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Monthly RE & EV Updates May 2026
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RE Updates
Quick Summary:
- Tenders:
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Project Development: In May 2026, 2282.5 MW/13130 MWh Standalone Storage tenders were issued, while 42.45 MW solar tenders were issued including utility scale solar and rooftop solar.
- EPC: Over 5598.38 MW of EPC tenders were also issued in May 2026.
- NTPC has floated a tender to set up 2000 MW of Pump Hydro Energy Storage project (Pan India).
- NGEL has issued an EPC tender for a 1950 MW standalone BESS project in Rajasthan.
- Auction Completed: In May 2026, a total of 1125 MW/3500 MWh capacity was awarded through three auctions under standalone storage segment. During the month, SECI awarded tender for 10 MW Solar with 10 MW/20 MWh BESS capacity to BNC Power Projects at a tariff of INR 2.60/kWh.
- Installed Capacity: In April 2026, about 3,975.39 MW of solar and 341.75 MW of wind capacity were added in the country, taking the total renewable energy capacity addition during the month to 4,567.14 MW and the cumulative RE capacity to 279 GW.
- State wise utility scale solar and wind installed capacity in March 2026:
- In April 2026, the top three leading states were Rajasthan, Gujarat, and Tamil Nadu accounted for 88% (2.2 GW) of the total installed utility-scale solar capacity.
- Maharashtra installed the highest rooftop solar capacity of 288.60 MW, followed by Gujarat (184.40 MW) and Rajasthan (142.70 MW).
- Of the 369.15 MW total capacity installed under the off-grid solar segment, Maharashtra contributed the largest capacity of 61.33 MW.
- Gujarat added the highest wind installations with 140.20 MW, followed by Maharashtra (114 MW) and Rajasthan (61 MW).
- Monthly RE Generation: In May 2026, renewable energy sources generated 31362.11 MUs, reflecting a increase of about 19.63 % compared to April 2026
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Monthly RE Curtailment: In May 2026, VRE curtailment increased significantly, with a total of 857.77 MUs of renewable energy curtailed. During May, 2.74% of the renewable energy generated, was curtailed.
- Key deals/financing trends: In May 2026, a total of about US$ 719.6 million in investments were made in the RE sector in India
- IEX GDAM Trend: In May 2026, IEX recorded 935 MUs of GDAM traded volume, registering a 14.16% increase over April 2026, driven by an additional 116 MUs of traded volume. The average market clearing price in IEX-GDAM for May 2026 stood at INR 5.49/kWh.
- Module Price Trends: Comparing on a month-on-month basis, global TOPCon module prices remained stable in May 2026, while M10 TOPCon cell prices increased by around 2% compared to April 2026.
- Policy and Regulations: In this month, 34 central and 24 state-level policies/ notifications/ regulations/ orders were issued.
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EV Monthly Report
Quick Summary
This monthly EV report highlights key developments in India’s electric vehicle ecosystem for May 2026, covering sales trends, segment performance, product launches, policy updates, and investments.
Sales Trends
Overall EV sales increased by 9% m-o-m, reaching 2,71,319 units in May 2026, indicating that the fuel crisis may be driving a shift toward EV adoption. On a year-on-year basis, EV sales registered a 51% increase compared to May 2025, reflecting continued momentum in the country’s electric mobility market.
Segment-wise Performance
Electric Two-Wheelers (E2W):
Sales stood at 1,70,570 units,9% m-o-m and 63% y-o-y increase . The top three players accounted for ~63% of total registrations.
Passenger Electric Three-Wheelers (E3W-P):
Sales reached 60,384 units (+12% m-o-m, +9% y-o-y).
- L3: 29,805 units
- L5: 30,579 units
Bajaj Auto led the L5 segment (36.35%), while YC Electric led the L3 segment (4.31%).
Cargo Electric Three-Wheelers (E3W-Cargo):
Sales stood at 11,478 units (+4% m-o-m, +10% y-o-y).
- L3: 7,486 units
- L5: 3,992 units
Mahindra led the L5 cargo segment (~15.41%), while J.S. Auto led the L3 cargo segment (~6.89%).
Electric Cars (E-Cars):
Sales reached 26,398 units (+7% m-o-m, +92% y-o-y). Tata Motors led (~39%), followed by Mahindra (~23%). Maruti Suzuki captured ~6% share within five months of entry.
Electric Buses (E-Bus):
Sales stood at 320 units (-8% m-o-m, -9% y-o-y). JBM Auto led (49%), followed by Switch Mobility (~16%).
Key Developments
Product Launches: Tata Tiago EV facelift has been launched in the E-Car segment Charging Infrastructure: 9 developments (8 charging, 1 swapping), including 4,874 EV chargers approved under PM E-DRIVE E-Bus Developments: 4 updates, including the Govt plans financing support for e-buses & e-trucks via subsidy and credit guarantee mechanisms Investments & Partnerships: INR 8250 crore investments and 3 new partnerships, including collaboration between Yuma Energy and Mumbai metro
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