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					</table><p><a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power</a>, an integrated power company, reported a profit after tax (PAT) of ₹13.06 billion (~$152 million) in the fourth quarter (Q4) of the financial year (FY) 2025, a 25% year-over-year (YoY) growth from ₹10.46 billion (~$122.3 million).</p>
<p>The company’s quarterly revenue stood at ₹172.38 billion (~$2 billion), growing 7% from the same period of the previous year.</p>
<p>Higher power sales from all generating projects, ramp up of all solar module and cell lines in Tirunelveli, and significant strides in solar rooftop business pan-India contributed significantly to the overall growth.</p>
<p>The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 14% to ₹38.29 billion (~$447.3 million) from ₹33.58 billion (~$392.3 million) in the same period of the previous year.</p>
<p>The increase in EBITDA can be attributed to the strong performance across the core businesses comprising generation, transmission and distribution, and renewables.</p>
<p>Praveer Sinha, CEO and Managing Director, Tata Power, said, &#8220;FY25 has been a remarkable year for Tata Power, with the company achieving a record-breaking PAT exceeding ₹50 billion (~$584.69 million), driven by exceptional contributions across all our business segments. Our rooftop solar business has performed impressively, reaching over 1.5 lakh installations, with a total installed capacity of 3 GW.”</p>
<p>Tata Power’s solar cell and module manufacturing capacity is 4,900 MW each. The company has 9,935 MW of renewable energy capacity under construction.</p>
<p>It has a nearly 3 GW capacity under development across states such as Karnataka and Maharashtra. It has also secured over 6,800 MW of grid connectivity and acquired more than 30,000 acres of land for setting up the ongoing 5.4 MW of projects in the pipeline.</p>
<p><strong>Full Year</strong></p>
<p>Tata Power reported its highest-ever revenue of ₹645.04 billion (~$7.5 billion) in FY 2025, increasing 26% YoY.</p>
<p>The company crossed the ₹500 billion (~$5.8 billion) mark for the first time since its operations.</p>
<p>Its utility scale and group captive solar engineering, procurement, and construction (EPC) order book stood at ₹113.81 billion (~$1.3 billion), and the rooftop solar EPC order book was at ₹8.64 billion (~$101 million).</p>
<p>Tata Power’s PAT increased 12% from ₹42.8 billion (~$500 million) in FY 2024 to ₹47.75 billion (~$557.9 million) in FY 2025.</p>
<p>The company’s EBITDA reported a 14% YoY increase to ₹144.68 billion (~$1.6 billion). Its earnings per share came in at ₹13.53 (~$0.16), increasing 29% from ₹10.43 (~$0.12) in the previous year.</p>
<p>In FY 2025, Tata Power commissioned over 2.5 GW of renewable capacity—comprising 1 GW of in-house utility-scale projects, 600 MW of rooftop solar (~782 MWp), and 900 MW for third-party customers.</p>
<p>The company successfully supplied over 64.7 billion units of electricity to the grid through its portfolio of conventional and renewable generation assets.</p>
<p>Tata Power’s PAT for its renewable business in Q3 FY 2025 <a href="https://www.mercomindia.com/tata-power-sustains-growth-momentum-pat-up-10-yoy-in-q3-fy-2025" target="_blank" rel="noopener">grew</a> 59% to ₹2.14 billion (~$25 million) in the third quarter of 2024.</p>
<p>The second quarter revenue <a href="https://www.mercomindia.com/tata-power-profit-q2-fy-2025" target="_blank" rel="noopener">stood</a> at ₹152.47 billion ($1.81 billion), reflecting a slight 1% YoY decline.</p>


Tata Power Hits Record Revenue of ₹645 Billion in FY 2025 on Higher Sales


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					</table><p>India added 6.9 GW of solar open access capacity in 2024, a 77% year-over-year (YoY) increase from 3.9 GW, according to the newly-released <a href="https://www.mercomindia.com/product/q4-2024-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener">Mercom India Q4 &amp; Annual 2024 India Solar Open Access Market Report</a><strong>.</strong></p>
<p>This growth represents the highest annual installations recorded in the solar open access segment. The fourth quarter (Q4) of 2024 alone saw 2.1 GW of new installations, reflecting a 92% quarter-over-quarter (QoQ) growth from 1.1 GW and a 142% YoY increase from 852.7 MW.</p>
<p>The increase in solar open access was primarily driven by the availability of low-cost Chinese modules, which were imported before the reimposition of the Approved List of Models and Manufacturers from April 2024.</p>
<p>Developers rushed to commission projects in Q1 before the order deadline, leading to a spike in capacity addition. However, uncertainty in Q2 and Q3 resulted in a temporary slowdown as stakeholders awaited possible exemptions. With no confirmation of further exemptions, developers resumed projects in Q4 to meet their sustainability commitments, leading to another installation growth.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-77294 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-1.png" alt="Mercom research image 1" width="931" height="544" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-1.png 931w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-1-300x175.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-1-768x449.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-1-650x380.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-1-624x365.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-1-600x351.png 600w" sizes="(max-width: 931px) 100vw, 931px" /></p>
<p><i><span style="font-weight: normal !msorm;">&#8220;Open access installations saw remarkable growth in 2024 as businesses increasingly prioritized cleaner power generation to meet green mandates and reduce electricity costs. However, rising component prices, along with land procurement and grid connectivity hurdles, are creating challenges. To maintain this growth trajectory, the deadline for inter-state transmission system (ISTS) charge exemptions, set to expire on June 30, must be extended. Without it, continued growth in the open access segment could be at risk,&#8221;</span></i> said Raj Prabhu, CEO of Mercom Capital Group.</p>
<p><strong>State-Wise Installations</strong></p>
<p>Maharashtra led India&#8217;s solar open access market in 2024, accounting for 18% of the total installations. Rajasthan and Karnataka followed, contributing 15% and 14% respectively. Maharashtra (24%), Uttar Pradesh (21%), and Gujarat (20%) had the highest capacity additions in Q4.</p>
<p>By the end of 2024, India&#8217;s cumulative installed solar open access capacity stood at 20.2 GW. Karnataka led the sector with 25% of the total capacity, followed by Maharashtra (16%) and Gujarat (12%).</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-77296 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-2.png" alt="Mercom research image 2" width="770" height="667" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-2.png 770w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-2-300x260.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-2-768x665.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-2-650x563.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-2-624x541.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Mercom-research-image-2-600x520.png 600w" sizes="(max-width: 770px) 100vw, 770px" /></p>
<p>Priya Sanjay, Managing Director, Mercom India, commented, &#8220;Policy flip-flops, price fluctuations, and distribution company (DISCOM) reluctance to approve projects have not been able to thwart the demand for solar open access as industries rush to advance their clean energy initiatives. 2025 will be a year to watch companies exporting to European markets report their green energy progress under the Carbon Border Adjustment Mechanism, which is expected to be fully in place by 2026.&#8221;</p>
<p>The upcoming solar open access projects pipeline includes over 25.7 GW of capacity under development and pre-construction by the end of 2024.</p>
<p>The states with the highest project activity were Karnataka, Maharashtra, Rajasthan, Tamil Nadu, and Gujarat.</p>
<p>Sanjay said these states are preferred due to their business-friendly policies, land availability, and robust infrastructure. She emphasized that seamless approvals and economic feasibility make these regions attractive for developers.</p>
<p><a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a> was the top seller in the Green Day-Ahead Market (G-DAM), comprising 34% of the total electricity sold in the power exchanges. On the buyer&#8217;s side, Punjab led the electricity purchases, contributing 28% of traded electricity.</p>
<p>Despite the overall growth in the sector, the cleared volume of renewable energy certificates on the Indian Energy Exchange (IEX) fell by 58% QoQ. Similarly, the Green Term Ahead Market (G-TAM) trading volume declined by 67% QoQ.</p>
<p><strong>Outlook</strong></p>
<p>Sanjay was optimistic about the continued growth in solar open access in 2025, particularly as commercial and industrial consumers move toward sustainability.</p>
<p>While the open access solar market continues to grow, industrial consumers still face challenges related to state-specific regulations. Sanjay pointed out that businesses operating across multiple states struggle with varied regulatory frameworks, making procurement decisions complex.</p>
<p>Sanjay highlighted the need for streamlined approval processes to make solar open access more attractive. Delays in DISCOM clearances often hinder project implementation, negating the benefits of favorable policies. She suggested that regulatory bodies ensure timely approvals and maintain predictable pricing structures to prevent excessive charges that could erode savings.</p>
<p>Additionally, she stressed that states should align their policies with central government guidelines to create a more uniform and stable regulatory environment, encouraging higher adoption of solar open access.</p>
<p>The Q4 &amp; Annual 2024 Mercom India Solar Open Access Market Report is 64 pages long and covers vital information and data on the market.</p>
<p>For the complete report, visit: <a href="https://www.mercomindia.com/product/q4-2024-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener">https://www.mercomindia.com/product/q4-2024-mercom-india-solar-open-access-market-report</a></p>


India Adds 6.9 GW of Solar Open Access Capacity in 2024


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					</table><p>India installed 3.2 GW of rooftop solar capacity in 2024, an 86% increase from 2023, according to Mercom India Research&#8217;s newly released <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q4-2024" target="_blank" rel="noopener">Q4 &amp; Annual 2024 India Rooftop Solar Market Report.  </a></p>
<p>The capacity additions were mainly driven by the record commissioning of rooftop solar systems under the PM Surya Ghar: Muft Bijli Yojana.</p>
<p>Consumers in the residential segment benefitted from the PM Surya Ghar program, accounting for 74% of the installations in 2024. Industrial, commercial, and government segments contributed 19%, 6%, and 0.8% to the total capacity added during the year.</p>
<p>Installations under the capital expenditure (CAPEX) model comprised 88% of the year&#8217;s installations, and capacity additions under the operational expenditure or renewable energy service company (OPEX/RESCO) model accounted for the rest.</p>
<p>&#8220;The overwhelming response to the PM Surya Ghar residential solar program is a testament to growing homeowner interest in solar adoption, making up over 72%  of rooftop installations in India. However, long-term success will depend on stabilizing module costs and streamlining supply constraints to support both residential and C&amp;I solar expansion,&#8221; said Raj Prabhu, CEO of Mercom Capital Group.</p>
<p>Gujarat led the rooftop solar capacity additions in 2024, with 36% of the total installations, followed by Maharashtra, with 20%, and Kerala, adding 9%.</p>
<p><img loading="lazy" decoding="async" class="wp-image-77064 size-full aligncenter" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture1-final.png" alt="" width="940" height="533" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture1-final.png 940w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture1-final-300x170.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture1-final-768x435.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture1-final-650x369.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture1-final-624x354.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture1-final-600x340.png 600w" sizes="(max-width: 940px) 100vw, 940px" /></p>
<p>India&#8217;s cumulative rooftop solar installations reached 13.7 GW at the end of December 2024.</p>
<p>During the year, 2.8 GW of rooftop solar tenders were released, marking a increase year-over-year (YoY).</p>
<p>Over 43% of this capacity came from tenders aimed at installing rooftop solar systems on government buildings throughout India.</p>
<p>In the fourth quarter (Q4) of 2024, India added 1.3 GW of rooftop solar, a 64% quarter-over-quarter increase from 791.1 MW. The installations in Q4 surpassed all previous quarterly additions to date.</p>
<p>Installations in the residential segment under the PM Surya Ghar program drove capacity additions in the quarter, accounting for over 85% of the capacity additions. Capacity additions under the CAPEX model accounted for over 95% of the quarter&#8217;s installations.</p>
<p>Priya Sanjay, Managing Director, Mercom India, said, &#8220;In previous quarters, C&amp;I consumers were holding back on installations waiting for clarity on the exemption from ALMM. With better clarity, they are now focusing on procuring modules and building the projects.&#8221;</p>
<p><strong>State-wise installations</strong></p>
<p>Gujarat, Maharashtra, and Uttar Pradesh led rooftop solar installations in Q4, accounting for around 33%, 26%, and 8%, respectively.</p>
<p>&#8220;Gujarat has always been rigorous in eliminating two subsidized consumers – residential and farmers. Gujarat&#8217;s DISCOMs are making residential consumers independent by setting up rooftop solar projects and solar pumps for the farmers. That explains why the state has been leading the installations,&#8221; Sanjay said.</p>
<p>She anticipates Gujarat continuing its growth in the upcoming quarters as well.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-77065 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture2-final.png" alt="" width="909" height="667" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture2-final.png 909w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture2-final-300x220.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture2-final-768x564.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture2-final-650x477.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture2-final-624x458.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/Picture2-final-600x440.png 600w" sizes="(max-width: 909px) 100vw, 909px" /></p>
<p>The PM Surya Ghar program installations significantly boosted capacity this quarter, accounting for more than 85% of total additions. The industrial, commercial, and government sectors contributed 10%, 4%, and 0.6% to the quarter&#8217;s installations.</p>
<p>Under the CAPEX model, capacity additions accounted for over 95% of the quarter&#8217;s installations.  In all, over 1 GW of tenders were announced, over 185% QoQ increase from 364.5 MW and more than 84% YoY from 564.8 MW.</p>
<p>Gujarat remains the leading state, accounting for over 29% of cumulative rooftop solar installations, followed by Maharashtra and Rajasthan, comprising around 15% and 7%, respectively.</p>
<p>The top 10 states accounted for over 80% of cumulative rooftop solar installations as of December 2024.</p>
<p>The Q4 &amp; Annual 2024 India Rooftop Solar Market Report is 79 pages and covers all facets of India&#8217;s rooftop solar market. For the complete report, visit: <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q4-2024" target="_blank" rel="noopener">https://www.mercomindia.com/product/rooftop-solar-market-report-q4-2024 </a></p>


India’s Rooftop Solar Installations Reach a Record 3.2 GW in 2024

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