Adani Green Energy, ReNew, ACME Solar, NTPC Renewable Energy, and O2 Power emerged as the top utility-scale solar project developers in India for 2024, according to Mercom’s India Solar Market Leaderboard 2025. Together, these companies accounted for nearly 52% of the market share, reflecting a year of aggressive capacity additions and project commissioning. India’s utility-scale solar market saw a record-breaking year, with 22 GW of capacity additions, up nearly 235% compared to 6.6 GW in 2023.

India added over 28 GW of renewable energy capacity in 2024, bringing the total to around 210 GW. However, battery energy storage systems must complement renewables by addressing their intermittency to reach the country’s 2030 target of 500 GW of non-fossil fuel energy and ensure a smoother energy transition. In this exclusive interview with Mercom India, Satish Reddy, Founder and CEO of Hyderabad-based XBattery, a manufacturer of lithium-ion battery packs to help homes, businesses, electric vehicles, and grids store energy, provides his thoughts on India’s energy storage ecosystem.

China overtook Canada to return as the leading Lithium-Ion (Li-ion) supply-chain country in 2024, according to BloombergNEF’s fifth edition of the Global Lithium-Ion Battery Supply Chain Ranking. The rankings cover 30 countries’ capability to build a secure, reliable, and sustainable Li-ion supply chain. The U.S. has moved one spot up to reach joint-second with Canada. India is in 14^th position, progressing from 16^th.

The Ministry of New and Renewable Energy clarified that net billing, and virtual and group net metering will also be treated on a par with net metering provisions under the Approved List of Models and Manufacturers (ALMM) List-II. List-II applies to solar cells which will be brought under the ambit of ALMM from June 2026. The inclusion of solar cells in ALMM addresses the growing domestic production capacity. Until now, only solar modules have been covered in the ALMM.

The Appellate Tribunal for Electricity partially set aside a Central Electricity Regulatory Commission order, clarifying that NTPC cannot be held responsible for sealing meters under solar power purchase agreements. It ruled that this responsibility lies with the generating companies or transmission/distribution licensees. Under the National Solar Mission, the State Specific Bundling Scheme was launched to promote grid-connected solar power projects. The appellant, NTPC, was appointed as the implementation agency for this program.

The Punjab State Electricity Regulatory Commission accepted the Punjab State Power Corporation (PSPCL)’s request to approve an additional surcharge of ₹1.22 (~$0.014)/kWh for full and ₹0.83 (~$0.009)/kWh for partial open access power consumers. The additional surcharge will be levied on all consumers within the power supply area of PSPCL, provided the contracted capacity of the distribution company remains stranded during the period.

NTPC Green Energy invited expressions of interest (EoI) from renewable energy companies having power purchase agreements with intermediary procurers to acquire solar projects with a minimum cumulative capacity of 50 MW. This EoI aims to support NTPC Green’s mission of expanding its clean energy footprint through the inorganic route. Bids must be submitted by May 27, 2025. Bids will be opened on the same day.

Religious institutions across India are increasingly adopting solar power to meet their energy needs sustainably. For many ashrams, temples, and monasteries—often located in remote or semi-urban areas with unreliable grid access—solar energy provides a practical, eco-friendly, and cost-effective alternative. Ramakrishna Yogashrama, a spiritual and academic center located in Bengaluru’s outskirts, has successfully implemented a multi-faceted solar energy strategy to overcome chronic power outages and voltage fluctuations due to its location at the tail end of a transformer line.

Hyderabad-based solar module manufacturer Surana Solar announced the divestment of 49% of its equity stake in Surana Technologies, a wholly owned subsidiary. Baidyanath Power, a third-party entity not belonging to the promoter or group companies associated with Surana Solar, will buy the equity stake for ₹20.36 million (~$238,036). The transaction is expected to be completed by May 30, 2025, subject to customary closing conditions.

Premier Energies entered into a joint venture agreement with Taiwan-based Sino-American Silicon Products (SAS) to manufacture and sell silicon solar wafers in India. Premier will hold a 74% equity stake in Premier Energies GWC, and SAS will hold the remaining 26%. Premier Energies GWC is currently Premier’s wholly owned subsidiary with an authorized share capital of ₹1 million (~$11,740). The joint venture will establish a 2 GW manufacturing facility in India to produce advanced solar wafers for domestic and global markets. It will cut polysilicon ingots into silicon wafers for manufacturing photovoltaic cells and modules.

Independent power producer JSW Energy reported a revenue of ₹34.97 billion (~$408.93 million) in the fourth quarter (Q4) of the financial year (FY) 2024-25, a 21% year-over-year (YoY) growth from ₹28.79 billion (~$336.66 million). The company attributed this growth to increasing revenue from renewables. In Q4 FY25, its revenue from renewables rose 49.36% to ₹8.47 billion (~$99.04 million) from ₹5.67 billion (~$66.3 million) in the same quarter of the previous year. The profit after tax increased 16% YoY to 4.08 billion (~$47.67 million) in Q4 FY 2025 from ₹3.51 billion (~$41.01 million).

Solar module manufacturer Canadian Solar’s revenue for Q1 2025 dropped 10% YoY to $1.19 billion, as module and battery energy storage system sales declined. However, the figure still surpassed analysts’ expectations by $100 million. The company recorded an adjusted net loss of $59.87 million in Q1 2025, a reversal from the $12.35 million net income reported in Q1 2024. The adjusted loss per share came in at $1.07, falling short of analyst forecasts by $0.04. Operating expenses for the quarter decreased to $195.29 million from $203.68 million in Q1 2024.