MRO Tracker · Energy, Power & Storage · Analyst summary
India’s energy build out is moving from new generation to the equipment and wires around it. Three HVDC corridors awarded in 2025 and 2026 will add 14,500 MW of long distance transfer capacity out of Rajasthan and Gujarat, and four battery cell makers are building 34 GWh of first phase capacity, of which only Ola’s 2.5 GWh is in commercial production so far.
Storage is now being bought at scale. Adani Green runs 3,366 MWh of batteries at Khavda and plans more than 10 GWh in FY27, while green ammonia projects in Andhra Pradesh and Odisha add about 2.3 MTPA, roughly half of it already contracted to buyers in Europe, Japan and Indian fertiliser plants. Gujarat hosts 6 of the 25 projects and Odisha 4.
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Ask an analystor WhatsApp us25 of 25 projects
7 GW n-type TOPCon solar cell plant
- Capacity
- 7 GW of cells a year, taking company cell capacity to 10.6 GW
- Investment
- Rs 3,293 crore
- Commissioning
- Commissioned 21 Sep 2026; trial production, ramp up still ahead
- Offtake
- Not disclosed
The company targets about 25.8 percent average cell efficiency after ramp up and plans a separate ingot and wafer plant at Naidupeta for 2028. We keep the stage at construction until commercial output is confirmed.
10 GW solar ingot and wafer plant
- Capacity
- 10 GW a year
- Investment
- Rs 6,200 crore
- Commissioning
- Ground broken 16 Mar 2026; completion date not disclosed
- Offtake
- Not disclosed
This moves Waaree upstream into ingots and wafers, the stage before cells. It is also building a 10 GW integrated cell plant in Gujarat, which would take its cell capacity to about 15.4 GW from 5.4 GW.
BESS container plant using LFP cells, phase 1 of a 20 GWh programme
- Capacity
- 5.15 GWh of containers a year
- Investment
- About Rs 10,000 crore for the full 20 GWh programme
- Commissioning
- Operations started Jul 2026
- Offtake
- Utility scale and C&I storage buyers
The container line runs first, with pack and cell lines targeted within FY27. Waaree, best known for solar modules, is now adding battery storage manufacturing.
Lithium-ion cell gigafactory making 4680 NMC cells
- Capacity
- 2.5 GWh running; expansion to 6 GWh installed; 20 GWh planned
- Investment
- Not disclosed
- Commissioning
- 6 GWh targeted to run by Sep 2026; not yet confirmed
- Offtake
- Own scooters and storage products, plus outside buyers
Cell revenue was only Rs 5 crore in Q1 FY27 and the 6 GWh date has slipped twice, so the ramp to full output is the thing to watch.
Lithium-ion cell gigafactory, phase 1: LFP prismatic and NMC cylindrical cells
- Capacity
- 6 GWh a year (phase 1)
- Investment
- About Rs 6,000 crore including FY27 spend
- Commissioning
- Phase 1 commissioning complete Sep 2026; revenue guided from Q3 FY27
- Offtake
- Captive packs first, then two wheeler, telecom and car makers
All four lines are installed and certified. Early output replaces imported LFP cells in Exide's own packs, so the real test is winning outside carmakers.
Giga Corridor lithium-ion cell programme
- Capacity
- 60 MWh qualification plant running; Giga 1 starts at 2 GWh within a 16 GWh plan
- Investment
- Rs 9,500 crore programme (phase 1 Rs 1,500 crore)
- Commissioning
- Qualification plant from 15 Jul 2026; Giga 1 commercial production in 2027
- Offtake
- Car and two wheeler makers validating cells
A small plant comes first so customers can test cells before the large line starts, which shortens qualification for carmakers.
EV and storage battery cell gigafactory
- Capacity
- 20 GWh a year (initial phase)
- Investment
- Not disclosed
- Commissioning
- Production in 2027
- Offtake
- Mainly Tata Motors and JLR
The main steel structure was finished in April 2026. With captive demand from Tata Motors and JLR, Agratas carries less sales risk than other new cell makers.
Transformer plant expansion: distribution, inverter duty and 132 to 220 kV units
- Capacity
- From 12,000 to 35,000 MVA a year
- Investment
- About Rs 150 crore
- Commissioning
- Commercial production expected by Nov 2026
- Offtake
- Not disclosed
The unexecuted order book was Rs 7,237 crore at the end of Sep 2026, up 32 percent, while this plant nearly triples its capacity.
Large power transformer factory
- Capacity
- Not disclosed
- Investment
- About Rs 2,000 crore
- Commissioning
- Completion targeted in FY28
- Offtake
- Transmission, HVDC, generation, data centres and industry
The plant adds to Hitachi Energy's existing Gujarat factories and component plants at Mysore and Halol, and is expected to create over 1,000 jobs. Capacity has not been disclosed.
Bhadla to Fatehpur ±800 kV HVDC line with two 6,000 MW terminals
- Capacity
- 6,000 MW; about 950 km bipole
- Investment
- About Rs 22,700 crore (estimate); annual transmission charge Rs 3,557 crore
- Commissioning
- About July 2029 (54 months from SPV transfer)
- Offtake
- Annual transmission charges under TBCB
Described as India's first HVDC scheme awarded to a private developer through competitive bidding. Hitachi Energy and BHEL are building the terminals, and financing from Japanese banks closed in Feb 2026.
Khavda to South Olpad ±500 kV VSC HVDC link for Khavda phase V
- Capacity
- 2,500 MW (2 x 1,250 MW)
- Investment
- About Rs 12,000 crore (estimate); annual transmission charge Rs 2,392 crore
- Commissioning
- 12 Dec 2029
- Offtake
- Annual transmission charges under TBCB
Adani's second HVDC win under competitive bidding, with GE Vernova T&D supplying the converter terminals. CERC adopted the tariff in May 2026 after 49 rounds of reverse auction.
Barmer to South Kalamb ±800 kV HVDC corridor for 6 GW of Rajasthan renewables
- Capacity
- 6,000 MW; about 1,000 km bipole
- Investment
- Annual transmission charge Rs 3,244 crore; capital cost not disclosed
- Commissioning
- Not disclosed
- Offtake
- Annual transmission charges under TBCB
Power Grid won the scheme in Aug 2026 and took over the project company in Sep 2026. GE Vernova T&D was named lowest bidder for the 6,000 MW converter terminals, though that is not yet a final contract.
Kurnool-IV renewable zone phase II: 765/400 kV substation and lines
- Capacity
- 3 GW evacuation; 4 x 1,500 MVA substation; about 120 km of lines
- Investment
- About Rs 3,235 crore (estimate)
- Commissioning
- About 30 months from SPV transfer in May 2026
- Offtake
- Annual transmission charges under TBCB
The scheme connects new renewable capacity in Kurnool to the Telangana grid. Resonia beat Power Grid, Adani and others for it.
Shongtong and Tidong hydro evacuation scheme
- Capacity
- 630 MVA pooling station; about 450 circuit km of 400 kV lines
- Investment
- About Rs 2,286 crore (estimate); annual transmission charge Rs 543 crore
- Commissioning
- Q4 FY29
- Offtake
- Annual transmission charges under TBCB
The lines will carry power from the 450 MW Shongtong Karcham and 150 MW Tidong hydro plants. IndiGrid is bringing the project into its trust at an enterprise value of up to Rs 5,316 crore, well above the cost estimate.
Ladakh 13 GW renewable evacuation corridor (Green Energy Corridor phase II)
- Capacity
- 5 GW terminals; 713 km of lines as approved, including a 480 km HVDC section
- Investment
- Rs 20,774 crore, 40 percent from the centre
- Commissioning
- FY2029-30 as approved in 2023
- Offtake
- Regulated tariff
The contract award has slipped several times. In Dec 2025 the HVDC design began giving way to an AC only design over doubts about building HVDC above 4,000 m, and we have not seen a final award.
Battery energy storage at the Khavda renewable park
- Capacity
- 3,366 MWh in operation
- Investment
- Not disclosed
- Commissioning
- 1,990 MWh added May 2026, on top of capacity from Mar 2026
- Offtake
- Not disclosed for the batteries
Built within 10 months of starting site work. Adani Green plans more than 10 GWh of storage additions in FY27 and 50 GWh within five years.
Off stream pumped storage hydro project with 8 hours of storage
- Capacity
- 1,000 MW
- Investment
- Not disclosed; civil works contract Rs 2,470 crore
- Commissioning
- Commissioning by 2029
- Offtake
- SECI for 324 MW under a 40 year agreement
The upper reservoir is built and all major packages are awarded.
Pinnapuram integrated solar, wind and pumped storage project
- Capacity
- 1,680 MW / 10,080 MWh per cycle per the government (company states 1,200 MW for phase 1)
- Investment
- About USD 4.2 billion in total, of which USD 1.2 billion for pumped storage
- Commissioning
- Unit 1 ran in pump mode Oct 2024; full operation not confirmed by the company
- Offtake
- Not disclosed
The government calls it the world's first integrated renewable energy storage project. Official records list it as commissioned in 2025, but the company has not confirmed this, so it stays at construction here.
Four standalone battery storage systems for GRIDCO
- Capacity
- 80 MW / 320 MWh
- Investment
- About Rs 400 crore (estimate)
- Commissioning
- Within 18 months of signing the storage agreement
- Offtake
- GRIDCO at Rs 3.04 to 3.05 lakh per MW per month
Won in SECI's March 2026 auction with viability gap funding of Rs 18 lakh per MWh. A coal miner bidding for batteries shows how far state companies are moving into storage.
250 MW firm and dispatchable renewable energy (FDRE) project
- Capacity
- 250 MW
- Investment
- About Rs 3,700 crore
- Commissioning
- Not disclosed; about 40 percent of land acquired
- Offtake
- NHPC under a 25 year PPA
The contract requires at least 40 percent annual CUF and 90 percent of peak demand for four hours a day, which only works with storage. ACME expects CUF above 60 percent and signed a further 300 MW FDRE contract with SECI in May 2026.
Green ammonia complex on a converted gas based fertiliser site
- Capacity
- 1.5 MTPA green ammonia; 1,950 MW of electrolysers
- Investment
- Not disclosed; USD 100 million ADB arranged loan signed Oct 2026
- Commissioning
- First commercial output 2027 or 2028; later phases by Mar 2030
- Offtake
- Uniper for up to 500,000 TPA from 2028, for export to Europe
Construction began in Jan 2026. The start date has moved from the second half of 2026 to 2027 or 2028, and financing papers put capacity at about 1.1 MTPA, so the phasing is worth watching.
Green ammonia supply to Indian fertiliser plants under SECI's SIGHT auction
- Capacity
- 370,000 TPA contracted with SECI
- Investment
- Not disclosed; contract worth about Rs 20,000 crore over 10 years
- Commissioning
- 2029
- Offtake
- SECI, resold to IFFCO, Paradeep Phosphates, Coromandel and India Potash
A 10 year purchase agreement was signed in Mar 2026. Discovered prices of about Rs 55.75 per kg set a price benchmark for green ammonia in India's fertiliser sector.
Export oriented green ammonia plant for Japan
- Capacity
- 405,000 TPA
- Investment
- Not disclosed; about USD 5 billion of Japanese price support
- Commissioning
- Commissioning expected by Jul 2030
- Offtake
- Japanese buyers under Japan's CfD scheme and long term auction
Selected for Japan's contract for difference support in Jul 2026 for 228,000 TPA. Land is secured and front end design is done, but construction has not been confirmed.
Coal to ammonium nitrate plant using BHEL gasification technology
- Capacity
- 0.66 MTPA ammonium nitrate
- Investment
- Rs 25,016 crore
- Commissioning
- Commissioning by Sep 2029
- Offtake
- Not disclosed
The government calls it India's first commercial scale coal to ammonium nitrate plant, and the foundation stone was laid on 20 Jun 2026. The cost has more than doubled from the Rs 11,768 crore cited in Dec 2024.
Gigawatt scale AI data centre campus with new transmission, clean power and storage
- Capacity
- Gigawatt scale; power capacity not disclosed
- Investment
- About USD 15 billion over 2026 to 2030
- Commissioning
- Ground broken 28 Apr 2026
- Offtake
Adani says the partners will co-invest in new transmission lines, clean generation and battery storage in Andhra Pradesh, but no power capacities have been given. Adani describes it as India's largest data centre campus.
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