Adani Green Energy, NTPC Green Energy, SJVN Green Energy, Megha Engineering and Infrastructure (MEIL), and Gentari Renewables emerged as the top utility-scale solar project developers in India for 2025, according to Mercom’s India Solar Market Leaderboard 2026.

These developers together accounted for more than 47% of the market share of projects commissioned during calendar year 2025, highlighting strong concentration among leading players, alongside rising competition amongst mid-tier developers.

India’s utility-scale solar market saw a record-breaking year, with 29.5 GW of capacity additions, up nearly 31% from 22.5 GW in 2024. Overall solar installations (including rooftop) reached 36.6 GW in 2025,  a 43% year-over-year growth. The upcoming deadline for the Approved List of Models and Manufacturers-II mandate has created uncertainty about cell and module availability, prompting developers to accelerate project execution in 2025. However, challenges such as curtailment in solar-rich states, a growing power purchase agreement backlog, and equipment delays affected overall market progress.

Adani Green Energy topped the list of utility-scale solar developers, accounting for 24.1% of the yearly capacity additions. NTPC Green Energy and SJVN Green Energy ranked second and third, accounting for 10.7% and 4.6%, respectively. MEIL and Gentari Renewables rounded off the top five installers with 4% and 3.6%, respectively.

 

Adani Green Energy led the market, commissioning over 5 GW of solar projects across Rajasthan, Gujarat, and Andhra Pradesh. This includes commissioning of renewable energy projects of 408.1 MW in September and 307.4 MW in December in Khavda, Gujarat, through its step-down subsidiaries. Recently, the company also announced its foray into the battery energy storage segment with a 1,126 MW/3,530 MWh project in the advanced stages of deployment at Khavda. Adani plans to install 30 GW of renewable capacity at Khavda by 2029.

NTPC Green Energy followed in the 2^nd position, commissioning more than 2 GW of solar capacity, primarily by acquiring near-commissioning and recently commissioned projects. NTPC Green Energy is targeting 60 GW of renewable capacity by FY 2032 and is actively bidding for projects and developing Ultra Mega Renewable Energy Parks.

SJVN Green Energy stood third with 1 GW projects commissioned in December 2025 at the Bikaner Solar Power Project, Rajasthan. The project was developed at a cost of ₹54.9 billion (~$612 million).

Megha Engineering and Infrastructure commissioned over 850 MW of projects across multiple states, gaining the fourth spot among the top developers. Megha Engineering has its footprint in the energy sector, spanning power generation, renewables, oil and gas, and transmission.

Gentari Renewables rounded out the list with a 3.6% market share. Gentari, a clean energy solutions company established by PETRONAS, focuses on utility-scale renewable projects, especially for the commercial and industrial units, with a strong emphasis on solar, wind, and energy storage.

India’s cumulative installed solar capacity reached nearly 136 GW as of December 2025, with large-scale projects (including open access) accounting for almost 85% 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.