Monthly RE & EV Updates
March 2025
RE Updates Quick Summary: - Tenders: In March 2025, 09 new renewable energy (RE) tenders with a cumulative capacity of 5,111 MW were issued.
- NHPC issued a 1200 MW ISTS-connected solar tender with 600 MW/1200 MWh ESS anywhere in India.
- NTPC REL issued a 672 MW of Wind Tender in Maharashtra.
- TNEGCL issued a tender for establishing a 500 MW/1000 MWh standalone battery energy storage system (BESS) in Tamil Nadu.
- Installed Capacity: From Jan-Feb 2025, about 4701 MW of solar and 405 MW of wind capacity were added to the country, taking the cumulative RE capacity to 214.67 GW. In February 2025, a combined total of 2459 MW of solar and wind capacity was added.
- Auction Completed: In March 2025, a total of about 5587 MW of renewable energy (RE) capacity was allocated to various RE developers. Additionally, SECI concluded the auction for its green hydrogen producers for setting up production facilities in India under the Strategic Interventions for Green Hydrogen Transition (SIGHT) (Mode-I-Tranche-II).
- Key deals/ financing trends: In March 2025, the RE sector in India raised a total of $4903 million in investments.
- IEX GDAM Trend: The IEX traded a total volume of about 576 MUs in GDAM in March 2025, 9% greater than the previous month.
- Module price trends: In March 2025, the domestic module prices of Mono PERC modules have increased by 1.1% in comparison to previous month.
- Policy and regulations: In this month, 13 central and 16 state-level policies/ notifications/ regulations/ orders were issued.
| | EV Sales Digest Quick Summary: - E2W: Sales of high-speed electric two-wheelers (HS E2W) surged by ~71% m-o-m in March 2025, reaching 1,30,274 units. For FY2025, total sales stood at 11,97,102 units, reflecting an 18.6% y-o-y increase from FY2024. In March 2025, the top 3 players held ~68% of the market, showcasing strong market consolidation. Since FY2020, the segment has expanded by over 42 times.
- E3W – Passenger: Sales of passenger E3Ws in March 2025 reached 49,632 units, marking a ~12% m-o-m increase and a 1.29% growth compared to March 2024. For the entire FY2025, total sales stood at 6,09,627 units, reflecting an 8.7% y-o-y growth from FY2024. In March 2025, the top 8 players held ~41% of the market, with Mahindra Last Mile Mobility (~12%) and Bajaj Auto (~10%) leading the segment.
- E3W – Cargo: In March 2025, cargo E3W sales accounted to 9,923 units, reflecting a 12% m-o-m increase. However, sales declined by ~15% compared to March 2024. For FY2025, total sales reached 92,959 units, marking a 25.9% y-o-y increase from 73,798 units in FY2024. In March 2025, the top 8 players controlled ~35% of the market, with Mahindra Last Mile Mobility (~7.47%) and Bajaj Auto (~5.43%) as key players.
- E-Cars: In March 2025, sales rose by ~38% m-o-m to 12,266 units, and sales increased by ~36% compared to March 2024. For FY2025, total E-Car sales reached 1,09,271 units, reflecting a 10.3% y-o-y growth from 99,085 units in FY2024. In March 2025, Tata Motors led the market with ~38% share, and since FY2020, the segment has expanded by over 34 times.
- E-Buses: Total sales in March 2025 stood at 280 units, showing a 9% m-o-m decline and a ~35% drop compared to March 2024. For FY2025, total sales reached 3,570 units, reflecting a 3.7% y-o-y decrease from 3,708 units in FY2024. Despite slower growth in FY2025, the segment has expanded by over 7 times since FY2020. Switch Mobility (~40%) and Olectra Greentech (~27%) dominated the market.
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