The growing demand for green energy adoption by corporates was evident as 6.9 GW of solar capacity was added in the open access mode in 2024, a record number. Compared to the previous year, the installations were up 77%, per Mercom’s Q4 & Annual 2024 India Solar Open Access Market Report.

Of the large-scale solar capacity added in 2024, 31.2% was under the open access model.

The cumulative solar open access capacity reached 20.2 GW as of December 2024.

The industry has seen an influx of open access project developers with a voracious appetite, installing large capacities to sell power to corporates and industries in the hard-to-abate sectors.

According to Mercom’s India Solar Market Leaderboard report, AM Green Energy was the leading open access solar developer in 2024. Serentica Renewables followed closely in second place, with Gentari (formerly Amplus Solar) ranked third. Fourth Partner Energy and Brookfield Renewable Partners took the fourth and fifth spots, respectively.

The top five open access solar project installers accounted for 35.4% of the market share.

AM Green, a subsidiary of ArcelorMittal, topped the installations on the back of its 1 GW wind-solar hybrid project. ArcelorMittal will own and fund the Andhra Pradesh-based project. ArcelorMittal, an integrated steel and mining company, is securing cost-effective clean energy for its steelmaking operations in India, supporting its decarbonization objectives.

Serentica Renewables has been developing several large-scale projects that provide round-the-clock renewable energy. It commissioned two ground-mounted projects in Karnataka and Rajasthan with capacities of 260 MW and 380 MW, respectively. In January, Serentica secured ₹35 billion (~$425 million) in debt funding for its round-the-clock renewable energy project. In December 2024, the company announced an investment of ₹500 billion (~$5.85 billion) to develop renewable energy capacity in Rajasthan.

In 2024, Amplus Solar (now Gentari India) set up a 200 MW wind-solar hybrid project in Tamil Nadu. Amplus Solar invested about ₹5 billion (~$58.5 million) in an open access solar project in Uttar Pradesh. It also owns India’s largest single-location open access project in Gadag, Karnataka, which supplies 175 MW of solar power to multiple businesses.

Fourth Partner Energy has developed several large-scale open access solar projects across India. It is setting up solar parks in Maharashtra, Uttar Pradesh, Karnataka, Tamil Nadu, and Andhra Pradesh.

Brookfield Renewable operates publicly traded platforms for renewable power and decarbonization solutions across five continents. In June, Brookfield received $105 million from IFC for its 550 MW solar project in Rajasthan.

Mercom’s India Solar Market Leaderboard 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. For a detailed and thorough report, click here.