India Solar Energy Market Highlights – September 2025

The month of September 2025 is expected to be a turning point in the Indian solar power industry, as usage is anticipated to grow faster, technology is expected to be deployed, and policy momentum is expected to gain traction. Adding to this, the domestic and international players with their strategic investments and the use of the latest module technologies, such as TOPCon and Perovskite Tandem cells, are making India a center of manufacturing sustainable energy. Moreover, policy interventions, such as GST cuts on renewable devices and solar equipment, are making clean energy increasingly affordable to households, farmers, and businesses, while also triggering domestic production and job creation. Additionally, there is a surge in large PPA deals, solar parks, and hybrid solar-storage projects in the sector, thereby solidifying India's role in the global clean energy transition.

GST Reforms Power India’s Green Transition, in September 2025

India’s Solar Market Surges with Record Tariffs, Tech Innovation, and Mega Projects

1. ENGIE India and NTPC Limited Sign 300 MW Solar PPA to Advance India’s Energy Transition

On September 4, 2025, EENGIE India and NTPC Limited signed a 300 MW solar PV Power Purchase Agreement (PPA), underscoring their shared commitment to advancing India’s climate goals, enhancing grid resilience, and promoting sustainable development.

• This commitment was then accompanied by an insightful sharing of vision and ambition to deepen the collaboration and speed up the energy transition in India.

• Also, the partnership helps ENGIE India to strengthen its determination to provide renewable solutions to the world, invest in innovation, and establish a cleaner, more resilient, and self-reliant energy future in India.

2. RPSG Group to Establish 3 GW Solar Cell Manufacturing Hub in Noida with INR 3,000 Crore Investment

On September 19, 2025, the Yamuna Expressway Industrial Development Authority (YEIDA) gave a Letter of Intent (LoI) to the RP-Sanjiv Goenka Group (RPSG) to build a 3-gigawatt solar cell manufacturing and integrated ecosystem hub in Sector 8D, Noida, adjacent to the Noida International Airport.

The project will:

• Covered over 100 acres and comprises a 60 MW captive solar plus energy storage plant, with a proposed investment of INR 3,000 crore (~USD 340 million).

• Install advanced solar technologies, including TOPCon and Perovskite-Tandem cells.

• Reduce power costs by 10–15% for operations.

• Contribute to reducing the reliance on imported solar modules in India, which currently account for nearly 90% of the supply.

• The project is to create over 5,000 job opportunities.

3. Ingka Investments Makes Debut in India with 241 MW Solar & Wind Acquisition in Rajasthan

On September 19, 2025, IKEA's family office, IKEA Retail, bought solar and wind assets from Germany-based ib vogt in Rajasthan for INR 1,200-1,400 crore (~USD 136-159 million). The assets have a power generation potential of 241 megawatts. IKEA's focus is on areas like circular economy, sustainability, and healthcare.

The acquisition supports the wider strategy of Ingka Investments to allocate Euro 7.5 billion (USD 8.80 billion) by 2030 in renewable energy. The company targets to enable the global energy transition by investing in utility-scale wind and solar projects to reinforce its sustainability portfolio.

4. Historic Low Tariffs and Hybrid Solar-Storage Win at RUMSL’s 600 MW Morena Auction

On September 20, 2025, Indian energy companies ACME Solar Holdings and Ceigall India won the Rewa Ultra Mega Solar (RUMSL) auction to develop a 600 MW grid-connected, ground-mounted solar power project with an integrated 440 MW/440 MWh battery energy storage system (BESS) at the Morena Solar Park in Madhya Pradesh (India). Both ACME and Ceigall were awarded 220 MW of storage capacity each. Also, mark the lowest-ever tariffs for firm and dispatchable renewable energy (FDRE) in India.

Key Project Terms

• Developers must design, build, operate, and maintain two solar plants (up to 300 MW each) with grid-connected, ground-mounted solar capacity integrated with BESS.

• The BESS system will be charged at night by Madhya Pradesh Power Management Company (MPPMCL).

• MPPMCL will act as the offtaker, procuring electricity on behalf of the state’s three DISCOMs under long-term power purchase agreements.

5. Inox Solar Commenced Production at its 3 GW Solar Module Plant

On September 22, 2025, Inox Clean Energy Limited’s wholly-owned subsidiary, Inox Solar Limited, announced the beginning of manufacturing at its state-of-the-art solar module manufacturing plant at Bavla, Ahmedabad, Gujarat, with the initial capacity of 1.2 GW of its 3 GW plant.

Its fully-automated plant is the most advanced in technology and produces the latest N-type TOPCon solar modules with M10, G12R, and G12 solar cells. This is a globally known module technology, the latest in solar manufacturing, which has a higher efficiency, lower degradation, and better reliability, and this is the standard of the modern solar installation. The bi-facial modules also allow bilateral power production, which enhances the capacity utilization factor (CUF) and productivity.

6. Servotech Renewable Power System Ltd. Bagged Order of 3 MW Solar Rooftop Project from Northern Central Railway Agra Division

On September 29, 2025, Servotech Renewable Power System Ltd. won a 3 MW grid-connected rooftop solar project from the Northern Central Railway, Agra Division, valued at INR 13 Crore (~USD 14.75 million). This milestone indicates that Indian Railways still has confidence in the capabilities of Servotech and boosts its support in the clean energy transition of India.

• Under the contract, Servotech Renewable will be involved in the full implementation of the on-grid rooftop solar PV project, including the design, manufacture, supply, installation, testing, and commissioning of solar panels of various capacities at several railway sites within the Agra Division.

• This project aligns with the sustainability vision of Indian Railways by minimizing the use of traditional energy sources and embracing renewable energy on a large scale to reduce carbon emissions.

India’s Solar Sector Matures: Driving Affordability, Innovation, and Net Zero 2070 Goals

The events of September 2025 underscore the expanding nature of India's solar energy ecosystem. With a history of low tariffs in hybrid solar-storage systems, the industry is moving towards a more affordable, efficient, and self-contained direction, transitioning from mass production to rooftop deployment. Additionally, new investment opportunities are being developed with policy support, new technologies, and strategic partnerships, thereby creating jobs and reducing reliance on imports. What this actually points to is the fact that solar energy is not only propelling the Net Zero 2070 ambition in India but is also laying the groundwork for a strong, decentralized, and technologically enhanced energy future.