Jinko Solar Celebrates 20 Years of Innovation with the Official Launch of Tiger Neo 3 in Morocco

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4th November 2026

Professional reviewing quarterly report beside laptop with business analytics dashboards — A business professional reviews quarterly financial reports alongside dashboard analytics in a modern office.

Smarten Power Systems Limited has reported a strong financial performance for the first half of the financial year 2027, recording significant growth in revenue and profitability across its business operations. The company reported a 77.4% year-on-year increase in consolidated revenue from operations to ₹204.54 crore in H1 FY27, compared to ₹115.26 crore during the corresponding period of the previous financial year.

The company’s consolidated Profit After Tax (PAT) more than doubled during the reporting period, rising 103.8% to ₹11.99 crore from ₹5.88 crore in H1 FY26. Consolidated Profit Before Tax (PBT) also registered substantial growth of 111.9%, reaching ₹15.83 crore against ₹7.47 crore in the corresponding period last year. Consolidated Earnings Per Share (EPS) increased to ₹6.31, compared to ₹3.09 in H1 FY26, reflecting improved profitability.

On a standalone basis, Smarten Power Systems recorded revenue from operations of ₹201.37 crore during H1 FY27, representing an 87% increase from ₹107.69 crore reported in the first half of FY26. Standalone PAT grew by approximately 108.5% year-on-year to ₹11.79 crore, compared to ₹5.65 crore in the corresponding period of the previous financial year. The growth in both consolidated and standalone financial results highlights the company’s expanding business operations and improving earnings performance.

Smarten Power Systems operates in the power backup and solar energy solutions segment, offering a diverse range of products designed to address residential and commercial energy requirements. Its portfolio includes Home UPS systems, solar inverters, Solar Power Conditioning Units (PCUs), solar charge controllers, batteries and solar panels. The company focuses on the design and assembly of these products, supported by its distribution network across domestic and international markets.

The company has established its presence across 23 states and two Union Territories in India. It also serves international markets in the Middle East, Africa and South Asia, supporting its efforts to expand its geographical reach and strengthen its position in the power backup and renewable energy solutions industry.

Commenting on the performance, Rajnish Sharma, Whole-Time Director and CEO of Smarten Power Systems Limited, said the company was pleased with its strong first-half results, particularly the significant improvement in revenue and profitability. He highlighted that more than doubling consolidated PAT reflected positive business momentum.

Sharma added that the company would continue focusing on strengthening its product portfolio, expanding market reach and delivering reliable and efficient power backup and solar energy solutions. He also emphasised product quality, innovation and customer satisfaction as key priorities supporting the company’s long-term growth ambitions.

India’s Solar Manufacturing Sector Targets 32.3 Lakh Jobs And USD 89 Billion Investment By 2047 ISMA Report

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4th November 2026

Four workers installing solar panels on a commercial rooftop — Workers install solar panels on a rooftop overlooking a mountain-framed city skyline.

India’s solar manufacturing industry could emerge as a major global manufacturing hub by 2047, generating approximately 32.3 lakh direct and indirect jobs, attracting USD 89 billion in investments and eliminating the country’s annual solar import bill, according to a new report released by the Indian Solar Manufacturers Association (ISMA).

Titled Vision 2047: Solar Manufacturing from Polysilicon to Power Plant, the report outlines a roadmap for developing a fully integrated domestic solar manufacturing ecosystem. It highlights the need for India to move beyond module assembly and establish manufacturing capabilities across the entire solar value chain, including polysilicon, ingots, wafers, solar cells and modules.

Under the proposed Vision 2047 pathway, India’s installed solar capacity could reach 2,275 GW by 2047. To support this expansion, the report estimates that domestic manufacturing capacities could increase to 3,266 GW for modules, 2,796 GW for cells, 2,479 GW for ingots and wafers, and 2,156 GW equivalent for polysilicon. The manufacturing ecosystem could progressively meet domestic requirements within the next decade while supporting growing export opportunities.

The expansion is expected to generate substantial employment across the solar manufacturing sector. Total manufacturing-related employment could increase from approximately 4.1 lakh currently to 8.1 lakh by 2030 and 32.3 lakh by 2047. Direct employment in solar PV manufacturing facilities alone could rise from around 1.4 lakh to 11.1 lakh during the same period. Nearly 68% of direct manufacturing jobs are expected to come from upstream segments, including polysilicon, wafers and solar cells, by 2047.

The report estimates that India will require approximately USD 89 billion in new investments to achieve its manufacturing ambitions by 2047. This translates into an average annual investment requirement of around USD 4.3 billion between 2027 and 2047. Nearly 70% of the proposed investments are expected to be directed towards upstream manufacturing facilities, particularly polysilicon, wafers and cells.

Existing government initiatives are also contributing to the expansion of domestic manufacturing. The Production Linked Incentive (PLI) scheme has attracted approximately USD 8.4 billion in investments as of June 2026. According to the report, every dollar of government incentive has generated around four dollars in private investment.

Strengthening domestic production could significantly reduce India’s dependence on imported solar components. The country’s annual solar import bill, currently estimated at approximately USD 4.4 billion, could decline to zero by 2041 under the proposed pathway. India could also increase its share of global solar module supply to 26.5% by 2047, compared with around 5.9% under the current policy scenario by 2030.

Amit Manohar, Secretary General of ISMA, said the sector stands at a pivotal moment, with the Vision 2047 pathway offering an opportunity to develop a globally competitive and integrated manufacturing ecosystem. He highlighted the importance of sustained policy support, predictable demand, upstream investments and improved global competitiveness.

The report identifies policy certainty, timely implementation of manufacturing programmes and sustained domestic demand as essential requirements. It recommends maintaining clear timelines under the Approved List of Models and Manufacturers (ALMM), completing PLI-supported projects, expanding rooftop solar and agricultural solarisation programmes, and encouraging investments in manufacturing equipment, advanced cell technologies, recycling and skill development.

The proposed roadmap envisages scaling up cell manufacturing by 2030, expanding wafer production through 2035 and establishing the complete solar manufacturing value chain thereafter. These measures could position India as a major global supplier of solar products and technologies by 2047.

Indus Towers Deploys 50,000 Solar-Powered Telecom Sites With 300 MW Capacity, Targets 100,000 Sites

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4th November 2026

Solar panels and cellular towers at a remote hillside communications site — Solar panels power cellular towers across a sunlit, rugged hillside landscape.

Indus Towers Limited has achieved a significant milestone in sustainable telecom infrastructure by deploying 50,000 solar-powered telecom sites across India. The achievement makes the company the first passive telecom infrastructure provider to reach this scale, establishing a global benchmark for integrating renewable energy into telecom operations. The company is now targeting the deployment of solar energy solutions across 100,000 telecom sites as part of its broader sustainability strategy.

With approximately 300 MW of cumulative installed solar capacity, the initiative has established one of the largest distributed renewable energy ecosystems in the telecom infrastructure sector. The large-scale deployment is expected to contribute significantly to reducing the industry’s dependence on conventional energy sources while supporting India’s clean energy transition.

According to the company’s estimates, the environmental benefits of the initiative are equivalent to planting nearly 2 crore trees. The solar-powered infrastructure is also estimated to reduce carbon emissions by approximately 420,000 tonnes annually. By integrating renewable energy into its extensive telecom network, Indus Towers is working to lower its carbon footprint while improving the sustainability of its operations.

Commenting on the achievement, Prachur Sah, Managing Director and Chief Executive Officer of Indus Towers Limited, said that reaching 50,000 solar-powered telecom sites with nearly 300 MW of capacity represents more than an operational milestone. He described it as a defining moment in the development of sustainable telecom infrastructure.

Sah highlighted that the company has built one of the largest distributed solar ecosystems in the telecom infrastructure sector within a relatively short period after accelerating its solar deployment programme in 2024. He added that the achievement demonstrates how innovation, technology and sustainability can be combined to deliver environmental benefits, reduce emissions and strengthen network resilience.

The company remains focused on expanding its solar deployment to 100,000 telecom sites. This expansion is expected to further optimise energy costs, reduce dependence on diesel-based power generation and improve energy security across its network.

Indus Towers also sees opportunities to extend its renewable energy expertise beyond India, particularly in Africa. According to Sah, the company’s experience in deploying and managing renewable energy solutions at scale, along with its established operating model and technology platforms, could support the development of similar sustainable telecom infrastructure ecosystems in African markets, where reliable energy access remains important for expanding digital connectivity.

The milestone also reflects the company’s broader approach to building future-ready telecom infrastructure. Indus Towers is integrating renewable energy solutions with digital monitoring systems and data-driven maintenance capabilities across its network. These technologies are helping improve operational efficiency, strengthen energy resilience and reduce conventional fuel consumption.

With its target of reaching 100,000 solar-powered telecom sites, Indus Towers is positioning renewable energy as a key component of its long-term infrastructure development strategy while supporting the transition towards cleaner and more sustainable digital connectivity.

Waaree Renewable Technologies Secures Five-Year O&M Contract For 360 MWp Solar Project

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4th November 2026

alternative alternative energy close up electricity — Representational image. Credit: Canva

Waaree Renewable Technologies Limited has secured a five-year Operation and Maintenance (O&M) contract for a 360 MWp solar power project in India. The company received a Letter of Award (LoA) from a leading domestic Independent Power Producer (IPP), marking another addition to its portfolio of solar asset management and maintenance projects.

Under the agreement, Waaree Renewable Technologies will provide operation and maintenance services for the 360 MWp solar project over a period of five years. The contract is expected to strengthen the company’s presence in India’s growing solar O&M market, where the demand for reliable maintenance and performance management services is increasing alongside the expansion of installed renewable energy capacity.

The agreement covers the long-term maintenance and operational management of the solar power project. O&M services play an important role in ensuring that solar installations continue to operate efficiently throughout their operational life. Regular inspection, preventive maintenance, equipment monitoring, fault detection and performance optimization are essential for maintaining electricity generation levels and reducing operational disruptions.

As India continues to add large-scale solar power capacity, the importance of professional O&M services is also increasing. Solar power developers and independent power producers are increasingly focusing on maintaining the performance of existing assets while expanding their renewable energy portfolios. Long-term maintenance agreements provide project owners with structured operational support and help ensure the reliability of solar installations.

For Waaree Renewable Technologies, securing the five-year agreement represents an opportunity to further expand its involvement in the downstream segment of the solar energy value chain. In addition to project development and engineering-related activities, the operation and maintenance of commissioned solar assets is becoming an important area of business as the country’s renewable energy infrastructure grows.

The company also clarified that the contract has been awarded by a domestic Independent Power Producer and does not constitute a related-party transaction. Furthermore, neither the promoter nor the promoter group companies have any interest in the entity awarding the contract. This confirms that the agreement has been secured through an independent commercial arrangement on an arm’s length basis.

The company formally disclosed the development following receipt of the Letter of Award, providing details of the agreement and its contractual scope.

India’s solar sector has witnessed significant growth, supported by government initiatives, competitive renewable energy tariffs and increasing participation from private developers. With a growing number of large-scale solar projects entering commercial operations, maintaining their long-term efficiency and reliability has become increasingly important.

The latest 360 MWp O&M agreement reflects the expanding role of specialised service providers in supporting India’s renewable energy infrastructure. Through this five-year contract, Waaree Renewable Technologies will further strengthen its operational presence in the solar power sector while contributing to the effective management of large-scale photovoltaic assets.

CleanMax Reports Six-Fold PAT Growth To INR 120 Crore In H1 FY27 As Portfolio Reaches 7.1 GW

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4th November 2026

CleanMax Enviro Energy Solutions Limited reported strong financial and operational growth in the second quarter and first half of the financial year 2027, supported by capacity additions, higher revenue, and an expanding renewable energy portfolio. The company recorded a more than six-fold increase in profit after tax (PAT) during H1 FY27, reaching ₹120 crore compared to ₹19 crore in the corresponding period of the previous financial year.

For the quarter ended September 30, 2026, CleanMax reported a net profit of ₹65 crore, representing an 82% increase from ₹36 crore in Q2 FY26. Revenue from operations rose 37% year-on-year to ₹728 crore during the quarter. For the first six months of FY27, the company’s total revenue increased 67% to ₹1,560 crore from ₹933 crore recorded in H1 FY26.

The company also reported significant growth in its operating earnings. Reported EBITDA for H1 FY27 increased 58% to ₹1,011 crore. Adjusted EBITDA for the second quarter rose 43% year-on-year to ₹553 crore, while adjusted EBITDA for the first half grew 56% to ₹1,047 crore. The company attributed its financial performance to increasing operational scale, disciplined project execution, and improved operating leverage.

Capacity expansion remained a major contributor to CleanMax’s growth during the reporting period. The company commissioned 550 MW of renewable energy power sales capacity in H1 FY27, taking its total operational capacity under this segment to 3,638 MW. Its overall operational and contracted portfolio reached 7.1 GW, comprising 6.3 GW under the renewable energy power sales business and 0.8 GW in the renewable energy services segment.

CleanMax’s total platform capacity, including available and applied grid connectivity, expanded to approximately 13 GW as of September 30, 2026. The company continues to expand its presence in India’s commercial and industrial (C&I) renewable energy market, providing clean power solutions to corporate customers through long-term arrangements.

For the second half of FY27, CleanMax plans to execute at least 450 MW of renewable energy projects. The company is also preparing for the phased commissioning of its 534 MW Koppal project in Karnataka, scheduled between December 2026 and March 2027. Management stated that the company remains on track to exceed its full-year target of adding at least 1.5 GW of capacity in FY27.

The company has also reiterated its long-term financial ambition of achieving reported EBITDA of more than ₹3,000 crore in FY28. This target reflects its expectations of continued portfolio expansion and increasing demand for renewable energy among commercial and industrial consumers.

Strengthening its financial position, CleanMax raised ₹2,500 crore through India’s first green bond issuance in the C&I renewable energy sector. The fundraising was supported by an AA (Stable) credit rating from CRISIL. Following its financing initiatives, the company reduced its weighted average cost of debt to 8.33%, compared with 9.49% in March 2025.

Customer retention and long-term contracts also supported the company’s business performance. Repeat customers contributed approximately 85% of the new contracted capacity during H1 FY27. Its power purchase agreements have an average tenure of around 23 years, providing long-term revenue visibility.

Growing electricity requirements from data centres, artificial intelligence infrastructure, and corporate customers are creating additional opportunities for renewable energy providers. With its expanding project portfolio, improved financial performance, and lower borrowing costs, CleanMax expects to strengthen its position in India’s C&I renewable energy market while pursuing its capacity addition and earnings targets.

Noida Power Company Invites Bids For 320 MWh Standalone BESS Project In Greater Noida Under 12-Year BOOT Model

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3rd November 2026

Noida Power Company Limited (NPCL) has issued a Request for Selection (RfS) for the development of a 320 MWh standalone Battery Energy Storage System (BESS) in Greater Noida, Uttar Pradesh. The proposed project will have an installed capacity of 80 MW with a four-hour storage duration and will be established at identified load centres across the region. The initiative aims to strengthen local power infrastructure and support electricity supply management through battery-based energy storage solutions.

The project will be developed under a Build-Own-Operate-Transfer (BOOT) model for a period of 12 years. Following the completion of the contractual period, the selected developer will transfer the entire project to NPCL on an ‘as is where is’ basis for a nominal consideration of INR 1. The arrangement will allow the developer to establish and operate the storage facility during the agreement period before ownership is transferred to the distribution company.

Under the bidding framework, NPCL has adopted a single-stage, two-envelope process involving the submission of techno-commercial and financial bids. The process will also include an electronic reverse auction (e-Reverse Auction) for eligible bidders. Interested companies must register on the designated electronic tender portal to access and download the official bidding documents.

Bidders will be permitted to offer storage capacities ranging from a minimum of 20 MW to a maximum of 80 MW, in multiples of 20 MW. This provides flexibility for developers to participate based on their project execution capabilities. NPCL will facilitate land allocation for the proposed installations on a right-to-use basis, with an annual land charge of ₹1 per plot.

The selected developers will be required to meet specified technical and operational performance standards throughout the project period. These include maintaining a minimum monthly system availability of 95%, along with compliance with prescribed round-trip efficiency requirements and annual capacity degradation criteria. These conditions are intended to ensure the long-term operational performance and reliability of the battery storage assets.

NPCL issued the RfS document on November 3, 2026. A pre-bid meeting is scheduled for November 18, 2026, at 15:00 hours through Google Meet. The deadline for online bid submission is December 9, 2026, at 16:00 hours, while offline document submission must be completed by December 11, 2026, at 16:00 hours. The techno-commercial bids will be opened on the same day at 17:00 hours. The schedule for the e-Reverse Auction will be communicated separately to eligible bidders through email.

The financial requirements include a non-refundable RfS document fee of ₹25,000 plus applicable GST and a document processing fee of ₹1 lakh plus GST. Bidders must also submit an Earnest Money Deposit (EMD) of ₹7.40 lakh per MW through an unconditional Bank Guarantee valid for nine months from the last date of bid submission.

Additionally, the successful developer will be required to furnish a Performance Bank Guarantee (PBG) of ₹18.50 lakh per MW per project before signing the Battery Energy Storage Purchase Agreement (BESPA). The guarantee must remain valid until 12 months after the scheduled commissioning date.

Through this procurement, NPCL is seeking to add utility-scale battery storage capacity in Greater Noida, supporting the integration of energy storage into the distribution network and improving flexibility in managing electricity demand.

IEX Records 13.1 Billion Units Electricity Trading Volume In October 2026, Up 16.5% Yoy

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3rd November 2026

Indian Energy Exchange (IEX) recorded an electricity traded volume of 13,092 million units (MUs) in October 2026, registering a 16.5% year-on-year increase. The growth was supported by higher electricity demand across the country and increased trading activity in the Real-Time Market (RTM) and Term-Ahead Market (TAM).

According to government data, India’s electricity consumption reached 159.8 billion units (BUs) in October 2026, representing a 21.9% increase compared to the corresponding month last year. Higher power demand pushed buy bids in the Day-Ahead Market (DAM) up by 265% year-on-year, contributing to an increase in market clearing prices.

The average clearing price in the Day-Ahead Market increased by 149% year-on-year to Rs 6.66 per unit in October 2026, compared to Rs 2.67 per unit in October 2025. Similarly, the Real-Time Market recorded an average clearing price of Rs 5.78 per unit, marking a 112% increase year-on-year.

Electricity demand and supply conditions remained volatile throughout the month. Warmer weather conditions associated with El Niño and below-normal monsoon rainfall supported stronger electricity demand during the first half of October. However, cooler weather, rainfall, and the impact of Cyclone Arnab eased demand towards the end of the month. During periods of lower demand, improved supply availability resulted in near-zero prices across multiple time blocks in the Real-Time Market.

The Day-Ahead Market, including the High Price Day-Ahead Market (HP-DAM), recorded a trading volume of 4,508 MUs in October 2026, compared to 4,684 MUs in October 2025, registering a decline of 3.8%. In contrast, the Real-Time Market recorded a volume of 5,670 MUs, increasing 23.7% from 4,583 MUs in the corresponding period last year.

The Day-Ahead Contingency and Term-Ahead Market segments, including HPTAM, intraday, contingency, daily, weekly and monthly contracts of up to three months, collectively traded 2,175 MUs during October 2026. This represented a significant increase of 138.8% compared to 911 MUs recorded in October 2025.

IEX’s Green Market, comprising the Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market, recorded a combined trading volume of 738 MUs in October 2026, declining 30% from 1,055 MUs a year earlier. However, the weighted average price in the Green Day-Ahead Market increased 67% year-on-year to Rs 4.13 per unit.

The Renewable Energy Certificate (REC) market also reported higher trading activity. A total of 12.22 lakh RECs were traded during October 2026, registering a 97.5% year-on-year increase. Trading sessions were conducted on October 14 and October 28, with clearing prices of Rs 338 and Rs 330 per REC, respectively.

The next REC trading sessions at the exchange are scheduled for November 11 and November 25, 2026.

Titan Egypt And Solariz Expand Beni Suef Cement Plant Solar Capacity To 21.45 MW

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3rd November 2026

Titan Egypt Group and Solariz Egypt have signed an agreement to expand solar power capacity at Titan’s Beni Suef cement plant by an additional 10 megawatts (MW). The agreement was signed on November 1, 2026, increasing the planned total solar capacity of the project to 21.45 MW. The expansion is expected to support the plant’s electricity requirements while reducing its dependence on conventional power sources and lowering carbon emissions.

The latest agreement builds on a power purchase agreement (PPA) signed between the two companies in June 2026. Under the expanded project, the solar installation is expected to generate approximately 43.2 gigawatt-hours (GWh) of electricity annually once fully operational. The generated power will supply a portion of the cement plant’s energy demand and contribute to improving its environmental performance.

The expansion reflects Titan Egypt’s continued efforts to integrate renewable energy into its industrial operations. Cement manufacturing requires significant amounts of electricity, making the adoption of solar power an important step towards reducing operational emissions and improving energy efficiency.

Titan Egypt Chief Executive Officer Amr Reda said the additional solar capacity supports the group’s strategy to improve industrial efficiency and reduce its carbon footprint. He highlighted that investments in renewable energy are becoming increasingly important for strengthening the company’s competitiveness and supporting sustainable industrial development.

Reda added that the project demonstrates how the company is translating its climate commitments into practical actions. He also noted that adopting advanced technologies and developing strategic partnerships can help improve the competitiveness of Egyptian industries.

Solariz Egypt Chief Commercial Officer Mohamed El-Fouli said the expanded partnership demonstrates the growing potential of solar energy in meeting the electricity requirements of energy-intensive industries. He highlighted the benefits of renewable energy in improving operational efficiency and supporting businesses in managing their energy needs.

El-Fouli added that Solariz Egypt aims to continue working with Titan by applying its solar project development expertise to industrial facilities and supporting wider clean energy adoption across Egypt.

Titan Egypt is also pursuing other sustainability measures, including increasing renewable energy consumption, expanding the use of alternative fuels, improving operational efficiency and developing low-carbon cement products.

The additional solar capacity highlights the growing role of private-sector partnerships in supporting Egypt’s energy transition. It also demonstrates how renewable energy investments can help industrial companies reduce emissions, improve energy performance and strengthen their competitiveness in regional and international markets.

Northern Solar Secures RM34 Million EPCC Contract For 9.50 MW Solar PV Project in Malaysia

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3rd November 2026

Northern Solar Holdings Berhad has secured a RM34 million contract for the engineering, procurement, construction and commissioning (EPCC) of a 9.50 MW solar photovoltaic (PV) plant, further expanding its presence in Malaysia’s large-scale solar market. The award was confirmed through a Letter of Award (LOA) accepted by the Group’s wholly-owned subsidiary, Northern Solar Sdn Bhd.

The project is scheduled to achieve commercial operation no later than 1 May 2027. According to the company, the contract is expected to contribute positively to its earnings and net assets per share from the financial year ending 31 March 2027 onwards. The identity of the awarding party has not been disclosed due to confidentiality provisions included in the LOA.

The latest contract adds to Northern Solar’s growing portfolio of utility-scale solar projects. In March 2026, the Group secured RM119.4 million worth of awards related to Malaysia’s Large Scale Solar 5 (LSS5) programme. These projects are currently in the delivery phase. With the latest RM34 million award, the combined value of these recent large-scale solar assignments has reached approximately RM153.4 million.

As of 30 June 2026, Northern Solar reported an unbilled order book of RM189.3 million, providing visibility into its future revenue pipeline. The company continues to undertake solar projects across commercial, industrial and residential segments while expanding its capabilities in utility-scale developments.

Commenting on the latest contract, Managing Director Lew Shoong Kai said the award strengthens the Group’s large-scale solar business and builds on its engineering and project-delivery experience across different customer segments. He highlighted that the company would prioritise project quality, timely execution, cost management, working capital discipline and control of execution risks.

The company also highlighted Malaysia’s improving renewable energy market, supported by developments under the Corporate Renewable Energy Supply Scheme (CRESS). The scheme enables renewable energy developers to supply electricity directly to corporate consumers through the national grid.

On 18 September 2026, the Ministry of Energy Transition and Water Transformation (PETRA) announced the CRESS Acceleration Package to improve project financing prospects and support the development of additional renewable energy capacity. Under the package, the system access charge for eligible firm electricity supply has been reduced from 20 sen per kWh to 14 sen per kWh. It also introduces a ten-year contractual period for eligible projects, which must achieve commercial operation by 31 December 2028.

PETRA reported that registered developers and consumers represented a combined project capacity of 3,148 MW, indicating growing market interest in corporate renewable energy procurement.

Lew said lower grid-access charges and longer contractual certainty could improve project financing and encourage construction activity, creating additional demand for solar EPCC services. Northern Solar also plans to explore opportunities in larger solar developments and solar-plus-storage systems while remaining selective about projects based on technical capabilities, execution capacity and commercial viability.

The Group will continue focusing on project delivery while pursuing opportunities in distributed and large-scale solar, energy storage and renewable energy asset ownership.

PNE Sells 250 MW Solar Project In South Africa’s Free State Province

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3rd November 2026

The PNE Group has completed the sale of another large-scale solar photovoltaic (PV) project in South Africa, further strengthening its presence in the country’s renewable energy market. The project, located in the Free State province, has a planned nominal capacity of 250 MW and has been sold to a major South African independent power producer (IPP).

Following the transaction, PNE South Africa will continue to support the project’s development. The company will provide technical and project development expertise to the investor until the project reaches financial close.

Roland Stanze, Chief Operating Officer of PNE AG, said the transaction highlights the company’s continued success in developing and commercialising renewable energy projects in international growth markets. He noted that the sale demonstrates the capabilities of PNE’s local teams in identifying opportunities, developing attractive projects and bringing them to market.

Stanze also highlighted that PNE will remain involved in the project after the sale, contributing its expertise to support further development. The transaction reflects the company’s strategy of generating value from its extensive renewable energy project pipeline and selling projects at appropriate stages of development.

South Africa remains an important international market for the PNE Group. As of June 2026, the company’s project pipeline in the country included approximately 2,000 MW of solar PV capacity and 2,800 MW of wind energy projects.

The latest 250 MW project sale further demonstrates PNE’s commitment to expanding its renewable energy development activities in South Africa.

Meralco Reports 12% Rise in Core Net Income To PhP 44.8 Billion In 9M 2026

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3rd November 2026

Meralco has reported a strong financial and operational performance for the first nine months of 2026, supported by growth across its electricity distribution, power generation, and retail electricity supply businesses. For the period ending September 30, 2026, the company recorded a consolidated core net income (CCNI) of PhP 44.8 billion, representing a 12% increase compared to the corresponding period in 2025. Reported income rose 21% to PhP 44.6 billion, while core earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 13% to PhP 75.8 billion.

The company’s earnings per share also recorded growth during the reporting period. Core earnings per share (EPS) increased 12% to PhP 39.774, while reported EPS rose 21% to PhP 39.642, reflecting improved financial performance across its business segments.

Meralco’s distribution utility business remained a major contributor, generating PhP 20.1 billion in CCNI, equivalent to 45% of the group’s total core net income. System-wide power sales volume increased 2% to 52,017 GWh, supported by continued customer additions and higher electricity demand. The company’s customer base expanded to 8.357 million accounts, registering a 2.2% increase compared to the previous year.

Consolidated energy sales grew 0.8% to 41,054 GWh during the nine-month period. The growth was supported by new customer connections, warmer weather conditions, and continued commercial activity, particularly in the retail and restaurant sectors. Meralco also reported improvements in distribution network reliability, with both the System Average Interruption Frequency Index (SAIFI) and System Average Interruption Duration Index (SAIDI) improving by 8%.

The power generation business recorded significant growth, with its CCNI contribution increasing 24% to PhP 18.2 billion. This segment accounted for 41% of Meralco’s total core net income. Energy delivered by the generation business increased 7% to 21,419 GWh, supported by higher thermal generation, full-period operations of natural gas facilities, and the commencement of operations at MTerra Solar Phase 1.

MTerra Solar achieved commercial operations on August 26, 2026, after receiving its Final Certificate to Connect for 950 MW. Since commissioning, the project has delivered 623 GWh of mid-merit power through its combined solar photovoltaic and battery energy storage facilities. Meralco’s renewable energy subsidiary, MGENR, formerly known as SPNEC, also expanded its renewable energy portfolio and expects improved financial performance in 2026, supported by the growing contribution from MTerra Solar.

At the consolidated level, Meralco’s gross revenues increased 19% to PhP 443 billion from PhP 371.7 billion in the corresponding period last year. The growth was primarily driven by higher revenues from power generation and retail electricity supply, along with increased pass-through charges. Total costs and expenses rose 20% to PhP 397.6 billion, mainly due to higher purchased power costs associated with generation and transmission expenses.

The company reported capital expenditure of PhP 76 billion during the first nine months of 2026. Investments were primarily directed towards solar power projects, battery energy storage systems, and improvements to its electricity distribution network, including new customer connections and infrastructure upgrades.

On the regulatory front, the Energy Regulatory Commission released Meralco’s average First Regulatory Period distribution tariff of PhP 1.50 per kWh, establishing the revenue and pricing framework for the upcoming regulatory years. The company also participated in competitive selection processes to secure future baseload electricity supply and implemented regulatory directives concerning flexible payment arrangements and extensions of disconnection moratoriums to support consumers.

Meralco also expanded its international energy investments. Its subsidiary, PacificLight Power, commenced construction of a S$1.2 billion hydrogen-ready power plant integrated with battery storage in Singapore. The development reflects the group’s broader strategy to expand its regional presence while investing in flexible and lower-emission power generation technologies.

The company’s sustainability initiatives also received international recognition, including its participation in the United Nations Private Sector Forum and recognition at the Philippine Financial & Inter-Industry Pride Awards. Overall, Meralco’s nine-month performance highlights continued growth in its core businesses, increasing investments in renewable energy and storage, and efforts to strengthen electricity infrastructure and support the energy transition.

RenewSys Signs 1.2 GW Supply Agreement with Kosol Energie for POE Encapsulants and Backsheets

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3rd November 2026

Industrial machine processing transparent film through rollers in a factory — A modern factory line processes wide rolls of transparent film through precision rollers and automated machinery.

RenewSys India Pvt. Ltd., one of India’s leading manufacturers of solar PV encapsulants and backsheets, has signed a 1.2 GW supply agreement with Gujarat-based solar module manufacturer Kosol Energie Pvt. Ltd. Under the agreement, RenewSys will supply its CONSERV POE encapsulants and PRESERV backsheets to Kosol Energie over a 12-month period, from October 2026 to September 2027.

The agreement follows the successful completion of an earlier 1.1 GW POE encapsulant supply contract between the two companies, which ran from December 2025 to September 2026. The new agreement expands the partnership in both volume and product scope, with Kosol Energie now sourcing two critical solar module components from RenewSys.

The materials will support Kosol Energie’s manufacturing of high-efficiency n-type TOPCon solar modules, including its glass-to-backsheet range, at its fully automated manufacturing facility in Gujarat.

RenewSys’ CONSERV POE encapsulants are UL-certified and designed for TOPCon solar cells, offering high volume resistivity, low water absorption and strong resistance to potential-induced degradation (PID). Its PRESERV backsheets provide long-term moisture protection and electrical insulation, helping extend module life under demanding Indian operating conditions.

Commenting on the agreement, Avinash Hiranandani, Vice Chairman and Managing Director, RenewSys India Pvt. Ltd., said, “Kosol Energie returning to us with a larger order, and adding backsheets to it, is the strongest endorsement a supplier can receive. It reflects the consistency of our quality and our ability to deliver at scale, month after month.”

He further highlighted that as Indian solar module manufacturers transition towards TOPCon technology and expand production capacities, reliable component suppliers are becoming increasingly important. The partnership also supports the development of a stronger domestic solar manufacturing supply chain.

Kalpesh Kalthia, Chairman and Managing Director, Kosol Energie Pvt. Ltd., said, “Over the past year, RenewSys’ CONSERV POE encapsulants have delivered consistent quality and dependable supply across our production lines, which made extending this partnership an easy decision. Adding PRESERV backsheets gives us a single, trusted domestic partner for two critical materials as we scale our TOPCon module capacity.”

The agreement comes amid continued expansion of India’s domestic solar module manufacturing industry, supported by the Approved List of Models and Manufacturers (ALMM), the Production Linked Incentive (PLI) scheme and growing demand from utility-scale, commercial and industrial (C&I), and rooftop solar segments.

Domestic sourcing of critical components such as encapsulants and backsheets is expected to help manufacturers reduce import dependence, shorten supply lead times and maintain consistent quality across production.

RenewSys, the renewable energy arm of the ENPEE Group, has manufacturing capacities of 5.6 GW for solar PV modules, 17 GW for encapsulants and 4 GW for backsheets. The company is also installing a 2.7 GW high-efficiency solar cell manufacturing line.

Kosol Energie operates across solar PV module manufacturing, EPC and solar solutions, with 1 GW of executed projects in the utility-scale and C&I sectors and more than 10,000 rooftop solar projects across India. The expanded partnership reflects the growing focus on domestic component sourcing to support India’s solar manufacturing ecosystem.

Rajesh Power Reports 46% Revenue Growth in H1 FY27, Order Book Reaches Nearly ₹4,000 Crore

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3rd November 2026

Rajesh Power Services Limited, an engineering, procurement and construction (EPC) company operating in India’s power transmission and distribution sector, has reported strong financial growth for the first half of FY27. The company’s consolidated revenue increased 46% year-on-year to ₹929 crore, according to its unaudited financial results announced on November 3, 2026.

The company recorded EBITDA of ₹112 crore, reflecting a 33% year-on-year increase, while profit after tax (PAT) rose 35% to ₹79 crore. Rajesh Power also reported positive operating cash flow during the period, indicating an improvement in its cash flow position.

The company attributed its performance to continued project execution across gas-insulated switchgear (GIS) and air-insulated switchgear (AIS) substations, extra-high-voltage (EHV) cables, transmission lines and power distribution infrastructure.

Commenting on the results, Kurang Panchal, Chairman and Managing Director of Rajesh Power Services Limited, said the company’s performance reflected disciplined project execution and growing demand for power infrastructure. He highlighted increasing electricity demand, India’s renewable energy targets and the expansion of interstate and intrastate transmission networks as important drivers of future growth.

Rajesh Power reported an aggregate order book of approximately ₹4,000 crore, providing revenue visibility for the coming quarters. The company has an expanding project presence across Gujarat, Rajasthan, Uttarakhand, Maharashtra, Madhya Pradesh and Odisha.

Panchal also highlighted emerging opportunities under the National Electricity Plan, Green Energy Corridor Phase III and Revamped Distribution Sector Scheme (RDSS). Grid modernisation, urban underground cabling, industrial corridors and expanding data centre infrastructure are expected to support demand for advanced substations and EHV cabling solutions.

Looking ahead, Rajesh Power plans to expand into new geographical markets, pursue larger infrastructure projects and strengthen its workforce, technology and project execution capabilities while maintaining its focus on operational efficiency and timely project delivery.

CLA Town Center Mall Commissions Rooftop Solar Project, Secures 860 MWh Annual Clean Energy In Philippines

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3rd November 2026

CLA Town Center Mall in Pagsanjan, Laguna, Philippines, has commissioned a 0.6 MWp rooftop solar power system developed by Peak Energy under a 10-year power purchase agreement (PPA). The installation is expected to generate approximately 860 MWh of clean electricity annually, helping the shopping mall reduce its electricity expenses and environmental impact.

The solar project will supply CLA Mall with renewable electricity at a rate approximately 20% lower than prevailing grid tariffs. The installation is also expected to prevent more than 370 tonnes of carbon dioxide emissions every year. This environmental benefit is equivalent to avoiding emissions associated with the consumption of nearly 152,000 litres of gasoline.

Under the 10-year fixed-price PPA, Peak Energy was responsible for developing, financing, engineering and constructing the rooftop solar installation. The company also managed the entire project process, including permitting, procurement, construction and commissioning. As part of the agreement, Peak Energy will retain ownership of the solar asset and undertake its operation and maintenance throughout the contract period.

CLA Mall will purchase the electricity generated by the rooftop installation without making any upfront investment in the solar infrastructure. The arrangement allows the shopping centre to access competitively priced renewable electricity while securing greater predictability in its long-term energy expenses.

The project is particularly suitable for the mall’s electricity consumption requirements. Shopping centres generally have consistent daytime electricity demand due to air conditioning systems, lighting and tenant operations. These consumption patterns closely match the hours of peak solar generation, making rooftop solar a practical solution for reducing grid electricity dependence.

With the commissioning of this installation, CLA Mall has become one of the first retail destinations in eastern Laguna to secure long-term access to clean and competitively priced electricity through rooftop solar. The project also demonstrates how commercial properties can adopt renewable energy without directly investing in solar infrastructure.

Peak Energy is continuing to expand its distributed solar portfolio in the Philippines. The company is currently constructing another 1 MWp rooftop solar installation for FCC Philippines Corporation in Laguna. The project is targeting commercial operation in early 2027, further strengthening the company’s presence in the country’s commercial and industrial solar market.

Lolita Areza of CLA Mall said the collaboration with Peak Energy enabled the project to be delivered within a short timeframe while the shopping centre continued operating normally. She highlighted that generating electricity from the mall’s rooftop would help reduce energy costs and contribute to the local community.

Peak Energy CEO Gavin Adda stated that the project demonstrates the commercial benefits of rooftop solar for retail property owners. He emphasised that shopping malls are well suited to solar adoption because most of their electricity consumption occurs during daylight hours. The company aims to continue supporting businesses in the Philippines through long-term renewable energy solutions.

Nippon Thompson Adopts 2.73 MW Rooftop Solar Project In Vietnam To Cut 1,502 Tonnes Of CO₂ Emissions Annually

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3rd November 2026

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Nippon Thompson has strengthened its sustainability efforts by adopting a 2.73 MW rooftop solar power system for its manufacturing facility in Vietnam. The project will be implemented through a long-term solar rental agreement under IKO Thompson Vietnam, with the solar installation supplied by the Vietnamese subsidiary of Kansai Electric Power. The initiative marks another step in the company’s efforts to increase renewable energy consumption and reduce carbon emissions across its global operations.

The 2,730-kilowatt rooftop solar installation will operate under a long-term arrangement, allowing the manufacturing facility to use clean electricity generated directly from the solar panels. The entire electricity output from the project will be consumed on-site, reducing the facility’s dependence on conventional grid electricity. The project also receives financial and technical support through the Japan-Vietnam Joint Crediting Mechanism (JCM), which promotes cooperation between the two countries in implementing low-carbon technologies and reducing greenhouse gas emissions.

According to the project estimates, the rooftop solar installation is expected to reduce approximately 1,502 tonnes of carbon dioxide emissions annually. This reduction represents around 4.7% of Nippon Thompson’s total baseline emissions recorded in fiscal year 2022. The project is expected to contribute to the company’s efforts to improve energy efficiency and reduce the environmental impact of its manufacturing activities.

The adoption of rooftop solar power in Vietnam is part of Nippon Thompson’s wider corporate sustainability strategy. The company has established a target of sourcing approximately 50% of its total electricity requirements from renewable energy by fiscal year 2030. This target reflects its commitment to gradually increasing the share of clean energy across its business operations and manufacturing facilities.

In addition to its renewable energy target, Nippon Thompson aims to achieve complete carbon neutrality across its operations by fiscal year 2050. The company is pursuing various sustainability initiatives to reduce emissions and support the transition towards cleaner industrial production.

The Vietnam rooftop solar project highlights the growing adoption of renewable energy solutions by manufacturing companies seeking to reduce electricity-related emissions. Long-term solar rental arrangements also provide industrial facilities with access to clean electricity without requiring them to independently develop and operate the entire solar installation.

Through this initiative, Nippon Thompson is extending its renewable energy strategy to its overseas manufacturing operations while supporting broader decarbonisation objectives in Vietnam.

Yingfa Ruineng Launches 7.5 GW TOPCon Solar Cell Manufacturing Facility in Indonesia

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3rd November 2026

Yingfa Ruineng, through its subsidiary Yingfa BCI (BCI), has introduced its Indonesian solar cell manufacturing facility with an annual production capacity of 7.5 GW of N-type TOPCon solar cells. The technology launch event was held in Jakarta, where the company presented its manufacturing capabilities, technology developments, and plans to strengthen Indonesia’s domestic solar supply chain. The facility marks Yingfa Ruineng’s first overseas manufacturing base and is expected to serve as a regional supply hub for Southeast Asia, the Middle East and other international markets.

Around 80 representatives attended the event, including officials and representatives from Indonesian government-related institutions such as BKPM, EBTKE and IPAMP, along with industry associations AESI and APAMSI. Customers from Indonesia and neighbouring markets also participated. Zhang Min, President of Yingfa Ruineng, and Xu Zhenyu, General Manager of BCI, were among the key company representatives present.

The company stated that its Indonesian manufacturing investment supports the country’s 100 GW solar power programme and its efforts to expand domestic manufacturing capabilities. The facility is also expected to contribute to Indonesia’s local content requirements, known as Tingkat Komponen Dalam Negeri (TKDN), subject to applicable certification and regulatory conditions. Local solar cell production could help Indonesian module manufacturers improve supply availability, reduce transportation timelines, and coordinate more closely with technology suppliers.

Yingfa Ruineng currently operates four major manufacturing bases in Tianchang, Yibin, Mianyang and Indonesia. Together, these facilities have an effective manufacturing capacity of 51.5 GW, including 45.5 GW of N-type TOPCon capacity. The company reported that overseas markets contributed 40% of its total revenue in 2025, with its products supplied to more than 20 countries and regions.

At the Jakarta event, Yingfa Ruineng also presented its technology roadmap, covering half-cell passivation, multi-cut cell designs and back-contact (BC) solar cell technology. These technologies are intended to improve manufacturing efficiency and support the development of high-performance photovoltaic products. Its BC technology positions electrical contacts on the rear side of the cell, leaving the front surface free of front-side electrical contacts. This design can support high-efficiency solar applications, including rooftop systems, off-grid installations, and microgrids.

The company reported a TOPCon cell efficiency of 27.3% and a BC cell efficiency of 28%, based on specific cell designs and testing conditions. It has also completed an initial end-to-end fabrication process for perovskite/BC tandem solar modules as part of its research and development activities.

Beyond manufacturing, Yingfa Ruineng plans to strengthen its presence in Indonesia through workforce development, local supplier partnerships and technical service capabilities. The company aims to work with domestic manufacturers, project developers, EPC contractors and government institutions to expand cooperation across the photovoltaic value chain.

Through its Indonesian subsidiary, Yingfa Ruineng aims to combine local production with international manufacturing experience and technology development. The 7.5 GW facility is expected to strengthen regional solar cell supply capabilities while supporting Indonesia’s ambitions to develop its domestic photovoltaic manufacturing industry and accelerate its clean energy transition.

Resolven Secures 70 MW Wind Project From SJVN At INR 3.65/kWh, Expands Pipeline To 2.2 GW

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3rd November 2026

Resolven has secured 70 MW of wind power capacity under the 600 MW wind power tender issued by SJVN Limited at a tariff of ₹3.65 per kWh. The project will be developed as an Inter-State Transmission System (ISTS)-connected wind power project in Karnataka and is scheduled for commissioning in December 2027.

The latest award marks Resolven’s second consecutive win in the wind energy segment, reflecting the company’s continued efforts to expand its renewable energy portfolio. The company stated that the addition represents a calibrated approach towards strengthening its wind power business while maintaining a focus on competitive tariffs and consistent growth.

Previously, Resolven secured 180 MW of wind power capacity under a tender issued by the Solar Energy Corporation of India (SECI) at a tariff of ₹3.68 per kWh. The project is also an ISTS-connected wind power development and is located in Andhra Pradesh. With the latest SJVN award, the company has further strengthened its position in India’s competitive wind energy market.

Following these two consecutive wind project wins, Resolven’s total under-construction project pipeline has reached approximately 2.2 GW. The company currently has more than 600 MWp of operational renewable energy capacity.

The 70 MW Karnataka project adds to the company’s growing development portfolio as India continues to expand its renewable energy capacity through competitive bidding and large-scale wind power procurement.

Resolven aims to pursue disciplined capacity additions while focusing on project execution and portfolio expansion. The latest award highlights its continued participation in India’s renewable energy transition and its strategy of building a diversified portfolio through successive wind power project wins.

Waaree Solar Americas Doubles Texas Module Manufacturing Capacity to 3.2 GW

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3rd November 2026

Two New 800 MW Production Lines Begin Operations as Waaree Targets 4.8 GW of US Module Capacity in FY27

Waaree Solar Americas Inc. (WSA), a wholly owned subsidiary of Waaree Energies Limited (WEL), India’s largest integrated clean energy transition company, has begun commercial production from two new solar module manufacturing lines at its facility in Brookshire, Texas. Each line has an annual capacity of 800 MW. Together they add 1.6 GW and take the facility’s total annual installed capacity to 3.2 GW.

Brookshire is one part of a wider US build out. WSA is also upgrading its Arizona module facility from 1 GW to 1.6 GW, taking Waaree’s planned US module capacity to 4.8 GW in FY27. Across markets, the company’s module order book stands at over 25 GW.

Production on the new lines started on October 29, 2026, under an expansion approved by the Waaree Energies Board in April 2025. The addition doubles Brookshire’s output and expands WSA’s ability to supply American developers, utilities and EPC partners with modules made in the US.

The milestone comes as US trade measures, including Section 232, reshaping the economics of imported solar modules. Waaree prepared for this shift by building manufacturing within the market it serves. Revenue from the company’s US manufacturing operations rose to ₹1,300 crore in Q2 FY27 from ₹732 crore a year earlier. The US domestic business now accounts for 43.8% of Waaree’s ₹59,200 crore order book, up from about 36% at the end of the previous quarter.

Sunil Rathi, Director, Waaree Group said, “Shifting trade policy has strengthened the case for local manufacturing, and that is exactly where we have invested. With Brookshire now at 3.2 GW and Arizona expanding, we are serving American customers from American factories, and our US order book continues to grow every quarter.”

The expansion supports Waaree’s dual-market manufacturing strategy: Make in India for the World and Make in USA for USA. The company continues to grow on both fronts. Consolidated revenue from operations rose 23.9% to ₹7,518 crore in Q2 FY27, and Waaree is deepening backward integration in India, with cell capacity set to rise from 5.4 GW to 15.4 GW in FY27 and a 10 GW ingot and wafer facility targeted for FY28.

RAYZON Solar to Commission 5.1 GW TOPCon Cell Facility in December 2026

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3rd November 2026