Adani Green Energy, ReNew, O2 Power, ACME Solar, and NTPC Renewable Energy emerged as the top utility-scale solar project developers in the first half (1H) of the calendar year (CY) 2024, according to Mercom’s newly released India Solar Market Leaderboard 1H 2024.

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.

Adani Green Energy topped with a market share of 29.3%. ReNew, O2 Power, and ACME Solar entered the top five list in the second, third, and fourth positions, with market shares of 10.1%, 9.2%, and 6.9%, respectively. NTPC Renewable Energy rounded off the top five with a 5.7% market share.

The top five utility-scale solar developers accounted for over 61% of the market share.

In 1H 2024, Adani Green Energy secured $400 million (~₹33.29 billion) in financing from international banks to fund the 750 MW of solar generation capacity in Rajasthan and Gujarat. The company also announced the commencement of operations for its 180 MW solar power project in Jaisalmer, Rajasthan, and 1,000 MW of solar power projects in Khavda Renewable Energy Park in Gujarat during the year’s first half.

ReNew signed 2.2 GW of power purchase agreements (PPA) with five different entities in 1H 2024, which significantly boosted the company’s clean energy portfolio to 15.6 GW. The company also signed an MoU with Societe Generale for $1 billion (~$83.2 billion) to expand the collaboration on energy transition projects.

During the first half of 2024, O2 Power was awarded 270 MW as a part of SJVN’s 1.5 GW wind-solar hybrid project.

The top ten developers contributed 76.8% of utility-scale solar capacity additions in 1H 2024 and accounted for 44.5% of the project development pipeline as of June 2024.

Mercom’s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, click here.

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