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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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25projects
10states
3commissioned
20 Oct 2026last reviewed

25 of 25 projects

Solar manufacturing · Premier Energies · Naidupeta, Andhra Pradesh

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
MRO View

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.

Solar manufacturing · Waaree Energies · Butibori, Nagpur, Maharashtra

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
MRO View

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.

Battery manufacturing · Waaree Energy Storage Solutions (Waaree Energies) · Gujarat

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
MRO View

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.

Battery manufacturing · Ola Electric (Ola Cell Technologies) · Krishnagiri, Tamil Nadu

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
MRO View

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.

Battery manufacturing · Exide Energy Solutions (Exide Industries) · Devanahalli, Bengaluru, Karnataka

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
MRO View

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.

Battery manufacturing · Amara Raja Advanced Cell Technologies · Divitipalli, Mahabubnagar, Telangana

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
MRO View

A small plant comes first so customers can test cells before the large line starts, which shortens qualification for carmakers.

Battery manufacturing · Agratas (Tata Sons) · Sanand, Gujarat

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
MRO View

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.

Transformers and grid equipment · Transformers & Rectifiers (India) · Changodar, Gujarat

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
MRO View

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.

Transformers and grid equipment · Hitachi Energy India · Karjan, Vadodara, Gujarat

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
MRO View

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.

Transmission · Adani Energy Solutions (Rajasthan Part I Power Transmission) · Bhadla, Rajasthan to Fatehpur, Uttar Pradesh

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
MRO View

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.

Transmission · Adani Energy Solutions (KPS III HVDC Transmission) · Khavda to South Olpad, Gujarat

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
MRO View

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.

Transmission · Power Grid Corporation of India (Barmer HVDC Power Transmission) · Barmer, Rajasthan to South Kalamb, Maharashtra

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
MRO View

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.

Transmission · Resonia (formerly Sterlite Power) · Kurnool, Andhra Pradesh and Telangana

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
MRO View

The scheme connects new renewable capacity in Kurnool to the Telangana grid. Resonia beat Power Grid, Adani and others for it.

Transmission · IndiGrid (EnerGrid) · Kinnaur to Panchkula, Himachal Pradesh and Haryana

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
MRO View

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.

Transmission · Power Grid Corporation of India · Pang, Ladakh to Kaithal, Haryana

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
MRO View

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.

Energy storage projects · Adani Green Energy · Khavda, Kutch, Gujarat

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
MRO View

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.

Energy storage projects · Tata Power · Bhivpuri, Karjat, Raigad, Maharashtra

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
MRO View

The upper reservoir is built and all major packages are awarded.

Energy storage projects · Greenko (Greenko AP01 IREP) · Pinnapuram, Kurnool, Andhra Pradesh

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
MRO View

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.

Energy storage projects · Coal India · Padampur, Bolangir, Bhatli and Basta, Odisha

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
MRO View

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.

Energy storage projects · ACME Solar Holdings (ACMEUrja One) · Not disclosed

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
MRO View

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 hydrogen and ammonia · AM Green Ammonia · Kakinada, Andhra Pradesh

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
MRO View

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 hydrogen and ammonia · ACME Group (ACME Cleantech Solutions) · Odisha (Paradip)

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
MRO View

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.

Green hydrogen and ammonia · ACME Clean Energy (ACME 70 percent, IHI 30 percent) · Gopalpur, Ganjam, Odisha

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
MRO View

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 gasification · Bharat Coal Gasification and Chemicals (Coal India and BHEL) · Lakhanpur, Jharsuguda, Odisha

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
MRO View

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.

Data centre power · Google with AdaniConneX and Airtel Nxtra · Visakhapatnam, Andhra Pradesh

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
Google
MRO View

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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