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					</table><p>Solar power accounted for 26.5% of India&#8217;s total installed power capacity and 52.7% of the total installed renewable energy capacity as of December 2025. Solar installations rose 8.8% quarter-over-quarter (QoQ) and 39.6% year-over-year (YoY).</p>
<p>India&#8217;s renewable energy capacity, including large hydroelectric projects, reached 258.3 GW by the end of Q4 2025, accounting for 50.2% of the country&#8217;s total installed power capacity, based on data from the Central Electricity Authority (<a href="https://cea.nic.in/?lang=en" target="_blank" rel="noopener">CEA</a>), the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/en/" target="_blank" rel="noopener">MNRE</a>), and Mercom&#8217;s India Solar Project Tracker.</p>
<p>Renewable energy now accounts for more than half (50.2%) of India&#8217;s overall power mix, highlighting the country&#8217;s sustained progress towards the 2030 non-fossil fuel-based energy targets.</p>
<p>In the previous quarter ending September 2025, renewable energy capacity with 245.1 GW accounted for 49.1% of the power mix. Solar power accounted for 25.1% of the total installed capacity and 51% of the installed renewable energy capacity.</p>
<p>At the end of December 2025, renewable energy capacity in the installed power mix increased by 23.5% YoY and 5.4% QoQ.</p>
<p>&nbsp;</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/Powermix-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-89831 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/Powermix-1.png" alt="India - Cumulative Installed Power Capacity Mix (%) " width="2103" height="1505" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/Powermix-1.png 2103w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/Powermix-1-300x215.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/Powermix-1-2000x1431.png 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/Powermix-1-768x550.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/Powermix-1-1536x1099.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/Powermix-1-2048x1466.png 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/Powermix-1-650x465.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/Powermix-1-624x447.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/Powermix-1-600x429.png 600w" sizes="auto, (max-width: 2103px) 100vw, 2103px" /></a></p>
<p>Wind accounted for 10.6% of the cumulative installed power capacity as of December 2025.</p>
<p>Large hydro contributed 9.9% to the power mix with 50.9 GW, up 1.6% from the previous quarter.</p>
<p>Biomass and small hydro contributed 2.1% and 1% to the total installed power capacity as of December 2025, respectively.</p>
<p><strong>Conventional Sources</strong></p>
<p>At the end of Q4 2025, the country&#8217;s installed conventional power capacity stood at 255.7 GW, accounting for 49.8% of the total installed power capacity, up from 253.6 GW in the previous quarter. India&#8217;s installed conventional power capacity at the end of Q4 2024 was 252.6 GW, accounting for 54.7% to the overall power mix capacity.</p>
<p>Electricity generation from conventional sources continues to be led by coal, which accounts for 42.7% of the power mix, followed by gas at 3.9%, nuclear at 1.7%, lignite at 1.3%, and diesel at 0.11%.</p>
<p>During the quarter, the overall share of conventional power capacity in the total installed mix declined as renewable capacity additions came online. Two large renewable projects were commissioned during the period: THDC&#8217;s 250 MW Tehri Pumped Storage Project Unit-3 in Uttarakhand&#8217;s Tehri Garhwal district and NHPC&#8217;s 250 MW Subansiri Lower Hydroelectric Project in the northeastern region. These additions to non-fossil fuel capacity reduced the relative share of conventional sources.</p>
<p>However, despite the lower capacity share, electricity generation from conventional sources, mainly coal, increased during the quarter, helping meet rising demand and ensuring grid reliability.</p>
<p>While conventional power continues to hold a significant share of the total installed capacity, its decline reflects the rapid expansion of renewable energy across the country.</p>
<p>In November 2025, the government <a href="https://www.mercomindia.com/government-to-cancel-reia-awarded-projects-without-ppa-psa-prospects" target="_blank" rel="noopener">directed</a> renewable energy implementing agencies to close all legacy bids and cancel the letters of award for all renewable energy projects for which power purchase and power sale agreements are not feasible by November 30, 2025</p>
<p>In the same month, a new staff paper by the Central Electricity Regulatory Commission <a href="https://www.mercomindia.com/cerc-favors-grid-connectivity-only-to-renewable-energy-projects-with-ppas" target="_blank" rel="noopener">suggested</a> that grid connectivity for renewable energy projects be given only if they have signed power purchase agreements. As another option, it has been recommended that an auction regime be introduced for all connectivity allocations.</p>
<p>During the Mercom India Renewables Summit 2025, Sudeep Jain, Additional Secretary, MNRE, <a href="https://www.mercomindia.com/india-sets-target-of-1-8-tw-of-renewable-energy-capacity-by-2047" target="_blank" rel="noopener">stated</a> that India has set a target of achieving 1,800 GW of renewable energy capacity by 2047 to meet its increasing power demand.</p>


Led by Solar, Renewables Overtake Thermal in India’s Power Mix


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					</table><p>India imported solar cells and modules worth over $774.9 million (~₹64.6 billion) in the second quarter (Q2) of the calendar year 2024, down 16.4% year-over-year (YoY), according to data from the <a href="https://commerce.gov.in/" target="_blank" rel="noopener">Department of Commerce</a>.</p>
<p>Solar modules accounted for 55% of the quarter&#8217;s imports, and solar cells 45%.</p>
<p>In a quarter-over-quarter (QoQ) comparison, solar module and cell imports dropped by 61.4% from over $2 billion (~₹166.9 billion). Solar module imports saw a sharp decline of 73.2%, while solar cell imports fell by 17%. This decrease in imports was largely due to the reimposition of the Approved List of Models and Manufacturers (ALMM) order on April 1, 2024, prompting developers to source ALMM-authorized modules domestically.</p>
<p>In Q2 2024, 67.8% of the solar imports were from China, down from 73% in the previous quarter.</p>
<p>About 23.9% of solar imports were from Vietnam, followed by Thailand, Cambodia, and Singapore, with 5.7%, 1.0%, and 0.8%, respectively.</p>
<p><img loading="lazy" decoding="async" class=" wp-image-70021 aligncenter" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/EXIM-1a-300x196.jpg" alt="EXIM-1a" width="566" height="370" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/EXIM-1a-300x196.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/EXIM-1a-768x502.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/EXIM-1a-650x425.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/EXIM-1a-624x408.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/EXIM-1a-600x392.jpg 600w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/EXIM-1a.jpg 913w" sizes="auto, (max-width: 566px) 100vw, 566px" /></p>
<p>&nbsp;</p>
<p><strong><br />
Exports </strong></p>
<p>During the quarter, India exported solar cells and modules worth $463.6 million (~₹38.7 billion). The exports were down 30.5% QoQ from $666.8 million (~₹55.4 billion). The value of solar exports declined marginally from Q2 2023.</p>
<p>Solar module exports fell 31.7% QoQ, whereas solar cell exports rose 89.4%. Solar modules accounted for 97.2% of the quarter&#8217;s exports, while solar cells accounted for the remaining 2.8%.</p>
<p>During April-June, the U.S. remained the top destination for solar exports from India, accounting for 97.7%. However, solar module and cell shipments to the U.S. were down 31.5% QoQ.</p>
<p>Bangladesh, Vietnam, Canada, and Guyana accounted for 1.7%, 0.3%, 0.1%, and 0.1% of the total exports, respectively.</p>
<p><img loading="lazy" decoding="async" class=" wp-image-70024 aligncenter" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/EXIM-2a-300x174.jpg" alt="EXIM-2a" width="576" height="334" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/EXIM-2a-300x174.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/EXIM-2a-768x445.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/EXIM-2a-650x377.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/EXIM-2a-624x362.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/EXIM-2a-600x348.jpg 600w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/EXIM-2a.jpg 973w" sizes="auto, (max-width: 576px) 100vw, 576px" /></p>
<p><strong>1H 2024</strong></p>
<p>India imported solar cells and modules worth $2.8 billion (₹231.6 billion) in 1H of 2024, marking a 60.2% YoY. This sharp rise in imports was driven by developers purchasing large quantities of cheaper solar modules from international markets in Q1 2024, aiming to commission projects before the ALMM order was reimposed.</p>
<p>Solar cell and module exports totaled $1.1 billion (~₹94 billion) in the first half (1H) of 2024, a 19.9% year-over-year (YoY) increase. This marks the first time solar exports have exceeded $1 billion in the first half of a year &#8211; a major milestone for the Indian solar industry.</p>
<p>For an in-depth look at the data, analysis, and charts, subscribe to our quarterly market report – <a href="https://www.mercomindia.com/product/q2-2024-india-solar-market-update" target="_blank" rel="noopener">Mercom India Solar Update</a>.</p>
<p>Mercom&#8217;s <a href="https://www.mercomindia.com/product/india-solar-export-import-tracker" target="_blank" rel="noopener">India Solar EXIM Tracker</a> provides detailed solar import and export data by component types, suppliers, manufacturers, and developers.</p>


India’s Solar Cell and Module Imports Drop Sharply in Q2 2024


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					</table><p>Solar power accounted for 19.5% of India’s total installed power capacity and 44.3% of the installed renewable capacity in the second quarter (Q2) of the calendar year (CY) 2024, up from 15.9% and 38.4% year-on-year (YoY), respectively.</p>
<p>India’s installed renewable energy capacity, including large hydro projects, stood at 196.4 GW at the end of Q2 2024, accounting for a 44% share of the overall power capacity mix, according to data from the Central Electricity Authority (<a href="https://cea.nic.in/?lang=en" target="_blank" rel="noopener">CEA</a>), Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>), and Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Project Tracker</a>.</p>
<p>The total renewable energy (190.6 GW) share was 43.1% of the overall power mix at the end of Q1 2024.</p>
<p>India generated approximately 36 BU of solar power during the quarter compared to 32 BU in Q1.</p>
<p><img loading="lazy" decoding="async" class=" wp-image-68984 aligncenter" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Renewable-energy-Power-Mix.jpg" alt="Renewable energy - Power Mix" width="553" height="310" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Renewable-energy-Power-Mix.jpg 1081w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Renewable-energy-Power-Mix-300x168.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Renewable-energy-Power-Mix-768x429.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Renewable-energy-Power-Mix-650x363.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Renewable-energy-Power-Mix-844x475.jpg 844w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Renewable-energy-Power-Mix-624x349.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Renewable-energy-Power-Mix-600x335.jpg 600w" sizes="auto, (max-width: 553px) 100vw, 553px" /></p>
<p>Large hydro accounted for 10.5% and wind 10.4% of the country’s overall installed power capacity at the end of June 2024.</p>
<p>Biomass and small hydro accounted for 2.3% and 1.1%, respectively.</p>
<p><strong>Energy from conventional sources</strong></p>
<p>As of June 2024, the total installed capacity of conventional power sources stood at 251.2 GW, accounting for 56.1% of the power mix from 56.9% as of March 2024.</p>
<p>Coal-based thermal power constituted 47.1%, gas 5.5%, nuclear 1.8%, lignite 1.5%, and diesel 0.13% of the country’s total installed power capacity.</p>
<p>Coal remained the top power source (211 GW) at the end of June 2024, and no new capacity was added during the quarter.</p>
<p>To increase the share of green power in the country’s power mix, the Ministry of Power, in May 2024, <a href="https://www.mercomindia.com/coal-fired-power-plants-run-biomass-pellets-annually" target="_blank" rel="noopener">mandated</a> that coal-based thermal power projects operated by power generation utilities should incorporate a 5% blend of biomass pellets annually.</p>
<p>The Ministry of Coal, under its net-zero electricity consumption plan for coal/lignite public sector undertakings, <a href="https://www.mercomindia.com/indian-coal-sector-targets-9-gw-renewable-2030" target="_blank" rel="noopener">set</a> a renewable energy target of 9 GW in the coal sector by 2030 from the present 1.75 GW. The Ministry will also promote the deployment of rooftop and ground-mounted solar power projects across mining facilities.</p>


Renewables’ Share in India’s Power Capacity Mix Rose to 44% in Q2


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					</table><p><a href="https://oriano.com/" target="_blank" rel="noopener">Oriano</a>, <a href="https://www.waaree.com/" target="_blank" rel="noopener">Waaree Renewable Technologies</a>, <a href="https://www.prozealgreen.com/" target="_blank" rel="noopener">Prozeal Green Energy</a>, <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power Solar</a>, and <a href="https://www.gensol.in/" target="_blank" rel="noopener">Gensol Engineering</a> emerged as the top utility-scale solar engineering, procurement, and construction (EPC) service providers in the calendar year (CY) 2023, according to Mercom&#8217;s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard CY 2023</a>.</p>
<p>Oriano was the top EPC player with a market share of 14.8%, followed by Waaree Renewable Technologies and Prozeal Green Energy with 13.7% and 13.6%, respectively.</p>
<p>Tata Power Solar and Gensol Engineering had 11.9% and 7.4% market share, respectively.</p>
<p>The top five utility-scale solar EPC service providers accounted for over 61.4% of the market share.</p>
<p>In CY 2023, there were significant changes in market shares compared to the previous year. Oriano, Waaree RTL, Prozeal Green Energy, and Gensol were new entries into the top ten list in 2023.</p>
<p>&nbsp;</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-66043 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-10-102910.png" alt="" width="727" height="498" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-10-102910.png 727w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-10-102910-300x206.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-10-102910-650x445.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-10-102910-624x427.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-10-102910-600x411.png 600w" sizes="auto, (max-width: 727px) 100vw, 727px" /></p>
<p>Oriano led the list of EPC service providers in 2023. During the year, the company has installed captive solar power projects totaling 40 MW in Jharkhand and Bihar for Shree Cement.</p>
<p>Waaree Renewable Technology, the EPC arm of Waaree Energies, ranked second during the year. The company commissioned 87.5 MW as a part of UPC Renewables&#8217; 150 MW ISTS-connected solar project in Khandwa, Madhya Pradesh. It also received letters of award to provide EPC services for solar projects totaling over 1 GWp.</p>
<p>Prozeal Green Energy climbed up the list to third position in 2023 from ninth in the previous year. In April 2023, it <a href="https://www.mercomindia.com/prozeal-infra-raises-4-solar-epc-operations" target="_blank" rel="noopener">raised</a> $4 million (~₹327.6 million) in Series A funding from Alchemie Ventures to scale operations and execute developer-model projects for energy and utility companies across India.</p>
<p>Mercom&#8217;s leaderboard report comprehensively covers India&#8217;s solar industry leaders, detailing market shares and rankings across the solar supply chain.</p>
<p>For the detailed and comprehensive report, click <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">here</a>.</p>
<p>The <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Tracker</a> gives quarterly insights into the solar market competitors and their growth rates.</p>


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