Top 10 Solar Companies in India

solar-companies-in-india

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The solar power business is one of the country’s fastest-growing sectors, with the top ten solar companies in India dominating the market by expanding their sales across the country and spending extensively on R&D for technical breakthroughs. Furthermore, due to the country’s geographical location in the tropics, the solar power sector in India offers enormous opportunities for rapid growth in solar energy in India. The country gets more than 5000 trillion kWh of yearly radiation, which, if harnessed by solar companies in India, will provide a significant quantity of electricity.

While various solar firms in India provide inexpensive solar alternatives to traditional electricity, just 10 stand out. The following is a list of the top 10 solar companies in India.

1. Tata Power Solar Systems Limited

Tata Power Solar Systems Limited
  • Founded: 2015
  • Headquarters: Mumbai
  • Specialty: Solar Panels and Rooftops

Tata Power Solar, a subsidiary of Tata Power Company Limited, is a major player in India’s solar sector, boasting a 7 GW+ project portfolio. Notable projects include the Bhadla Solar Park (2.2 GW), Ayana Solar Park (2.5 GW), and Gujarat Solar Park (1.05 GW). They offer diverse solar technologies with durable panels backed by warranties of up to 25 years. Their solutions cover rooftop and ground-mounted installations for residential, commercial, and governmental clients.

These projects deliver clean energy, support renewable targets, and cut emissions. In FY 2022-23, Tata Power Solar reported USD 1.4 billion in revenue, securing a solid 20% market share in India’s solar EPC sector. As a UN Global Compact member, they focus on research and innovation, ready to meet the surging global demand for solar energy and drive a sustainable energy future.

2. Adani Solar

Adani-Green-Energy-Limited
  • Founded: 2018
  • Headquarters: Mundra
  • Specialty: Solar PV Manufacturing

Adani Solar, a subsidiary of Adani Green Energy Limited (AGEL), is a prominent player in renewable energy. It specializes in developing, manufacturing, and selling solar PV modules and cells. With a portfolio exceeding 10 GW of solar projects globally, Adani Solar has achieved milestones such as the world’s largest single-location solar power plant in Tamil Nadu, India, and the vast Dholera solar park in Gujarat.

Their commitment to innovation is evident in their use of various solar technologies and a dedicated R&D team. Adani Solar is a key player in the Indian solar market, with a market share of over 10% and a revenue of USD $660 million in FY2022. Their manufacturing capacity of over 2 GW of solar modules annually positions them to meet the growing demand for clean energy on a global scale.

3. Vikram Solar Limited

Vikram Solar Limited
  • Founded: 2006
  • Headquarters: Falta
  • Specialty: Solar Panel and Modules

Vikram Solar, a global solar industry leader, excels in solar module manufacturing, EPC services, and O&M for solar projects. With a proven track record, they’ve installed over 10 GW of solar capacity worldwide, across utility-scale, commercial, industrial, and rooftop applications. Vikram Solar’s modules are prized for their high efficiency, durability, and reliability, supported by strong warranties, and are widely used in solar farms, commercial, industrial projects, and rooftops. In FY22, Vikram Solar reported USD 1.8 billion in revenue, securing a substantial 10% market share in India’s solar sector. They operate with an annual manufacturing capacity exceeding 5 GW, a global presence in 20+ countries, and received the “Best Solar EPC Company in India” award from the Indian Solar Association in 2022. Notable projects in India, Chile, and the United States highlight their commitment to top-tier solar solutions worldwide

4. Waaree Energies Limited

 Waaree-Energies-Limited
  • Founded: 1989
  • Headquarters: Mumbai
  • Specialty: Solar PV Module, Installation and Commissioning of Solar Power Plants

Waaree Energies has been a key player in India’s solar revolution, commissioning over 10 GW of solar projects, from ground-mounted to rooftop and floating installations. Their remarkable 500 MW solar project in Gujarat spans 1,400 acres, featuring efficient bifacial solar panels. In Andhra Pradesh, they’ve completed India’s largest 250 MW floating solar project, equipped with specialized panels for challenging conditions.

Waaree Energies utilizes cutting-edge technologies like bifacial and tracker solar panels for optimal power output, backed by rigorous quality control. In FY22, they generated USD 800 million in revenue, claiming a 10% share of India’s solar EPC market. As part of the Waaree Group, their commitment to sustainability is evident in their green-certified headquarters. Positioned for ongoing growth, Waaree Energies remains a vital force in India’s solar energy landscape.

5. Azure Power

Azure-Power
  • Founded: 2008
  • Headquarters: Gurgaon
  • Specialty: Commercial Scale Solar PV Power Plants

Azure Power, a leading Indian independent solar power producer, efficiently manages a diverse 7.5 GW solar project portfolio. This collection spans utility-scale, rooftop, and commercial & industrial initiatives, employing cutting-edge technology like monocrystalline and polycrystalline solar panels, solar trackers, and smart inverters for optimal energy generation.

Serving government entities, commercial, industrial, and residential customers, Azure Power contributes significantly to India’s renewable energy transition. In the 2022-23 fiscal year, they achieved USD 560 million in revenue, securing a 10% market share in India’s solar power sector. Azure Power’s dedication to sustainability and a strong execution record solidify their position as a key player in India’s thriving renewable energy landscape, ready to meet growing demand.

6. RenewSys

RenewSys-India-Private-Limited
  • Founded: 2007
  • Headquarters: Bengaluru
  • Specialty: Manufacturer of Solar PV Modules, PV Cells, PV Encapsulants

RenewSys, is a leading solar module manufacturer with a global footprint. They are known for their high-efficiency, durable, and reliable solar modules, including monocrystalline, polycrystalline, and bifacial options, having installed over 10 GW globally. Their modules power notable solar projects worldwide, including 50 MW in Abu Dhabi, 250 MW in Dubai, and 100 MW in Rajasthan, India.

RenewSys is an innovator, pioneering bifacial solar modules to boost efficiency by up to 25%. In 2022, they achieved $1 billion in revenue and a 5% market share. With 2,000+ employees and manufacturing facilities in India, the UAE, and Mexico, RenewSys holds certifications from TÜV Rheinland and UL, establishing itself as a key player in the growing solar energy sector.

7. Photon Energy Systems Limited

Photon-Energy-Systems-Limited
  • Founded: 1995
  • Headquarters: Hyderabad
  • Specialty: PV Modules, Solar Smart Systems, Heating Systems, Solar Rooftops, Power Plants

Photonsolar, a leading solar energy solutions provider in India, offers high-quality products and services, including solar panels, inverters, batteries, and system design/installation. They’ve successfully completed major projects across India, such as the 250 MW Pavagada Solar Park, 100 MW Bhadla Solar Park, and 50 MW Kadapa Solar Park.

Utilizing various solar technologies like polycrystalline and monocrystalline panels, thin-film panels, and solar trackers known for their efficiency and reliability, Photonsolar serves diverse applications, from rooftops to utility-scale farms and off-grid systems. With a market share exceeding 10% and US$67 million in 2022 revenue, Photonsolar continues to drive India’s solar industry. They are supported by a significant workforce, a network of service centers, and certifications from prominent industry associations.

8. EMMVEE Photovoltaic Power

EMMVEE-Photovoltaic-Power
  • Founded: 1998
  • Headquarters: Bangalore
  • Specialty: Solar Panel Manufacturer

EMMVEE Photovoltaic Power, a leading Indian solar EPC and O&M company, manages a robust portfolio exceeding 2 GW across utility-scale and rooftop solar projects. Their cutting-edge technology includes bifacial modules, trackers, and energy storage systems for various applications like power generation, water pumping, and irrigation.

In FY2022-23, EMMVEE reported $195 million USD in revenue, capturing a 5% market share in India’s solar sector. Noteworthy projects include the 500 MW Bhadla Solar Park in Rajasthan, the 250 MW Pavagada Solar Park in Karnataka, and the 100 MW Rewa Ultra Mega Solar Park in Madhya Pradesh. EMMVEE remains dedicated to advancing India’s renewable energy goals through efficient and reliable solar solutions.

9. IndoSolar

IndoSolar-ltd
  • Founded: 2005
  • Headquarters: Ahmedabad
  • Specialty: Manufacturer of PV Cells and PV Panel System

Indosolar, India’s largest photovoltaic cell producer, boasts a 500 MW production capacity and leads the nation’s solar cell and module manufacturing sector. Their solar products serve utility-scale solar plants, commercial/industrial rooftops, and residential systems, driven by cutting-edge monocrystalline silicon technology for top-notch efficiency and durability.

Indosolar’s solar solutions shine with exceptional efficiency, durability, and affordability, catering to both commercial and residential projects. In the fiscal year 2022-23, the company reported USD 450 million in revenue, capturing a substantial 15% market share in India’s solar cell market. With a proven track record in project execution, an unwavering commitment to innovation, and a strong customer-centric approach, Indosolar stands poised to thrive in India’s growing solar energy market, making significant contributions to the nation’s renewable energy landscape.

10. Jakson Group

Jakson-solar-Group
  • Founded: 1948
  • Headquarters: Mumbai
  • Specialty: Solar Modules, Solar Products, Kits, Solar Rooftop, Battery and Storage Solutions

Jakson Group, a prominent Indian conglomerate, specializes in diverse industries, with a strong focus on solar energy. Their extensive solar projects across India utilize cutting-edge technologies, including high-efficiency monocrystalline and cost-effective polycrystalline solar panels, as well as flexible thin-film panels. These solutions offer durability, modularity, and remote monitoring for real-time performance tracking.

These solar solutions find applications in commercial, industrial, residential, and utility-scale sectors. While specific revenue figures remain undisclosed, estimates suggest a significant contribution to Jakson Group’s overall revenue, establishing it as a key player in India’s solar market with a 5% market share. With over 1 GW in total capacity, projects span across states like Gujarat, Rajasthan, Maharashtra, and Tamil Nadu. Jakson Group is also an active member of the National Solar Alliance, furthering India’s solar energy promotion efforts.

Tejas Tahmankar

Final Thoughts

As India strives towards the next sustainable energy target, we can turn to these organizations to propel the renewable energy sector into a new century. The Indian government’s commitment to renewable energy, as well as the low-cost, warranty-backed technology offered by these solar companies in India, will drive the country into a better future.

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