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Supreme Court Of India Ruling Safeguards Renewable Energy Incentives, Boosts Investor Confidence

By
Mohan Gupta
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Reading Time: 2 minutes

In a significant development for India’s renewable energy sector, Trilegal has successfully represented Green Infra Wind Solutions Limited (GIWSL) and Sterling Agro Industries Limited (SAIL) in a landmark ruling by the Supreme Court of India. The case involved a dispute with the Southern Power Distribution Company of Andhra Pradesh Limited (AP Discoms) over the treatment of Generation Based Incentive (GBI) in wind power tariffs.

The issue began when AP Discoms attempted to deduct the GBI, a financial incentive provided by the Ministry of New and Renewable Energy to promote wind energy generation, from the tariff payable to wind power generators. Initially, the Andhra Pradesh Electricity Regulatory Commission (APERC) allowed this deduction. However, the decision was later overturned by the Appellate Tribunal for Electricity (APTEL), leading AP Discoms to challenge the ruling before the Supreme Court.

In its judgment dated March 25, 2026, the Supreme Court upheld the APTEL decision and delivered a clear message on the treatment of renewable energy incentives. The court ruled that GBI is a generator-focused incentive and cannot be treated as a subsidy for consumers or adjusted against tariffs. This ensures that renewable energy developers receive the full benefit of incentives intended to support their projects.

The court also emphasized the role of State Electricity Regulatory Commissions (SERCs), stating that while they have exclusive authority to determine tariffs, they must work in coordination with central agencies and policies. It clarified that regulatory bodies cannot act in isolation or make decisions that undermine national renewable energy goals.

Legal experts involved in the case highlighted the broader impact of the ruling. Vishrov Mukherjee, Partner at Trilegal, noted that the judgment strengthens confidence in India’s renewable energy framework by protecting project economics and ensuring policy clarity. According to him, the decision will help maintain investor trust and encourage further investments in the sector.

The ruling is expected to have far-reaching implications across the energy industry. By preventing distribution companies and state regulators from offsetting central government incentives, the court has ensured that such benefits reach their intended recipients. This will help preserve financial viability for existing renewable energy projects and provide greater certainty for future investments.

Overall, the judgment is seen as a major step forward in supporting India’s clean energy transition. It reinforces the importance of aligning regulatory decisions with national policy objectives and ensures that incentives designed to promote renewable energy are not diluted at the state level.

Levanta Secures BIDV Financing for 50 MW Chu Prong Wind Project in Vietnam

By
Kavitha J
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Reading Time: 1 minutes

In a significant development for Vietnam’s renewable energy sector, Levanta Renewables has secured project financing for its 50 MW Chu Prong Wind Farm in Gia Lai Province through agreements with JSC Bank for Investment and Development of Vietnam.

The Chu Prong Wind Farm is an operational project backed by a long-term power purchase agreement (PPA) with Vietnam Electricity, ensuring stable revenue generation and long-term viability.

This financing marks Levanta Renewables’ second project finance transaction in Vietnam and its second collaboration with BIDV, reinforcing the company’s strategic focus on expanding its renewable energy footprint in the country.

The development underscores growing investor confidence in Vietnam’s wind energy sector, supported by established PPAs and increasing demand for clean power. It also highlights the role of local financial institutions in enabling the scale-up of renewable energy infrastructure.

With this milestone, Levanta Renewables continues to strengthen its commitment to advancing sustainable energy solutions and contributing to Vietnam’s clean energy transition.

ASEAN Emerges as Key Wind Energy Market; IWTMA Urges Stronger Global Collaboration

By
Kavitha J
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Reading Time: 2 minutes

The Indian Wind Turbine Manufacturers Association (IWTMA) has underscored the rapid emergence of ASEAN as a key wind energy market during the AWE-ASEAN Wind Energy Expo 2026, held at the IMPACT Exhibition Centre.

Aditya Pyasi, CEO of IWTMA, led a high-level panel discussion on “Offshore & Onshore Wind Capacity Addition in ASEAN,” highlighting the region’s growing importance in the global energy transition. ASEAN’s electricity demand is projected to grow at 3–4% annually, intensifying the need to reduce dependence on fossil fuels and accelerate renewable energy deployment.

Wind energy is expected to play a central role in this transition, with onshore capacity projected to increase from 6.5 GW in 2024 to 26 GW by 2030. In parallel, the region is witnessing a steady expansion of offshore wind project pipelines.

However, industry experts emphasized that scaling this opportunity will require coordinated efforts across manufacturing, technology, and policy frameworks. Strengthened collaboration between India, Germany, and ASEAN countries is seen as critical to bridging capability gaps, enhancing project execution, and building resilient supply chains.

Dr. P.K. Dash, Scientist E at the Ministry of New and Renewable Energy (MNRE), stated that India considers both onshore and offshore wind as key pillars of the global clean energy transition. He noted that India’s established policy frameworks, manufacturing strength, and grid integration expertise position it as a valuable partner for regional cooperation. He also highlighted platforms such as the ASEAN Wind Energy Expo as vital for knowledge exchange and accelerating renewable deployment.

The session brought together policymakers and industry leaders from India and international markets, including representatives from Suzlon Energy Limited and Windar Renewable Pvt Ltd, to deliberate on strategies for scaling wind energy deployment across ASEAN.

Speaking at the event, Aditya Pyasi emphasized the importance of building an integrated Asian supply chain, positioning India as a key manufacturing and technology partner for ASEAN. He highlighted the potential for collaboration in turbines, talent, and technology to support onshore, offshore, and hybrid wind projects, while reducing reliance on any single country or technology source.

The discussion further focused on critical enablers such as manufacturing localisation, supply chain resilience, financing frameworks, and grid integration, aimed at translating strategic ambitions into actionable outcomes for the region’s wind energy sector.

Supreme Court Rules GBI For Wind Power Must Be Paid Over And Above Tariff, Dismisses DISCOM Appeal

By
Mohan Gupta
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Reading Time: 3 minutes

The Supreme Court has delivered an important judgment for India’s renewable energy sector by dismissing an appeal filed by power distribution companies (DISCOMs) in a dispute related to wind power incentives. The case revolved around whether the Generation Based Incentive (GBI), provided by the central government to wind power developers, should be adjusted against the tariff determined by state regulators.

The dispute traces back to tariff regulations issued in 2015 by the Andhra Pradesh Electricity Regulatory Commission (APERC). These regulations stated that while determining tariff, the commission could consider subsidies or incentives provided by the government. Initially, tariff orders for wind projects did not include any adjustment for GBI. However, in 2018, following a petition by DISCOMs, APERC allowed them to deduct GBI amounts from payments made to power generators.

Wind power developers challenged this decision before the Appellate Tribunal for Electricity (APTEL), which set aside APERC’s order in December 2024. The tribunal held that such deductions were not valid. The DISCOMs then approached the Supreme Court, arguing that tariff determination falls exclusively within the powers of regulatory commissions and that incentives like GBI should be factored into tariff calculations.

The Supreme Court, however, rejected these arguments and upheld the APTEL ruling. The Court clarified that while regulatory commissions do have broad powers in tariff determination, these powers must be exercised in alignment with the purpose of government policies and schemes. It emphasized that GBI is designed as a separate incentive to promote renewable energy and should not be used to reduce the tariff payable to generators.

The judgment highlighted that GBI is meant to support wind energy producers and encourage investment in the sector. Under the scheme, developers receive financial incentives for the electricity they generate and feed into the grid, which is intended to improve project viability and boost clean energy capacity.

By ruling that GBI must be paid “over and above” the tariff, the Court ensured that the financial benefits intended for renewable energy developers are not diluted. It also reinforced the idea that regulatory bodies should work in coordination with government policies rather than undermining them through interpretation.

The Court further explained that regulation should not be seen only as control but also as a collaborative process aimed at achieving larger public goals such as environmental protection and energy transition. This approach becomes especially important in sectors like renewable energy, where government incentives play a key role in driving growth.

This decision is expected to have a positive impact on investor confidence in the renewable energy sector, particularly in wind power. It sends a clear signal that policy incentives introduced by the government will be protected and implemented as intended, without being offset through tariff adjustments.

The case, titled Southern Power Distribution Company of Andhra Pradesh Limited vs Green Infra Wind Solutions Limited, was decided on March 25, 2026, by a bench of the Supreme Court. The ruling marks a significant step in strengthening the regulatory and policy framework supporting India’s clean energy transition.

KERC Proposes Lower Wind Power Tariff of ₹3.24/unit for FY2027–FY2029 In Karnataka

By
Mohan Gupta
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Reading Time: 3 minutes

The Karnataka Electricity Regulatory Commission has released a discussion paper proposing a new generic ceiling tariff for wind power projects for the period from FY2027 to FY2029. This proposed tariff will act as the upper limit for electricity procurement by distribution companies (ESCOMs) through competitive bidding in the state. The move is part of ongoing efforts to align renewable energy pricing with evolving market trends and technological improvements.

As per the proposal, the Commission has suggested a levelized ceiling tariff of ₹3.24 per unit. This marks a slight reduction from the current tariff of ₹3.34 per unit, which is valid until March 2026. The revision reflects the broader trend of falling wind energy costs globally and in India. Data from the International Renewable Energy Agency highlights that the cost of onshore wind projects declined by nearly 55% between 2010 and 2024. India has also emerged as one of the more cost-competitive markets for wind energy, benefiting from favorable policies and technological advancements.

To determine the revised tariff, the Commission analyzed project data provided by Karnataka Renewable Energy Development Limited. This included details from 52 wind power projects commissioned across Karnataka. Based on this assessment, the Commission has proposed a benchmark capital cost of ₹6.50 crore per MW, which includes evacuation infrastructure expenses. The variation in project costs was taken into account while finalizing this estimate.

The discussion paper outlines several key financial and operational parameters. The Capacity Utilization Factor (CUF) has been proposed at 33%, recognizing improvements in turbine technology and the use of taller towers that allow higher energy generation. The debt-equity ratio remains unchanged at 70:30, in line with existing national tariff norms. Interest on debt is proposed at 9.50%, reflecting current lending conditions in the renewable energy sector.

Operations and maintenance costs have been proposed at ₹10 lakh per MW for the base year FY2027, with an annual escalation rate of 5%. The return on equity has been set at 14%, with income tax treated as a pass-through cost, ensuring developers can maintain financial viability. In addition, the Commission has proposed a depreciation rate of 4.67% per annum for the first 15 years of project life, allowing developers to meet debt servicing requirements effectively.

The paper also highlights that advancements in materials, improved turbine efficiency, and economies of scale have played a significant role in reducing costs. In Karnataka, wind turbine hub heights have reached up to 140 meters, enabling better wind capture and improved performance. These developments have contributed to the declining cost trends reflected in the proposed tariff.

The Commission has invited comments, objections, and suggestions from stakeholders, including distribution companies and industry participants. Submissions must be made to the Secretary of the Commission in Bengaluru by April 9, 2026. After reviewing stakeholder feedback, the Commission will finalize the tariff, which will be applicable for a three-year period starting April 1, 2026.

Once implemented, the ceiling tariff will not only guide competitive bidding but will also determine payments for banked energy purchased by ESCOMs. The proposed framework is expected to support continued growth in the wind energy sector while ensuring cost efficiency and transparency in procurement.

INOXGFL Group Acquires Wind World India’s 600 MW IPP and 4.5 GW O&M Portfolio

By
Kavitha J
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0

Reading Time: 1 minutes

INOXGFL Group has emerged as the successful bidder to acquire the IPP and Operations & Maintenance (O&M) businesses of Wind World India through an NCLT-approved resolution process.

The acquisition will be carried out through Inox Clean Energy Limited, via its subsidiary Inox Neo Energies, and Inox Green Energy Services Limited.

Under the transaction, Inox Clean Energy will acquire approximately 600 MW of operational wind IPP assets, while Inox Green Energy Services will take over a 4.5 GW wind O&M portfolio, significantly expanding its asset management footprint.

The acquired wind assets are located across major wind-rich states including Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh, and Andhra Pradesh, strengthening the Group’s presence across key renewable energy corridors in India.

The O&M portfolio includes a diverse set of clients such as Tata Group, ReNew, Greenko Group, Apraava Energy, and Hindustan Zinc, enhancing Inox Green’s position as a leading renewable O&M service provider.

Following the acquisition, Inox Clean Energy aims to scale its IPP capacity to 10 GW by FY2028, alongside plans to expand its integrated solar manufacturing capacity to 11 GW. Inox Green Energy Services, which currently manages around 13.3 GW of renewable assets, is expected to further strengthen its leadership in the O&M segment.

Devansh Jain said the acquisition strengthens the Group’s integrated renewable energy platform by adding high-quality operational assets and expanding its O&M capabilities.

Akhil Jindal noted that the deal enhances recurring revenue visibility through operational IPP assets while expanding annuity-based income from O&M services, supporting long-term growth.

The transaction marks a strategic expansion for INOXGFL Group, reinforcing its position across the renewable energy value chain, spanning asset ownership, manufacturing, and operations services.

GAIL Approves ₹1,736 Cr Investment for 178.2 MW Wind Project in Maharashtra

By
Sangita Shetty
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0

Reading Time: 1 minutes

GAIL (India) Limited has approved the development of a 178.2-MW greenfield wind power project in Maharashtra, marking a significant expansion of its renewable energy portfolio.

The company’s board has cleared an estimated investment of approximately ₹1,736 crore for the project. The wind farm will be executed on a lump-sum turnkey (LSTK) basis, with commissioning expected within 24 months from the award of the contract. The project will be funded through a mix of debt and internal accruals.

The proposed installation is part of GAIL’s broader strategy to strengthen its clean energy footprint as it transitions from a primarily natural gas-focused business to a more diversified energy major. Once operational, the Maharashtra wind project will substantially augment the company’s existing renewable capacity, which includes wind and solar assets spread across multiple Indian states.

The move aligns with GAIL’s long-term sustainability roadmap, including its target to achieve net-zero operational emissions (Scope 1 and Scope 2) by 2035. The company has also outlined plans to scale up its renewable energy portfolio to several gigawatts over the next decade, reinforcing its commitment to India’s energy transition goals.

With this investment, GAIL joins a growing list of public sector undertakings accelerating renewable deployment, reflecting the increasing role of large energy firms in supporting India’s decarbonisation and green growth ambitions.

Global Wind Orders Reach 215 GW in 2025; Chinese OEMs Expand Overseas, Says Wood Mackenzie

By
Kavitha J
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0

Reading Time: 3 minutes

Global wind turbine firm order intake reached 215 GW in 2025, marking the second-highest annual total on record, according to the latest analysis by Wood Mackenzie.

Despite the strong overall figure, total order volume declined 8% year-on-year, primarily due to softer activity in China, where developers focused on executing existing backlogs and prioritising project delivery.

However, the year also witnessed a sharp 66% surge in international orders secured by Chinese Original Equipment Manufacturers (OEMs), highlighting their accelerating global expansion strategy.

Chinese OEMs Accelerate Overseas Growth

As China’s domestic wind market matures, leading OEMs have increasingly shifted focus toward overseas growth regions. In 2025, that strategy translated into tangible gains. Firm order intake outside China rose 66% year-on-year and more than tripled compared to 2023 levels.

“Leading Chinese OEMs are increasingly gaining orders in high-growth markets in the Middle East, India, and Latin America, leveraging rapid 10 MW+ platform rollouts to win market share,” said Finlay Clark, Principal Analyst at Wood Mackenzie.

In the Middle East and Africa (MEA), developers favoured early availability of 10 MW turbine models to minimise costs on gigawatt-scale projects. As a result, Chinese OEMs captured 95% of regional capacity in 2025.

The shift was underscored in Saudi Arabia, where Goldwind secured a 3.1 GW order across two sites — the largest single turbine order ever recorded in the region.

Chinese OEMs Dominate Global Rankings

Chinese manufacturers occupied eight of the top ten positions in the 2025 global rankings, supported by strong domestic demand. Developers in China continued to account for around 70% of global wind turbine orders, even amid a softer year.

Goldwind led global order intake, followed by Envision Energy and Windey. Domestic projects contributed nearly 90% of total Chinese OEM intake, even as overseas orders expanded.

“China awarded over 150 GW of wind orders in 2025, a strong outcome despite a 15% YoY decline from the 2024 peak,” said Yuan Ren, Senior Analyst, Power & Renewables. “Power market reforms typically slow procurement, but the new price settlement mechanism supported revenue visibility. Sustained high intake reflected resilient onshore demand and wind’s stronger capture prices versus solar.”

Record Orders Outside China

Outside China, firm order intake reached a record 65 GW in 2025, boosted by a strong fourth quarter.

Europe delivered a notable upside surprise, with onshore orders rising more than 60% year-on-year. Regulatory reforms in Germany unlocked permitting activity, with 21 GW permitted in 2025 — double the 2024 level — accelerating turbine procurement.

Among non-Chinese manufacturers, Vestas led with 16 GW of orders. Nordex topped European onshore intake and secured a record 10 GW globally.

Pricing Stable Amid Policy Pressures

Turbine pricing remained broadly flat in 2025 and continued to stay elevated compared to 2022 and 2023 levels, despite intense market competition.

New policy measures increased procurement complexity and input costs. The European Union’s Carbon Border Adjustment Mechanism (CBAM) and expanded US tariffs raised landed costs for steel-intensive components, making surcharges and compliance clauses more common in contracts. Under CBAM, turbine costs could rise by low single-digit percentages.

“Policy measures are creating upward pressure on input costs, but project economics continue to demand lower pricing. This tension between regulatory costs and market demands could accelerate the development of new onshore turbine technologies, particularly in Europe and the US,” Clark added.

Offshore Orders Decline

Offshore wind order intake fell 17% in 2025, as procurement slowed ahead of redesigned tender frameworks across Europe.

New and improved subsidy schemes are expected to roll out through 2026, potentially strengthening the award pipeline for OEMs. Among recent developments, Vestas secured an order for the 1.4 GW Norfolk Vanguard West project, supported by the UK’s Auction Round 7 in January.

Industry analysts expect offshore procurement momentum to recover as updated frameworks and subsidy mechanisms come into effect.

NTPC Green Energy Commissions 50 MW of Dayapar Wind Project Phase-II in Gujarat

By
Mohan Gupta
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Reading Time: 1 minutes

NTPC Green Energy Limited (NGEL) has announced the start of commercial operations for a part of its Dayapar Wind Energy Project Phase-II in Gujarat. In a regulatory filing dated February 25, 2026, the company confirmed that 50 MW capacity has been successfully commissioned and is now supplying power to the grid.

The commissioned capacity is part of the larger 200 MW Dayapar Wind Energy Project Phase-II. The project is being executed by NTPC Renewable Energy Limited, a wholly owned subsidiary of NGEL. According to the official disclosure, the commercial operation of the 50 MW capacity became effective from 00:00 hours on February 26, 2026.

With this addition, the total installed and commercial capacity of the NGEL Group has increased. Before the commissioning of this project phase, the group’s commercial capacity stood at 9,151.08 MW. After integrating the newly operational 50 MW, the total capacity has risen to 9,201.08 MW.

The company stated that the disclosure was made in line with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was signed by Manish Kumar, Company Secretary and Compliance Officer of NGEL.

This development marks another step in the company’s efforts to expand its renewable energy portfolio. NGEL has been steadily increasing its presence in the wind and solar segments as part of its broader clean energy strategy. Headquartered in Greater Noida, the company continues to focus on scaling up renewable projects across India to support the country’s growing demand for sustainable and reliable power.

RERC Dismisses ₹1.38 Crore Claim For Power Supplied After PPA Expiry

By
Mohan Gupta
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0

Reading Time: 2 minutes

The Rajasthan Electricity Regulatory Commission (RERC) has rejected a petition filed by Intech Systems Chennai Pvt. Limited seeking payment for electricity supplied after the expiry of its Power Purchase Agreement (PPA). The Commission ruled that the distribution companies were not liable to pay for energy injected into the grid without a valid and existing contract.

The petitioner operates a 7.5 MW wind power plant in Jaisalmer, Rajasthan. Its 20-year PPA expired on March 13, 2024. After the agreement ended, the company continued to inject power into the grid between April 2024 and August 2024. It later raised invoices amounting to around ₹1.38 crore for this period and approached the Commission seeking payment directions against the respondent Discoms.

Intech Systems argued that it had taken timely steps before the expiry of the PPA. According to the company, it had applied for a No Objection Certificate (NOC) from Rajasthan Renewable Energy Corporation Limited (RRECL) nearly five months before the agreement ended. The NOC was granted in February 2024 to enable the company to shift to Open Access and sell electricity in the open market.

However, the required Commercial Agreement with the Discom was signed only on August 20, 2024. The petitioner claimed that the delay in signing this agreement was intentional. It alleged that the Discom delayed the process to benefit from free power during the peak wind season. The company also cited earlier Commission orders where generators were compensated for electricity supplied during similar intervening periods.

On the other hand, the respondent, Rajasthan Urja Vikas and IT Services Limited (RUVITL), opposed the petition. It argued that once the original PPA expired, there was no “privity of contract” between the parties. Therefore, the Discom had no legal obligation to purchase or pay for any power injected into the grid after March 13, 2024.

RUVITL also submitted evidence showing that it had issued a letter to the petitioner on February 26, 2024, clearly stating that the Discom would not continue to procure power after the PPA expiry date. This notice, according to the respondent, was sent well in advance and removed any expectation of continued purchase.

In its final order dated February 23, 2026, the Commission described the petitioner’s claims as “misconceived.” It observed that the Discom had clearly communicated its intention not to renew the agreement. The Commission further clarified that the NOC issued by RRECL was meant to facilitate future open market transactions and did not extend the validity of the expired PPA.

As a result, the Commission dismissed the petition and ruled that the Discom was not liable to pay for electricity supplied without a valid contractual arrangement. It also noted that the reasons behind the delay in executing the Open Access agreement were outside the scope of the present proceedings.

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