Sterling and Wilson, Siemens Gamesa, and Tata Power Solar were the top utility-scale solar engineering, procurement, and construction (EPC) service providing companies in the calendar year (CY) 2021, according to Mercom’s recently released India Solar Market Leaderboard 2022.
The report provides market shares and shipment rankings across the Indian solar supply chain.
Sterling and Wilson led the way with a market share of 12%. In February this year, Reliance New Energy Solar, the green energy arm of Reliance Industries, completed the 40% stake acquisition in Sterling and Wilson Renewable Energy. Reliance acquired the stake through a primary investment, a secondary purchase, and an open offer.
Siemens Gamesa was second on the list with 10%. Siemens Gamesa provided EPC services to a 300 MW utility-scale solar project in Rajasthan commissioned in CY 2021.
Tata Power Solar accounted for 9% of the market share. Recently, SJVN awarded the EPC contract for its 1 GW solar project in Bikaner, Rajasthan, to Tata Power Solar Systems. The project will be developed at an estimated cost of ₹54.91 billion (~$72.21 million), making it India’s largest solar EPC contract.
Voltas and Vikram Solar made it to the top five in 2021 with 8% and 6% of the market share, respectively.
The top ten EPC players garnered 70% of the total market share in CY 2021.
Solar EPC segment in the country
India has become an attractive destination for investors with 53.2 GW of large-scale solar projects in the pipeline, with another 27.7 GW of projects tendered and pending auction at the end of 2021. According to the Central Electricity Authority, India’s installed power capacity is expected to rise to 817 GW by 2030 from 393 GW as of December 2021.
Despite the challenges plaguing the sector, the developments in the Indian solar sector bode well for the future, and more Indian players are now venturing into the EPC segment. Several domestic module manufacturers are foraying into the EPC business to enhance their revenues and margins.
Expectations are high for 2022 and 2023 after a strong 2021 for the solar sector. The entry of Voltas and Siemens Gamesa into the top five is an example of new players making their mark in the EPC segment in India.
Earlier, Mahindra Susten, Vikram Solar, and BELECTRIC were the top utility-scale solar EPC service providers in the first half (1H) of CY 2021.