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APTEL issues a stay on MERC’s tariff order limiting energy banking
April 30, 2026
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India’s solar manufacturing sector is expanding unevenly, with module production scaling rapidly while cell manufacturing continues to lag. Despite policy support and strong domestic demand, the gap highlights underlying technology and market constraints. Module manufacturing benefits from simpler assembly processes and lower capital requirements, but cell production remains capital-intensive and technology-driven, requiring advanced infrastructure and continuous upgrades.
The Appellate Tribunal for Electricity (APTEL) issued an interim order staying the issuance of disconnection notices and electricity bills raised under the new power banking mechanism introduced by the Maharashtra Electricity Regulatory Commission (MERC). Recently, MERC modified aspects of its multi-year tariff order, revising time-of-day banking rules and rationalizing the rebate structure to better align with regulatory principles and solar consumption patterns.
The Uttar Pradesh Electricity Regulatory Commission approved an aggregate revenue requirement of approximately ₹59.61 billion (~$630.22 million) and ₹255.41 million (~$2.7 million) for Uttar Pradesh Power Transmission Corporation and Uttar Pradesh State Load Dispatch Center, respectively. It approved an annual performance review of ₹58.08 billion (~$614.12 million) and ₹481.72 million (~$5.1 million).
Strong capacity additions and advanced resource adequacy planning have helped India meet peak energy demand without any shortages so far this summer. The country’s peak electricity demand reached 256.1 GW on April 25, 2026, according to the Ministry of Power. The power generation on the day reached 260,897 MW, excluding transmission losses.
India’s solar industry is entering a new phase of growth, marked by a rapid shift toward hybrid energy systems, battery storage, and high-efficiency module technologies, driven by rising renewable penetration, grid stability challenges, and evolving policy frameworks. Industry experts highlight the growing importance of round-the-clock power solutions, domestic content requirement-driven solar manufacturing, and advanced technologies such as TOPCon, as the market moves beyond cost optimization toward reliability, efficiency, and long-term energy security.
The Punjab State Power Corporation issued a tender for procuring 250 MW of power from grid-connected solar projects for 25 years. Bids must be submitted by May 20, 2026. Bids will be opened on May 22.
East Central Railway invited bids to install 1.114 MW of rooftop solar systems at Amrit Bharat station (533 kW) and at various locations (581 kW) under Sonpur Division in Bihar.
NTPC invited bids for the operation and maintenance of a 4 MW solar microgrid system installed at the NTPC Energy Technology Research Alliance in Uttar Pradesh. The last date to submit bids is May 7, 2026. Bids will be opened on May 8.
Gurugram-based Battery Smart, a battery-swapping network for electric two- and three-wheelers operated by Upgrid Solutions, secured $15 million in debt funding from Mirova, an affiliate of Natixis Investment Managers focused on sustainable investing.
Enviro Infra Engineers’ wholly owned subsidiary, EIE Renewables, signed a share purchase agreement to acquire a 100% stake in Suyog Urja through a phased transaction. Under the agreement, EIE Renewables will initially acquire a 51% stake in Suyog Urja. It will acquire the remaining 49% stake over 27 months.
Infrastructure engineering, procurement, and construction company Jakson Infra, part of the Jakson Group, secured a power distribution project from Angola’s Ministry of Energy and Water. The project is being executed under the World Bank-supported Electricity Sector Improvement and Access Project.
Bondada Engineering, a Hyderabad-based engineering, procurement, and construction company, secured multiple orders worth ₹1.25 billion (~$13.22 million) for a 75 MW solar project in Gujarat. The contracts have been awarded by Adani Green Energy, Adani Ports and Special Economic Zone, and Ambuja Cements.
Public infrastructure finance company REC recorded a total income of ₹145.83 billion (~$1.54 billion) for the fourth quarter (Q4) of the financial year (FY) 2026, down 5% from ₹153.48 billion (~$1.62 billion) in the corresponding quarter last year. The company’s net profit for the quarter stood at ₹33.75 billion (~$357 million), compared to ₹43.10 billion (~$456 million) in the same period last year.
Bengaluru-based solar cell and module manufacturer, Emmvee Photovoltaic Power, reported a revenue of ₹17.39 billion (~$184 million) in Q4 of FY 2026, registering a 62% year-over-year increase from ₹10.72 billion (~$113.4 million). Earnings before interest, taxes, depreciation, and amortization for the quarter stood at ₹5.71 billion (~$60.4 million), up 58% from ₹3.61 billion (~$38.2 million) in Q4 FY 2025.
Inox Solar Americas, a renewable energy platform of Inox Clean Energy, is set to acquire 100% equity in Boviet Solar Technology (North Carolina), the U.S.-based solar module manufacturing subsidiary of Ningbo Boway Alloy Material. The transaction is subject to regulatory approvals, according to the company.
Mercom Staff
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