Greenko and Adani Named Top Solar Project Developers in India in 2017

Top 10 developers accounted for 62 percent of large-scale solar installations in 2017


Solar installations in 2017 came to 9,629 MW, more than double the 4,313 MW installed in 2016, making 2017 the best year for solar installations in India, according to Mercom India Research. The robust growth boosted the country’s total installed capacity to 19.6 GW, as of December 2017.

In the latest report released by Mercom India Research – India Solar Market Leaderboard 2017, the top 10 solar photovoltaic (PV) project developers in the country accounted for over 62 percent of all large-scale project installations (8.6 GW) in the calendar year of 2017. In India, there are over 200 utility-scale project developers, each with projects of at least 5 MW or more in operation.

Greenko emerged as the top installer in 2017, followed by Adani and ReNew Power.

Greenko and Adani Named Top Project Developers in India in 2017

“Unlike rooftop, larger developers are dominating utility-scale projects and winning large projects in auctions using their scale and financial heft. The top 10 developers accounted for over 5 GW of large-scale projects built in 2017 and are also the most active in terms of fundraising, acquisition activity and potential candidates for initial public offerings,” said Raj Prabhu, CEO of Mercom Capital Group.

Meanwhile, Adani was the largest project developer in terms of total cumulative installations. There were five developers with installations of over 1 GW at the end of 2017.

NLC India  (a government owned entity) had the biggest large-scale project pipeline, while ACME Cleantech had the largest pipeline of large-scale projects under development among private companies. A total of eight developers had a project pipeline of over 500 MW at the end of 2017.

Mercom’s detailed analysis of the winners of major solar auctions held across the country over the past 12 months have also clearly indicated that lately, bidding has been dominated by larger and more established companies.

Mercom India’s market share report covers top developers in 2017 as well as cumulatively along with developers with the largest pipelines in MWs.

Image credit: Greenko

To learn more about the report, visit here

For a complete Market Share Tracker, visit here