Blog

The Board of Directors of Power Finance Corporation Limited (PFC) and REC Limited (REC) approved the Scheme of Merger (Scheme) for merger of REC (Transferor Company) into PFC (Transferee Company) and their respective shareholders and creditors, under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013.

The merger of REC into PFC shall create a financing entity with an aggregate loan book of over INR 11 lakh crore.

The Scheme is conditional upon and subject to, inter-alia receipt of all requisite approvals and consents required under applicable law including, approvals from the respective shareholders and creditors of both the companies, and all relevant regulatory and governmental authorities; and the Merged Entity continuing to qualify as a ‘Government Company’ under the Companies Act, 2013 and the Government of India continuing to retain majority voting rights and control in the merged entity (directly or indirectly).

Pursuant to the Scheme and valuation report, the Share Exchange Ratio for the Proposed Merger of REC into PFC shall be 88 equity shares of PFC of INR 10/- each fully paid up for every 100 equity shares of REC of INR 10/- each fully paid up to be issued to the shareholders of REC as existing on a record date to be determined by the Boards of PFC and REC (as may be applicable) at a future date.

Statcon Energiaa Pvt. Ltd. (SEPL), one of India’s leading manufacturers of mission-critical power electronics, has been awarded an order by L&T Electrolysers Limited to supply high-power rectifiers for India’s largest green hydrogen plant – the 10 kTPA Green Hydrogen Project being set up at the Indian Oil Corporation Limited (IOCL) Panipat Refinery & Petrochemical Complex, Haryana.

India’s largest green hydrogen plant – a 10 kTPA facility at IOCL’s Panipat Refinery & Petrochemical Complex – is being built by L&T Energy GreenTech, targeted for commissioning by December 2027. It is the first concrete step in IOCL’s ambition to generate 350 kTPA of green hydrogen by 2030 – a landmark for India’s energy transition and for Make in India in clean energy.

The national importance of this initiative was recognised at the highest level when Hon’ble Prime Minister Shri Narendra Modi visited L&T’s Hazira facility, reaffirming India’s commitment to building a self-reliant green hydrogen ecosystem and advancing the National Green Hydrogen Mission.

What distinguishes this project is an end-to-end Make in India supply chain at its core.

L&T Electrolysers Limited is manufacturing high-pressure alkaline electrolysers in 4 MW modular blocks at its advanced facility in Hazira, Gujarat – making this India’s first large-scale green hydrogen project powered by indigenously manufactured electrolysers, a meaningful step towards Aatmanirbhar Bharat and a reflection of L&T’s commitment to strengthening India’s self-reliant green hydrogen ecosystem.

Statcon Energiaa is supplying the 4 MW rectifier blocks that power those electrolysers – also manufactured entirely in India.

The rectifiers will use the powerful IGBT Chopper-based technology, backed by AEG Power Solutions, Germany. Build for high efficiency, round-the-clock performance, these are developed under Statcon Energiaa’s exclusive licensing and supply agreement with AEG Power Solutions GmbH, Germany – a global leader in industrial power conversion with over a century of engineering heritage. Under this agreement, Statcon Energiaa designs, assembles, commissions, and services these rectifiers on Indian soil, using AEG PS’s proven core components – IGBT modules, thyristors, and more – while engineering them specifically for India’s operating conditions.

Key technical highlights of the rectifiers:

• Topology: Thyristor-based 12-Pulse bridge with IGBT chopper
• Cooling: Liquid-cooled for sustained 24×7 operation
• Input: Engineered for high power quality from variable renewable (solar) energy sources – addressing one of the most demanding challenges in renewable-powered electrolysis
• Output: Low-ripple DC output, critical for efficient and stable alkaline electrolysis
• Block size: 4 MW per unit – mirroring L&T’s 4 MW electrolyser block in a truly modular, indigenous architecture

The pairing is deliberate: L&T manufactures the 4 MW electrolyser block, and Statcon Energiaa the 4 MW rectifier block that powers it – both made in India, for one of the country’s most significant clean energy projects.

Powering the electrolysers at the heart of a project of this national importance carries a profound responsibility. These rectifiers must operate continuously, drawing from intermittent solar or other renewable energy to feed electrolyser stacks that demand uncompromising power quality. Living up to that responsibility meant engineering to the most exacting technical requirements:

• Input line power quality: Handling variability from renewable source without disrupting electrolyser performance
• Output stability and low DC ripple: Essential for efficient, consistent hydrogen generation
• Efficiency: Sustained thermal and electrical performance under continuous load
• Harmonic distortion control: Protecting electrolyser stacks and maximising operational longevity
• Proven reliability: Track record in mission-critical deployments

Statcon Energiaa’s rectifiers deliver on every one of these requirements – ensuring the electrolysers powering IOCL’s landmark green hydrogen project run reliably, around the clock.

Statcon Energiaa’s selection for this project is the result of over 37 years of manufacturing excellence in power electronics, a deeply held philosophy of indigenous engineering, and a growing track record in green hydrogen specifically.

The company previously supplied rectifiers for the NTPC Green Hydrogen Mobility Project in Leh – one of India’s first hydrogen fuel cell bus deployments, operating at 3,600 metres above sea level in temperatures ranging from -14°C to +20°C. Statcon Energiaa engineered its rectifiers to perform in ambient conditions as extreme as -25°C to +45°C – a demonstration of what genuine Made-in-India engineering looks like. Apart from this, the company has supplied for 4 other Green Hydrogen Projects in India which are currently in operation.

Statcon Energiaa’s commitment to Make in India is a founding principle. From building India’s first MW-class rectifier for the Indian Navy, to manufacturing defence-grade power systems serving Naval Dockyards in Visakhapatnam and Mumbai for over 13 years, to developing India’s first 100% domestically designed on-grid solar inverter – the company has consistently chosen to engineer from the ground up, rather than import and rebadge. With over 30,000 installations across more than 25 countries, Statcon Energiaa carries this philosophy into every sector it serves.

L&T’s IOCL Panipat order award is entirely in line with that vision: leveraging world-class technology – AEG Power Solutions’ proven rectifier platform – but manufacturing it in India, for India, and standing behind it with full end-to-end lifecycle support.

Anil Dhar, Marketing Director, Statcon Energiaa Pvt. Ltd., said, “This order represents exactly what Statcon Energiaa has always stood for – delivering world-class technology, made in India, for India’s most critical infrastructure. L&T Electrolysers’ qualification process is among the most demanding we have encountered. Meeting every parameter – power quality, efficiency, harmonic performance, output stability, and reliability – reflects the maturity our technology and manufacturing have reached against rigorous global standards. What makes this especially meaningful is the symmetry of the project: L&T is building the 4 MW electrolyser block; we are building the 4 MW rectifier block that powers it. Both are Indian-made. For a company that has believed in Make in India since before it was a policy, this is a proud moment. India is not just consuming green hydrogen infrastructure – it is building it. For Statcon Energiaa, the opportunity to power a project of such national significance is both a privilege and a responsibility it is proud to carry.”

Heaven Green Energy Ltd., one of India’s leading solar EPC companies and among the top-ranked registered vendors on the Government of India’s PM Surya Ghar portal, has launched ‘Heaven Solar Sarathi’, a customer-centric mobile application aimed at simplifying the rooftop solar adoption journey for residential consumers.

Now available on both the Google Play Store and the Apple App Store, the application was officially unveiled at a special event in Surat in the presence of Pujya Gauranga Das Swami (ISKCON) as the chief guest.

Inspired by the role of Lord Krishna as Arjuna’s Sarathi (guide) in the Mahabharata, the app has been developed to serve as a trusted digital companion for homeowners looking to transition to clean, affordable, and sustainable solar energy.

The Heaven Solar Sarathi app offers a range of digital services designed to make the solar installation process more transparent and convenient. Its key features include free site visits, complimentary quotations, free 3D rooftop solar designs, instant savings estimation, real-time project tracking, and a referral-and-rewards programme.

Commenting on the launch, Keyur Rakholiya, Director, Heaven Green Energy Ltd., said, “The Heaven Solar Sarathi app has been developed to simplify the customer’s solar journey while building trust before the purchase decision. By providing transparent information, real-time project tracking, and personalized guidance, we aim to make rooftop solar more accessible for every household. Just as Lord Krishna guided Arjuna, our Solar Sarathi will guide thousands of people on their journey towards clean energy.”

The company currently serves customers across Surat, Vadodara, Ahmedabad, Junagadh, and several other locations in Gujarat, while also expanding its presence in Indore and Chhatrapati Sambhajinagar.

The launch of the mobile application reflects Heaven Green Energy’s continued focus on leveraging digital technologies to enhance customer experience and support the growing adoption of rooftop solar under India’s clean energy initiatives.

Founded in 2017 and headquartered in Surat, Gujarat, Heaven Green Energy Ltd. is an end-to-end solar Engineering, Procurement and Construction (EPC) company specializing in residential, commercial, industrial, and utility-scale solar projects. The company has completed more than 10,000 solar installations with over 200 MW of projects delivered and operates through a network of over 50 solar experts and 100+ channel partners. Heaven Green Energy is an authorized distributor of Adani Solar products, manufactures Qbits inverters, and is empanelled with various government agencies, including DISCOMs and GUVNL, supporting India’s transition towards clean and sustainable energy.

The Ashoka Centre for a People-centric Energy Transition (ACPET) and Tata Power Delhi Distribution Limited (Tata Power-DDL) have signed a five-year Memorandum of Understanding (MoU) to advance research, innovation, and capacity building in the domain of the energy and power sector, and to create innovative solutions to support India’s overall energy transition.

The partnership brings together ACPET’s expertise in research, data analysis, energy policy, and sustainable transitions with Tata Power-DDL’s operational experience as one of India’s leading power distribution entities. Through this collaboration, the two organisations will jointly undertake research, technology demonstrations, policy engagement, and knowledge-sharing initiatives to build a more sustainable, secure, and equitable energy future.

The collaboration comes at a critical time for India’s power sector, which is witnessing rapid technological and regulatory transformation. The expansion of renewable energy, rising electricity demand, rising consumer expectations, and the need for resilient, low-carbon infrastructure require closer collaboration between academia and industry. Emerging areas such as smart grids, electric vehicles, distributed energy resources, energy storage, demand-side management, and consumer engagement require new knowledge, practical insights, and opportunities for testing and demonstrating innovative approaches. This MoU creates a structured platform through which ACPET and Tata Power-DDL can jointly explore these opportunities and contribute to advancing industry knowledge and best practices.

As part of the collaboration, ACPET and Tata Power-DDL will jointly pursue research, innovation, customer engagement and capacity-building initiatives aimed at advancing India’s energy transition.  The partnership will focus on undertaking research projects, developing policy briefs and technical reports, and generating evidence-based insights to inform industry practices and policymaking. 

The collaboration will focus on joint research and learning in emerging areas such as smart grids, electric vehicles, distributed energy resources, energy storage, demand-side management, and design innovative regulatory and business models. The partners will also undertake technology demonstrations, organise expert dialogues and training programmes, facilitate knowledge exchange, and explore the establishment of a Centre of Excellence to drive innovation and strengthen institutional capabilities in the power sector. 

Commenting on the partnership, Dr. Praveer Sinha, CEO & Managing Director, Tata Power, said, “India’s energy transition presents a unique opportunity to bring together research, policy, innovation and real-world implementation. As the sector evolves over the coming years, meaningful progress will depend on stronger collaboration between academia, industry, policymakers, startups and innovators. This partnership between Tata Power’s distribution arm in Delhi and ACPET creates a unique platform that combines academic rigour, policy expertise and industry experience to address emerging energy challenges and develop practical, scalable solutions for the power sector.”

Vaibhav Chowdhary, Director, ACPET, said, “Technology alone will not deliver India’s energy transition – the human capacity to deploy, operate, and innovate around that technology is equally decisive. This partnership between Tata Power-DDL and ACPET brings together operational depth and research rigour to address both. Our shared goal is to co-create an energy system that is empirically grounded, practically tested, and designed to be sustainable, secure, and equitable for India and for the Global South.”

Rakesh Kacker, Senior Advisor, ACPET, said, “India’s electricity sector is undergoing a profound transformation. We want renewable energy to scale rapidly, but we also recognise that transitions of this magnitude are shaped by historical realities, market dynamics, and technological constraints. This is where a collaboration between ACPET and Tata Power can be especially powerful. ACPET brings academic rigour and robust analytical tools, while Tata Power contributes invaluable insights from implementation on the ground. Together, we can bridge evidence and practice to shape more effective pathways for India’s energy transition.”

Dwijadas Basak, CEO, Tata Power Delhi Distribution Limited (Tata Power-DDL), said, “The power sector is undergoing a fundamental transformation driven by rapid technological advancements, growing renewable energy integration, distributed energy resources, and evolving consumer expectations. In this dynamic environment, research-led insights and evidence-based policy support are critical to shaping the future of the sector. Our partnership with ACPET will bring together industry experience and academic excellence to develop innovative solutions, strengthen policy and regulatory frameworks, and contribute meaningfully to India’s energy transition journey.”

Shakti Pumps has showcased its latest portfolio of energy-efficient pumping technologies and solar water solutions at a product launch event in Guwahati.

The event, held in collaboration with its authorised channel partner Tirupati Pump House, brought together dealers, distributors, government officials and industry stakeholders from across the Northeast region to discuss opportunities in sustainable water management and clean energy.

The programme was attended by Assam Small Industries Development Corporation (ASIDC) Chairman Kishore Upadhyay as the chief guest. Other dignitaries included officials from the Assam government’s Irrigation and Public Health Engineering departments, as well as representatives of industry bodies and banking institutions.

Shakti Pumps showcased its range of solar pumping systems, stainless steel pumps and intelligent water management solutions, which the company said are designed to improve agricultural productivity and support efficient water use.

“Northeast India is emerging as an important market for sustainable water and energy solutions. Our focus is on delivering innovative technologies through strong channel partnerships and customer-centric solutions that enhance agricultural productivity and support long-term sustainable growth, Managing Director Ramesh Patidar said.

Director and Chief Marketing Officer Ankit Patidar said the region offered significant opportunities for expansion, adding that the company would continue investing in product development and its partner network to meet the evolving needs of farmers, businesses and communities.

Deputy General Manager Rajesh Hingorani presented the company’s product portfolio and outlined growth opportunities in the region during the event.

Shakti Pumps also acknowledged the contribution of its authorised channel partner Tirupati Pump House, led by Ballov Regmi, for organising the programme.

The company has more than four decades of engineering experience, exports to over 125 countries and has installed more than 250,000 solar pumps across India, strengthening its position in the country’s sustainable water and energy management sector.