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

The top five developers accounted for almost 66% of the market share

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Adani Green Energy, UPC Renewables, Tata Power Company, Gujarat State Electricity Corporation (GSECL), and Rising Sun Energy (Yinson Holdings) were the top utility-scale solar project developers in the calendar year (CY) 2023, according to Mercom’s India Solar Market Leaderboard 2024.

The report covers market share and ranking across India’s solar supply chain and provides the most accurate and comprehensive coverage of India’s solar industry leaders. The 2023 report captured notable shifts in market share rankings compared to the previous year.

Adani Green Energy led the utility-scale solar developer’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.

The top five utility-scale project developers accounted for almost 66% of the market share.

Leaderboard 2023 - Top Large-Scale Solar Developers Chart

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 secured 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 signed 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.

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.

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 won 200 MW as a part of SJVN’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.

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 awarded by NTPC in Nokh Solar Park in Rajasthan.

In CY 2023, India added 7.5 GW of solar energy capacity, down 44.1% from 13.4 GW in 2022, according to Mercom India’s Q4 & Annual 2023 India Solar Market Update.

India’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.

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

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