Sunsure Energy Inks 30 MWp Solar PPA with Evonith Steel

Sunsure Energy, a leading renewable energy company, has recently signed a power purchase agreement (PPA) with Evonith Steel for 30 MWp of solar capacity. The project, located in Wardha, Maharashtra, is expected to reduce CO₂e emissions by 34,700 tonnes. This development marks a significant milestone for Sunsure Energy, which aims to reach 10 GW of operational capacity by 2030.

Background and Company Overview

Founding and Growth

Sunsure Energy was founded in 2014 and has established itself as a significant player in India's renewable energy sector.

Equity Commitment and Expansion

The company secured an equity commitment of $400 million from Partners Group AG, facilitating its expansion plans.

Current Capacity and Future Targets

Sunsure Energy's current operating and contracted capacity stands at 2.5 GW, with an additional 8.3 GW under development and construction. The company aims to achieve an operational capacity of 10 GW by 2030.

Renewable Energy Sector Context

As a major developer of solar energy projects, Sunsure Energy's growth contributes to India's renewable energy goals. The company's progress also reflects the sector's increasing importance in the country's energy mix, with a focus on reducing emissions, such as the 34,700 tonnes of CO₂e emissions expected to be reduced through its partnership with Evonith Steel.

Implications for Developers and the Grid

Sunsure Energy's achievements, along with those of other developers, will be crucial in meeting India's renewable energy targets, including the goal of equipping 60-lakh households with rooftop solar and training 2.5 lakh workers for the rooftop solar sector by 2026.

Key Highlights of the PPA

The PPA with Evonith Steel marks a significant milestone for Sunsure Energy, showcasing its prowess in securing long-term agreements with major industrial consumers. This deal underscores Sunsure Energy's growing presence in India's renewable energy sector, which aims to achieve renewable energy targets.

Agreement Details

• 30 MWp of solar capacity will be supplied to Evonith Steel's operations in Wardha, Maharashtra.
• The project is expected to reduce CO₂e emissions by 34,700 tonnes, contributing to India's efforts to minimize its carbon footprint.
• The PPA was signed in October, with key parties involved being:
  • Jai Saraf, Chairman, Evonith Steel
  • Shashank Sharma, Founder, Chairman and CEO, Sunsure Energy

This development aligns with Sunsure Energy's ambitious plans to reach 10 GW of operational capacity by 2030. With 2.5 GW of operating and contracted capacity and an additional 8.3 GW under development and construction, the company is poised for substantial growth. Having secured a $400 million equity commitment from Partners Group AG, Sunsure Energy is well-positioned to achieve its targets and play a significant role in India's renewable energy landscape.

Renewable Energy Landscape in India

Ambitious Targets and Growing Demand

India's renewable energy sector is witnessing rapid growth, driven by increasing demand for clean energy and government initiatives. The government aims to have 60-lakh households with rooftop solar by 2026, a target that has spurred growth in the sector. To achieve this goal, 2.5 lakh workers have been trained for rooftop solar installations so far.

Sector Performance and Projections

Currently, Gujarat and Rajasthan account for 88% of India's installed utility-scale capacity. By 2030, Sunsure Energy aims to reach 10 GW of operational capacity, with 2.5 GW of operating and contracted capacity and 8.3 GW under development and construction. The company has already made significant strides, with a $400 million equity commitment from Partners Group AG, secured in 2014.

Implications for Developers and the Grid

The partnership between Sunsure Energy and Evonith Steel, announced in October, demonstrates the sector's growth potential. The 30 MWp solar PPA will help reduce 34,700 tonnes of CO₂e emissions from Evonith Steel's operations in Wardha, Maharashtra. As India aims to enhance its renewable energy capacity, developers like Sunsure Energy are poised to play a crucial role. With a target of 236 GWh battery energy storage system requirement by FY2031-32 and a current BESS project pipeline of 176.66 GWh, the sector is set for significant expansion. Shashank Sharma, Founder, Chairman and CEO, Sunsure Energy, and Jai Saraf, Chairman, Evonith Steel, are optimistic about the partnership's impact. Tata Power Renewables has already installed 575,000 rooftop solar systems, with a capacity of 5.67 GW.

Battery Energy Storage Systems

Growing Demand for BESS in India

The growth of renewable energy in India is driving the demand for battery energy storage systems (BESS). As the country accelerates its transition to clean energy, developers and investors are focusing on energy storage solutions to stabilize the grid and ensure a reliable power supply.

Key statistics illustrate the sector's potential:

• India's BESS requirement is expected to reach 236 GWh by FY2031-32.
• The current BESS project pipeline stands at 176.66 GWh.
• Gujarat and Rajasthan account for 88% of the installed utility-scale capacity.

Leading companies are making significant strides in rooftop solar:

• Tata Power Renewables has a rooftop solar capacity of 5.67 GW and 575,000 installations. India aims to achieve significant milestones in rooftop solar, targeting 60-lakh households with rooftop solar and training 2.5 lakh workers by 2026.

The increasing demand for BESS and the growth of renewable energy projects, such as Sunsure Energy's 30 MWp solar PPA with Evonith Steel, demonstrate the sector's momentum. With 2.5 GW of operating and contracted capacity, and 8.3 GW under development and construction, Sunsure Energy is well-positioned to capitalize on India's clean energy transition.

What to watch

India's renewable energy sector is poised for significant growth, driven by increasing demand for clean energy and government initiatives. A key area of focus is solar energy, with companies like Sunsure Energy leading the charge. In October, Sunsure Energy signed a 30 MWp solar power purchase agreement (PPA) with Evonith Steel, supporting the company's goal of reaching 10 GW of operational capacity by 2030.

Sector Developments and Implications

Sunsure Energy's growth trajectory is noteworthy, with 2.5 GW of operating and contracted capacity and an additional 8.3 GW under development and construction. The company's target of 10 GW by 2030 aligns with India's ambitious renewable energy goals. The partnership with Evonith Steel, which will reduce CO₂e emissions by 34,700 tonnes, demonstrates the potential for solar energy to support industrial decarbonization.

Key developments to watch in the sector include:

• Upcoming events: Renewable Energy India Expo and pv magazine webinar on October 23, 2026
• Growth of rooftop solar: 60-lakh households with rooftop solar and 2.5 lakh workers trained for rooftop solar by 2026
• Energy storage: 236 GWh battery energy storage system requirement by FY2031-32 and 176.66 GWh project pipeline
• Sector performance: Companies like Tata Power Renewables, with 5.67 GW rooftop solar capacity and 575,000 installations, and Sunsure Energy will drive growth

Capacity and Installation Metrics

Company/ Metric	Capacity/ Installations
Sunsure Energy	2.5 GW (operating and contracted), 8.3 GW (under development and construction), 10 GW (target by 2030)
Tata Power Renewables	5.67 GW (rooftop solar), 575,000 (rooftop solar installations)
India (BESS)	236 GWh (requirement by FY2031-32), 176.66 GWh (project pipeline)
Gujarat and Rajasthan	88% (share of installed utility-scale capacity)
AuroraCell Battery	48 V (voltage), 9.7 kWh (capacity), 20,000 (cycle life), 20 years (warranty)