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Installed solar power capacity in India breached the 50-GW mark in August 2022, 9.7 GW shy of meeting the government’s target of 60 GW installed by 2022, according to Mercom’s Indian solar project tracking tool.
During the first half (1H) of calendar year (CY) 2022, India installed about 7.2 GW of solar projects, a 59% year-over-year increase. India also has a strong pipeline of utility-scale projects under development of 57 GW by June 2022, with another 37 GW of projects pending bids.
In 1H 2022, Avaada Energy is the largest utility-scale developer in terms of installations, according to the Indian Solar Market Ranking 1H 2022. Avaada accounts for 15% of the total market share. It has one of the largest portfolios of solar power projects that includes more than 1 GW.
Avaada raised ₹14.4 billion (~$192 million) worth of green bonds at 6.75% in the Indian capital market. It has given solar power projects about 954 MW in 1H. The company’s cumulative installed capacity as of June 2022 is 1.8 GW.
Tata Power Renewables is number 2 on the list accounting for 10% of the total market share in 1H 2022. Blackrock Real Assets and Mubadala Investment Company agree to invest $40 billion (~$595 million) in Tata Power Renewables to achieve more than 20 GW of profits. of renewables by 2027. BlackRock and Mubadala will invest ₹40 billion (~$525 million) in equity or mandatorily convertible instruments for a 10.53% stake in Tata Power Renewables.
Azure Power, with an 8% market share, was the third-largest utility developer during the period. The company has over 7.5 GW of pan-india portfolio, including operational and pipeline projects.
In June this year, Azure tied up with Premier Energies for the supply of modules up to 600 MW until 2026. Earlier, the company signed an expression of interest with the Karnataka government for a 1.7 GW renewable energy project, including wind, solar, and. Mixed power. Between January and March this year, the company awarded SECI interstate solar projects of 600 MW and 300 MW in Rajasthan.
NTPC Renewable Energy and Adani Green Energy rounded out the top five in the list.
In 1H 2022, the top ten developers account for 67% of all solar installations. The total power consumption is 6.4 GW.
In terms of cumulative installed capacity, Adani Green Energy leads the way with 5.8 GW installed, followed by ReNew Power with 3.5 GW and Azure Power with 2.9 GW. The top three players account for 33% of the cumulative installed capacity.
Adani Green Energy awarded 390 MW combined wind-solar project in Rajasthan. The company owns the largest pipeline, with more than 12 GW of solar projects and 8 GW of connected generation projects.
ReNew Power has signed a definitive agreement in June 2022 to acquire a total of 471.65 MW of operating wind assets and 56.25 MW of solar assets. The assets are spread across 8 states with a total enterprise value of around ₹30 billion (~$388 million). ReNew has also signed five power purchase agreements for approximately 2 GW with Solar Energy Corporation of India, Punjab State Power Corporation, and corporate buyers.
ReNew Power, Adani Green, and Azure Power are the top solar project developers in 2021.
Rakesh Ranjan A staff reporter at Mercom India. Prior to joining Mercom, he worked in various capacities as business reporter, editorial assistant, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a BA in English from Indira Gandhi National Open University (IGNOU). More articles from Rakesh Ranjan.
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