REL operates 296 MWp, with 226.8 MWp under development

Ravindra Energy Limited (REL) operated 296 MWp of renewable capacity as of September 2026 and listed another 226.8 MWp under construction and development, bringing its identified portfolio to 522.8 MWp across 117 locations or projects. The largest operating segment was Maharashtra’s MSKVY-1 and 2 portfolio at 194.5 MWp.

What renewable capacity does REL operate?

REL operates 296.0 megawatt-peak (MWp) across 81 locations or projects, according to its business update for the period ended September 30, 2026. MSKVY-1 and 2 account for 194.5 MWp across 34 Maharashtra locations, with Maharashtra State Electricity Distribution Company Limited (MSEDCL) as offtaker and commissioning dates of October 2025 and June 2026.

The operating portfolio also includes 21.2 MWp of MSKVY-3 across three Maharashtra locations, with an October 2026 commercial operation date (COD). Open-access projects contribute 39.8 MWp at eight Maharashtra locations, Karnataka-1 contributes 34.2 MWp at 14 locations, rooftop systems contribute 5.1 MWp at 21 locations, and REL lists a 1.3 MWp Maharashtra wind asset in which it holds a 51% stake.

REL’s portfolio page marks the operating subtotal as having signed power purchase agreements (PPAs). The 296.0 MWp operating total is geographically split between Maharashtra and Karnataka, while its offtakers include MSEDCL, Karnataka distribution companies and private consumers.

Which projects make up REL’s 226.8 MWp development pipeline?

REL’s 226.8 MWp development pipeline comprises 142.0 MWp of MSKVY-3 projects, 71.3 MWp of Karnataka-2 projects and 13.5 MWp of open-access capacity. The 142.0 MWp MSKVY-3 programme is the largest component, covering 20 Maharashtra locations with MSEDCL as offtaker and a scheduled commissioning date (SCOD) of September 2027.

REL states that PPAs have been signed for all 20 MSKVY-3 locations, while land had been acquired for nine locations at the update date. The company says the September 2027 SCOD is based on the PPA schedule and that actual commissioning is likely before that date, which is an expectation disclosed by management rather than a completed outcome.

Karnataka-2 covers 13 locations and 71.3 MWp, with Hubli Electricity Supply Company Limited (HESCOM) as the named offtaker and a January 2027 COD. REL marks its PPA as signed and land as acquired at 11 of 13 locations. The 13.5 MWp open-access project covers three Maharashtra locations, serves a private consumer, has a December 2026 COD and is marked as having both a signed PPA and acquired land.

How did REL’s renewable generation change in September 2026?

REL reported 65.90 million kilowatt-hours (kWh) of renewable generation for the quarter ended September 2026, compared with 21.83 million kWh for the quarter ended September 2025. The 44.07 million kWh increase coincided with 38.77 million kWh from MSKVY Phase-I and 17.60 million kWh from MSKVY Phase-II in the latest quarter.

For the half year ended September 2026, reported generation was 145.58 million kWh, versus 35.65 million kWh a year earlier. MSKVY Phase-I generated 93.35 million kWh, up from 29.38 million kWh, while MSKVY Phase-II generated 33.64 million kWh after no output was shown for that segment in the comparable half year.

Open-access solar generated 6.58 million kWh in the September 2026 quarter and 11.74 million kWh in the half year, while no comparable prior-year output is shown in the table. Rooftop output rose to 1.49 million kWh from 1.29 million kWh in the quarter, and Karnataka-1 rose to 0.97 million kWh from 0.93 million kWh.

Who are REL’s renewable-power offtakers?

REL identifies MSEDCL as the offtaker for 357.7 MWp of MSKVY capacity in Maharashtra, including 194.5 MWp of MSKVY-1 and 2, 21.2 MWp of operating MSKVY-3, and 142.0 MWp of development-stage MSKVY-3. This makes the MSEDCL-linked MSKVY portfolio the largest disclosed customer grouping in the 522.8 MWp total.

Private consumers are listed as offtakers for 46.2 MWp of operating capacity, comprising 39.8 MWp of open-access projects, 5.1 MWp of rooftop systems and the 1.3 MWp wind asset. A further 13.5 MWp open-access development project is assigned to a private consumer, while Karnataka distribution companies are listed for 34.2 MWp of Karnataka-1 and HESCOM for 71.3 MWp of Karnataka-2.

The portfolio therefore separates capacity by both customer type and state. MSEDCL-linked assets are in Maharashtra, while Karnataka capacity is divided between Karnataka distribution companies for operating projects and HESCOM for the development pipeline.

Why do REL’s portfolio and generation tables show different capacity totals?

REL’s generation table covers 77 locations and states 254.0 MWp, compared with 81 locations and 296.0 MWp in the operating-portfolio table. The presentation does not provide a reconciliation between the two totals, so it does not establish why four locations and 42.0 MWp are absent from the generation summary.

There is also a difference in the wind-asset capacity shown on the two pages. The portfolio update lists a 1.3 MWp wind asset with a 51% stake, whereas the generation table lists the wind asset at 13 MWp; the supplied update does not explain this difference. The generation table reports 0.49 million kWh from the wind asset in the September 2026 quarter, compared with 0.53 million kWh a year earlier.

Conclusion

REL’s update shows an operating renewable base of 296.0 MWp, led by 194.5 MWp of MSKVY-1 and 2 capacity, alongside a 226.8 MWp project pipeline. Reported generation increased to 65.90 million kWh in the September 2026 quarter from 21.83 million kWh a year earlier, with MSKVY phases accounting for most of the latest-quarter output.

The next disclosed milestones are the December 2026 COD for 13.5 MWp of open-access capacity, the January 2027 COD for 71.3 MWp of Karnataka-2 and the September 2027 SCOD for 142.0 MWp of MSKVY-3. REL’s future updates may also clarify land acquisition for 13 development locations not yet marked acquired and reconcile the differing operating-capacity totals in its portfolio and generation tables.