Company Highlights: Key developments over the past 12 months

Over the past year, the Indian power sector recorded a series of significant company-level developments. Corporates advanced their clean energy portfolios with new investments in green hydrogen, pumped storage and nuclear projects, while thermal power made a comeback with contracts awarded for additional coal-based capacity. Transmission majors secured key projects to strengthen renewable energy evacuation, in line with national priorities. The distribution segment saw major orders for smart metering and network upgrades. The year also featured several strategic partnerships, joint ventures (JVs), and mergers and acquisitions, reflecting the sector’s continued dynamism.

Power Line presents a round-up of key company developments over the past 12 months…

Generation

Over the past year, the power sector saw major project activity across renewables, thermal, transmission and storage. NTPC Limited, Tata Power, ReNew, Adani, ACME and others commissioned large-scale solar, wind and hydro projects. Additionally, IndiGrid commissioned India’s first regulated, stand-alone battery storage project, reflecting balanced progress across the energy mix.

In January 2025, Bharat Heavy Electricals Limited (BHEL) commissioned two units of the 6×170 MW Punatsangchhu-II hydroelectric project (HEP) in Bhutan. The project is a bilateral initiative between the Government of India and the Royal Government of Bhutan. It features a Francis turbine designed to operate at a head of 241 metres.
In January 2025, THDC India Limited (THDCIL) commenced the commercial operation of Unit 1 of the Khurja Super Thermal Power Plant Stage I (2×660 MW). The project is set to supply electricity to Uttar Pradesh (64.7 per cent), Rajasthan (21.3 per cent), Uttarakhand (3.9 per cent) and other unallocated regions (10.1 per cent). In July 2025, THDCIL also announced the commercial operation date of the second unit (250 MW) of the 1,000 MW variable speed pumped storage plant (PSP) in Tehri, Uttarakhand. The Tehri PSP is the largest PSP by a central public sector enterprise and the first variable speed PSP in the country. The Tehri PSP comprises four reversible units of 250 MW each, offering 1,000 MW of peaking power generation capacity.
In March 2025, Adani Green Energy Limited (AGEL) commissioned a 250 MW solar project in Bhimsar, Gujarat. This project adds to the company’s expanding renewable energy portfolio across multiple states. In September 2025, Adani Renewable Energy Fifty Six Limited, a wholly-owned subsidiary of AGEL, commenced operations on a 125 MW solar power project under the 30,000 MW Khavda Wind-Solar Hybrid Renewable Energy Power Park (AGEL) project in Rann of Kutch district, Gujarat.
In March 2025, Nuclear Power Corporation of India Limited (NPCIL) successfully connected Unit 7 of the 2×700 MW Rajasthan Atomic Power Project (RAPP) in Rawatbhata, Rajasthan, to the Northern Grid. RAPP-7 is the third reactor of the 700 MW indigenous pressurised heavy water reactor series, following the successful operation of the Kakrapar Atomic Power Station-3 (KAPS-3) and KAPS-4 (2×700 MW) at Kakrapar, Gujarat. In August 2025, Gorakhpur Haryana Anu Vidyut Pariyojana, which is a unit of NPCIL, commissioned a 1.7 MWp grid-connected solar power plant at its nuclear facility in Haryana.
In April 2025, IndiGrid commissioned India’s first regulated utility-scale stand-alone battery energy storage system (BESS) project in Delhi with a capacity of 20 MW/40 MWh. The project, Kilokari BESS Private Limited, represents IndiGrid’s first commercial BESS initiative.
In April 2025, NHPC Limited fully commissioned 800 MW of its Parbati II hydropower project in Himachal Pradesh. The Parbati II project is a run-of-the-river scheme with a 31.56-km-long head race tunnel, the longest hydropower tunnel in India.
In May 2025, ACME Solar Holdings Limited commissioned the first phase (52.5 MW) of its 300 MW solar power project located in Bikaner, Rajasthan, and another 112.5 MW under the second phase. With these additions, the project’s total commissioned capacity now stands at 165 MW out of a planned total capacity of 300 MW. In May 2025, it also commissioned 26.4 MW of its 50 MW ACME pokhran wind power project in Shapar, Gujarat.
In May 2025, ReNew Power commissioned 750 MW of its 1 GW solar power project located in Rajasthan. This was one of ReNew’s largest single-location solar projects under development.
In July 2025, NTPC Limited commissioned Unit 3 (660 MW) of the 1,980 MW (3×660 MW) North Karanpura super thermal power project (STTP) in Jharkhand with an investment of Rs 75.26 billion. In June 2025, it commenced operations of Unit 3 (660 MW) of the Barh STPP, Stage I (3×660 MW) in Bihar. Meanwhile, in June 2025, NTPC commissioned the second and final 52 MW capacity of its 245 MW solar power project at Plot 3 of the Nokh solar PV project (3×245 MW) in Rajasthan. Additionally, NTPC Renewable Energy Limited (NTPCREL) commissioned the final 120 MW capacity of its 220 MW Shajapur solar project (Unit 2) in Madhya Pradesh. In January 2025, NTPC Limited commissioned the second part (25 MW) of its 200 MW Gujarat solar PV project in Sadla, Gujarat. This first phase, with a capacity of 37.5 MW, was developed by NTPCREL, a step-down subsidiary of NTPC, through NTPC Green Energy Limited (NGEL) in December 2024.
In August 2025, JSW Energy Limited commissioned the second 80 MW unit of its 240 MW (3×80 MW) Kutehr HEP in Chamba, Himachal Pradesh. The project has a 35-year power purchase agreement (PPA) with the Haryana Power Purchase Centre at a levellised tariff of Rs 4.50 per kWh. Previously, in January 2025, JSW Energy synchronised Unit 2 of the Utkal TPP in Odisha.
In August 2025, TS Genco commissioned the 800 MW Unit 1 of the Yadadri thermal power station (TPS). With this, two units of the 4,000 MW (5×800 MW) power plant have been commissioned. The project was billed as the largest TPP in the public sector.
In September 2025, Meenakshi Energy Limited, a subsidiary of Vedanta Limited, commissioned its 1,000 MW TPP in Andhra Pradesh with the synchronisation of two 350 MW units. The facility, comprising two 350 MW and two 150 MW units, was acquired by Vedanta in 2023. The two 150 MW units were stabilised earlier this year, followed by the recent commissioning of the larger units, restoring the plant to full capacity.
In September 2025, Tamil Nadu Generation and Distribution Corporation Limited synchronised Unit 1 of the Udangudi power project with the National grid. The project involves setting up a 1,320 MW (2×660 MW) TPP in Thoothukudi district, Tamil Nadu, at an investment of Rs 106.15 billion.

Transmission

Over the past year, the transmission sector witnessed large-scale activity driven by renewable energy evacuation, offshore wind integration and cross-border links. Power Grid Corporation of India Limited (POWERGRID), Adani Energy Solutions Limited (AESL), Resonia, Tata Power Limited and Reliance Industries Limited won significant transmission projects through tariff-based competitive bidding (TBCB), while BHEL, Hitachi Energy and GE Vernova won significant contracts for execution. State utilities such as Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPNL) cleared significant investments to expand green energy corridors.

In October 2024, Tata Power Limited received the letter of intent (LoI) to acquire ERES-XXXIX Power Transmission Limited in Odisha. Additionally, in November 2024, Tata Power signed a share purchase agreement to acquire a 100 per cent equity stake in Paradeep Transmission Limited, a special purpose vehicle (SPV), to build, own and operate a transmission service for Rs 186.4 million.
In November 2024, AESL acquired the SPV, Pune-III Transmission Limited, from PFC Consulting Limited (PFCCL), through the competitive bidding process. The acquisition is aimed at establishing the “Transmission System for Evacuation of Power from Potential Renewable Energy Zone (REZ) in Khavda Area of Gujarat under Phase-IV (7 GW): Part D”, on a build-own-operate-transfer (BOOT) basis. In January 2025, AESL won the Rs 250 billion Bhadla (Rajasthan)-Fatehpur (Uttar Pradesh) high voltage direct current (HVDC) project, which is AESL’s largest order win till date. The project, formally called “Transmission System for Evacuation of Power from REZ in Rajasthan (20 GW) under Phase III, Part I”, will evacuate 6 GW of renewable power from Rajasthan to demand centres in northern India. In March 2025, AESL secured a power transmission project in Gujarat to supply green electrons for green hydrogen and green ammonia manufacturing in Mundra, Gujarat. The project is worth Rs 28 billion.
In November 2024, POWERGRID acquired the SPV, Khavda V-A Power Transmission Limited, from REC Power Distribution Company Limited (RECPDCL) for implementing the “Transmission System for Evacuation of Power from Potential Renewable Energy Zones in Khavda Area of Gujarat under Phase V (8 GW): Part A”, on a BOOT basis. The project scope includes constructing ±800 kV HVDC terminals with a capacity of 6,000 MW at Khavda Pooling Station-2 (Gujarat) and Nagpur (Maharashtra), along with approximately 1,200 km of bipolar HVDC transmission line, among other works. In the same month, POWERGRID also acquired Barmer I Transmission Limited and Khavda PS1 and 3 Transmission Limited from PFCCL. Previously, in October 2024, POWERGRID won PFCCL’s tender to evacuate 5.5 GW of renewable energy from the Jaisalmer/Barmer complex in Rajasthan, under the “Transmission System for Evacuation of Power from Rajasthan REZ Phase IV (Part 2: 5.5 GW) (Jaisalmer/Barmer Complex): Part F (By clubbing Part F1 and F2)”. In December 2024, POWERGRID acquired Kudankulam Transmission Limited for Rs 74.4 million from PFCCL. In June 2025, POWERGRID acquired MEL Power Transmission Limited for the evacuation of power from the Mahan Energen Limited generating station in Madhya Pradesh. In September 2025, RECPDCL handed over Davanagere Power Transmission Limited, housing an interstate transmission system (ISTS) scheme, to POWERGRID. In the same month, POWERGRID won RECPDCL’s auction to develop an ISTS for evacuating 3.7 GW of power from PSPs in Uttar Pradesh’s Sonbhadra district.
In December 2024, G R Infraprojects Limited received an LoI from PFCCL for selection as the transmission service provider for Bijapur REZ Transmission Limited under a the BOOT model. The SPV was formally transferred in January 2025. In August 2025, it won another major transmission project in Madhya Pradesh through TBCB. The project aims to evacuate renewable energy from special economic zones (SEZs) within the state. The scope entails the transmission of 1,500 MW from the Rajgarh SEZ (Phase III) and 1,000 MW from the Neemuch SEZ (Phase II).
In December 2024, Dineshchandra R. Agrawal Infracon Private Limited (DRAIPL) won the project Rajasthan IV 4B Power Transmission Limited, through TBCB from RECPDCL, which marks the formal entry of DRAIPL in the power transmission development space.
In January 2025, POWERGRID Sikar Transmission Limited commissioned the transmission system strengthening scheme for the evacuation of power from solar energy zones in Rajasthan. The project, with a capacity of 8.1 GW under Phase II, Part C, was completed and operationalised in December 2024. The project was secured under the TBCB mode.
In January 2025, Reliance Industries Limited acquired Lakadia B Power Transmission Limited, an SPV, from REC Power Development and Consultancy Limited to implement an ISTS project on a BOOT basis. Valued at Rs 80 million, the project is designed to evacuate up to 3.5 GW of renewable energy from Lakadia, Gujarat.
In January 2025, Sterlite Grid 32 Limited raised Rs 24.5 billion through listed non-convertible debentures to refinance its Mumbai Urja Transmission Limited (MUML) project. The MUML project was awarded to the JV in June 2020 through TBCB and is being developed on a build-own-operate-maintain basis for a concession period of 35 years.
In April 2025, Resonia Limited secured the bid for the Ananthapur-II REZ Phase I transmission project from PFCCL. The project involves the construction of transmission infrastructure for facilitating the evacuation of 4.5 GW of renewable energy from the Ananthapur region in Andhra Pradesh. It will be executed on a BOOT basis for 35 years. In July 2025, Resonia Limited also emerged as the lowest bidder for the selection of a transmission service provider (TSP) through the TBCB process on a BOOT basis for the North-Eastern Region Expansion Scheme-XXV Part A.
In April 2025, BHEL, in partnership with Hitachi Energy India Limited, secured a contract from AESL for the design and execution of the ±800 kV, 6,000 MW line-commutated converter HVDC terminals at Bhadla and Fatehpur. Earlier, in November 2024, POWERGRID awarded the consortium of Hitachi Energy India Limited and BHEL to design and execute the HVDC link to transmit renewable energy from Khavda in Gujarat to the industrial centre of Nagpur in Maharashtra, under Phase V (8 GW): Part A, which was awarded to POWERGRID on a TBCB basis.
In April 2025, POWERGRID signed an MoU with the Nepal Electricity Authority to establish high-capacity cross-border transmission infrastructure between India and Nepal. The proposed projects include the development of the 400 kV Inaruwa (Nepal)-New Purnea (India) and the 400 kV Dododhara (Nepal)-Bareilly (India) double-circuit transmission systems.
In June 2025, Hitachi Energy India Limited secured an order from POWERGRID for the supply of 30 units of 765 kV, 500 MVA single-phase transformers to support India’s growing power transmission infrastructure.
In June 2025, GE Vernova secured an order from POWERGRID to supply more than 70 units of 765 kV transformers and shunt reactors for transmission projects linked to renewable power corridors across India.
In July 2025, RVPNL approved transmission projects worth Rs 267.73 billion to strengthen the state’s power evacuation infrastructure, particularly for green energy. RVPNL cleared 15 major schemes, including nine 765 kV grid substations (GSSs), four 400 kV GSSs and two 220 kV GSSs.
In July 2025, H.G. Infra Engineering Limited emerged as the successful bidder for selecting a TSP through the TBCB process on a BOOT basis for the Eastern Region Generation Scheme-I.

MoUs and JVs

Over the past year, the distribution and corporate segments saw a surge in large-scale MoUs and JVs, with leading utilities, state governments and global partners announcing projects across renewables, storage and clean technologies.

In September 2024, Tata Power Company Limited signed an MoU with the Rajasthan government to invest Rs 1,200 billion in power distribution, transmission and renewable energy over the next 10 years to provide round-the-clock power to the state. Also, in December 2024, Tata Power signed an MoU with the Asian Development Bank to evaluate financing for clean energy and power infrastructure projects worth $4.25 billion. The agreement focuses on funding key projects, including a 966 MW solar-wind hybrid project, a PSP and other initiatives.
In January 2025, NHPC Limited and Andhra Pradesh Power Generation Corporation Limited formed a JV to develop a 5.07 GW PSP across five locations in Andhra Pradesh. The JV will undertake planning, investigation, research, design and preparation of feasibility and detailed project reports for the projects.
In February 2025, Energy Efficiency Services Limited (EESL) signed an MoU with the Damodar Valley Corporation (DVC) to drive energy efficiency and clean energy adoption. Under this partnership, EESL will support DVC in implementing energy efficiency programmes, including the Street Lighting National Programme, energy-efficient building solutions and decentralised solar initiatives.
In February 2025, the Ministry of Heavy Industries signed an MoU with Reliance New Energy Battery Limited, a wholly-owned subsidiary of Reliance Industries Limited, for the allocation of 10 GWh advanced chemistry cell (ACC) manufacturing capacity under the production-linked incentive scheme for ACC battery storage.
In February 2025, NTPC Limited and EDF India Private Limited signed a non-binding term sheet to develop pumped storage and hydropower projects, along with other renewable energy initiatives, in India and neighbouring countries. NTPC and EDF will establish a 50:50 JV company after receiving the requisite approval from the central government.
In March 2025, Power Finance Corporation Limited signed an MoU with the Madhya Pradesh government to provide Rs 268 billion in financial assistance to the state’s power utilities. The funding will support capex projects for Madhya Pradesh Power Generation Company Limited, Madhya Pradesh Power Transmission Company Limited and Madhya Pradesh discoms.
In March 2025, SJVN Limited signed an MoU with the Chhattisgarh government and Chhattisgarh State Power Generation Company Limited to develop one 1,800 MW pumped hydro storage project at Kotpali. Under the agreement, SJVN will invest Rs 95 billion in the off-stream closed-loop project in Balrampur district.
In March 2025, Tata Power Renewable Energy Limited signed an MoU with the Andhra Pradesh government to develop up to 7,000 MW of renewable energy projects, including solar, wind and hybrid systems, with or without storage. The estimated investment for these projects is approximately Rs 490 billion.
In April 2025, Coal India Limited signed an MoU with DVC to jointly develop a coal-fired 2×800 MW ultra supercritical power plant in Jharkhand. This brownfield project will be an expansion of the existing Chandrapura TPS, entailing a total investment of Rs 165 billion.
In July 2025, NTPC Renewable Energy Limited signed an MoU with the Goa Energy Development Agency to develop 300 MW or more of renewable energy projects in the state and integrate energy storage systems.
In August 2025, Engineers India Limited signed an MoU with NPCIL to provide engineering services for the conceptual design and engineering of structures, systems and components of the Bharat small modular reactor (BSR).

Power offtake agreements

Over the past year, the power sector witnessed various PPAs across renewable, thermal and storage projects, underscoring the push for long-term energy security.

In October 2024, Torrent Power Limited (TPL) secured a letter of award (LoA) from Maharashtra State Electricity Distribution Company Limited for the long-term supply of 2,000 MW of energy storage capacity. This will be delivered through its ISTS-connected pumped hydro storage plant. Recently, in September 2025, TPL received an LoA from MP Power Management Company Limited for setting up and supplying power from the 1,600 MW TPP in Madhya Pradesh.
In October 2024, JSW Renew Energy Thirteen Limited signed a PPA with NTPC Limited for ISTS/state transmission utility-connected solar capacity of 700 MW for the supply of power for a period of 25 years with a tariff of Rs 2.59 per kWh. In addition, JSW Renew Energy Seventeen Limited signed its first PPA for a 192 MW wind-solar hybrid project with Gujarat Urja Vikas Nigam Limited for a period of 25 years at a tariff of Rs 3.27 per kWh.
In February 2025, Adani Hydro Energy Five Limited signed a PPA with Uttar Pradesh Power Corporation Limited (UPPCL) for the supply of 1,250 MW of energy storage capacity from pumped hydro storage projects.
In February 2025, JSW Energy Limited received an LoA from West Bengal State Electricity Distribution Company Limited for the development and operation of a 1,600 MW (2×800 MW) super/ultra-supercritical domestic coal-based TPP.
In April 2025, JSW Neo Energy Limited signed a PPA with UPPCL for the supply of 1,500 MW (12,000 MWh) of pumped hydro energy storage capacity. The agreement is valid for 40 years, under which JSW Neo Energy will receive a fixed capacity charge of Rs 7.72 million per MW per annum.
In May 2025, Adani Green Energy Sixty Nine Limited signed a PPA with UPPCL to supply 400 MW of solar power. The power will be sourced from a grid-connected solar PV project to be developed in Rajasthan.
In May 2025, Reliance Power Limited signed a commercial term sheet for a long-term PPA with Green Digital Private Limited, a subsidiary of Druk Holding and Investments Limited (DHI), the investment arm of the Royal Government of Bhutan. As per the agreement, Reliance Power and DHI will jointly develop Bhutan’s largest solar power project through a 50:50 JV.
In May 2025, Adani Power Limited secured a PPA with UPPCL to supply 1,500 MW of thermal power for a period of 25 years at a levellised tariff of Rs 5.383 per kWh. The PPA was approved by the Uttar Pradesh cabinet and follows a competitive tender issued in October 2024 to procure power from a proposed 2×800 MW (1,600 MW) TPP in the state.
In June 2025, NLC India Limited signed a power usage agreement with Telangana discoms for the supply of 200 MW of solar power. Signed under the CPSU scheme, the agreement will ensure power supply at a competitive and affordable rate for 25 years. The project is scheduled for commissioning by June 2025.
In August 2025, Adani Power Limited received an LoA from Madhya Pradesh Power Management Company Limited for an 800 MW ultra-supercritical thermal project in Madhya Pradesh. The project is valued at Rs 105 billion and was awarded at a final tariff of Rs 5.83 per unit. Subsequently, in the following month, the company was awarded an additional 800 MW capacity under the greenshoe option at the same tariff, bringing the total awarded capacity to 1,600 MW. In September 2025, Adani Power Limited signed a 25-year power supply agreement (PSA) with Bihar State Power Generation Company Limited for the supply of 2,400 MW of power from a greenfield ultra-supercritical thermal plant to be set up in Pirpainti, Bhagalpur district, Bihar.

Mergers and acquisitions

Mergers and acquisitions in the power sector gained momentum over the past year, with companies expanding portfolios across renewable, transmission and hybrid assets.

In January 2025, JSW Neo Energy Limited acquired O2 Power Midco Holdings Limited and O2 Energy SG Pte Limited from O2 Power Pooling Pte Limited for Rs 124.68 billion. The acquisition comprises 2,259 MW of operational capacity, 1,463 MW under construction and 974 MW in the pipeline. JSW Neo Energy Limited also acquired 125 MW of renewable energy assets from the Hetero Group for an enterprise valuation of approximately Rs 6.3 billion in the same month.
In January 2025, Bharti Airtel Limited acquired a 26 per cent equity stake in AMP Energy Green Three Private Limited for Rs 378.9 million. AMP Energy Green Three is developing a 50 MW hybrid wind-solar power plant in Jodh Singh Ka Gaon, Barmer, Rajasthan.
IN March 2025, ONGC NTPC Green Private Limited, a 50:50 JV company of NGEL and ONGC Green Limited, completed the acquisition of 100 per cent equity stake in Ayana Renewable Power Private Limited. Ayana’s renewable energy platform comprises a total capacity of around 4,112 MW (2,123 MW operational and 1,989 MW under construction), strategically located across resource-rich states.
In March 2025, ONGC Green Limited acquired a 100 per cent equity stake in PTC Energy Limited for Rs 9.25 billion, making it a wholly-owned subsidiary. The acquisition supports ONGC’s target of expanding its renewable energy portfolio to 10 GW by 2030.
In March 2025, Brookfield Asset Management announced the sale of a 1.6 GW portfolio of solar and wind assets in India to Gentari Renewables India Pte Limited. The deal was structured in two phases, with the first phase comprising the sale of 1 GW of operational assets already completed.
In July 2025, Adani Power acquired Vidarbha Industries Power Limited (VIPL), a 2×300 MW domestic coal-fired power plant located in Butibori, Nagpur district, Maharashtra, for Rs 40 billion. In June 2025, Adani Power received approval from the National Company Law Tribunal (NCLT) to acquire 100 per cent shares of VIPL for Rs 40 billion.
In July 2025, Tata Power Limited acquired a 40 per cent stake in Khorlochhu Hydro Power Limited (KHPL) for Rs 1.2 billion, marking the first tranche of a planned Rs 8.30 billion investment. The acquisition involves the subscription of 12 million equity shares at Rs 100 each, representing 40 per cent of KHPL’s issued and paid-up equity capital.
In August 2025, IndiGrid Limited signed definitive agreements with Techno Electric & Engineering Company Limited (TEECL) to acquire a transmission project in the Northeast for an enterprise value of up to Rs 4.6 billion. In June 2025, Indigrid signed agreements to acquire equity stakes in ReNew Solar Aayan Private Limited (RSAPL) and Koppal Narendra Transmission Limited (KNTL) in two separate transactions from ReNew Solar Power Private Limited and its affiliates. RSAPL, a 300 MW operational solar power project in Barmer, Rajasthan, was commissioned in March 2024. Meanwhile, KNTL is an ISTS project based in Karnataka under the build-own-operate-maintain model. It is jointly owned by ReNew Solar Power and KNI India, a JV between Norfund and KLP.
In September 2025, JSW Neo Energy Limited, a wholly-owned subsidiary of JSW Energy Limited, has signed a definitive agreement to acquire a 100 per cent stake in Tidong Power Generation Private Limited from Statkraft IH Holding AS for Rs 17.28 billion.
In September 2025, Serentica Renewables India Private Limited signed an agreement with Statkraft to acquire 1,445 MWp of solar power projects in Rajasthan. Of these, a 445 MWp solar power project is operational in Bikaner.

Restructuring moves

Over the past year, companies restructured their operations by setting up subsidiary companies for new ventures, or by consolidating through mergers.

In October 2024, the Adani Group merged Adani Infrastructure Private Limited and Mundra Solar Technology Limited with Adani New Industries Limited (ANIL), its wholly-owned subsidiary. The move is aimed at strengthening ANIL’s low-carbon portfolio across green hydrogen, wind turbine and solar module manufacturing.
In January 2025, NTPC Limited set up a wholly-owned subsidiary, NTPC Parmanu Urja Nigam Limited (NPUNL), to drive its foray into nuclear energy. NPUNL will establish and run nuclear power stations, advance research in nuclear technology, and select and prepare sites suitable for nuclear facilities.
In February 2025, the Naveen Jindal Group set up Jindal Nuclear Power Private Limited, a wholly-owned arm of Jindal Renewables, which aims to add 18 GW of nuclear capacity over the next 20 years with an investment of around Rs 1.8 trillion, focusing on advanced technologies such as small module reactors, BSRs and Gen-IV reactors.
In February 2025, Eminent Electricity Distribution Limited, a subsidiary of CESC Limited, acquired a 100 per cent stake in Chandigarh Power Distribution Limited (CPDL) for Rs 8.71 billion. With this, CPDL has become a step-down subsidiary of CESC Limited.
In June 2025, Inox Wind Limited (IWL) received approval from the NCLT to merge with Inox Wind Energy Limited. The merger led to a reduction of IWL’s liabilities by approximately Rs 20.5 billion. In a separate development, in August 2025, Inox Wind sold a Rs 1.75 billion stake in its engineering, procurement and construction (EPC) subsidiary, Inox Renewable Solutions Limited, to investors at a valuation of Rs 74 billion.
In July 2025, NLC India Limited granted in-principle approval to invest up to Rs 16.3 billion in its wholly-owned subsidiary, NLC India Renewables Limited (NIRL). The funds will be deployed to finance NIRL’s renewable energy projects. Later that month, the cabinet committee on economic affairs (CCEA) granted a special exemption, allowing NLC to invest up to Rs 70 billion in NIRL without prior approvals.
In July 2025, the CCEA approved raising NGEL’s investment limit to Rs 200 billion from Rs 75 billion, enabling additional funding for NTPC Renewable Energy Limited, its other subsidiaries and JVs. The move is aimed at accelerating renewable capacity addition, strengthening infrastructure and supporting India’s 500 GW non-fossil capacity target by 2030.

Green hydrogen projects

The past year saw notable advancements and new initiatives in the green hydrogen and ammonia sectors.

In November 2024, the Ministry of Power launched NTPC Limited’s green hydrogen buses in Leh under its Green Hydrogen Mobility Project. The project includes a 1.7 MW solar plant, a green hydrogen filling station with a capacity of 80 kg per day and five intra-city hydrogen-powered buses.
In December 2024, NTPC partnered with the Grid Corporation of Odisha and Capital Region Urban Transport to promote green hydrogen mobility in Bhubaneswar, Odisha. The agreement involves establishing a hydrogen fuelling station and deploying hydrogen-powered buses for both short- and long-distance operations in the city.
In January 2025, the Andhra Pradesh government approved renewable energy projects worth Rs 27.23 billion, including a 1 million tonne per annum (mtpa) green ammonia manufacturing facility at Kakinada, to be developed by AM Green Ammonia (India) Private Limited.
In February 2025, NGEL and the New and Renewable Energy Development Corporation of Andhra Pradesh formed a JV company, AP NGEL Harit Amrit Limited. The entity will develop 0.5 mtpa of green hydrogen and derivatives, such as green ammonia and green methanol, alongside 25 GW of renewable energy capacity and 10 GW of PSPs in the state.
In April 2025, Larsen & Toubro (L&T) incorporated a new subsidiary, L&T Green Energy Kandla Private Limited, through its wholly-owned unit, L&T Energy Green Tech Limited. The new arm has been formed to develop green hydrogen, green ammonia and related projects.
In April 2025, Bharat Petroleum Corporation Limited and Sembcorp Green Hydrogen India Private Limited formed a 50:50 JV to develop renewable energy and green hydrogen projects in India, with additional plans for green ammonia production, bunkering and port decarbonisation.
In August 2025, NTPC Renewable Energy Limited won the Solar Energy Corporation of India’s (SECI) auction to supply 70,000 tonnes per annum of green ammonia under the green hydrogen transition programme (Mode 2A, Tranche I). The ammonia will be supplied to Krishana Phoschem in Madhya Pradesh at a tariff of Rs 51.80 per kg for 10 years.

Projects won

In the past year, several companies, including POWERGRID, NTPC, Adani Power and NLC India, secured key transmission, renewable energy and storage projects across India.

In October 2024, Rays Power Infra Limited secured projects worth Rs 9.4 billion and with a cumulative solar capacity of 362 MW in Rajasthan. In addition, the company won a 600 kW/3,000 kWh flow battery project from NTPC Limited.
In October 2024, NTPC’s auction results for 1.2 GW of ISTS-connected wind-solar hybrid projects were announced. Green Prairie and Adyant Enersol won 200 MW and 70 MW respectively, by quoting Rs 3.28 per kWh. Meanwhile, Sembcorp Green won 300 MW, Adani Renewable Energy won 600 MW and ReNew Solar won 30 MW quoting Rs 3.29 per kWh.
In October 2024, SECI announced the results of its 600 MW ISTS-connected wind-solar hybrid projects auction, Tranche IX. By quoting Rs 3.25 per kWh, ACME Solar Holdings and Juniper Green Energy won 300 MW and 150 MW respectively. Meanwhile, Sembcorp Green Infra won 150 MW at Rs 3.26 per kWh.
In November 2024, the results of SJVN Limited’s auction for developing 1,200 MW of ISTS-connected wind-solar hybrid projects, Phase III, were announced. The successful bidders were Gentari Renewables India Utilities 2 (400 MW), Juniper Green Energy (300 MW), EG Energy Development (300 MW) and Datta Infra (70 MW), quoting a tariff of Rs 3.19 per kWh. Sunsure Solarpark RJ One also won 130 MW of its quoted 150 MW at the same tariff using the bucket-filling method.
In December 2024, SECI announced the results of its Tranche XVII auction for developing 2,000 MW of ISTS-connected solar projects with 1,000 MW/4,000 MWh energy storage systems. NTPC Renewable Energy, Hero Solar Energy, Sembcorp Green Infra and Solarcraft Power India 8 secured 500 MW, 270 MW, 150 MW and 150 MW, respectively, by quoting the lowest tariff of Rs 3.52. Meanwhile, Reliance Power won 930 MW at Rs 3.53 per kWh.
In December 2024, SECI announced the results of its Tranche XVIII auction for developing 1 GW of ISTS-connected solar projects. ReNew Solar Power secured 250 MW at Rs 3.04 per kWh, ACME Solar won 300 MW at Rs 3.05 per kWh and Adani Renewable Energy Holdings Twelve won 50 MW at Rs 3.10 per kWh.
In December 2024, the results of NTPC Limited’s auction for 1.2 GW of solar projects, including a greenshoe option of 600 MW, were announced. The successful bidders included Bharat Petroleum (150 MW at Rs 2.55 per kWh), Onward Solar Power (50 MW at Rs 2.59 per kWh) and Dinesh Chandra R Aggarwal Infracon (96 MW at Rs 2.70 per kWh). Other companies won the following capacities by quoting a tariff of Rs 2.60 per kWh each: ReNew Solar Power 300 MW Illuminate Hybren 120 MW and Adyant Enersol 100 MW.
In January 2025, Purvah Green Power Private Limited an received a LoA from CESC Limited to develop a 300 MW wind-solar hybrid project. The award includes a 150 MW ISTS-connected plant secured through TBCB and an additional 150 MW allocated under a greenshoe option.
In January 2025, NHPC Limited’s auction results for 1,200 MW of ISTS-connected solar projects with energy storage were announced. By quoting the lowest tariff of Rs 3.09 per kWh, the following companies won capacities – Onix Renewable (100 MW), Jindal India Renewable Energy (180 MW), NTPC Renewable Energy (300 MW), and Kolar Solar Power (150 MW). Meanwhile, ReNew Solar Power and Adani Renewable Energy Holding Nine won 300 MW and 170 MW, respectively, at Rs 3.10 per kWh.
In February 2025, JSW Energy Limited received an LoA from West Bengal State Electricity Distribution Company Limited to develop a 1,600 MW (2×800 MW) super/ultra-supercritical domestic coal-based TPP. The project will be implemented under a competitive bidding process, covering plant development, construction and operation.
In March 2025, NTPC Limited’s auction results for 1.2 GW of wind-solar hybrid projects, with a greenshoe option up to 600 MW, were announced. The successful bidders were EG Solwin Renewable (300 MW), Welspun Renewable Energy (250 MW) and NLC India (450 MW), which quoted the lowest tariff of Rs 3.35 per kWh. Meanwhile, Adani Renewable Energy won 600 MW at Rs 3.36 per kWh.
In March 2025, the results of UPPCL’s auction for 2,000 MW of solar projects were announced. By quoting the lowest tariff of Rs 2.56 per kWh, NTPC Renewable Energy and ReNew Solar Power secured 1,000 MW and 300 MW respectively. Fastnote Biofuels (Hindustan Power) and Adani Renewable Energy Holding Twelve also won 300 MW and 400 MW respectively, at Rs 2.57 per kWh each.
In May 2025, Patel Engineering was awarded a Rs 7.11 billion EPC contract by North Eastern Electric Power Corporation Limited (NEEPCO) to develop the 240 MW HEO hydropower project in Arunachal Pradesh. The scope of work includes civil construction, hydro mechanical equipment supply, installation, testing and commissioning, with project completion expected within 44 months. Also, NEEPCO awarded a Rs 4.58 billion civil works contract to IRCON International Limited for the Tato-I hydropower project in Arunachal Pradesh.
In May 2025, Advait Energy Transitions Limited secured an order from Gujarat BESS Private Limited to develop a 180 MW/360 MWh BESS at Sanand, Gujarat. The project is valued at Rs 743.4 million, and involves supply, erection, testing and commissioning. The company also won a Rs 8.61 billion order from POWERGRID for the supply and installation of optical ground wire across transmission lines across the country.
In May 2025, SJVN Limited’s auction results for 1,200 MW of ISTS-connected solar projects with 600 MW/2,400 MWh storage were announced. By quoting a tariff of Rs 3.32 per kWh, the following companies emerged as successful bidders: SAEL Industries (150 MW), Jindal India Renewable Energy (300 MW), Sembcorp Green (150 MW) and JBM Renewables (150 MW). Fastnote Biofuels (Hindustan Power) won 100 MW at Rs 3.33 per kWh, while Reliance NU Energies (Reliance Power) was awarded 350 MW, out of a quoted 600 MW, at the same rate through the bucket-filling method.
In May 2025, SECI’s auction results for 1.2 GW of round-the-clock renewable energy projects were announced. By quoting the lowest tariff of Rs 5.06 per kWh, Hero Solar Energy and Hexa Climate Solutions secured capacities of 120 MW and 100 MW respectively. Sembcorp Green Infra and Jindal India Power were awarded 50 MW and 150 MW respectively, at Rs 5.07 per kWh, while ABC Cleantech won 120 MW at Rs 5.08 per kWh.
In May 2025, Bondada Engineering Limited secured contracts from the Andhra Pradesh government to develop a 2,000 MW AC/2,600 MWp DC solar project across Ananthapuramu and Sri Sathya Sai districts. The company also received an LoA from the Telangana Power Generation Corporation for developing a 100 MWh BESS project.
In July 2025, the results of NHPC Limited’s Tranche XI auction for 1,200 MW of solar projects with 2,400 MWh storage were announced. By quoting a uniform tariff of Rs 3.13 per kWh, Reliance Infrastructure, JBM Renewables, PNC Infratech and SAEL Industries secured 390 MW, 150 MW, 300 MW and 300 MW respectively. Navayuga Engineering Company secured 60 MW of its quoted 200 MW under the bucket-filling method at the same tariff.
In September 2025, Engie Energy India Private Limited and PTC India Limited signed a PPA for a 100 MW solar photovoltaic PV project on September 2, 2025. In March 2025, PTC India Limited had invited expression of interest bids for power procurement from 500 MW of solar/wind-solar hybrid power projects for a 25-year period.
In September 2025, ACME Solar Holdings Limited and Ceigall India Limited won bids for the implementation of a cumulative 600 MW solar power project with the BESS under the 1,600 MW Morena wind-solar hybrid power project with BESS at Morena, Madhya Pradesh. ACME won 220 MW of capacity at a tariff of Rs 2.76 per kWh while Ceigall won 220 MW at Rs 2.70 per kWh.

Key equipment contracts – Generation

Leading equipment players secured a series of high-value contracts across solar, wind, hydro and thermal power projects.

Between October 2024 and September 2025, the Suzlon Group secured multiple wind energy orders for turbine generators, including a 400 MW project from JSP Green Wind 1 Private Limited for 127 turbines, and a 486 MW project from Torrent Power Limited for 162 turbines. Additionally, it secured two firm and despatchable renewable energy (FDRE) wind turbine orders: 381 MW from Zelestra India and 838 MW from Tata Power Renewable Energy, in August 2025 and September 2025, respectively.
In October 2024, Om Infra Limited secured a hydro mechanical works order worth Rs 4.1 billion from Chenab Valley Power Projects for the 540 MW Kwar HEP. The contract covers design, procurement, manufacturing, inspection, assembly, testing, painting, transport, storage, site erection and commissioning, with a 36-month timeline. In June 2025, the company won a Rs 1.99 billion turnkey contract from NHPC Limited for hydro mechanical works at the 2,880 MW Dibang multipurpose project in Arunachal Pradesh. The contract covers the supply of components such as piping, intake and draft tube gates, hoists, spare parts, tools and tackles.
In November 2024, Waaree Renewable Technologies Limited secured an EPC contract to develop 2,012.47 MWp of ground-mounted solar PV projects, valued at Rs 12.33 billion. Again in February 2025, it received an LoA from Continuum Green Energy Limited for an EPC contract to develop a 40 MWh BESS. The contract is valued at approximately Rs 400 million and is scheduled for completion within financial year 2025-26.
In November 2024, L&T’s business vertical, L&T Energy CarbonLite Solutions, received orders from NTPC for thermal projects in Madhya Pradesh and Bihar, including the 2×800 MW Gadarwara Stage II and 3×800 MW Nabinagar Stage II units, comprising boilers, turbines, electrostatic precipitators and related equipment. In March 2025, L&T also secured a contract from NTPC for the supply and installation of the main plant package for 3×800 MW ultra-supercritical units at Nabinagar Stage-II. In August 2025, the company won an order from Adani Power for 8×800 MW units, totalling 6,400MW, covering boiler-turbine-generator packages and auxiliaries.
In December 2024, Sterling & Wilson Renewable Energy Limited secured an order worth Rs 5.04 billion to develop a 305 MW AC/396 MWp DC solar project in Rajasthan for a private independent power producer. The scope of work includes supply, installation and commissioning. In a separate development, the company was awarded a 500 MW AC solar PV project in Gujarat, valued at Rs 12 billion.
In February 2025, BHEL received an LoA from Maharashtra State Power Generation Company Limited(MAHAGENCO) for the 2×660 MW Koradi thermal power station TPS boiler-turbine-generator package, valued at Rs 80 billion. In February 2025, BHEL received an LoI from the DVC for the steam generator island package of the 2×660 MW Raghunathpur TPS Phase II project in Purulia district, West Bengal. The contract is valued at Rs 62 billion. Other key equipment contracts won by BHEL over the past year include the 1×800 MW Anuppur TPP, 1×800 MW Ukai TPP extension Unit-7, 1,320 MW Rajiv Gandhi (Korba West) TPP and 1×800 MW Singareni Stage II TPP.
In March 2025, Inox Wind Limited received a 153 MW order from a leading renewable energy developer, part of a global clean energy company, for the supply of its 3 MW class wind turbines for a project in Tamil Nadu.
In April 2025, Megha Engineering & Infrastructure Limited marked its foray into the nuclear energy sector by securing a Rs 130 billion contract from NPCIL under a quality-cum-cost-based selection method. The contract involves the construction of two 700 MW nuclear reactors, Kaiga Units 5 and 6, in Karnataka. In August, it won an EPC contract worth Rs 11.91 billion from Tripura Power Generation Limited, for the development of a 120 MW combined cycle gas Rokhia power plant under the Tripura Power Distribution Strengthening and Generation Efficiency Improvement Project.
In June 2025, Andritz secured an order from AGEL for the 1,500 MW Tarali PSP in Satara district, Maharashtra. The contract includes the supply of pump turbines, motor generators and other electromechanical systems. In September 2025, it secured another order from AGEL for the 1,800 MW Gandikota PSP in YSR Kadapa district, Andhra Pradesh, covering the design, manufacture, installation, testing and commissioning of the pumped storage units.
In July 2025, the Madhya Pradesh government approved the joint renovation and modernisation of the 115 MW Gandhi Sagar and 175 MW Rana Pratap Sagar hydroelectric plants operated by Madhya Pradesh Power Generating Company Limited. The projects will be jointly funded by the Madhya Pradesh and Rajasthan governments, with project costs of Rs 4.65 billion for Gandhi Sagar (5×23 MW units) and Rs 5.78 billion for Rana Pratap Sagar (4×43 MW units).
In August 2025, the Suzlon Group secured a 381 MW wind energy contract from Zelestra India for its FDRE projects. The projects involve the supply and installation of 127 units of Suzlon’s S144 wind turbines, with a capacity of 180 MW each, in Maharashtra and Madhya Pradesh under SJVN Limited’s FDRE bids, and an additional 21 MW in Tamil Nadu.
In September 2025, Power Mech Projects Limited secured a Rs 3.71 billion order from Mahan Energen (Adani Power) Limited for the 2×800 MW Mahan Phase-III project in Madhya Pradesh. Earlier, in December 2024, it received a Rs 5.1 billion contract from Adani Power Limited for mechanical works at the 2×800 MW Raipur Phase II ultra-supercritical TPP in Raikheda, Chhattisgarh.
In September 2025, Vikram Solar won a 336 MW module supply order from Larsen & Toubro for the Khavda project. The company will supply advanced hypersol G12R N-type modules.
In September 2025, L&T received an LoI worth Rs 12,907.42 million for the installation of nuclear reactor and turbine systems at the Kudankulam Nuclear Power Plant 5 and 6 project.

Key equipment contracts – T&D

Several contracts were awarded to major players for transmission and distribution (T&D) infrastructure, including smart meters, substations, high voltage lines and transformers.

In June 2025, L&T’s power T&D business secured an order to construct 765 kV and 400 kV transmission lines for integrating a REZ in Andhra Pradesh. In January 2025, L&T’s power T&D vertical secured an order in West Bengal to implement an advanced distribution management system. This technology will enable real-time monitoring, faster fault isolation, and control of medium and low-voltage networks.
In February 2025, Sterlite Power secured new orders worth Rs 22.5 billion and L1 positions in orders worth Rs 6.5 billion for its Global Products and Services business. The orders cover high performance conductors, optical ground wire and power cables.
In April 2025, Rajesh Power Services Limited won orders worth Rs 11.16 billion from the government and institutional clients in Gujarat for turnkey T&D projects, including 11/22 kV underground cables and medium voltage overhead networks. In September, it secured a Rs 1.43 billion turnkey contract from Dakshin Gujarat Vij Company Limited to convert the existing 11/22 kV overhead network into underground cables and multi-volt concentric cable systems across the Valsad and Surat rural regions.
Between December 2024 and June 2025, Bajel Projects Limited secured multiple orders, including an EPC contract from Solapur Transmission Limited for the 400/220 kV Solapur substation and two 400 kV line bays; transmission and solar-wind hybrid projects worth over Rs 4 billion from POWERGRID and Inergy Infra Private Limited respectively; and an ultra-mega order worth over Rs 4 billion from POWERGRID for a 138 km, 400 kV double-circuit transmission line from Mahan to Rewa in Madhya Pradesh.
Between May and July 2025, Kalpataru Projects International Limited secured multiple orders across India and international markets. In May, it won T&D orders worth Rs 23.72 billion, followed by additional overseas T&D orders of Rs 9.89 billion in June. Further, in July, the company, along with its international subsidiaries, secured orders worth Rs 22.93 billion for its factories and buildings business in India and its overseas T&D segment.
In January 2025, KEC International Limited secured orders totalling Rs 14.45 billion from POWERGRID for ± 800 kV HVDC and 400 kV transmission line projects. In May 2025, it secured orders totalling Rs 11.33 billion for ± 800 kV HVDC and 765 kV GIS substation projects from POWERGRID, as well as a 400 kV quad transmission line project from a private developer.
In July 2025, Diamond Power Infrastructure Limited received an LoI from AESL worth Rs 134.91 billion for the supply of 24,080 km of aluminium alloy-59 conductors. The conductors will be used in key transmission projects, including Jamnagar, Khavda-IV D, Navinal-II and Mahan-II.
In July 2025, RECPDCL signed an advanced metering infrastructure (AMI) service provider contract with Bharat Grid Private Limited to roll out 3.32 million smart prepaid meters under Phase II of the Revamped Distribution Sector Scheme (RDSS) in Paschim Gujarat Vij’s area. The project will be implemented on a design-build-finance-own-operate-transfer (DBFOOT) model.
In July 2025, Hartek Power secured a Rs 1.38 billion contract from POWERGRID to develop a 400 kV air-insulated substation package SS-66T. The project includes design, engineering, procurement, construction, testing, supply and commissioning on a turnkey basis.
In August 2025, Intellismart Infrastructure Private Limited won a contract worth Rs 17,209.74 million for the appointment of an AMI service provider at Dakshin Gujarat Vij Company Limited to undertake smart prepaid metering on a DBFOOT basis under the Gujarat RDSS Phase II.
In September 2025, Diamond Power Infrastructure Limited received an LoI worth Rs 2,367.13 million from AESL for the network expansion scheme in Gujarat for the drawl of about 3.6 GW load under Phase I in Jamnagar area.