Adani Green Energy, ReNew, ACME Solar, NTPC Renewable Energy, and O2 Power emerged as the top utility-scale solar project developers in India for 2024, according to Mercom’s India Solar Market Leaderboard 2025. Together, these companies accounted for nearly 52% of the market share, reflecting a year of aggressive capacity additions and project commissioning.

India’s utility-scale solar market saw a record-breaking year, with 22 GW of capacity additions, up nearly 235% compared to 6.6 GW in 2023. Overall solar installations reached 25.2 GW in 2024, marking a 204.3% year-over-year growth, driven primarily by the commissioning of delayed projects and accelerated construction activity, per Mercom India’s Q4 & Annual 2024 Solar Market Update.

Adani Green Energy topped the list of utility-scale solar developers, accounting for 17.6% of the yearly capacity additions. ReNew and ACME Solar ranked second and third, accounting for 12% and 11.5%, respectively. NTPC Renewable Energy and O2 Power rounded off the top five installers with 6% and 4.8%, respectively.

Adani Green Energy led the market, contributing 17.6% of the annual utility-scale capacity additions, commissioning 2.6 GW, including 2 GW under its flagship 8 GW manufacturing-linked project in Khavda, Gujarat. The company also expanded its partnership with TotalEnergies through a joint venture to manage a 1.15 GW portfolio in Khavda and secured $400 million (~₹33.29 billion) in financing to develop 750 MW of solar projects in Rajasthan and Gujarat.

ReNew followed in the 2^nd position, commissioning 1.6 GW of SECI-awarded utility-scale projects across Rajasthan and Karnataka.

ACME Solar secured the third position with 1.2 GW in installations in Jaisalmer, Rajasthan. In a strategic move, ACME Solar launched its IPO in November 2024 and listed on the National Stock Exchange. Its subsidiary, ACME Renewtech, secured ₹19.88 billion (~$233.4 million) from Power Finance Corporation for a 300 MW solar-wind hybrid project under SECI’s ISTS program. ACME also won a 250 MW firm and dispatchable renewable energy project in NHPC’s e-reverse auction at a tariff of ₹4.56/kWh.

NTPC Renewable Energy commissioned over 900 MW of projects across multiple states, maintaining its position among the top five developers, while O2 Power rounded out the list with a 4.8% market share.

India’s cumulative installed solar capacity reached 98.7 GW as of December 2024, with large-scale projects (including open access) accounting for 87.4% of the total.

Mercom’s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, click here.