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At COP26, Prime Minister Modi had announced India’s intent to achieve 500 GW of its installed capacity through non-fossil fuels and 50 per cent of its energy requirement from renewables by 2030. Soon India is expected to add 50 GW of solar photovoltaic (PV) project capacity.
Study says, top 20 Solar PV project developers/IIPs in India holds almost 63% of the Country’s installed solar capacity, which is over 25 GW. These top India players of the solar industry has helped set the pace of energy transition in India to meet Paris Climate Agreement commitments, it added.
Top players in the private sector are Adani Green with over 4500 of installed solar capacity followed by Greenko with 2175 MW. ReNew Power, TATA and AYANA are other developers/IPPs with installed solar PV project capacity above 2 GW. EDEN, Azure Power, SPRNG Energy and ACME stands with installed solar PV project capacity above 1500 MW.
Over 4700 MW capacity installation is done by Indian government agencies/public sector units (PSUs), which include, National Thermal Power Corporation (NTPC), National Hydroelectric Power Corporation (NHPC), Neyveli Lignite Corporation (NLC), Satluj Jal Vidyut Nigam (SJVN). Government PSUs led by SJVN and NLC have a solar PV asset pipeline of over 9500 MW. These PSUs have developed self-owned solar PV projects to profit from the solar PV boom in the country.
These developers account for over 28 GW of solar PV projects under various stages of development. Adani Green, keeping in view its ambition to be the largest renewable energy generating company in India has developed a solar PV project pipeline of over 11 GW. The second spot in terms of solar PV project development pipeline is occupied by ACME with over 3600 MW of solar PV projects under development. ReNew Power is the only other developer to have a solar PV project pipeline of over 2 GW.
Joining the race, O2 Power is expected to be one of the top solar PV project developers in India soon. It has a solar PV project pipeline of over 1800 MW. Avaada Energy, Tata Power and Azure Power are other major developers with a solar PV asset pipeline over 1000 MW.
Afer the slowdon years of the pandemic, year 2022 is expected to be a golden year for the solar PV industry as the utility-scale project development rebounds in India