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					</table><a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a>, <a href="https://www.upcrenewables.com/" target="_blank" rel="noopener">UPC Renewables</a>, <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power Company</a>, <a href="https://www.gsecl.in/" target="_blank" rel="noopener">Gujarat State Electricity Corporation (GSECL),</a> and <a href="https://www.risingsunenergy.in/" target="_blank" rel="noopener">Rising Sun Energy (Yinson Holdings)</a> were the top utility-scale solar project developers in the calendar year (CY) 2023, according to <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">Mercom&#8217;s India Solar Market Leaderboard 2024</a>.
The report covers market share and ranking across India&#8217;s solar supply chain and provides the most accurate and comprehensive coverage of India&#8217;s solar industry leaders. The 2023 report captured notable shifts in market share rankings compared to the previous year.
Adani Green Energy led the utility-scale solar developer&#8217;s list, accounting for 28.9% of the yearly capacity additions. UPC Renewables and Tata Power ranked second and third, accounting for 11.6% and 9.2% of the annual installations in 2023. GSECL and Rising Sun Energy (Yinson Holdings) rounded off the top five, contributing 9.1% and 7.3% to capacity additions.
The top five utility-scale project developers accounted for almost 66% of the market share.
<img loading="lazy" decoding="async" class="aligncenter wp-image-66132 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leaderboard-2023-Top-Large-Scale-Solar-Developers-Chart.png" alt="Leaderboard 2023 - Top Large-Scale Solar Developers Chart" width="700" height="472" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leaderboard-2023-Top-Large-Scale-Solar-Developers-Chart.png 700w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leaderboard-2023-Top-Large-Scale-Solar-Developers-Chart-300x202.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leaderboard-2023-Top-Large-Scale-Solar-Developers-Chart-650x438.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leaderboard-2023-Top-Large-Scale-Solar-Developers-Chart-624x421.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leaderboard-2023-Top-Large-Scale-Solar-Developers-Chart-600x405.png 600w" sizes="(max-width: 700px) 100vw, 700px" />
Adani Green Energy added 525 MW of solar capacity as a part of a 700 MW wind-solar hybrid power project in Jaisalmer, Rajasthan. In December 2023, the company <a href="https://www.mercomindia.com/adani-green-secures-follow-on-funding-1-3-billion" target="_blank" rel="noopener">secure</a>d a follow-on funding of $1.36 billion and enhanced its construction financing pool to $ 3 billion to fund a 2,167 MW renewable energy park in Khavda, Gujarat. During the same month, it <a href="https://www.mercomindia.com/adani-ppa-8-gw-manufacturing-linked-solar-seci" target="_blank" rel="noopener">signed</a> a power purchase agreement with Solar Energy Corporation of India (SECI) for the remaining 1,799 MW of an  8 GW auction it won in 2020.
UPC Renewables commissioned 300 MW of utility-scale solar projects awarded by SECI as part of Phase VI of ISTS-connected projects in Khandwa, Madhya Pradesh.
Tata Power commissioned a 110 MW solar power project in Bikaner, Rajasthan. The project supplies green power to the Kerala State Electricity Board. In November 2023,  the company <a href="https://www.mercomindia.com/acme-juniper-tata-winners-sjvn-auction" target="_blank" rel="noopener">won</a> 200 MW as a part of SJVN&#8217;s 1.5 GW Firm and Dispatchable Renewable Energy Project auction at a tariff ₹ 4.38 (~$ 0.0526)/kWh. The award includes an additional greenshoe capacity of 260 MW, bringing the total contracted capacity to 460 MW.
In July 2023, GSECL commissioned 131 MW of utility-scale solar projects in various districts of Gujarat. Rising Sun Energy commissioned a 190 MW project <a href="https://www.mercomindia.com/rising-sun-project-rajasthan-nokh-solar-park" target="_blank" rel="noopener">awarded</a> by NTPC in Nokh Solar Park in Rajasthan.
In CY 2023, India <a href="https://www.mercomindia.com/plagued-by-project-delays-plummet-by-44-in-2023" target="_blank" rel="noopener">added</a> 7.5 GW of solar energy capacity, down 44.1% from 13.4 GW in 2022, according to Mercom India&#8217;s <a href="https://www.mercomindia.com/product/q4-2023-india-solar-market-update" target="_blank" rel="noopener">Q4 &amp; Annual 2023 India Solar Market Update</a>.
India&#8217;s cumulative installed solar capacity reached 72 GW by December 2023, with large-scale (including open access) solar projects making up 85.4% of the overall installations.
Mercom&#8217;s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">click here</a>.

Adani Green, UPC and Tata Power: Top Utility-Scale Solar Developers in 2023

The distribution companies (DISCOMs) owed renewable generators nearly ₹103.11 billion (~$1.4 billion) in overdue payment (excluding dues under dispute) spread across 579 invoices at the end of July 2020, according to data from the Ministry of Power (<a href="https://powermin.nic.in/" target="_blank" rel="noopener noreferrer">MoP</a>).
Per the data released by PRAAPTI, the outstanding dues to renewable generators stood at ₹7.17 billion (~$97.25 million), with ₹123.7 million (~$1.68 million) under dispute.
Distribution companies <a href="https://mercomindia.com/discom-dues-to-power-generators/" target="_blank" rel="noopener noreferrer">owed</a> renewable generators ₹101.11 billion (~$1.3 billion) in overdue payments (excluding dues under dispute) spread across 544 invoices at the end of June 2020.
The government portal also showed that 65 DISCOMs owed ₹1.17 trillion (~$15.87 billion) in overdue payments spread across 18,658 invoices at the end of July 2020. In June, 65 DISCOMs owed power generators ₹1.16 trillion (~$15.78) in overdue payments spread across 18,281 invoices.
The DISCOMs paid ₹139.3 billion (~$1.9 billion) against the overdue amount, an increase of 86% when compared to June and ₹16.9 billion (~$230 million) against the outstanding dues at the end of July 2020. The overdue amount at the end of July stood at ₹1.17 trillion (~$15.95 billion), and the outstanding amount stood at ₹126.73 billion (~$1.73 billion).
<a href="https://mercomindia.com/wp-content/uploads/2020/09/DISCOM-Dues-to-Power-Generators-as-of-July-2020.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-21358" src="https://mercomindia.com/wp-content/uploads/2020/09/DISCOM-Dues-to-Power-Generators-as-of-July-2020.png" alt="DISCOM Dues to Power Generators as of July 2020" width="644" height="314" srcset="https://cms.mercomindia.com/wp-content/uploads/2020/09/DISCOM-Dues-to-Power-Generators-as-of-July-2020.png 644w, https://cms.mercomindia.com/wp-content/uploads/2020/09/DISCOM-Dues-to-Power-Generators-as-of-July-2020-300x146.png 300w, https://cms.mercomindia.com/wp-content/uploads/2020/09/DISCOM-Dues-to-Power-Generators-as-of-July-2020-624x304.png 624w, https://cms.mercomindia.com/wp-content/uploads/2020/09/DISCOM-Dues-to-Power-Generators-as-of-July-2020-600x293.png 600w" sizes="(max-width: 644px) 100vw, 644px" /></a>
The state of Rajasthan registered the highest backlog with an overdue amount of ₹356.26 billion (~$4.8 billion), out of which ₹331.47 billion (~$4.49 billion) have been unpaid for more than 60 days.
Tamil Nadu followed with an overdue amount of ₹190.64 billion (~$2.58 billion), out of which, ₹168.07 billion (~$2.28 billion) have been overdue for more than 60 days. Uttar Pradesh was another state that had a huge backlog, with an overdue amount of ₹132.87 billion (~$1.8 billion), out of which ₹107.83 billion (~$1.46 billion) have been unpaid for more than 60 days.
Going by the report, Arunachal Pradesh, Manipur, Tripura, Chhattisgarh, and Himachal Pradesh were termed as the ‘best’ states in terms of ease of payments by DISCOMs. Bihar, West Bengal, and Meghalaya were termed as ‘good.’
The portal rated the states of Assam, Nagaland, Rajasthan, Madhya Pradesh, Maharashtra, Telangana, Karnataka, Odisha, Kerala, Jharkhand, Goa, Delhi, Himachal Pradesh, Uttarakhand, and Jammu and Kashmir as the ‘worst’ states for ease of payments by the DISCOMs.
As per the data, Adani Green Energy Limited, Tata Power Company, and NLC India Limited were owed amounts of ₹12.01 billion (~$162.89 million), ₹13.78 billion (~$186.9 million), and ₹19.62 million (~$266.1 million) respectively.
The Ministry of Power recently <a href="https://mercomindia.com/ministry-of-power-wants/" target="_blank" rel="noopener noreferrer">suggested</a> that the power generation and transmission companies should reduce the late payment surcharge up to 12% annually for distribution companies. This suggestion would apply to all late payments made under the liquidity infusion program.
REC Limited recently <a href="https://mercomindia.com/over-rec-discom-liquidity-package/" target="_blank" rel="noopener noreferrer">reported</a> that it had approved over ₹300 billion (~$4 billion) to distribution companies in the country as of July 31, 2020. Similarly, PFC <a href="https://mercomindia.com/power-finance-releases-liquidity-package/" target="_blank" rel="noopener noreferrer">approved</a> ₹306.07 billion (~$4.09 billion) as of July 31, 2020, as part of the liquidity package for DISCOMs.

Despite Relief Measures, DISCOM Dues to Renewable Generators Rose to ₹103 Billion in July

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