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					</table><p><a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a>, <a href="https://www.upcrenewables.com/" target="_blank" rel="noopener">UPC Renewables</a>, <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power Company</a>, <a href="https://www.gsecl.in/" target="_blank" rel="noopener">Gujarat State Electricity Corporation (GSECL),</a> and <a href="https://www.risingsunenergy.in/" target="_blank" rel="noopener">Rising Sun Energy (Yinson Holdings)</a> were the top utility-scale solar project developers in the calendar year (CY) 2023, according to <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">Mercom&#8217;s India Solar Market Leaderboard 2024</a>.</p>
<p>The report covers market share and ranking across India&#8217;s solar supply chain and provides the most accurate and comprehensive coverage of India&#8217;s solar industry leaders. The 2023 report captured notable shifts in market share rankings compared to the previous year.</p>
<p>Adani Green Energy led the utility-scale solar developer&#8217;s list, accounting for 28.9% of the yearly capacity additions. UPC Renewables and Tata Power ranked second and third, accounting for 11.6% and 9.2% of the annual installations in 2023. GSECL and Rising Sun Energy (Yinson Holdings) rounded off the top five, contributing 9.1% and 7.3% to capacity additions.</p>
<p>The top five utility-scale project developers accounted for almost 66% of the market share.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-66132 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leaderboard-2023-Top-Large-Scale-Solar-Developers-Chart.png" alt="Leaderboard 2023 - Top Large-Scale Solar Developers Chart" width="700" height="472" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leaderboard-2023-Top-Large-Scale-Solar-Developers-Chart.png 700w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leaderboard-2023-Top-Large-Scale-Solar-Developers-Chart-300x202.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leaderboard-2023-Top-Large-Scale-Solar-Developers-Chart-650x438.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leaderboard-2023-Top-Large-Scale-Solar-Developers-Chart-624x421.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leaderboard-2023-Top-Large-Scale-Solar-Developers-Chart-600x405.png 600w" sizes="(max-width: 700px) 100vw, 700px" /></p>
<p>Adani Green Energy added 525 MW of solar capacity as a part of a 700 MW wind-solar hybrid power project in Jaisalmer, Rajasthan. In December 2023, the company <a href="https://www.mercomindia.com/adani-green-secures-follow-on-funding-1-3-billion" target="_blank" rel="noopener">secure</a>d a follow-on funding of $1.36 billion and enhanced its construction financing pool to $ 3 billion to fund a 2,167 MW renewable energy park in Khavda, Gujarat. During the same month, it <a href="https://www.mercomindia.com/adani-ppa-8-gw-manufacturing-linked-solar-seci" target="_blank" rel="noopener">signed</a> a power purchase agreement with Solar Energy Corporation of India (SECI) for the remaining 1,799 MW of an  8 GW auction it won in 2020.</p>
<p>UPC Renewables commissioned 300 MW of utility-scale solar projects awarded by SECI as part of Phase VI of ISTS-connected projects in Khandwa, Madhya Pradesh.</p>
<p>Tata Power commissioned a 110 MW solar power project in Bikaner, Rajasthan. The project supplies green power to the Kerala State Electricity Board. In November 2023,  the company <a href="https://www.mercomindia.com/acme-juniper-tata-winners-sjvn-auction" target="_blank" rel="noopener">won</a> 200 MW as a part of SJVN&#8217;s 1.5 GW Firm and Dispatchable Renewable Energy Project auction at a tariff ₹ 4.38 (~$ 0.0526)/kWh. The award includes an additional greenshoe capacity of 260 MW, bringing the total contracted capacity to 460 MW.</p>
<p>In July 2023, GSECL commissioned 131 MW of utility-scale solar projects in various districts of Gujarat. Rising Sun Energy commissioned a 190 MW project <a href="https://www.mercomindia.com/rising-sun-project-rajasthan-nokh-solar-park" target="_blank" rel="noopener">awarded</a> by NTPC in Nokh Solar Park in Rajasthan.</p>
<p>In CY 2023, India <a href="https://www.mercomindia.com/plagued-by-project-delays-plummet-by-44-in-2023" target="_blank" rel="noopener">added</a> 7.5 GW of solar energy capacity, down 44.1% from 13.4 GW in 2022, according to Mercom India&#8217;s <a href="https://www.mercomindia.com/product/q4-2023-india-solar-market-update" target="_blank" rel="noopener">Q4 &amp; Annual 2023 India Solar Market Update</a>.</p>
<p>India&#8217;s cumulative installed solar capacity reached 72 GW by December 2023, with large-scale (including open access) solar projects making up 85.4% of the overall installations.</p>
<p>Mercom&#8217;s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">click here</a>.</p>


Adani Green, UPC and Tata Power: Top Utility-Scale Solar Developers in 2023


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					</table><p>The average cost of large-scale solar power projects in India declined by 26.6% year-over-year (YoY) in the fourth quarter (Q4) of 2023 following a drop in module prices.</p>
<p>Large-scale solar system costs declined throughout 2023. The Q4 2023 quarter recorded the lowest-ever quarterly average project cost since the beginning of large-scale solar capacity additions in the country.</p>
<p>These findings were published in Mercom India Research&#8217;s recently released <a href="https://www.mercomindia.com/product/q4-2023-india-solar-market-update" target="_blank" rel="noopener"><strong>Q4 and Annual 2023 India Solar Market Update</strong></a><strong><u>.</u></strong></p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-64213 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Picture1-2.png" alt="" width="914" height="447" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Picture1-2.png 914w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Picture1-2-300x147.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Picture1-2-768x376.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Picture1-2-650x318.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Picture1-2-624x305.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Picture1-2-600x293.png 600w" sizes="(max-width: 914px) 100vw, 914px" /></p>
<p>The October to December 2023 period witnessed the lowest recorded module prices, leading to a significant fall in project costs. Lower costs have allowed developers to reduce their capital investments and increase project returns, which in turn is expected to boost installations significantly in 2024.</p>
<p>The average selling price (ASP) of Chinese mono PERC modules fell 28.9% QoQ and 50.9% YoY. The ASPs of Indian mono PERC modules dropped 29.9% QoQ and 37.3% YoY.</p>
<p>The country imported 9.5 GW of solar modules in Q4 2023, primarily to meet commissioning deadlines in March 2024.</p>
<p>Solar cell and module <a href="https://www.mercomindia.com/indian-solar-exports-grow-227-2023-imports-up-89" target="_blank" rel="noopener">imports</a> in the year totaled $5 billion (~₹416.8 billion), up 89.3% YoY compared to $2.6 billion (~₹208.3billion).</p>
<p>The suspension of the Approved List of Models and Manufacturers regulation drove the rise in imports of solar modules, which form over 50% of project costs.</p>
<p>In February 2024, MNRE <a href="https://www.mercomindia.com/almm-reimposed-exempt-open-access-solar-projects-advanced-stages" target="_blank" rel="noopener">reimposed</a> the ALMM order on utility-scale and subsidized rooftop solar projects from April 1, 2024. Utility-scale solar projects in the advanced stage of construction for which module procurement orders have been placed by March 31, 2024, were exempted from the mandate along with open access and rooftop solar projects by C&amp;I entities. However, the reimposition order was held in <a href="https://www.mercomindia.com/product/q4-2023-india-solar-market-update" target="_blank" rel="noopener">abeyance</a> by the Ministry.</p>
<p>The solar industry stakeholders now await a clarification on the reimposition to understand the impact on project costs.</p>
<p>According to the report, the prices of power conditioning units fell 5.2% QoQ. During the quarter, the industry showed a preference for central inverters over string inverters for their projects. The cost of other BoS components remains unchanged compared to Q3 2023.</p>
<p>In 2023, India <a href="https://www.mercomindia.com/plagued-by-project-delays-plummet-by-44-in-2023" target="_blank" rel="noopener">added</a> 7.5 GW of solar capacity, a 44.1% drop from 13.4 GW installed in 2022. The cumulative installed solar capacity, including rooftop solar installations, surpassed 72 GW as of December 2023.</p>
<p>Mercom&#8217;s Q4 2023 India Solar Market Quarterly Update covers all facets of the Indian solar market and a detailed analysis of the project cost trends. For the complete report, <strong>visit: </strong>  <strong>https://www.mercomindia.com/product/q4-2023-india-solar-market-update.</strong><strong> </strong></p>


Average Cost of Large-Scale Solar Projects Drop 27% YoY in Q4 2023

Author: R Govind

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