Renewable Energy Industry, Solar Energy Companies in India - IBEF (2022)

Advantage India

Robust
Demand

* In June 2021, Prime Minister Mr. Narendra Modi stated that renewable energy capacity in India increased by 250% between 2014 and 2021.

* The Central Electricity Authority estimates India’s power requirement to grow to reach 817 GW by 2030. Most of the demand will come from real estate and transport sectors.

Renewable Energy Industry, Solar Energy Companies in India - IBEF (1)

Increasing
Investments

* Non-conventional energy sector received FDI inflow of US$ 11.62 billion between April 2000-March 2022.

* Rising foreign investment in the renewable sector (such as the US$ 75 billion investment from the UAE) is expected to promote further investments in the country.

Renewable Energy Industry, Solar Energy Companies in India - IBEF (2)

Policy
Support

* In the Union Budget 2022-23, the government allocated Rs. 19,500 crore (US$ 2.57 billion) for a PLI scheme to boost manufacturing of high-efficiency solar modules.

* India launched the Mission Innovation CleanTech Exchange, a global initiative that will help accelerate clean energy innovation.

Renewable Energy Industry, Solar Energy Companies in India - IBEF (3)

Competitive
Advantage

* Globally, India ranks fourth in renewable energy capacity and wind power and fifth in solar power capacity.

* In October 2021, India retained its third rank on the EY Renewable Energy Country Attractive Index 2021.

Renewable Energy Industry, Solar Energy Companies in India - IBEF (4)

Snapshot Showcase Infographics Reports

Last updated: Aug, 2022

Renewable Energy Industry Report Jun, 2022

Introduction

The Indian renewable energy sector is the fourth most attractive renewable energy market in the world. India was ranked fourth in wind power, fifth in solar power and fourth in renewable power installed capacity, as of 2020.

Installed renewable power generation capacity has gained pace over the past few years, posting a CAGR of 15.92% between FY16-22. With the increased support of the Government and improved economics, the sector has become attractive from an investors perspective. As India looks to meet its energy demand on its own, which is expected to reach 15,820 TWh by 2040, renewable energy is set to play an important role.

Market Size

As of April 2022, India’s installed renewable energy capacity (including hydro) stood at 158.12 GW, representing 39.43% of the overall installed power capacity.

The country is targeting about 450 Gigawatt (GW) of installed renewable energy capacity by 2030 – about 280 GW (over 60%) is expected from solar.

The renewable energy capacity addition stood at 8.2 GW for the first eight months of FY22 against 3.4 GW for the first eight months of FY21.

Solar power installed capacity has increased by more than 18 times, from 2.63 GW in March 2014 to 49.3 GW at the end of 2021. In FY22, till December 2021, India has added 7.4GW of solar power capacity, up 335% from 1.73 GW in the previous year. Off-grid solar power is growing at a fast pace in India, with sales of 392,000 off-grid solar products in the first half of 2021.

Power generation from renewable energy sources (not including hydro) stood at 19.31 billion units (BU) in May 2022, up from 17.87 BU in May 2021.

With a potential capacity of 363 GW and with policies focused on the renewable energy sector, Northern India is expected to become the hub for renewable energy in India.

Investments/ Developments

According to the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), FDI inflow in the Indian non-conventional energy sector stood at US$ 11.62 billion between April 2000-March 2022. More than Rs. 5.2 lakh crore (US$ 70 billion) has been invested in India’s renewable energy sector since 2014. According to the analytics firm British Business Energy, India ranked 3rd globally in terms of its renewable energy investments and plans in 2020.

Some major investments and developments in the Indian renewable energy sector are as follows:

  • Investment in renewable energy in India reached a record US$ 14.5 billion in FY22, an increase of 125% over FY21.
  • Delhi’s Indira Gandhi International Airport (IGIA) has become the first Indian airport to run entirely on hydro and solar power. Around 6% of the airport’s electricity requirement is met from the onsite solar power plants.
  • Ayana Renewable Power Pvt Ltd (Ayana) announced plans to set up renewable energy projects totaling 2 gigawatts (GWs) with an investment of Rs. 12,000 crore (US$ 1.53 billion) in Karnataka.
  • India ranked third on the EY Renewable Energy Country Attractive Index 2021.
  • In February 2022, Creduce Technologies-HCPL JV announced winning the bid for India’s single largest hydro power carbon credits project with Satluj Jal Vidyut Nigam, which will create more than 80 million carbon credits.
  • In February 2022, Husk Power Systems, a renewable energy company working towards rural electrification, secured a US$ 4.2 million loan from the Indian Renewable Energy Development Agency (IREDA).
  • In December 2021, India's largest energy provider, Tata Power, was awarded a contract by the Maharashtra State Electricity Distribution Company Limited (MSEDCL) to set up a 300 MW wind-solar hybrid power plant.
  • In October 2021, Reliance New Energy Solar Ltd. (RNESL) announced two acquisitions to build more capabilities. Both acquisitions – REC Solar Holdings AS (REC Group), a Norway-based firm, and Sterling & Wilson Solar, based in India – exceeded US$ 1 billion and are expected to contribute to Reliance’s target of achieving the capacity of 100 GW of solar energy at Jamnagar by 2030.
  • In October 2021, Adani Green Energy Ltd. (AGEL) acquired SB Energy India for US$ 3.5 billion to strengthen its position in the renewable energy sector in India.
  • In August 2021, Copenhagen Infrastructure Partners (CIP) signed an investment agreement with Amp Energy India Private Limited to facilitate joint equity investments of US$ 200 million across Indian renewable energy projects.
  • In July 2021, National Thermal Power Corporation Renewable Energy Ltd. (NTPC REL), NTPC's fully owned subsidiary, sent out a tender to domestic manufacturers to build India's first green hydrogen fueling station in Leh, Ladakh.
  • The NTPC is expected to commission India’s largest floating solar power plant in Ramagundam, Telangana by May-June 2022. The expected total installed capacity is 447MW.
  • The Solar Energy Corporation of India (SECI) implemented large-scale central auctions for solar parks and has awarded contracts for 47 parks with over 25 GW of combined capacity.

Government initiatives

Some initiatives by Government of India to boost India’s renewable energy sector are as follows:

  • In the Union Budget 2022-23, the allocation for the Solar Energy Corporation of India (SECI), which is currently responsible for the development of the entire renewable energy sector, stood at Rs. 1,000 crores (US$ 132 million).
  • In the Budget, the government allocated Rs. 19,500 crore (US$ 2.57 billion) for a PLI scheme to boost manufacturing of high-efficiency solar modules.
  • In February 2022, Nepal and India agreed to form a Joint Hydro Development Committee to explore the possibility of viable hydropower projects.
  • In November 2021, at the Cop-26 Summit in Glasgow, Prime Minister Mr. Narendra Modi made a promise to increase India’s renewable energy generation capacity to 500 GW, and meet 50% of India’s energy needs through renewable means by the year 2030.
  • In October 2021, the Ministry of Power announced a new set of rules aimed at reducing financial stress for stakeholders and safeguarding timely cost recovery in electricity generation.
  • In August 2021, the Indian government proposed new rules for the purchase and consumption of green energy. The latest rules are a part of government measures to encourage large-scale energy consumers, including industries, to leverage renewable energy sources for regular operations.
  • In July 2021, to encourage rooftop solar (RTS) throughout the country, notably in rural regions, the Ministry of New and Renewable Energy plans to undertake Rooftop Solar Programme Phase II, which aims to install RTS capacity of 4,000 MW in the residential sector by 2022 with a provision of subsidy.
  • In July 2021, the Ministry of New and Renewable Energy (MNRE) gave the go ahead to NTPC Renewable Energy Ltd., a 100% subsidiary of NTPC, to build a 4,750 MW renewable energy park at the Rann of Kutch in Khavada, Gujarat. This will be India's largest solar park to be developed by the country's leading power producer.
  • The Government of India has announced plans to implement a US$ 238 million National Mission on advanced ultra-supercritical technologies for cleaner coal utilisation.
  • Indian Railways is taking increased efforts through sustained energy efficient measures and maximum use of clean fuel to cut down emission level by 33% by 2030.
  • The government has spent US$ 4.63 billion on hydroelectric projects to provide electricity to villages in Jammu and Kashmir from 2018-21.

Road Ahead

In 2022, India's renewable energy sector is expected to boom with a likely investment of US$ 15 billion this year, as the government focuses on electric vehicles, green hydrogen, and manufacturing of solar equipment.

It is expected that by 2040, around 49% of the total electricity will be generated by renewable energy as more efficient batteries will be used to store electricity, which will further cut the solar energy cost by 66% as compared to the current cost. Use of renewables in place of coal will save India Rs. 54,000 crore (US$ 8.43 billion) annually.

As per the Central Electricity Authority (CEA) estimates, by 2029-30, the share of renewable energy generation would increase from 18% to 44%, while that of thermal is expected to reduce from 78% to 52%.

References: Central Electricity Authority, Ministry of New and Renewable Energy, Media Reports, Press Releases

Note: Conversion rate used in June 2022: Rs. 1 = US$ 0.013

Renewable Energy Industry, Solar Energy Companies in India - IBEF (6)
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Renewable Energy Hubs

  • Rajasthan
  • Gujarat
  • Andhra Pradesh
  • Karnataka
  • Telangana
  • Tamil Nadu

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FAQs

Which company is the largest producer of solar energy in India? ›

Tata Power Solar - India's Largest Solar Power Company.

Who is India's largest renewable energy company? ›

Tata Power Solar Systems ranks atop the renewable energy companies in India.

Which company produces renewable energy in India? ›

Suzlon is one of India's leading renewable energy companies. Its services span the entire life of wind energy projects. It designs, develops, and manufactures wind turbine generators (WTGs). It also provides allied services, providing it a strong presence across the wind power value chain.

Which company is the leader in solar energy? ›

The top leaders in solar power panels today are LONGi Solar, JinkoSolar, and JA Solar. All three solar systems companies are based in China, and as of 2020, have the largest global market share.

Who are the leaders in renewable energy? ›

China is now the undisputable global leader of renewable energy expansion worldwide, and the IEA forecasts that by 2021, more than one-third of global cumulative solar PV and onshore wind capacity will be located in China.

Who is the biggest supplier of solar panels? ›

Key takeaways. The top five solar panel manufacturers in the U.S. include Hanwha Q CELLS, Jinko Solar, Silfab Solar, Mission Solar Energy, and Solaria. These companies produce high-performance solar panels for residential and commercial installations.

What is future of solar industry in India? ›

Many states in India, like Maharashtra, Andhra Pradesh, Rajasthan, Madhya Pradesh, Punjab, and Haryana have been identified as having good potential to harness the solar energy for power generation, due to their strategic locations. Solar parks are planned to be set up to utilize solar power for electricity generation.

Who is the biggest solar company? ›

Largest Solar Companies Research Summary

The largest solar company in the U.S. is NextEra Energy, with a revenue of $17.069 billion and an market share of 2.37%. As of 2022, the U.S. solar industry has a market size of $12 billion.

Which company is best in renewable energy? ›

  • JinkoSolar Holding Co. ( JKS)
  • Vestas Wind Systems (VWDRY)
  • Siemens Gamesa (GCTAY)
  • Brookfield Renewable (BEP)
  • First Solar Inc. ( FSLR)
  • Canadian Solar Inc. ( CSIQ)
  • Renewable Energy Group (REGI)
  • SunPower Corp. ( SPWR)

Which renewable energy stock is the best in India? ›

List of Best Energy Stocks in India 2022
S. No.Top Energy Stocks in India
1.Reliance Industries
2.ONGC
3.Adani Green
4.Oil India
4 more rows
5 Sept 2022

Which renewable energy is best for India? ›

India is endowed with vast potential of pumped hydroelectric energy storage which can be used economically for converting the non-dispatchable renewable energy like wind, solar and run of the river hydro power in to base/peak load power supply for its ultimate energy needs.

What is the future of renewable energy companies in India? ›

Power generation from renewable energy sources (not including hydro) stood at 19.31 billion units (BU) in May 2022, up from 17.87 BU in May 2021. With a potential capacity of 363 GW and with policies focused on the renewable energy sector, Northern India is expected to become the hub for renewable energy in India.

Is Tata Power into renewable energy? ›

Renewables. As one of India's largest renewable energy players, Tata Power is positioned at the top to deliver to the changing landscape of India's renewable energy focus.

How many renewable energy companies are there in India? ›

There are 4,500 renewable energy companies in India and 1,20,000 renewable energy companies in the world. The top 10 renewable energy companies in India are the following: EDF Renewable India. Adani Green Energy Ltd.

Who is the fastest growing solar company? ›

Fastest Growing Solar Stocks
Price ($)Revenue Growth (%)
Daqo New Energy Corp. (DQ)64.53181.9
Enphase Energy Inc. (ENPH)300.9167.8
Sunnova Energy International Inc. (NOVA)27.58120.9

Which solar share is best? ›

Best Solar Stocks to Buy Now
  • Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) ...
  • Canadian Solar Inc. (NASDAQ:CSIQ) ...
  • JinkoSolar Holding Co., Ltd. (NYSE:JKS) ...
  • Brookfield Renewable Partners L.P. (NYSE:BEP) Number of Hedge Fund Holders: 19. ...
  • SunPower Corporation (NASDAQ:SPWR) ...
  • Shoals Technologies Group, Inc.
1 Sept 2022

Which company solar system is best? ›

  • The 10 Best Solar Panel Installation Companies of 2022.
  • SunPower.
  • Sunpro Solar.
  • Blue Raven Solar.
  • Zenernet.
  • Momentum Solar.
  • Palmetto Solar.
  • Trinity Solar.
13 Sept 2022

Who is the biggest investor in renewable energy? ›

It may seem counter-intuitive, but China is the world leader in wind and solar energy production. Aiming to generate a third of their energy from renewable sources by 2025, they're also one of the biggest investors in renewable energy worldwide. Now they just need to get those emissions down!

What is the future of renewable energy? ›

Renewable energy in the future is predicted that by 2024, solar capacity in the world will grow by 600 gigawatts (GW), almost double the installed total electricity capacity of Japan. Overall, renewable electricity is predicted to grow by 1 200 GW by 2024, the equivalent of the total electricity capacity of the US.

What is the largest renewable energy source? ›

Globally we see that hydropower is by far the largest modern renewable source [since traditional biomass is not included here]. But we also see wind and solar power are both growing rapidly.

Who makes Tesla solar panels? ›

Tesla offers 425-watt, all-black, seamless, anodized aluminum, monocrystalline solar panels from Q CELLS by Hanwha. The company's panels come in standardized sets of small (12 panels), medium (24 panels), large (36 panels), and extra-large (48 panels).

Who is the owner of First Solar? ›

How big is the solar market? ›

The market size, measured by revenue, of the Solar Power industry is $16.9bn in 2022. What is the growth rate of the Solar Power industry in the US in 2022? The market size of the Solar Power industry is expected to increase 27.3% in 2022. Has the Solar Power industry in the US grown or declined over the past 5 years?

Which is the largest solar power project in India? ›

The Bhadla Solar Park is the World's largest Solar Power Plant. It is based in Bhadla village, in India's Rajasthan's Jodhpur district – a region known for its solar-friendly high temperatures.

Which state is the largest producer of solar energy in India 2022? ›

Gujarat — 6.3 GW

Solar energy accounts for around 6310 MW of Gujarat's total renewable energy production of 17,041 MW. The state has set a target of raising its renewable energy capacity to 68,000 MW by 2030.

Which is the largest solar plant in India? ›

1. Bhadla Solar Park, Rajasthan. It is the world's biggest solar park in terms of power generation and second largest in terms of area.

Which company makes solar panels in India? ›

Best Solar Panel Brands in India:
RankBrand/ManufacturerInstalled Capacity (in MW)
1Waaree Solar500
2Goldi Green Technologies Pvt. Ltd.450
3Tata Power Solar Systems Ltd.300
4Moser Baer Solar Limited230
8 more rows
3 days ago

How many solar companies are there in India? ›

Indian solar panel installers – showing companies in India that undertake solar panel installation, including rooftop and standalone solar systems. 3,373 installers based in India are listed below. Filter by: Andhra Pradesh (54)

Which country has the best solar technology? ›

Key Takeaways. China leads the world as the top producer of solar energy, installing more than 48 GW of photovoltaic (PV) capacity in 2020. The EU, the United States, Vietnam, and Japan are ranked as top solar producers. A gigawatt (GW) is a unit of measurement of electrical power.

Which is the best energy stock in India? ›

List of Best Energy Stocks in India 2022
Sr.No.NameCMP (Sep 2022)
1Reliance Industries2572.30
2ONGC133
3Oil India189.25
4IOCL205.15
6 more rows
14 Sept 2022

Will renewable energy stocks go up in India? ›

In 2021-2022 alone, the industry saw a 125% y-o-y growth in investments. So it's natural for you to be interested in riding the wave and locking in attractive returns given by the top renewable energy stocks in India.

How can I invest in solar energy? ›

For those seeking an investment option in the solar sector, solar company stocks or ETFs are a good option. People can also profit from solar energy by having solar panels installed on their own homes or businesses in order to take advantage of net metering to reduce utility bills.

Which sector will grow in future in India? ›

Investing in the Future: 4 Sectors that Could Produce Future Multibagger Stocks
CompanyCMP (Rs)3 Years (%)
Mahindra & Mahindra Ltd.1,165113%
Tata Consultancy Services Ltd.3,30151%
Tata Elxsi Ltd.8,6891312%
Tech Mahindra Ltd.1,04968%
3 more rows
4 Aug 2022

Is Suzlon Energy a good buy? ›

As on 30th Sep 2022 SUZLON SHARE Price closed @ 8.70 and we RECOMMEND Sell for LONG-TERM with Stoploss of 8.78 & Buy for SHORT-TERM with Stoploss of 8.04 we also expect STOCK to react on Following IMPORTANT LEVELS.

Why did Suzlon Energy Fail? ›

Suzlon energy was also caught on a completely wrong foot during the financial crisis of 2008. When Lehman Brothers collapsed, order flow from two of the biggest energy markets of the world – Europe and the US stopped completely. Suzlon share price decline started as credit flow almost stopped.

What are the top 5 renewable sources? ›

The most popular renewable energy sources currently are:
  • Solar energy.
  • Wind energy.
  • Hydro energy.
  • Tidal energy.
  • Geothermal energy.
  • Biomass energy.

What is the solar energy targets of India by 2022? ›

As per the targets, 175 GW of renewable energy capacity was to be installed by 2022, which includes 100 GW from solar, 60 GW from wind, 10 GW from biomass, and the remaining 5 GW from small hydropower.

How fast is the solar industry growing? ›

American solar jobs have increased 167% over the past decade, which is five times faster than the overall job growth rate in the U.S. economy. There are more than 250,000 solar workers in the United States in fields spanning manufacturing, installation, project development, trade, distribution, and more.

What is the scope of solar energy in India? ›

Solar energy can be used for variety of purposes like as heating, drying, cooking or electricity, which is suitable for the rural areas in India. It can also be used in cars, planes, large power boats, satellites, calculators and many more such items, just apt for the urban population. Solar power is inexhaustible.

What is the current status of renewable energy in India? ›

Renewable Energy in India: Current Status and Future Potential
SourceTotal Installed Capacity (MW)2022 Target (MW)
Solar Power21,6511,00,000
Biomass Power (Biomass & Gasification and Bagasse Cogeneration)8,70110,000
Waste-to-Power138
Small Hydro Power4,4865,000
2 more rows
29 Nov 2018

What is the future of Tata Power share? ›

Analysts have mixed views on a Tata Power stock forecast. ICICI Securities maintained its price target of INR 262, but downgraded its rating for the stock to 'add' from 'buy'. A company with 'add' rating means it has between 5% to 15% returns, according to the Mumbai-based financial service.

What is Tata Power Future? ›

Tata Power and SN Power are developing Dugar hydro project and are pursuing project opportunities in the vast hydro potential available in the Himalayan region. The partners aim to have 2000 MW under construction or in operation by 2015, and a total of 4000 MW by 2020.

Which is best Tata Power or Adani Power? ›

Adani Power and Tata Power are the two biggest power stocks in Indian markets. Adani Power, however, has been a better performer than its counterpart Tata Power in the last 1 year. In this time, Adani Power has surged nearly 5 times or as much as 385 percent while the latter has risen 81 percent.

Which Indian companies are investing in green energy? ›

Adani group aims to be the largest solar power company by 2025 and the largest renewable company by 2030. Tata Power targets 25GW green energy portfolio whereas JSW Energy plans to invest $10 billion in renewable power by 2030. On the other hand, NTPC targets 60 GW of renewables by 2032.

Which state is the largest producer of solar energy in India 2022? ›

Which state in India is the largest producer of solar energy? Karnataka, the southwestern state heads India's list of states producing solar energy. With a total installed solar power capacity of about 7,100MW.

Who is the biggest solar company? ›

Largest Solar Companies Research Summary

The largest solar company in the U.S. is NextEra Energy, with a revenue of $17.069 billion and an market share of 2.37%. As of 2022, the U.S. solar industry has a market size of $12 billion.

Who is the biggest supplier of solar panels? ›

Key takeaways. The top five solar panel manufacturers in the U.S. include Hanwha Q CELLS, Jinko Solar, Silfab Solar, Mission Solar Energy, and Solaria. These companies produce high-performance solar panels for residential and commercial installations.

Which company is making solar glass in India? ›

Borosil Renewables Limited, is the first and only solar glass manufacturer in India. The company spotted the opportunity in this segment quite early and commissioned the solar glass manufacturing facility at Bharuch in Indian State of Gujarat in January 2010.

Which is the biggest solar plant in India? ›

The Bhadla Solar Park, which is the largest solar power plant in the world, is based in Bhadla village, in Rajasthan's Jodhpur district. Spanning 14,000 acres, the fully operational power plant has been installed with a capacity of 2,250MW.

Where is largest solar plant located in India? ›

Hence, the largest solar power plant in India is located at Kamuthi in Tamil Nadu.

What is future of solar energy in India? ›

In 2015 the target was raised to 100 GW of solar capacity (including 40 GW from rooftop solar) by 2022, targeting an investment of US$100 billion. India has established nearly 42 solar parks to make land available to the promoters of solar plants.
...
Electricity generation.
YearSolar power generation (TWh)
2021–2273.48
8 more rows

Who is the fastest growing solar company? ›

Fastest Growing Solar Stocks
Price ($)Revenue Growth (%)
Daqo New Energy Corp. (DQ)64.53181.9
Enphase Energy Inc. (ENPH)300.9167.8
Sunnova Energy International Inc. (NOVA)27.58120.9

How many solar companies are there in India? ›

Indian solar panel installers – showing companies in India that undertake solar panel installation, including rooftop and standalone solar systems. 3,373 installers based in India are listed below. Filter by: Andhra Pradesh (54)

Which company solar panel is best? ›

Top 10 Solar Companies
  • SunPower: Most Energy-efficient.
  • ADT Solar: Best Protection.
  • Momentum Solar: Most User-friendly.
  • Blue Raven Solar: Best Benefits.
  • Green Home Systems: Best Solar Roofing Options.
  • Elevation: Best for Whole-home Integration.
  • Trinity Solar: Most Experienced.
  • Sunrun: Best Financing Options.
23 Sept 2022

Who makes Tesla solar panels? ›

Tesla offers 425-watt, all-black, seamless, anodized aluminum, monocrystalline solar panels from Q CELLS by Hanwha. The company's panels come in standardized sets of small (12 panels), medium (24 panels), large (36 panels), and extra-large (48 panels).

Who is the owner of First Solar? ›

How big is the solar market? ›

The market size, measured by revenue, of the Solar Power industry is $16.9bn in 2022. What is the growth rate of the Solar Power industry in the US in 2022? The market size of the Solar Power industry is expected to increase 27.3% in 2022. Has the Solar Power industry in the US grown or declined over the past 5 years?

Who are clients of borosil renewables? ›

4. In addition to its presence in the domestic market, Borosil Renewables has a meaningful presence in export markets. While the Company's exports are mainly to European nations, its customers are spread across other countries including Turkey, Russia, Middle East, Africa, North and South America.

Where solar panels are made in India? ›

The company unveiled a 1,300-megawatt (MW) greenfield facility in Chennai on Tuesday, taking its total capacity to 2,500 MW and becoming the biggest domestic solar panel manufacturer in the country. “A lot of money is chasing the sector to increase capacity.

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