India Added 1.2 GW Wind Capacity in Q1 2024, 56% YoY Increase

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					</table><p>India added 1.2 GW of new wind energy capacity in the first quarter (Q1) of 2024, a 56% YoY surge from 737.9 MW, according to <a href="https://www.mercomindia.com/research" target="_blank" rel="noopener">Mercom India Research</a>. The cumulative wind capacity as of March 2024 stood at 45.9 GW, compared to 44.7 GW at the end of Q4 2023.</p>
<p>The growing need to increase renewable energy generation and capacity utilization factor (CUF) has spurred an increase in wind-solar hybrid projects nationwide, driving capacity additions.</p>
<p>In Q1 2024, the installations surged by 109% QoQ as obligated entities typically add higher capacities in the last quarter of a financial year to meet the wind energy share of their renewable energy purchase obligations (RPO).</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-65989 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1-1.png" alt="" width="722" height="489" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1-1.png 722w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1-1-300x203.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1-1-650x440.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1-1-624x423.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1-1-600x406.png 600w" sizes="(max-width: 722px) 100vw, 722px" /></p>
<p>Notable projects commissioned during the quarter were Adani Green&#8217;s 300 MW wind power project and a 126 MW wind power project in Gujarat.</p>
<p>KP Energy also commissioned a 25.2 MW wind project under Solar Energy Corporation of India&#8217;s (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) 163.8 MW Phase VI wind project in Gujarat.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-65990 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture2.png" alt="" width="895" height="599" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture2.png 895w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture2-300x201.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture2-768x514.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture2-650x435.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture2-624x418.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture2-600x402.png 600w" sizes="(max-width: 895px) 100vw, 895px" /></p>
<p>During the quarter, Gujarat and Karnataka added significant wind capacities of 499 MW and 424 MW, respectively.</p>
<p>Gujarat led the states for cumulative wind installations, accounting for 26.2% of the country&#8217;s total capacity. Tamil Nadu came next with 23.7%.</p>
<p>At the end of March 2024, Karnataka had the third highest installations, representing 13.5% of the total wind capacity, and Rajasthan ranked fourth with 11.6%.</p>
<p>Maharashtra ranked fifth, accounting for 11.6% of the installed wind capacity during the quarter, followed by Andhra Pradesh (9.2%) and Madhya Pradesh (6.4%).</p>
<p>In December 2023, MNRE  <a href="https://cms.mercomindia.com/delhi-high-court-quashes-cbics-revocation/" target="_blank" rel="noopener">revised</a> its 2016 policy for repowering wind power projects to facilitate the replacement of older turbines.</p>
<p>Around the same time, the Ministry of External Affairs <a href="https://www.mercomindia.com/rules-leasing-offshore-wind-sites" target="_blank" rel="noopener">issued</a> the Offshore Wind Energy Lease Rules 2023, notifying that leased areas for offshore wind energy projects will be valid for an initial three-year period for conducting resource measurements and surveys.</p>
<p>In a bid to harness the potential of offshore wind energy, Finance Minister Nirmala Sitharaman, in her Budget 2024 speech, <a href="https://www.mercomindia.com/budget-2024-free-electricity-rooftop-solar-vgf-offshore-wind" target="_blank" rel="noopener">announced</a> viability gap funding for offshore wind projects with a cumulative capacity of 1 GW. This financial support is expected to propel the development of offshore wind projects, contributing to India&#8217;s renewable energy goals.</p>



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					</table><p>Auctioned solar capacity in India surged to over 25 GW in the first quarter (Q1) of 2024 from 820 MW in Q1 2023, primarily due to the new bidding guidelines mandating that auctions be conducted within 110 days of bid submission dates.</p>
<p>According to Mercom India Research data, solar auctions increased by 229% quarter-over-quarter (QoQ) from 7.62 GW and 2,957% year-over-year (YoY).</p>
<p>Solar tenders floated by various agencies during Q1 2024 rose 122% YoY to over 30.7 GW and 92.2% QoQ.</p>
<p>The rise in tender and auction activity is primarily due to renewable energy agencies accelerating their efforts to meet their bidding targets for the financial year.</p>
<p>Tenders and auction activity comprised standalone solar, floating solar, and wind-solar hybrid projects. For wind-solar hybrid tenders, the solar capacity is calculated at a ratio of 67% of the total tendered hybrid capacity where specific solar capacities are not mentioned.</p>
<p><strong><img loading="lazy" decoding="async" class="aligncenter wp-image-65336" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Quarterly-Tenders-and-Auctions-Q1-2024-Chart.png" alt="Quarterly Tenders and Auctions Q1 2024 Chart" width="600" height="459" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Quarterly-Tenders-and-Auctions-Q1-2024-Chart.png 762w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Quarterly-Tenders-and-Auctions-Q1-2024-Chart-300x230.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Quarterly-Tenders-and-Auctions-Q1-2024-Chart-650x497.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Quarterly-Tenders-and-Auctions-Q1-2024-Chart-624x477.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Quarterly-Tenders-and-Auctions-Q1-2024-Chart-600x459.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></strong></p>
<p><strong>Top Tender Issuing Agencies in Q1 2024</strong></p>
<p>Maharashtra State Electricity Distribution Company (<a href="https://www.mahadiscom.in/en/home/" target="_blank" rel="noopener">MSEDCL</a>) issued the highest capacity or tenders at 7.4 GW, accounting for 24.1% of the total tendered capacity in Q1. MSEB Solar Agro Power and <a href="https://ntpc.co.in/" target="_blank" rel="noopener">NTPC</a>  were the second-highest tendering agencies, with 4.3 GW each, accounting for ~14% of the total tendered capacity.</p>
<p>The Solar Energy Corporation of India (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>), with 2.6 GW, and Uttar Pradesh Power Corporation (<a href="https://uppcl.org/uppcl/hi/" target="_blank" rel="noopener">UPPCL</a>), with 2 GW, rounded off the top five, accounting for 8.5% and 6.5% of the total tendered capacity.</p>
<p><strong>Large Tenders in Q1 2024 </strong></p>
<p>MSEDCL <a href="https://www.mercomindia.com/maharashtra-invites-bids-grid-connected-solar-projects" target="_blank" rel="noopener">invited</a> bids for the procurement of power on a long-term basis from 5,000 MW grid-connected solar photovoltaic power projects.</p>
<p>UPPCL <a href="https://www.mercomindia.com/uttar-pradesh-discom-invites-solar-projects" target="_blank" rel="noopener">issued</a> a tender to set up 2 GW of grid-connected solar projects under the build-own-operate and maintain (BOOM) model for 25 years.</p>
<p>SECI <a href="https://www.mercomindia.com/seci-tender-1-5-gw-ists-solar" target="_blank" rel="noopener">invited</a> bids to set up 1,500 MW ISTS-connected solar projects under Tranche XIV.</p>
<p><strong>Major Auctions in Q1 2024</strong></p>
<p>MSEB Solar Agro Power’s auction for 7.78 GW of solar projects was the highest capacity auctioned during the quarter. In second place was NTPC’s auction for 1.584 GW for firm and dispatchable renewable energy (FDRE), followed by <a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a>’s 1.5 GW solar auction.</p>
<p>SJVN Green Energy, Megha Engineering &amp; Infrastructures, and Avaada Energy were amongst the winners of MSEB Solar Agro Power’s <a href="https://www.mercomindia.com/sjvn-meil-avaada-winners-maharashtras-solar-tender" target="_blank" rel="noopener">auction</a> to procure over 7 GW solar power under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program.</p>
<p>ABC Cleantech (Axis Energy), Juniper Green Energy, Serentica Renewables India 11 (Serentica Renewables), Tata Power Renewable Energy, and ReNew Solar Power (ReNew) <a href="https://www.mercomindia.com/axis-renew-juniper-serentica-tprel-win-ntpcs-fdre-ii-auction" target="_blank" rel="noopener">won</a> NTPC’s auction to supply 3 GW of FDRE from ISTS-connected projects under FDRE Tranche II.</p>
<p>Anboto Solar (Solarpack), Apraava Energy, Avaada Energy, and ReNew Solar Power (ReNew) were <a href="https://www.mercomindia.com/solarpack-apraava-avaada-renew-ntpcs-solar-auction" target="_blank" rel="noopener">declared</a> winners in NTPC’s auction to set up 1,500 MW of ISTS-connected solar power projects (Tranche-I).</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of real-time tender activity.</p>


Solar Auctions Surge by 229% in Q1 2024, Tender Activity Up 122%


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					</table><p>The average cost of large-scale solar power projects in India declined by 13.4% year-over-year (YoY) in the third quarter (Q3) of 2023 following the drop in module prices.</p>
<p>Large-scale solar system costs fell for the third quarter in a row. The average project costs decreased by 4.9% quarter over quarter (QoQ).</p>
<p>These findings were published in Mercom India Research&#8217;s recently released <a href="https://www.mercomindia.com/product/q3-2023-india-solar-market-update" target="_blank" rel="noopener"><strong>Q3 2023 India Solar Market Quarterly Update</strong></a><strong><u>.</u></strong></p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-60957 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Average-Large-Scale-Solar-System-Cost-Chart001.png" alt="Average Large-Scale Solar System Cost Chart001" width="913" height="456" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Average-Large-Scale-Solar-System-Cost-Chart001.png 913w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Average-Large-Scale-Solar-System-Cost-Chart001-300x150.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Average-Large-Scale-Solar-System-Cost-Chart001-768x384.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Average-Large-Scale-Solar-System-Cost-Chart001-650x325.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Average-Large-Scale-Solar-System-Cost-Chart001-624x312.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Average-Large-Scale-Solar-System-Cost-Chart001-600x300.png 600w" sizes="(max-width: 913px) 100vw, 913px" /></p>
<p>The lower system costs mean CAPEX savings and higher returns on investment for project developers.</p>
<p>The average selling price of Chinese mono PERC modules fell 29% QoQ and 52% YoY.</p>
<p>The MNRE <a href="https://www.mercomindia.com/mnre-almm-exemption-solar-projects-march-31-2024" target="_blank" rel="noopener">suspended</a> the Approved List of Models and Manufacturers (ALMM) order, allowing developers to import low-cost modules until March 31, 2024.</p>
<p>As the deadline approaches, developers have ramped up module procurement at cheaper prices from China and other Southeast Asian countries to commission projects on time.</p>
<p>India <a href="https://www.mercomindia.com/indian-solar-exports-surge-q3-2023" target="_blank" rel="noopener">imported</a> solar cells and modules totaling $1.2 billion (~₹101.6 billion) in Q3 2023, a 31% increase from $926.6 million (~₹76.6 billion) in Q2. Imports were up 208% YoY from $394 million (~₹32.5 billion).</p>
<p>Solar cells accounted for nearly 41% of the quarter&#8217;s imports compared to 55% in Q2 2023, whereas solar modules&#8217; import share increased by 59% from 45%.</p>
<p>The prices of power conditioning units fell 3.8% QoQ. During the quarter, the industry gradually shifted towards central inverters over string inverters for their projects.</p>
<p>During Q3 2023, India&#8217;s capacity additions were <a href="https://www.mercomindia.com/india-adds-5-6-gw-solar-47-yoy-drop" target="_blank" rel="noopener">down</a> by over 34% YoY, with 1.9 GW installed, of which utility-scale installations accounted for over 1.4 GW, down nearly 43% YoY.</p>
<p>India&#8217;s cumulative installed solar capacity, including rooftop solar installations, surpassed 69 GW as of September 2023.</p>
<p>Mercom&#8217;s Q3 2023 India Solar Market Quarterly Update is 75 pages long and covers all facets of the Indian solar market and a detailed analysis of the project cost trends. For the complete report, <strong>visit <a href="https://www.mercomindia.com/product/q3-2023-india-solar-market-update" target="_blank" rel="noopener">https://www.mercomindia.com/product/q3-2023-india-solar-market-update</a></strong></p>


Average Cost of Large-Scale Solar Projects Fell 13% YoY in Q3


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					</table><p><a href="https://en.sungrowpower.com/" target="_blank" rel="noopener">Sungrow<u> Power Supply</u></a>, <a href="https://en.si-neng.com/">Sineng Electric</a>, <a href="https://www.ginverter.com/?gclid=Cj0KCQiAr8eqBhD3ARIsAIe-buPEA4Nbi-RpySfgTF0v1I4Y_ySbTPEAiqGntDwgqHncXyEpbLap2X8aAvZ5EALw_wcB" target="_blank" rel="noopener">Growatt New Energy</a>, <a href="https://www.ginlong.com/global" target="_blank" rel="noopener">Ginlong (Solis) Technologies</a>, and <a href="https://www.goodwe.com/" target="_blank" rel="noopener">GoodWe</a> emerged as the leading solar inverter suppliers in India in the first half (1H) of 2023, according to Mercom&#8217;s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2023.</a></p>
<p>The Market Leaderboard provides insights into the industry leaders&#8217; market share and shipment rankings across the Indian solar supply chain.</p>
<p>For 1H 2023, the report captured notable shifts in market share rankings, with three new players making it to the top ten list.</p>
<p>Sungrow was the top solar inverter supplier, accounting for 35% of the market share. It was followed by Sineng Electric and Growatt New Energy with 22% and 7%, respectively. Ginlog (Solis) Technologies and GoodWe rounded off the top five with 5% each.</p>
<p>The top two inverter suppliers remain unchanged from 2022 to 2023 as the demand for their inverters in the Indian solar market continues to be strong.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-60372 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-1.png" alt="" width="562" height="380" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-1.png 562w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-1-300x203.png 300w" sizes="(max-width: 562px) 100vw, 562px" /></p>
<p><strong>Sungrow</strong>, the top supplier to India in 1H 2023, has reached a cumulative supply of 19.2 GW at the end of June 2023.</p>
<p>Second on the list, <strong>Sineng Electric </strong>has three manufacturing facilities in Wuxi, China, Wuzhong, China, and Bangalore, India, with a 40 GW annual production capacity.</p>
<p>Third on the list was <strong>Growatt New Energy,</strong> which has moved up from sixth to third position in 1H 2023.</p>
<p>The fourth spot went to <strong>Ginlong (Solis) Technologies,</strong> retaining its position in 1H 2023.</p>
<p><strong>String Inverters</strong></p>
<p>Sungrow, Growatt New Energy, GoodWe, Ginlong Solis, and <a href="https://www2.sofarsolar.com/" target="_blank" rel="noopener">SOFAR</a> were the top solar string inverter suppliers, accounting for 69% of the market share.</p>
<p>Sungrow led with 22% of the total shipments, followed by Growatt, which accounted for 15%.</p>
<p>GoodWe, Ginlong (Solis), and SOFAR rounded off the top five with 12%, 11%, and 9%, respectively.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-60373 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture2.png" alt="" width="602" height="357" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture2.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture2-300x178.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture2-600x356.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></p>
<p><strong>Central Inverters</strong></p>
<p>Central inverter supplies surpassed string inverters for the first time in two years in 1H 2023, accounting for approximately 56% of the total shipments during the period. Due to performance and supply issues, developers favored central inverters over string inverters in the first half of the year.</p>
<p>Sungrow, Sineng Electric, <a href="https://www.fimer.com/" target="_blank" rel="noopener">FIMER India</a>, Ginlong (Solis), and <a href="https://www.hitachi-hirel.com/" target="_blank" rel="noopener">Hitachi Hi-Rel</a> were the top solar central inverter suppliers for 1H 2023.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-60374 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture3.png" alt="" width="521" height="345" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture3.png 521w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture3-300x199.png 300w" sizes="(max-width: 521px) 100vw, 521px" /></p>
<p>Sungrow and Sineng Electric accounted for 45% and 34% of the market share, respectively, followed closely by FIMER with 18%. Ginlong (Solis) Technologies and Hitachi Hi-Rel each accounted for 1% of central inverter shipments in 1H 2023.</p>
<p>Mercom&#8217;s Market Leaderboard report, published twice a year, covers the market landscape across the entire supply chain. For the detailed and comprehensive report, click <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener">here</a>.</p>
<p>Our <a href="https://mercomindia.com/product/mercoms-india-solar-market-share-tracker/" target="_blank" rel="noopener">Market Share Tracker</a> also gives insights into the solar market competitors and their growth rates quarterly.</p>


Sungrow, Sineng, Growatt, Solis Top Solar Inverter Suppliers in 1H 2023


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					</table><p>Solar power accounted for 16.44% of the total installed power capacity and 39.4% of the total installed renewable capacity in the third quarter (Q3) of 2023, marginally up from 15.9% and 38.4% in the previous quarter.</p>
<p>India’s installed renewable energy capacity, including large hydropower projects, stood at 177.1 GW, making up for 41.8% of the overall power capacity at the end of the quarter, according to data from the Central Electricity Authority (<a href="https://cea.nic.in/?lang=en" target="_blank" rel="noopener">CEA</a>), Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>), and Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Project Tracker</a>.</p>
<p>The renewable energy share in the cumulative power capacity increased from 173.4 GW to 177.1 GW quarter-over-quarter (QoQ), representing 41.8 % of the overall power capacity mix.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/India-Cumulative-Installed-Power-Capacity-Mix.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-60266 " src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/India-Cumulative-Installed-Power-Capacity-Mix.png" alt="India - Cumulative Installed Power Capacity Mix" width="596" height="343" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/India-Cumulative-Installed-Power-Capacity-Mix.png 961w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/India-Cumulative-Installed-Power-Capacity-Mix-300x173.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/India-Cumulative-Installed-Power-Capacity-Mix-768x442.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/India-Cumulative-Installed-Power-Capacity-Mix-650x374.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/India-Cumulative-Installed-Power-Capacity-Mix-624x359.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/India-Cumulative-Installed-Power-Capacity-Mix-600x345.png 600w" sizes="(max-width: 596px) 100vw, 596px" /></a></p>
<p>Large hydropower was nearly 11.1% of the total installed power capacity as of September 2023, and wind installations accounted for 10.4%.</p>
<p>Biomass and small hydropower represented 2.6% and 1.2% of the total installed power capacity as of Q3 2023.</p>
<p><strong>Energy from conventional sources</strong></p>
<p>As of September 2023, the total installed power capacity from conventional sources stood at about 246.8 GW, making up 58.2% of all installations. This was a slight decrease from 58.58% during the previous quarter.</p>
<p>Coal remained the top power source, with 207 GW by the end of September 2023, a slight increase from 205.9 GW in the previous quarter.</p>
<p>In October this year, the Ministry of Power <a href="https://www.mercomindia.com/slash-renewable-generation-obligation-coal-plants" target="_blank" rel="noopener">proposed</a> slashing the Renewable Generation Obligation (RGO) for coal or lignite-based power generating stations to a minimum of 6-10% from the previous 40%. The ministry issued a draft notification on RGO to establish a minimum requirement for electricity generation from renewable sources for coal or lignite-based power generating stations.</p>
<p>Last year, the power ministry <a href="https://mercomindia.com/power-ministry-plans-to-replace-58000-mu-of-thermal-power-with-30-gw-of-renewables-by-fy26/" target="_blank" rel="noopener">set</a> the trajectory for replacing thermal power with renewables by the financial year 2025-26 to achieve 500 GW of non-fossil fuel-based capacity by 2030.</p>


Solar Accounts for 16% of the Total Installed Power Capacity in Q3 2023


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					</table><p><a href="https://www.prozealgreen.com/" target="_blank" rel="noopener">Prozeal Green Energy</a>, <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power Solar</a>, <a href="https://www.vikramsolar.com/" target="_blank" rel="noopener">Vikram Solar</a>, <a href="https://www.waaree.com/" target="_blank" rel="noopener">Waaree Renewable Technologies</a>, and <a href="https://operaenergy.in/" target="_blank" rel="noopener">Opera Energy</a> emerged as the top utility-scale solar engineering, procurement, and construction (EPC) service providers in the first half (1H) of 2023, according to Mercom&#8217;s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2023</a>.</p>
<p>Prozeal Green Energy topped with a market share of 12.4%, followed by Tata Power Solar and Vikram Solar with 9.1% and 5.3%, respectively. Waaree Renewable Technologies and Opera Energy had a 5.3% and 3.6% market share, respectively.</p>
<p>The first six months of the year witnessed some notable shifts in market shares from the previous year.</p>
<p>Prozeal Green Energy soared to the top spot in 1H 2023 from tenth position in 1H 2022. Vikram Solar, primarily a module manufacturer, also made it to the top five list in 1H 2023.</p>
<p>Waaree Renewable Technology, a subsidiary company of Waaree Energies, a manufacturer, climbed to the fourth position in 1H 2023.</p>
<p><strong><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Utility-scale-Solar-EPC-Companies-in-India-in-1H-2023.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-60209 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Utility-scale-Solar-EPC-Companies-in-India-in-1H-2023.png" alt="Utility-scale Solar EPC Companies in India in 1H 2023" width="690" height="476" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Utility-scale-Solar-EPC-Companies-in-India-in-1H-2023.png 690w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Utility-scale-Solar-EPC-Companies-in-India-in-1H-2023-300x207.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Utility-scale-Solar-EPC-Companies-in-India-in-1H-2023-650x448.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Utility-scale-Solar-EPC-Companies-in-India-in-1H-2023-624x430.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Utility-scale-Solar-EPC-Companies-in-India-in-1H-2023-600x414.png 600w" sizes="(max-width: 690px) 100vw, 690px" /></a></strong></p>
<p><strong>Operational Highlights of Top Companies in 1H 2023</strong></p>
<p>Prozeal Green Energy was <a href="https://www.mercomindia.com/prozeal-install-131-mw-solar-projects-in-gujarat" target="_blank" rel="noopener">awarded</a> an EPC contract by the Gujarat State Electricity Corporation for 131 MW of solar projects.</p>
<p>Tata Power Solar&#8217;s major EPC projects included a 300 MW project for Brookfield Renewables, a 300 MW project at the Dholera Solar Park, a 320 MW solar project for NTPC, and a 70 MW floating solar project.</p>
<p>Tata Power Solar was also <a href="https://www.mercomindia.com/juniper-green-tata-renewable-win-225-mw-hybrid-auction" target="_blank" rel="noopener">awarded</a> a 225 MW wind-solar project development contract.</p>
<p>Vikram Solar&#8217;s 150 MW Nokhra solar project achieved commissioning during the period.</p>
<p>The report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India&#8217;s solar industry leaders.</p>
<p>For the detailed and comprehensive report, click <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener">here</a>. The <a href="https://mercomindia.com/product/mercoms-india-solar-market-share-tracker/" target="_blank" rel="noopener">Market Share Tracker</a> gives insights into the solar market competitors and their growth rates quarterly.</p>


Leading Solar EPC Companies in 1H 2023: Prozeal Green, Tata Power, Vikram Solar


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					</table><p>Solar power project tenders floated by multiple implementing agencies in India rose 5% year-over-year (YoY) to over 13 GW during the third quarter (Q3) of the calendar year 2023, according to <a href="https://mercomindia.com/research-2/" target="_blank" rel="noopener">Mercom India Research</a>.</p>
<p>Tender announcements were flat quarter-over-quarter (QoQ) from July to September. The pace of tender announcements has failed to accelerate even after the government issued the 50 GW renewable energy trajectory target for financial years 2024-28.</p>
<p>Solar auctions during the quarter witnessed an increase of 86% YoY, with 7 GW projects auctioned. The increase was, however, a marginal 4% compared to the previous quarter.</p>
<p>The tender and auction activity comprises standalone solar and solar-wind hybrid projects. For solar-wind hybrid project tenders, Mercom India Research has considered the solar capacity at a ratio of 67% of the total tendered hybrid project capacity.</p>
<p>Auctions by public sector undertakings Solar Corporation of India (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>), Punjab State Power Corporation (<a href="https://pspcl.in/" target="_blank" rel="noopener">PSPCL</a>), and Rajasthan Urja Vikas Nigam (<a href="https://energy.rajasthan.gov.in/ruvks/#/home/dptHome" target="_blank" rel="noopener">RUVNL</a>) accounted for 63% of this quarter’s auction capacity.</p>
<p>The highest capacities bid during the quarter include SECI’s 2 GW solar auction, followed by auctions by PSPCL and RUVNL with 1.2 GW each.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/India-Large-Scale-Solar-Tenders-and-Auctions-by-Quarter-MW.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-59470 " src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/India-Large-Scale-Solar-Tenders-and-Auctions-by-Quarter-MW.png" alt="India Large Scale Solar Tenders and Auctions by Quarter (MW)" width="722" height="489" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/India-Large-Scale-Solar-Tenders-and-Auctions-by-Quarter-MW.png 756w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/India-Large-Scale-Solar-Tenders-and-Auctions-by-Quarter-MW-300x203.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/India-Large-Scale-Solar-Tenders-and-Auctions-by-Quarter-MW-650x440.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/India-Large-Scale-Solar-Tenders-and-Auctions-by-Quarter-MW-624x423.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/India-Large-Scale-Solar-Tenders-and-Auctions-by-Quarter-MW-600x406.png 600w" sizes="(max-width: 722px) 100vw, 722px" /></a></p>
<p>In terms of high-capacity tenders issued during the quarter, MSEB Solar Agro Power (MSAPL),  a wholly-owned subsidiary of MSEB Holding Company, led the way with 2.87 GW of tendered capacity, accounting for 18.9% of the total capacity tendered during the quarter.</p>
<p>SECI accounted for 16.8%, and <a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a> 14.03%.</p>
<p>PSPCL and Rewa Ultra Mega Solar (<a href="http://rumsl.mp.gov.in/" target="_blank" rel="noopener">RUMSL</a>) rounded off the top five with 9.86% and 8.9%, respectively.</p>
<p><strong>Major Tenders in Q3 2023 </strong></p>
<p>SJVN’s <a href="https://www.mercomindia.com/sjvn-invites-bids-for-hybrid-power-projects" target="_blank" rel="noopener">bid</a> to select developers for setting up 1,500 MW ISTS-connected wind-solar hybrid power projects.</p>
<p>SECI’s <a href="https://www.mercomindia.com/seci-bids-supply-1260-mw-renewable-power">tender</a> for the supply of 1,260 MW firm and dispatchable power from ISTS-connected renewable energy projects.</p>
<p>PFC Consulting’s <a href="https://www.mercomindia.com/pfc-consulting-ists-connected-solar-projects" target="_blank" rel="noopener">tender</a> for setting up 1,250 MW ISTS- ISTS-connected solar PV projects and PSPCL’s <a href="https://www.mercomindia.com/pspcl-floats-tender-power-from-ists-connected-projects" target="_blank" rel="noopener">tender</a> to purchase power from 1,000 MW grid-connected solar photovoltaic projects located anywhere in India.</p>
<p><strong>Major Auctions in Q3 2023</strong><strong> </strong></p>
<p>SAEL, ReNew, Eden Renewables, Jakson, Shiva Corporation, and Avaada Energy <a href="https://www.mercomindia.com/sael-renew-eden-jakson-winners-secis-solar-auction" target="_blank" rel="noopener">won</a> SECI’s auction to set up 2 GW interstate transmission system-connected solar projects (Tranche XI) in India.</p>
<p>SJVN Green Energy, a wholly-owned subsidiary of SJVN, <a href="https://www.mercomindia.com/sjvn-bags-%E2%82%B970-billion-contract-1-2-gw-solar-projects" target="_blank" rel="noopener">received</a> a letter of intent from the PSPCL to develop 1,200 MW solar power projects.</p>
<p>Solarcraft Power (BluPine Energy) and ACME Solar <a href="https://www.mercomindia.com/blupine-acme-winners-ruvnls-1-2-gw-solar-storage-auction" target="_blank" rel="noopener">emerged</a> winners in RUVNL’s auction to set up 1,200 MW of solar power projects anywhere in India with a committed supply for at least six hours during the peak demand periods from an energy storage system.</p>
<p>KPI Green Energy, SAEL Industries, and NLC India <a href="https://www.mercomindia.com/kpi-sael-nlc-india-guvnls-800-mw-solar-auction" target="_blank" rel="noopener">won</a> Gujarat Urja Vikas Nigam’s auction to develop 800 MW of grid-connected solar power projects (Phase XX) at the Khavda Solar Park in Gujarat.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of real-time tender activity.</p>


Solar Auctions Up 86%, Tenders Rise 5% YoY in Q3 2023


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					</table><p>Investments in the Indian solar sector in the second quarter (Q2) of the calendar year (CY) 2023 totaled $1.57 billion (~₹129.86 billion), a 46% year-over-year (YoY) decrease from $2.9 billion (~₹239.87 billion).</p>
<p>The figures were revealed in Mercom India Research&#8217;s latest report, <a href="https://www.mercomindia.com/product/q2-2023-india-solar-market-update/" target="_blank" rel="noopener">Q2 2023 India Solar Market Quarterly Update</a>.</p>
<p>The decline was primarily due to the delays, extensions, and postponements of utility-scale projects to next year. Additionally, the falling module prices lowered project costs and investment requirements.</p>
<p>The investments, however, increased 20% quarter-over-quarter (QoQ) from $1.31 billion (~₹108.36 billion).</p>
<p>While project funding fell 14% QoQ, corporate funding was up 176% in Q2, increasing the overall totals compared to Q1 2023.</p>
<p style="text-align: center;"><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Investments-Q2-2023.png"><img loading="lazy" decoding="async" class="alignnone wp-image-58001 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Investments-Q2-2023.png" alt="Investments Q2 2023" width="755" height="393" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Investments-Q2-2023.png 755w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Investments-Q2-2023-300x156.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Investments-Q2-2023-650x338.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Investments-Q2-2023-624x325.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Investments-Q2-2023-600x312.png 600w" sizes="(max-width: 755px) 100vw, 755px" /></a></p>
<p>Investments experienced a notable year-on-year decrease of 51% in 1H 2023. This decline can be attributed to reduced installation volumes and decreased corporate funding activity compared to the same period in 2022.</p>
<p>Notable funding deals during the quarter:</p>
<p>ReNew Energy <a href="https://www.mercomindia.com/renew-energy-400-million-via-green-bonds" target="_blank" rel="noopener">raised</a> $400 million (~₹32.86 billion) (through its wholly owned subsidiary Diamond II) from senior secured green bonds, marking the first high-yield issuance out of India in over a year.</p>
<p>Mumbai-based renewable energy company CleanMax <a href="https://www.mercomindia.com/cleanmax-360-million-funding-expand-ci-portfolio" target="_blank" rel="noopener">concluded</a> an equity fund raise of approximately $360 million (~₹29.57 billion) from Brookfield Renewable, facilitated through the Brookfield Global Transition Fund (BGTF).</p>
<p>Global investment firm Kohlberg Kravis Roberts signed definitive agreements to <a href="https://www.mercomindia.com/serentica-250-million-investment-kkr" target="_blank" rel="noopener">invest</a> $250 million (~₹20.54 billion) in Serentica Renewables to help ramp up its clean energy portfolio and provide energy transition solutions to industries.</p>
<p>Ampin Energy Transition (formerly Amp Energy India), an integrated renewable energy power producer, <a href="https://www.mercomindia.com/amp-energy-india-expand-renewable-portfolio" target="_blank" rel="noopener">secured</a> up to $250 million (~₹20.44 billion) in a funding round led by Sumitomo Mitsui Banking Corporation of Japan, the Intermediate Capital Group, and the Asian Infrastructure Investment Bank.</p>
<p><strong>Mercom&#8217;s India Solar Q2 2023 report is 82 pages long and covers all facets of India&#8217;s solar market. For the complete report, visit:</strong> <a href="https://www.mercomindia.com/product/q2-2023-india-solar-market-update/" target="_blank" rel="noopener">https://www.mercomindia.com/product/q2-2023-india-solar-market-update/</a></p>


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