Mahindra Susten, Vikram Solar, BELECTRIC – Top Solar EPC Companies in 1H 2021

The top four players accounted for 23% of the overall market share in 1H 2021


Mahindra SustenVikram Solar, and BELECTRIC were the top utility-scale solar engineering, procurement, and construction (EPC) service providing companies in the first half (1H) of the calendar year (CY) 2021, according to Mercom’s India Solar Market Leaderboard 1H 2021.

The report provides market shares and shipment rankings of major players across the Indian solar supply chain.

Mahindra Susten led the segment with a market share of 7%. Vikram Solar was close behind with 6%, and BELECTRIC accounted for 5% of the market. The top four companies represented 23% of the overall market share in 1H 2021.

The top ten EPC players garnered 61% of the total market share in 1H 2021.


Leading Utility-scale Solar EPC Companies in India 1H 2021 (Jan-Jun)

Solar EPC market in India

The Indian solar market is an attractive destination for investors. The country has a robust large-scale solar project pipeline of 53.6 GW, with another 24.1 GW tendered and pending auction. However, quality solar assets are equally crucial for the government, developers, investors, and acquirers.

EPC companies with a solid track record and expertise are critical to meeting deadlines, optimizing project performance, and managing supply chain challenges, mainly when there is significant price pressure from low tariffs.

A growing number of government entities have large renewable energy targets especially solar. Mercom has so far tracked over 12.5 GW of utility-scale solar EPC tender issued by multiple agencies. 

REC Power Development and Consultancy, a wholly-owned subsidiary of REC Limited, and the Gas Authority of India (GAIL) have issued notices to empanel EPC and O&M contractors. Among the large capacity EPC tenders is the 1 GW issued by NHPC. NHPC has so far floated 2.7 GW of solar EPC tenders.