The order pipeline is diversified across independent power producers (IPPs) and commercial and industrial (C&I) customers, with a repeat customer rate of 57%, reflecting strong customer relationships and market confidence.

On the expansion front, Emmvee’s 6 GW integrated TOPCon cell and module expansion project remains on schedule. The module line is expected to be commissioned by December 2026, while the cell line is targeted for completion by March 2027. Upon completion, the company’s total manufacturing capacity is expected to increase to approximately 16.3 GW for solar modules and 8.9 GW for solar cells by the end of FY27.

The total investment for this expansion is estimated at ₹5,500 crore, with ₹3,300 crore of debt funding already tied up at a cost of below 8%. The expansion will further strengthen Emmvee’s position as an integrated solar module and cell manufacturer.

Additionally, the company has outlined a medium-term plan for 9 GW backward integration into ingot and wafer manufacturing, to be implemented in two phases — 5 GW by FY29 and 4 GW by FY30. The timeline will depend on clarity regarding ALMM List III requirements and prevailing market conditions, with funding expected to be largely supported through internal accruals.

With strong financial performance, expanding manufacturing capacity, and a robust order pipeline, Emmvee Photovoltaic Power continues to strengthen its position in India’s growing solar manufacturing ecosystem.

Bondada Engineering Limited has acquired a 60% equity stake in Onix IPP Private Limited, thereby securing a controlling interest in a 225 MW (AC) solar power portfolio. This strategic move positions the company to generate predictable annuity-based revenues from a government-backed agricultural feeder solarisation programme in Maharashtra. The acquisition complements the group’s existing annuity income from Battery Energy Storage System (BESS) assets, strengthening its portfolio of steady and recurring cash flows.

The transaction was disclosed on July 27, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI master circular for Compliance Circular No. HO/49/14/14(7)-CFD-POD2/1/3762/2026 dated July 11, 2023. The company confirmed that all requisite regulatory and governmental approvals have been obtained, and the acquisition is completed.

Onix IPP Private Limited serves as the Special Purpose Vehicle (SPV) for the implementation of the solar power project under Mukhyamantri Saur Krushi Vahini Yojana 2.0. This initiative operates under Component C of the PM-KUSUM Scheme in the State of Maharashtra. The SPV holds a power purchase agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a period of 25 years. The agreement secures an estimated annual revenue of approx. INR 150.48 Crs.

The acquisition structure involved a cash consideration for 6000 shares at a face value of Rs.10 each. This transaction grants Bondada Engineering Limited 60% of the paid-up equity share capital of Onix IPP Private Limited, establishing it as the majority shareholder. The deal is not classified as a related party transaction.

The transaction involves the acquisition of a 60% stake in Onix IPP Private Limited, which owns a 225 MW (AC) solar power project developed under the PM-KUSUM Scheme (Component C). The project has a power offtake agreement with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a period of 25 years. The project is expected to generate an estimated annual revenue of approximately INR 150.48 crore, strengthening the company’s presence in India’s renewable energy sector and expanding its portfolio of solar assets.

The acquisition marks a significant step in Bondada Group’s objective to establish a presence in renewable energy asset ownership and creation. By integrating this 225 MW solar portfolio, the company diversifies its revenue streams beyond its core engineering operations. The long-term nature of the PPA with MSEDCL provides visibility into future cash flows, aligning with the group’s focus on stable, recurring income sources. This addition to the renewable energy IPP portfolio enhances the company’s balance sheet resilience through low-risk, government-backed assets.

SJVN Limited has issued a retender for the development of Battery Energy Storage System (BESS) projects under its Battery Energy Storage Purchase Agreement (BESPA) framework, aimed at strengthening India’s energy storage infrastructure and supporting grid flexibility.

The tender seeks participation from Battery Energy Storage System Developers (BESSDs) for setting up, owning, operating, and supplying battery storage capacity as per the provisions of the Request for Selection (RfS) documents and Letter of Award (LoA). The selected developers will be responsible for developing the projects on a Build-Own-Operate (BOO) basis.

The proposed BESS projects will include electrochemical battery technologies such as lithium-ion, lead-acid, solid-state batteries, and flow batteries, along with associated systems including Battery Energy Management Systems (BEMS), transmission facilities, switchyard equipment, and other supporting infrastructure required for efficient operation.

As per the tender documents, the selected projects will be eligible for Viability Gap Funding (VGF) support. Under Project-1, a 250 MW/500 MWh BESS capacity has been earmarked with VGF support of up to ₹18 lakh per MWh under the VGF scheme supported through the Power System Development Fund (PSDF). Another project category includes 15 MW/30 MWh BESS capacity, with VGF support available under the State Component of the VGF Scheme.

The BESS projects will play a key role in improving grid stability, enabling renewable energy integration, and supporting peak power management. The agreement framework specifies that the contracted storage capacity will be supplied to SJVN for onward sale to buying entities under the Battery Energy Storage Sale Agreement (BESSA).

Under the agreement, developers will be responsible for project development activities including land arrangements, obtaining necessary approvals and clearances, construction, commissioning, grid connectivity, and operation of the storage systems. Developers will also be required to maintain technical performance parameters, including minimum annual average availability of 95% and round-trip efficiency of 85% for the BESS system.

The selected developers will have an agreement tenure of 12 years from the effective date, with provisions for further extension subject to mutual agreement and regulatory approvals.

The initiative reflects SJVN’s efforts to accelerate large-scale energy storage deployment and support India’s transition towards a more reliable, renewable-powered electricity grid.

The Board of Directors of REC Limited approved the standalone and consolidated financial results for the quarter ended June 30, 2026. 

Operational and Financial Highlights: Q1 FY27 vs Q4 FY26
–   Net interest income: ₹5,212 crore Vs ₹4,961 crore up by 5%
–   Net Profit: ₹4,149 crore Vs ₹3,362 crore, up by 23%

Despite a dynamic operating environment, REC sustained a healthy NIM of 3.34%, reflecting the strength of its lending portfolio and disciplined financial management. Consequently, the Company delivered an annualised EPS of ₹63.04 per share for the quarter ended June 30, 2026, underscoring its robust earnings performance.

REC’s standalone loan book stood at ₹5.90 lakh crore as on June 30, 2026 which is the largest for any CPSU-NBFC in India, demonstrating the strength and stability of its lending operation. Aided by growth in profits, the Net Worth has grown by 15% on Y-o-Y basis to ₹91,836 crore as on June 30, 2026.

The renewable energy portfolio continued to witness robust traction, growing to ₹78,596 crore, constituting 13.32% of the overall loan composition, reinforcing REC’s commitment to fostering sustainable infrastructure development and accelerating the growth of green energy in India. The infrastructure and logistic portfolio has grown to ₹59,289 crore, which is over 10% of the overall loan assets.

Driven by sustained initiatives to improve asset quality, the Company has reduced its Stage-3 loan asset-to-total-loan-portfolio ratio to near-zero levels, i.e., 0.11%.

Indicating the ample opportunity to support future growth, the Capital Adequacy Ratio (CRAR) of the Company stands at a comfortable 23.06% as at June 30, 2026, against the regulatory minimum of 15% as mandated by the RBI.

In line with its consistent dividend distribution track record and commitment to enhancing shareholder returns, the Board of Directors of the Company has declared the First Interim Dividend of ₹4.25 per equity share (face value ₹10 each).

The strengthening fundamentals of the Indian power sector have contributed to the improved financial position of power utilities, resulting in stronger overall credit profiles and consequently lower provisioning requirements. Reflecting its customer-centric approach, REC proactively shared these benefits with borrowers by rationalizing lending rates, resulting in a yield of 9.55% in Q1-FY 2026-27.

The Company was recognized with the ‘NBFC of the Year’ Award at the 3rd Annual Bharat NBFC & FinTech Summit & Awards 2026 and the ‘AI & GenAI Adoption Excellence Award’ at the 2nd Bharat PSU Manthan & Excellence Awards 2026, underscoring its strong business performance, digital innovation, and leadership in leveraging advanced technologies to drive operational excellence and enhance customer experience.

REC Limited is strategically broadening its business footprint through targeted investments in conventional power, renewal energy and infrastructure & logistics development in the country apart from being a strategic partner to government of India in implementing the government programs, policy and reforms in the country and steadily fostering long term growth.

NTPC Limited, on behalf of its subsidiary NTPC Green Energy Limited (NGEL), has invited bids for the development of a 10 MLD Demineralisation (DM) Plant for the NGEL Green Hydrogen Hub at Pudimadaka, Anakapalli District, Andhra Pradesh.

The tender, issued under Domestic Competitive Bidding, seeks eligible bidders for the Engineering, Procurement, and Construction (EPC) package of the DM plant. The bidding process will follow a single-stage two-envelope system, comprising techno-commercial and price bids through the Government e-procurement portal.

Under the scope of work, the selected contractor will be responsible for the basic design, detailed engineering, procurement, fabrication, supply, transportation, civil construction, erection, commissioning, testing, performance guarantee tests, training, and five years of comprehensive operation and maintenance (O&M) services on a turnkey basis. The DM plant is designed for a minimum operational life of 25 years.

The proposed facility will produce:

• 20 MLD treated water
• 10 MLD demineralised water
• 12 KLD drinking water

The DM plant will include major systems such as pre-treatment, DM water treatment, drinking water facilities with UV treatment and storage, water storage systems, sludge and waste handling systems, air conditioning and ventilation systems, piping networks, fire protection systems, laboratory testing facilities, and associated civil, electrical, and instrumentation works.

The NGEL Green Hydrogen Hub project is expected to support the development of green hydrogen infrastructure in India by creating essential water treatment facilities required for hydrogen production processes.

According to the tender schedule, the Invitation for Bids (IFB) was issued on 24 July 2026, while bids must be submitted by 2 September 2026. The techno-commercial bids will be opened on the same day.

NTPC has specified that bidders must meet technical and financial qualification criteria. Eligible bidders should have prior experience in designing, supplying, erecting, and commissioning reverse osmosis plants with specified water quality parameters. The bidder must also meet financial requirements, including an average annual turnover of at least ₹102 crore during the preceding three financial years.

The tender further specifies that only Class-I local suppliers as defined under the Public Procurement (Preference to Make in India) Order, 2017, are eligible to participate.

The development of the DM plant marks another step in advancing India’s green hydrogen ecosystem and strengthening supporting infrastructure for large-scale clean energy projects.

Shakti Pumps (India) Limited reported a consolidated net profit after tax (PAT) of ₹516 million for the quarter ended June 30, 2026 (Q1FY27), marking a 35% sequential increase from ₹383 million in Q4FY26. The pump manufacturer’s revenue from operations reached a record ₹8,587 million, up 39% year-on-year from ₹6,225 million in Q1FY26. This performance was driven by a 57.6% year-on-year surge in solar pump installations to 27,678 units, supported by strong execution in government-led irrigation programs and sustained export momentum. The company maintains a robust order book of ₹10,000 million as of July 22, 2026, providing high visibility for future quarters.

The Board of Directors approved the unaudited financial results at a meeting held on July 24, 2026, pursuant to Regulation 33 and Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by the Audit Committee and disclosed under Regulation 30. Management highlighted that while input cost pressures and lower realizations impacted margins, the operating model remained resilient with EBITDA margins holding broadly stable sequentially at 9.68%.

Consolidated total income for Q1FY27 stood at ₹8,587 million, compared to ₹6,225 million in the same quarter last year. Profit before tax (PBT) was ₹710 million, down significantly from ₹1,297 million in Q1FY26 due to lower realizations and higher input costs. However, net profit expanded sequentially to ₹516 million. Standalone net profit also rose to ₹429.90 million from ₹383 million in the previous quarter. 

The company reported revenue from operations of ₹8,587 million in Q1 FY27, registering a 39% year-on-year growth compared to ₹6,225 million in Q1 FY26, while remaining largely stable compared to ₹8,578 million in Q4 FY26. EBITDA stood at ₹831 million, declining by 42% YoY from ₹1,440 million in Q1 FY26, with the EBITDA margin at 9.68%, down from 23.06% in the corresponding quarter last year.

The company’s Profit Before Tax (PBT) was ₹710 million, reflecting a 45% YoY decline but a 7% sequential increase compared to ₹662 million in Q4 FY26. Net Profit After Tax (PAT) stood at ₹516 million, declining by 47% YoY from ₹968 million in Q1 FY26, while improving 35% quarter-on-quarter from ₹383 million in the previous quarter. The Basic Earnings Per Share (EPS) was reported at ₹4.20, compared to ₹8.10 in Q1 FY26 and ₹3.10 in Q4 FY26, reflecting a 48% YoY decline and 35% QoQ growth.

The Solar Pumps business (PM KUSUM & Non-KUSUM) delivered revenue growth of 51.3% year-on-year to ₹6,851 million, driven by strong execution. The Exports business generated ₹829 million in revenue, sustaining healthy momentum despite global geopolitical uncertainties through its dealer and distributor network. Emerging businesses are gaining traction: the Retail/Cash Sales business generated ₹240 million, while the Solar Rooftop business reported ₹80 million in revenue.

Management noted that new vectors such as Solar Rooftop and EV motors are progressing well. The company has invested ₹700 million cumulatively in its wholly owned subsidiary Shakti EV Mobility Private Limited for EV motors and controllers expansion. Additionally, a ₹100 million investment was made in Shakti Energy Solutions Limited for a greenfield 2.2 GW DCR cell and module manufacturing plant in Pithampur, Madhya Pradesh. The existing 0.5 GW DCR module facility is expected to be commissioned by September 2027.

Waaree Renewable Technologies Ltd. has strengthened its position in India’s solar EPC sector by securing two new Engineering, Procurement, and Construction (EPC) contracts for ground-mounted solar photovoltaic projects with a combined capacity of 800 MWac (1,082 MWp).

The company received Letters of Award (LoAs) for the projects from a leading Indian renewable energy company. The projects are scheduled for completion during the financial year 2027-28, further expanding Waaree Renewable Technologies’ growing portfolio of utility-scale solar projects.

As part of the EPC scope, Waaree Renewable Technologies will undertake key project activities including engineering, procurement, construction, and execution of the solar power plants. The new orders highlight the company’s capabilities in delivering large-scale renewable energy infrastructure and supporting India’s clean energy expansion.

Waaree Renewable Technologies, the EPC arm of the Waaree Group, has been actively expanding its solar project pipeline through multiple utility-scale developments. In recent months, the company has secured several major EPC contracts, including an 870 MWac/1,218 MWp grid-connected solar project with substation, transmission line, and O&M responsibilities.

The latest 800 MWac order reinforces Waaree Renewable Technologies’ growing footprint in India’s renewable energy market and contributes towards accelerating the country’s transition to sustainable power generation.