Clean energy auctions and regulatory landscape

Clean power auctions were a critical growth lever. India is already one of the world’s most active renewable markets, having approved 59 gigawatts (AC) of capacity in 2024, which is more than twice as much as the year before. Auctions provide revenue certainty and allow private developers to scale with long-term visibility.

However, there are uncertainties about future capacity additions. The government plans to implement the Approved List of Cells and Manufacturers (ALMM) from June 2026. This could also create issues for open-access projects. JMK Research cautioned, “Following the implementation of ALCM, the expected shortage of domestic content requirement (DCR) modules is likely to hamper the execution of nearly 20-25 GW of green open access projects over the next 2-3 years. Concurrently, the high prices of DCR modules will also increase the project power tariff by up to USD 0.0046 to 0.0057 per unit.”

This shift aims to deepen India’s solar value chain by including solar cells alongside modules. However, domestic supply gaps remain stark: the July 2025 ALCM list had only six manufacturers with 13 GW of cell capacity, compared to 91.5 GW of modules listed in June.

Solar sector leads the way

Solar represented the lion-share of the investment landscape, comprising 77 per cent of investments in H1 2025. There was a mix of utility-scale and small-scale solar projects that benefitted from record auction awards as well as Foreign Direct Investment (FDI). FDI in the renewables sector stood at USD 12.67 billion in March 2025 – an increase from just 1 per cent in FY21 to nearly 8 per cent in FY25.

Wind investment had halved from the previous year, however, hybrid projects that combined wind with solar and storage were emerging as a flexible solution to meet the overall round-the-clock demand.

Aluminium’s role in India’s energy transition

Some media reports have indicated that aluminium is developing into an important enabler of renewable growth. Aluminium is light in weight and can be recycled, giving it a clear role in solar modules and mounting structures, among other applications, with the overall flexible solution industry set to contribute 20 GW of additional capacity by 2030.

Sources also cited the commissioning delays as the impetus for the 25 per cent reduction in solar additions in Q1 2025 but noted large-scale projects from Adani Green Energy, Jindal, and Alpex Solar would yield a recovery for the remainder of the year.

By the first half of 2025, it was reported that India surpassed the capacious threshold of resolving over 50 percent of installed capacity from renewables, ahead of Paris Agreement targets. With mega-projects surrounding Khavda, Gujarat, billion-dollar investments coming from Jindal and Alpex, and aluminium-backed disruption, India is well on track to meet and possibly surpass its 2030 clean energy goals.

Reference : https://www.alcircle.com/news/india-draws-in-11-8b-in-renewable-energy-investments-during-the-first-half-of-2025-115255?utm_

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Through one of the largest investments seen so far in the solar manufacturing space in India, the plant in Greater Noida will boost SAEL’s total module manufacturing capacity to 8.5 GW.

Construction is expected to begin this year.

The move aligns with India’s push to localise solar manufacturing. From June 2026, only domestically made solar cells from approved manufacturers will be allowed in government projects.

India currently has 80 GW of module manufacturing capacity but about 15 GW of cell capacity, with most modules relying on Chinese imports.

SAEL operates assets capable of generating more than 6.7 GW of solar power, including operational and constructional projects, and aims to drive that to 10 GW in three years. The company has already raised more than $2.4 billion in equity and debt, and has issued a $305-million green bond in 2024.

“By 2030, tentatively, we are looking at a power generation capacity of around 18 to 20GW as an independent power producer,” Laxit Awla, CEO of SAEL Industries said.

The company also plans to file for an initial public offering this year, Awla said, declining to share more details about the timing and size of the IPO.

SAEL’s revenue from its biomass and independent power production business nearly doubled to 6.87 billion rupees in fiscal 2025 from fiscal 2023. The company aims to grow its revenue from these businesses to 30.94 billion rupees by fiscal year 2027.

($1 = 85.9500 Indian rupees)

Reference : https://www.reuters.com/sustainability/climate-energy/indian-clean-energy-firm-sael-invest-954-mln-solar-manufacturing-plant-2025-07-14/

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