In an interview with Renewable Watch, Monika Rathi, India Head, Vena Energy, shared insights on the company’s expanding renewable energy footprint across the Asia-Pacific region and its strategic plans for India. With a 38 GW regional portfolio spanning onshore wind, solar, offshore wind, battery storage and green hydrogen, Vena Energy is advancing flagship initiatives such as the Gudadur hybrid project in Karnataka and India’s first load-following power purchase agreement (PPA) under the Solar Energy Corporation of India’s (SECI) firm and despatchable renewable energy (FDRE) scheme. She also discussed tariff trends, offshore wind and repowering opportunities, key policy priorities, and the company’s growing use of digital tools for project optimisation – while emphasising a selective, high-value approach to portfolio expansion in India…
What is Vena Energy’s current portfolio across the Asia-Pacific region in terms of capacity and project mix?
Vena Energy’s total portfolio comprises 38 GW of renewable power projects spanning onshore wind, solar and offshore wind developments across Asia-Pacific. We are also delivering critical energy infrastructure, including 25 GWh of battery energy storage systems (BESS) and 848 kilotonnes per annum of green hydrogen and ammonia production to support the region’s transition to clean energy. Of this portfolio, 8.7 GW is either operational, under construction or contracted, and we are growing our operations, with ambitious goals for the future.
What have been the key project developments for your company in India over the past year? Which projects are currently under development in India?
The commissioning of our Gudadur hybrid project in Karnataka in late 2024 represented a significant milestone. This innovative project integrates 48 MWp of solar and 133.2 MW of wind capacity to deliver reliable and steady renewable energy. Hybrid projects like Gudadur are critical to achieving India’s ambitious renewable energy goal of 500 GW of clean energy capacity by 2030, as they harness the country’s abundant solar and wind to deliver round-the-clock (RTC) supply of power to the grid.
Looking ahead, we are developing a 100 MW project under a load-following PPA under SECI’s FDRE scheme, which marks India’s first PPA of this kind. This project will align renewable energy supply directly with discoms’ hourly demand profiles by integrating wind, solar and storage to deliver consistent output over 25 years. It represents a significant technical achievement and demonstrates our capability to deliver complex, reliable, clean energy solutions that address India’s energy needs. Our development pipeline is robust, with a strong mix of wind, solar, hybrid and standalone BESS projects.
What are the current cost structures and expected tariff trends in India’s FDRE segment?
In June 2023, the government subsumed all the complex power procurement requirements (such as peak power, RTC and load following) under the umbrella guidelines of FDRE.
FDRE tenders have stringent design conditions, such as higher capacity utilisation factors, assured availability and peak demand fulfilment with penalties varying between 1.5 times and 2 times. These bids also allow generators to source 5 per cent from green markets and sell excess power in markets, without the need for a no-objection certificate from the procurer.
FDRE bid tariffs are varied based on bid conditions, generally ranging between Rs 4.25 per kWh and Rs 5.60 per kWh from mid-2023 to mid-2025. The tariff structure reflects the complexity and value proposition of FDRE, with pricing influenced by the specific type of FDRE tender, whether load-following, RTC or peak power tenders, along with other terms and conditions. Considering the drop in storage costs and easing bid fulfilment targets, the prices may remain below Rs 5 per kWh in the future. The latest discovery of Rs 3.13 per kWh in the NHPC Limited solar + battery tender (awarded in July 2025) hints towards this trend.
What is Vena Energy’s perspective on offshore wind and wind repowering opportunities in India?
We recognise the long-term potential that offshore wind presents as technology matures and enabling policies take shape. Repowering presents an opportunity to enhance the efficiency and output of existing wind farms by replacing older, typically less than 1 MW turbines, with newer, more efficient models featuring higher hub heights. These advanced turbines can increase energy production and better utilise available wind resources.
While the transition does involve certain complexities – such as accommodating the larger size of new turbines, coordinating among multiple landowners and upgrading grid infrastructure – these challenges can be overcome with thoughtful planning and collaboration. Many older wind farms are spread across fragmented ownership structures, which makes stakeholder coordination essential. Additionally, grid enhancements, though potentially costly, represent a necessary investment to unlock the full potential of repowered sites.
To fully realise the benefits of repowering at scale, India has an opportunity to strengthen the supporting ecosystem by streamlining regulatory pathways, modernising infrastructure and fostering collaborative frameworks.
In which Asia-Pacific markets does Vena Energy see the greatest opportunities for growth?
Vena Energy operates across key regions, including Japan, North Asia-Pacific, Southeast Asia and India, covering a broad mix of clean energy technologies. These markets offer significant potential and we are excited to be at the forefront of the region’s transition to clean energy.
What are the key policy and regulatory reforms needed going forward?
The renewable energy sector would benefit significantly from greater grid infrastructure development to match the growth of renewable energy capacity, particularly for ensuring the timely availability of grid connectivity for new projects.
Enhanced renewable purchase obligation compliance and monitoring would strengthen the market, while greater regulatory certainty would improve investor confidence and long-term planning. Mandating storage obligations for discoms in conjunction with time-of-day tariffs will incentivise storage and negate grid challenges, including curtailment caused by increased renewable penetration. These improvements would help unlock even more potential in India’s renewable energy sector.
How is Vena Energy leveraging digital tools and technologies to enhance project planning, execution and asset performance?
Digital innovation is central to our approach across the entire project life cycle. For project planning, we use mapping and remote sensing technologies to select optimal sites and digital modelling to simulate energy output. We use advanced software to optimise and design hybrid projects.
During project execution, we utilise construction management platforms for scheduling and tracking, while drones provide real-time site monitoring and terrain analysis. Cloud-based collaboration tools ensure coordination across our teams, supported by integrated systems for procurement, logistics and inventory management.
For asset performance, Vena Energy has developed its own in-house digital tool called OPAL (operate, predict, act, learn), which digitalises complete asset management. This system collects and stores data from all operational plants using cloud infrastructure, with monitoring and analytics dashboards that enable asset managers to make data-driven decisions during operations and maintenance. We capture real-time, high-frequency data from critical components, such as vibration and temperature monitoring, allowing us to assess equipment health and implement corrective or preventive actions at optimal times. Apart from monitoring and analytics, OPAL is a tool for inventory tracking, work order management and serves as our central knowledge database.
What are your capacity addition and portfolio expansion targets in India over the next two to three years?
As a regional green energy solutions provider, Vena Energy aims to contract several gigawatts annually across the Asia-Pacific region, with capital allocation carefully monitored and assessed in each jurisdiction based on prevailing strategic, commercial and market considerations.
India offers immense growth opportunities in the renewable energy sector, as the country advances towards long-term energy independence through green power generation. Our growth in India has been selective, as we balance capital allocation across all jurisdictions and focus on higher-value projects such as hybrids.
