Adani Green, NTPC and UPC Top Utility-Scale Solar Developers in 1H 2023

The top five solar developers accounted for almost 42% of the market share


Adani Green Energy, NTPC Renewable Energy, UPC Renewables, Sprng Energy, and Aditya Birla Renewables emerged as the top utility-scale solar project developers in the first half (1H) of the calendar year (CY) 2023, according to Mercom’s newly released India Solar Market Leaderboard 1H 2023.

The report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India’s solar industry leaders.

Adani Green Energy topped with a market share of 21.4%, followed by NTPC Renewable Energy and UPC Renewables with 6.3% and 5.5%, respectively. Sprng Energy and Aditya Birla Renewables had a market share of 4.4% each.

The top five utility-scale solar developers accounted for almost 42% of the market share.

Utility scale 2023

Adani Green signed a UN Energy Compact, committing to develop and operate a renewable energy generation capacity of 25 GW by 2025 and 45 GW by 2030.

In 1H 2023, Adani Green Energy commissioned a 525 MW solar project in Rajasthan as part of a new hybrid power plant comprising 600 MW solar and 510 MW wind capacity.

During the same period, the company commissioned 62.5 MW of SECI’s 1.2 GW ISTS tranche III project in Rajasthan. Adani had commissioned 900 MW of the same project in the last year.

NTPC Renewable Energy aims to commission 60 GW of renewable energy capacity by 2032.

During the first half of 2023, NTPC Renewable Energy signed contracts to supply 1.8 GW of round-the-clock renewable power.

During the same period, NTPC also commissioned 150 MW of solar project in Rajasthan.

UPC Renewables has a 593 MW portfolio of jointly-owned operating and under-construction assets in Indonesia, India, and Vietnam.

The company commissioned 150 MW of SECI’s 960 MW ISTS-VI projects in Madhya Pradesh during 1H 2023.

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

Also, the Market Share Tracker, which gives data insights into your competitors and their growth rates on a quarterly basis, is now available.