Avaada Energy, NTPC Renewable Energy, Adani Green Energy, Tata Power Renewables, and Azure Power emerged as the top utility-scale solar project developers in the calendar year (CY) 2022, according to Mercom’s recently released India Solar Market Leaderboard 2023.

The report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India’s solar industry leaders. Compared to the previous year, the report captured notable shifts in market share rankings, with new players making their presence felt.

Avaada and NTPC Renewable topped the list of developers, each with a market share of 14% of the total installed capacity.

Adani Green had a market share of 11%, while Tata Power and Azure had a market of 8% and 4%, respectively.

The top five utility-scale solar developers accounted for almost 52% of the market share.Avaada raised green bonds worth ₹14.4 billion (~$192 million) at 6.75% in the Indian capital market. It commissioned around 954 MW of utility-scale solar power projects in 1H.

Avaada Energy was also one of the winners in Maharashtra State Electricity Distribution Company’s (MSEDCL) auction to procure power from 500 MW of grid-connected intrastate solar projects (Phase-VII) on a long-term basis. Avaada quoted ₹2.91 (~$0.037)/kWh for 300 MW but was only awarded 25 MW under the bucket filling method.

Avaada Energy was one of the winners in MSEDCL’s auction to procure power from 500 MW of grid-connected inter or intrastate solar projects (Phase-VIII) on a long-term basis. Avaada Energy quoted ₹2.83 (~$0.035)/kWh for 500 MW but was awarded 300 MW under the bucket filling method.

Avaada’s cumulative installed capacity as of Dec 2022 stood at around 2.7 GW.

NTPC Renewable Energy won MSEDCL’s auction to procure power from 500 MW of grid-connected inter or intrastate solar projects (Phase-VIII) on a long-term basis. NTPC Renewable Energy won 200 MW by quoting ₹2.82 (~$0.035)/kWh.

In July 2022, NTPC Renewable commissioned the country’s largest floating solar project of 100 MW in Ramagundam, Telangana.

NTPC Renewable Energy was one of the winners in Rewa Ultra Mega Solar’s (RUMSL) auction for the 300 MW floating solar park (Phase II) at the Omkareshwar reservoir in Madhya Pradesh, according to Mercom sources. NTPC Renewable won 90 MW at ₹3.69 (~$0.045)/kWh.

NTPC Renewable Energy’s cumulative installed solar capacity as of December 2022 was 2.9 GW.

Adani Green Energy commissioned a 600 MW interstate transmission system (ISTS) connected wind-solar hybrid power project in Jaisalmer, Rajasthan. In May 2022, AGEL operationalized another hybrid power project with a capacity of 390 MW at Jaisalmer, Rajasthan.

In March, Adani Green Energy raised a $288 million financing facility by extending its construction financing framework to $1.64 billion for its under-construction renewable asset portfolio through agreements signed with lenders.

Adani Green’s cumulative installed capacity of utility-scale solar projects reached 6.5 GW at the end of December 2022.

The report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, click here.

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