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India's solar module manufacturing capacity is set to surpass 125 GW by 2025, more than triple the domestic demand of around 40 GW, creating an inventory surplus of 29 GW, according to Wood Mackenzie. The surge has been fueled by the government's Production Linked Incentive (PLI) scheme, which has spurred rapid factory expansion. However, the industry now faces overcapacity risks, compounded by a sharp decline in exports to the United States, where new 50 per cent reciprocal tariffs caused module shipments to fall 52 per cent in the first half of 2025. Several manufacturers have paused their US expansion plans and refocused on the domestic market. Wood Mackenzie warned that cost competitiveness remains a challenge. Indian-assembled modules using imported cells are at least USD 0.03 per watt more expensive than fully imported Chinese modules, while fully 'Made in India' modules could cost more than double their Chinese counterparts without government support. Protective measures,
Gujarat-based Goldi Solar, which looks to increase domestic solar module capacity, has raised over Rs 1,400 crore in funding from a clutch of investors, including Havells India and Zerodha co-founder Nikhil Kamat. "The amount raised from our investors will be utilised to support our future capacity expansion plans in the country," Goldi Solar founder and Managing Director Ishver Dholakiya said in a telephonic conversation. The funding has been closed over a period of six months after an evaluation, he said. In a statement, Goldi Solar said it has secured a landmark growth capital infusion led by Havells India, alongside a distinguished consortium of high-net-worth individuals (HNIs), institutional, strategic, and prominent investors. The company has raised a total of Rs 1,422 crore from multiple investors, which includes consumer electrical goods maker Havells India and Kamath, who is the co-founder of the brokerage Zerodha. Other prominent investors and family businesses are Ambi
Vikram Solar on Thursday said its consolidated net profit increased manifold to Rs 128.48 crore in the second quarter ended September 2025. The company had clocked a net profit of Rs 7.35 crore in the same period of preceding 2024-25 financial year. The company's total income rose to Rs 1,125.80 crore from Rs 583.46 crore in Q2FY25. Vikram Solar's expenses also increased to Rs 941.35 crore from Rs 572 crore in the year-ago period. Kolkata-headquartered Vikram Solar is one of the largest PV module manufacturers in India. On August 26, shares of Vikram Solar made a tepid market debut on the exchanges listing with a premium of over 2 per cent against the issue price of Rs 332. In a separate statement, the company's CMD Gyanesh Chaudhary said: "Despite the temporary slowdown caused by monsoon-related logistical challenges, we delivered a strong revenue growth of 93.7 per cent compared to the same period last year. This remarkable growth demonstrates strength and resilience of our ...
India has added around 4.9 GW of residential rooftop solar capacity under the Pradhan Mantri Surya Ghar Yojana (PMSGY) and over 57.9 lakh installation applications have been submitted as of July this year, a report released on Tuesday said. The report by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research & Analytics, however, noted that despite a near four-fold increase in applications between March 2024 and July 2025, only 13.1 per cent of the target of 1 crore installations has been met. Moreover, just 14.1 per cent of the allocated Rs 65,700 crore (USD 7.5 billion) in subsidies have been released till July 2025. Given this context, achieving the FY2027 target of 30GW capacity continues to be seen as a considerable challenge. Under PMSGY, Gujarat leads all states with the highest installed residential rooftop solar capacity of 1,491MW, followed by Maharashtra, Uttar Pradesh, Kerala and Rajasthan. These states together account for around 77.2 per .
Tata Power Renewable Energy Ltd (TPREL) has signed a power purchase agreement with Tata Power Mumbai Distribution to set up an 80 MW FDRE project at Rs 1,200 crore. An FDRE (Firm and Dispatchable Renewable Energy) project integrates advanced solar, wind and battery storage systems to enable reliable energy dispatch during peak demand, thereby strengthening grid stability. The time period for project execution is 24 months, Tata Power, the parent company of TPREL, said in an exchange filing. On the broad size of the order, the company said the capex is about Rs 1,200 crore. In a separate statement, Tata Power said the project is expected to generate approximately 315 million units (MUs) of electricity annually, mitigating over 0.25 million tons of carbon dioxide emissions per year. A key feature of this initiative is the commitment to a 4-hour peak power supply, ensuring at least 90 per cent availability during peak demand hours to support the growing energy needs of Tata Power Mum
India has potential to have about 3,343 GWp ground-mounted solar PV from 27,571 square km of wasteland across the nation, a report by National Institute of Solar Energy (NISE) said on Tuesday. NISE is an autonomous specialised institute under the Ministry of New and Renewable Energy (MNRE), mandated for research and development, solar component testing and certification, capacity building, and development of solar products and applications. This report provides a comprehensive analysis of India's ground-mounted solar PV potential, building on the earlier estimate of 748.98 GWp in 2014. The study integrates advanced geospatial datasets and refined methodologies, accounting for key development constraints such as terrain (slope and aspect), sustainable land use, solar irradiance, and proximity to roads and electrical substations. It identifies feasible ground-mounted solar potential of 3,343 GWp across India, derived from 27,571 sq km of wasteland. The report shows that apart from .
Solar module maker Vikram Solar's initial public offer garnered 54.63 times subscription on the last day of bidding on Thursday. The IPO received bids for 2,47,81,57,740 shares against 4,53,61,650 shares on offer, as per NSE data. The portion for Qualified Institutional Buyers (QIBs) fetched a huge 142.79 times subscription. Non Institutional Investors' part received 50.90 times subscription while the quota for Retail Individual Investors (RIIs) got subscribed 7.65 times. Vikram Solar on Monday mobilised Rs 621 crore from anchor investors. The Rs 2,079-crore initial public offering (IPO) has a price band of Rs 315 to Rs 332 per share. The IPO includes fresh issues of equities worth up to Rs 1,500 crore and an offer for sale (OFS) of over 1.74 crore shares, valued at around Rs 579.37 crore at the upper end of the price band, by its promoters. Of the fresh issuance, the company plans to use the proceeds for funding capital expenditure for investment in its wholly owned subsidiary,
India has logged threefold growth in its renewable power capacity in the last decade, with the installed green energy capacity reaching 232GW, including large hydro power plants, currently compared to 75.52GW capacity in March 2014, official sources said. India has emerged as a global front runner in renewable energy space as the traiff of the grid-connected solar power plants has gone down by 80 per cent to Rs 10.95 per unit (for 170MW at Neemuch), sources said. In March 2014, India's installed solar energy capacity was 2.82 GW, which has crossed 108GW now, recording multifold growth. Wind energy capacity has more than doubled to 51GW presently from 21GW in 2014. Sources mentioned that during the UPA regime, India was almost absent in the solar manufacturing scene, with a meagre 2GW of solar module production in 2014. In 2024, India has transformed into a global leader, with solar module manufacturing skyrocketing to 90GW and by 2030, the nation will reach an impressive 150GW, the
Andhra Pradesh Chief Minister N Chandrababu Naidu on Friday met three Union ministers here and sought the Centre's support for the state's renewable energy initiatives, a defence manufacturing hub proposal and a major water transfer project. In his meeting with Union New and Renewable Energy Minister Prahlad Joshi, Naidu requested for the allocation of rooftop solar capacity under the Pradhan Mantri Surya Ghar Muft Bijli Yojana and urged expediting approval of the proposals submitted by state electricity distribution companies (DISCOMs) in January. "Had a fruitful meeting... With the Centre's support, we will reduce energy costs, empower our people, and lead India's clean energy transition," Naidu, a key ally of the NDA, said in a post on X after meeting Joshi. The chief minister has set a target of installing 20 lakh rooftop solar units by 2025. Under the scheme, SC/ST households will receive free rooftop solar systems, while backward caste households will get Rs 10,000 per kWp ...