Company Highlights

Key developments in the past 12 months

Enabled by strong policy support, incentives and focused attention from the government, India’s renewable energy sector has attracted many domestic and international players, including several entrepreneurs. Large and small independent power producers (IPPs), power utilities, diversified business houses, equipment manufacturers, and engineering, procurement and construction (EPC) companies have all entered this space, built sizeable portfolios and received rich dividends.

However, of late, the sector has hit a rough patch owing to a slowdown in project development and lending activity. The Covid-19 outbreak has further impacted the expansion plans of many companies, at least for the moment. In this scenario, merger and acquisition activity has been on the rise, with a number of mid-sized companies and large business groups taking the exit route.

Renewable Watch presents a snapshot of the key developments that have taken place in 2020 with respect to leading renewable energy developers, manufacturers and EPC companies…

ACME Group

  •  Incorporated in 2003, ACME Cleantech Solutions has a project portfolio of over 5,500 MWp and an operational capacity of over 2,900 MWp. It operates in the solar segment through ACME Solar Holdings Limited, which is a part of the ACME Group.
  •  In August 2020, the company sold 400 MW of solar assets to the UK-based fund, Actis. In September 2020, the company sold another 100 MW to Petronas, through its Indian arm Amplus Energy Solutions. The 100 MW of solar power capacity, located in Karnataka’s Pavagada Solar Park, was commissioned in 2018.
  • During the year, the company cancelled a 600 MW solar project it had won in December 2018 under the Bhadla solar tender at Rs 2.44 per kWh, setting the record for the lowest tariff at that time. According to the company, the reasons for cancellation include delays due to the Covid-19 pandemic, which have led to issues related to supply chain, land allotment and power evacuation.

Adani Power

  • Adani Power Limited, a part of the Adani Group, is involved in conventional and renewable power generation. Adani Green Energy Limited (AGEL), a subsidiary of the Adani Group, develops renewable energy projects while Adani Solar manufactures solar modules. Overall, AGEL has about 15 GW of operational, under-construction and awarded wind and solar parks.
  • In April 2020, AGEL entered into an agreement with French oil and gas major Total to form a joint venture (JV) company with a 50 per cent stake each. The agreement will lead to the transfer of 2,148 MW of operating solar assets, which are currently owned by AGEL, to the new JV, with Total investing $510 million.
  • In June 2020, the Solar Energy Corporation of India (SECI) gave formal approval to AGEL, which won the tender to develop solar plants with a cumulative capacity of 8 GW, with module manufacturing for 2 GW, requiring a total investment of $6 billion.
  • During the year, Adani signed an MoU with the Rajasthan government to jointly set up solar parks, comprising solar power projects and a manufacturing unit, in Rajasthan. The company also completed the acquisition of 205 MW of solar assets from the Essel Group.

Aditya Birla Group

  • Aditya Birla Renewables Limited, a subsidiary of Aditya Birla Nuvo Limited, was incorporated in 2015. The company develops and operates solar power plants. Meanwhile, Aditya Birla Finance Limited is a non-banking finance company (NBFC) under Aditya Birla Capital Limited.
  • During the past year, the company inaugurated a 25 kW solar power plant at Bijepur in Bargarh, Odisha, and a 52.5 MWp solar project in Banaskantha, Gujarat. It also inaugurated a Rs 3,520 million solar power plant to be set up at Harabhanga in Boudh district of Odisha.

Amp Energy

  • Canada-headquartered Amp Energy entered the Indian market in 2016. It currently has a total portfolio of over 950 MW, comprising operational and under-construction assets across 15 states. Initially focused on the commercial and industrial (C&I) market, the company is catering to over 45 leading corporates and government institutions.
  •  In December 2019, Amp Energy set up an 8.5 MW rooftop solar project at Skoda Auto Volkswagen India Private Limited’s Chakan-based facility. In January 2020, AMP Energy India commissioned an 8 MW solar project to supply power to L&T Metro Rail Hyderabad on an opex basis under a 25-year power purchase agreement (PPA).
  • It has now started bidding for utility-scale projects as well. In February 2020, it won 100 MW of capacity in the 1.2 GW Tranche VIII solar auction conducted by SECI for ISTS-connected projects at a tariff of Rs 2.50 per kWh.
  • In July 2020, it won 100 MW of capacity at Rs 2.37 per kWh in SECI’s auction for 2 GW of ISTS-connected solar projects (Tranche IX). It also won 100 MW at a tariff of Rs 2.44 per kWh in NTPC’s 1.2 GW auction for ISTS-connected solar projects in August 2020.
  • During the year, LGT Lightstone Aspada announced its plans to invest up to $50 million in Amp Energy’s India unit for a long duration.

Amplus Solar

  • Amplus Solar has a portfolio of 800 MW of projects under operation and development spread across India, the Middle East and Southeast Asia as of July 2020. It primarily caters to C&I customers and serves more than 200 clients across diverse verticals.
  • Amplus Solar is implementing a 100 MW solar project in Deoria district, Uttar Pradesh. This is its second open access solar project. It has also announced its plans to install two open access projects with a total capacity of 150 MW in Haryana.
  • The company has tied up with Essel World in Mumbai for setting up a 500 kWp floating solar project on the water park’s premises and is also working with a large e-commerce player for setting up a 1 MWh unit at their site.
  • Amplus Solar has entered the residential solar space with capex-based projects under the brand name Homescape.

Avaada Energy

  • Avaada Energy is an independent power producer (IPP) with roughly 1 GW of operational capacity and 2 GW of projects under implementation as of June 2020. It is targeting an extensive portfolio of 11 GW of solar energy projects by 2025 across Asia and Africa.
  • In April 2020, the company was awarded 320 MW of capacity in NHPC’s auction for 2 GW of ISTS-connected solar projects. The company had quoted a tariff of Rs 2.56 per kWh and bid for 600 MW of solar capacity.
  • In June 2020, Avaada Energy received a letter of award (LoA) from Maharashtra State Electricity Distribution Company Limited (MSEDCL) to develop a 350 MW solar project in Maharashtra and supply power to MSEDCL under a PPA. The project is expected to be commissioned by January 2022.
  • During the year, the company received funding commitment of $10 million from Deutsche Investitions- und Entwicklungsgesellschaft, a German development financial institution, for the development of 4.3 GW of renewable capacity by 2022. The funds will be used for the construction, operation and maintenance of selected projects in India. In addition, the Asian Development Bank announced its plans to invest $15 million in the company.

Ayana Renewables

  •  Ayana Renewable Energy started with funding from the UK’s CDC Group.  Thereafter, the CDC Group Plc divested its 51 per cent stake in the company, which was acquired equally by the National Investment and Infrastructure Fund and EverSource Capital through its fund, the Green Growth Equity Fund. The company aims to build a multi-GW renewable energy portfolio in India and its neighbouring countries, Bangladesh, Nepal, Bhutan, Myanmar and Sri Lanka.
  • In July 2020, Ayana Renewables secured 300 MW of capacity at a tariff of Rs 2.38 per kWh in SECI’s auction for 2 GW of ISTS-connected solar projects (Tranche IX).
  • In August 2020, Ayana Renewables acquired 100 per cent equity stake in two solar power projects with a cumulative capacity of 40 MW developed by First Solar. Recently, in November 2020, Ayana Renewables signed an agreement with ReNew Power to buy the latter’s wind farms in Karnataka at an estimated value of Rs 16 billion. The wind farms aggregating 300 MW are located in the Raichur, Bijapur, Belgaum and Bellary districts of Karnataka.

Azure Power

  • Since its inception in 2008, Azure Power has developed, constructed and operated solar projects of varying sizes, from utility scale and rooftop to mini- and microgrids. As of September 2020, the company has 7,115 MW of operating and under-implementation capacity.
  • In December 2019, Azure Power closed its previously announced $75 million private placement and issued 6,493,506 equity shares at $11.55 per share to Caisse de depot et placement du Quebec (CDPQ). Following this transaction, CDPQ’s equity interest in Azure Power increased from 41.4 per cent to 49.4 per cent. In March 2020, CDPQ acquired an additional 717,701 shares of Azure Power, becoming the majority shareholder with a stake of 50.9 per cent.
  • In July 2020, the company received an LoA for 2 GW of ISTS solar power projects from SECI pursuant to the exercise of a greenshoe option. Under this greenshoe LoA, Azure will supply power for 25 years at a tariff of Rs 2.92 per kWh. The company has been awarded 4 GW in total as part of the auction in December 2019. The project also requires 500 MW of cell and module manufacturing capacity and Azure Power intends to partner with a domestic manufacturer to meet this requirement.

Bharat Heavy Electricals Limited

  • Set up in 1964, Bharat Heavy Electricals Limited (BHEL) has over three decades of experience in solar PV manufacturing. It is also involved in the EPC of solar projects and has a portfolio of more than 1,100 MW of solar projects.
  • In June 2020, BHEL floated a tender for manufacturing and supply of 12 million multicrystalline solar cells.
  • In July 2020, BHEL set up a 1.7 MW first-of-its-kind solar power plant for Indian Railways for directly feeding power into the traction system.
  • The company is also setting up three floating solar plants for NTPC – a 100 MW plant at the Ramagundam power station, a 25 MW plant at the Simhadri super thermal power station and a 22 MW plant at the Kayamkulam unit.

Canadian Solar

  • Canadian Solar India Private Limited is the Indian arm of Ontario-based Canadian Solar, a manufacturer of solar PV modules set up in 2001. It has been working towards gaining a foothold in the Indian solar market through acquisitions and module supply agreements.
  • The company has delivered over 46 GW of PV modules to over 150 countries since 2001. It has developed and constructed more than 5.6 GW of solar power plants and has a pipeline of over 15 GW of projects under development around the world.
  • The company is now focusing on building its expertise in the solar plus storage space.

Central Electronics Limited

  • State-run Central Electronics Limited (CEL) was established in 1974 to commercially exploit indigenous technologies developed by national laboratories, and research and development institutions in the country.
  • The company sources cells from various manufacturers in order to produce solar modules.
  • During the year, it invited a host of bids for project development including 44 MW of grid-connected solar PV projects on a turnkey basis across Maharashtra, 1.6 MW of rooftop solar projects to be installed atop various government buildings in Tamil Nadu and 2.28 MW of rooftop solar capacity at G.B. Pant University of Agriculture and Technology in Uttarakhand.
  • Further, it invited bids for the supply of 300,000 multicrystalline solar cells of more than 4.52 W and 2 million multi-crystalline solar cells. In addition, it issued a tender for setting up 1,707 solar pumps under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM).

CleanMax Solar

  • Founded in 2012, CleanMax Solar operates in the C&I solar segment and has successfully installed over 500 projects for more than 150 corporates. It has a total rooftop solar operating capacity of over 220 MW as well as large-scale solar farms in Karnataka and Tamil Nadu with a cumulative capacity of over 380 MW.
  • In July 2020, CleanMax entered into a JV with Cargill, a US-based global food corporation, to set up a 15 MW wind and solar hybrid project in Karnataka to help meet the latter’s electricity requirements.
  • In the same month, the company received a $10 million credit facility from the Global Climate Partnership Fund to expand its operations in Southeast Asia.

Cleantech Solar

  • Headquartered in Singapore, Cleantech Solar has 500 MW of solar capacity across India and Southeast Asia, comprising projects for operations, construction and development. It is primarily focused on the C&I solar segment.
  • In June 2020, the company secured a $75 million green loan from ING Bank N.V., Singapore branch. The proceeds from the loan will be used to finance Cleantech Solar’s expansion across Southeast Asia.
  • The company has a strategy of building over 500 MW of solar power projects, with Shell and Climate Fund Managers as its strategic investors.

CLP India

  • CLP Holdings Limited, a company listed on the Hong Kong Stock Exchange, entered the Indian power sector in 2002 as CLP India Private Limited. It later diversified into renewables to mitigate the fuel supply issues plaguing the conventional power sector. It currently has a total power portfolio of over 3,000 MW. CLP India has wind projects across six states in India with a cumulative capacity of 925 MW.
  • In October 2020, CLP India Private Limited’s wind energy arm, CLP Wind Farms (India) Private Limited, raised Rs 2.96 billion through green bonds. The bonds are set to be used for refinancing loans for renewable energy projects. The yearly coupon bonds are to be issued in two tranches of Rs 1.96 billion and Rs 1 billion respectively.

EDF Renewables

  • EDF Renewables is a leading international renewable energy player with gross installed capacity of 16 GW worldwide. The company mainly focuses on wind and solar PV. It operates mostly in Europe and North America, but is now growing in the emerging markets of Brazil, China, India, South Africa and the Middle East. In India, it operates through EDEN Renewables India, its solar PV JV with Total Eren.
  • EDEN Renewables India was founded in 2016 to build and operate solar projects across India. At present, the JV has 207 MWp of operating solar plants and 1,600 MWp under development, due to be commissioned in 2022.
  • Between April and July 2020, EDEN Renewables India won contracts for three solar projects aggregating 1,350 MWp in Rajasthan. Of the awarded capacity, the company secured two 450 MWp projects from SECI under ISTS Tranches VIII and IX, and one 450 MWp project from NHPC Limited. A 25-year PPA was also signed for the tender awarded by NHPC in August 2020. The construction of the three projects is set to begin during the first half of 2021. The projects are scheduled to be commissioned in 2022. They are expected to generate over 2.3 TWh of clean energy annually.


  • ENGIE is a global energy player, which operates in around 70 countries across five continents.
  • In January 2020, ENGIE, a French multinational electric utility company, decided to sell a 74 per cent stake in its solar assets in India. Under the agreement, ENGIE sold 12 solar assets with a total operating capacity of 813 MW to Edelweiss Infrastructure Yield Plus (EIYP) and Sekura Energy Limited, a portfolio company of EIYP. The transaction took place during the first half of 2020. The deal was reportedly valued at over Euro 400 million.

First Solar

  • First Solar is a US-based vertically integrated company that manufactures solar modules and constructs solar projects. It also provides operations and maintenance (O&M) services for solar projects.
  •  In August 2020, First Solar committed to power 100 per cent of its solar manufacturing operations across the globe with renewable energy by 2028. As part of this goal, the company pledged to transition its facilities in the US to carbon-free electricity by 2026. The commitments were announced after First Solar joined RE100, a global collaborative initiative of companies committed to transition to 100 per cent renewable energy.


  • Fortum India is a unit of the Finland-based Fortum Oyj. In India, it has a portfolio of 185 MW across four projects, located in Amrit, Kapeli, Bhadla and Pavagada.
  • In November 2020, Finnfund announced that it will invest in Fortum Charge and Drive India Private Limited, Fortum’s public charging point operator. Fortum Charge and Drive India owns more than 70 public charging points across over 40 locations in India.

Fourth Partner Energy

  • Fourth Partner Energy is a distributed solar energy developer for commercial, industrial and government institutions. It was founded in October 2010. Its offerings include capex-, RESCO- and open access-based plants. The firm operates over 400 MW of assets for over 150 corporate and government clients in India.
  •  In January 2020, the company received a Rs 3.56 billion line of credit from the Bank of America. Fourth Partner Energy is expected to use these funds to enhance its solar portfolio in the country by 150 MW over the next year and a half.
  • In March 2020, Fourth Partner Energy received a loan of Rs 5 million from Grameen Impact India, an NBFC registered under the Reserve Bank of India, towards its Power@1 programme. The company will use the funds to implement its Power@1 programme at the Madras Diabetes Research Centre in Tamil Nadu. Through the Power@1 programme, Fourth Partner Energy aims to provide electricity to non-profit organisations such as government schools and rural hospitals at a nominal rate of Re 1 per kWh.
  •  In July 2020, Fourth Partner Energy raised about Rs 1.12 billion from Swiss asset manager responsAbility. This was the third round of funding released by responsAbility through its climate finance funds. The first two rounds of financing were closed in 2016 and 2017. These funds will be used for the construction of new assets across Fourth Partner’s distributed solar and open access portfolios. In September 2020, the company raised Rs 1.26 billion from the proceeds of a bond issued by Symbiotics.
  • In October 2020, Fourth Partner Energy decided to supply solar power through 4.8 MW of projects to three of Titagarh Wagons’ manufacturing units in West Bengal. These solar projects are expected to meet almost 25 per cent of the company’s annual electricity demand. All three power plants are expected to be commissioned by January 2021.

GE Renewable Energy

  • Incorporated in 2015, GE Renewable Energy is a division of GE focused on the production of renewable energy. It has a broad portfolio in the renewable energy industry. It offers onshore and offshore wind, blades, hydro, storage, utility-scale solar, grid and hybrid renewable solutions and digital services. As of September 2020, the company has installed more than 400 GW of renewable energy projects across the world.
  • In February 2020, GE Renewable Energy received an order from the EDF Renewables-SITAC Group JV to supply and install 112 units of its 2.7 MW wind turbines with 132 metre rotor at the Sitac Kabini wind farm in Gujarat.
  • In May 2020, GE Renewable Energy was selected by Powerica Limited to supply 38 units of its 2.7-132 onshore wind turbines to be installed at the Rajkot and Khambaliya wind farms in Gujarat, India.
  • In September 2020, GE Renewable Energy was selected by Megha Engineering and Infrastructure Limited to supply and commission four units of its 125 MW fixed speed pumped storage turbines for the Kundah hydropower plant in India.
  • In October 2020, SB Energy, a subsidiary of Japan’s SoftBank Group, selected GE Renewable Energy to install and commission 121 units of its 2.7-132 onshore wind turbines for 324.4 MW of wind projects to be set up in Madhya Pradesh.


  • Established in 2012, Gensol started off as a pure-play solar consultancy, and later diversified into providing design, engineering, O&M, financial and consultancy services for wind and solar companies. As of November 2020, its portfolio comprises solar advisory services for 28,168 MW of projects, solar EPC for 222 MW, solar O&M for 2,313 MW and solar monitoring and analytics for 3,753 MW. The company went public in October 2019.
  • In February 2020, Gensol Engineering won a capacity of 13.2 MW at a tariff of Rs 15.05 per Wp for CEL’s 44 MW solar tender for substations in Maharashtra. The project is worth Rs 1,987 million.
  • In April 2020, Gensol announced that it had won orders from CEL, the Reserve Bank of India (RBI), the Bihar Renewable Energy Development Agency (BREDA), Hindustan Petroleum Corporation Limited (HPCL) and Gas Authority of India Limited (GAIL). For GAIL, Gensol will build 3.2 MWp of rooftop solar capacity worth Rs 1,390 million at various locations across India. In addition, it will set up a 500 kWp grid-connected floating solar project under the capex model for BREDA, a 2 MWp grid-connected solar plant in Bengaluru for HPCL and a 100 kWp plant for RBI in Mumbai.


  • Established in 2004, the Greenko Group is a leading renewable energy player, with assets across the solar-wind-hydro-biomass- and gas-based power generation segments in India. It currently has an installed generation capacity of 6.2 GW across 15 states, with its near-term capacity reaching 6.5 GW.
  • In January 2020, Greenko emerged as a winner in the auction conducted by SECI for 1.2 GW of solar, wind and energy storage projects with guaranteed peak power supply. Greenko was awarded 900 MW at a peak power tariff of Rs 6.12 per kWh.
  • In June 2020, the Andhra Pradesh government renegotiated a contract with Greenko for the proposed integrated renewable energy storage project (IRESP) in Pinnapuram. As per the renegotiations, the government reportedly doubled the land prices from Rs 0.25 million to Rs 0.5 million.
  • In June 2020, Greenko Energy Holdings secured equity commitment for two projects with a total pumped storage capacity of 2.4 GW (1.2 GW at Pinnapuram and 1.2 GW at Saundatti). It also signed definitive agreements for a primary equity funding of $495 million with an affiliate of Singapore-based GIC Private Limited and an entity owned by the Abu Dhabi Investment Authority. This was a part of last year’s financing round, through which the company raised $824 million.
  • In August 2020, NTPC Vidyut Vyapar Nigam Limited signed an agreement with Greenko Energies Private Limited to explore trading, collaboration and partnership in IRESPs set up by Greenko to offer round-the-clock (RTC) renewable energy to potential customers.
  • In September 2020, ORIX announced its plans to invest around $980 million in Greenko Energy Holdings (Greenko’s holding company). With this investment, ORIX will acquire more than 20 per cent stake in Greenko. It will integrate its existing wind energy business, which includes projects aggregating 873 MW, with Greenko.

Hero Future Energies

  • Established in 2012, Hero Future Energies, an IPP, has a current portfolio of 1.5 GW while 1 GW is in the pipeline. The company has expanded across Europe and Asia. It has a target of reaching 5 GW of installed and operating capacity by 2024.
  • In December 2019, the Asian Infrastructure Investment Bank (AIIB) approved a $65 million loan for a 250 MW solar power project in Jodhpur. The project will be developed by Hero Future Energies through its special purpose vehicle (SPV), Clean Solar Power (Jodhpur) Private Limited. It is expected to generate 616 MWh of electricity by 2022.
  • In March 2020, Hero Future Energies commissioned a 300 MW project at the Bhadla Solar Park. Post its commissioning, the solar park became fully operational.
  • In October 2020, Hero Future Energies announced its plans to issue fresh equity of about $250 million to fund its renewable energy projects outside India.

Hinduja Renewables

  • Hinduja Renewables Energy Private Limited, a subsidiary of the Mumbai-based Hinduja Group, started operations in the solar IPP space in 2016. It operates in the utility-scale solar, rooftop solar and open access space.
  • In November 2020, Biocon Limited announced that it will acquire a 26 per cent equity stake in Hinduja Renewables Two Private Limited for around Rs 59 million. Hinduja Renewables Two is a SPV set up for the implementation of a 36 MW open access solar project in Raichur, Karnataka. The electricity generated from this project will be sold to Biocon and its subsidiaries.

Husk Power Systems

  •  Founded in 2008, Husk Power Systems is an energy technology company, that aims to accelerate access to clean, modern and affordable electricity in Africa and Asia by developing and operating renewable energy minigrids.
  • In October 2020, the Dutch development bank FMO invested $5 million in Husk Power Systems. The funds will be used to achieve the company’s plan for setting up minigrids.

Inox Wind

  • Inox Wind is a wind OEM part of the Inox Group, a diversified conglomerate operating in the industrial gas, chloromethane, refrigerant, fluoropolymer, multiplex, wind turbine manufacturing and cryogenic engineering segments.
  • In May 2020, Inox Wind signed definitive agreements with Continuum Power Trading to supply, erect and commission wind energy projects of 250 MW in Gujarat.
  • In the same month, Inox Wind’s wholly owned subsidiary, Inox Wind Infrastructure Services, sold its 51 per cent shareholding in Sri Pavan Energy Private Limited for Rs 510,000.
  •  In October 2020, Inox Wind won orders from retail customers in various industries for the supply of its wind turbines. The projects will be executed on a turnkey basis across multiple locations in Gujarat and Karnataka. As per the contract, the company will have to provide 2 MW DFIG 113 rotor diameter wind turbine generators and will be responsible for comprehensive maintenance.


  • An EPC contractor, IPP and module and inverter manufacturer, the Jakson Group entered the solar segment in 2011.
  • In January 2020, Jakson won a capacity of 110 MW in NTPC’s 560 MW solar auction (1 GW tender) for projects to be set up develop-build-demonstrate model. In the same month, Jackson won two projects of 50 MW each, both at a tariff of Rs 3.18 per kWh in the Uttar Pradesh New and Renewable Energy Development Agency’s 500 MW solar tender.
  • In March 2020, Jakson signed a PPA with Assam Power Distribution Company Limited for a 70 MW solar power project to be set up in Sivasagar district, Assam.

Jinko Solar

  • Jinko Solar is a leading solar module manufacturer and has a presence in many countries including China, the US, Japan, Germany, the UK, Chile, South Africa, India, Mexico, Brazil, the UAE, Italy, Spain, France and Belgium.
  •  In May 2020, it officially launched its Tiger Pro module series.

Larsen and Toubro

  •  Larsen & Toubro (L&T) operates in the solar segment through its solar EPC company, L&T Construction. The company has an indigenous capability to design solar PV systems, balance of systems and power evacuation systems. It operates in the grid-connected PV, concentrating solar power, microgrid and mega rooftop segments.
  • In January 2020, L&T was awarded 150 MW of project capacity under a tender for developing 1,000 MW of solar projects. L&T had submitted a bid for 300 MW of capacity.
  • The company has secured a few large projects in the past year. In February 2020, L&T secured an order to build a 20 MW grid-connected floating solar power project at a reservoir of NTPC’s Auraiya gas power plant in Uttar Pradesh. In March 2020, the company secured an order to design and construct a 50 MW solar plant in Tamil Nadu, in addition to significant contracts in India and overseas for power transmission and distribution.
  • In July 2020, L&T Infrastructure Finance Company Limited received the first tranche of $ 50 million of the total $ 100 million external commercial borrowing (ECB) loan from the AIIB. The loan proceeds will be used to on-lend to large- and mid-scale wind and solar power infrastructure projects in India.
  • In September 2020, L&T announced the divestment of its electrical and automation business to European energy and automation company Schneider Electric. Schneider Electric will own a 65 per cent stake in the combined business, while Temasek will own the rest.

Leap Green Energy

  • Headquartered in Coimbatore, Tamil Nadu, Leap Green Energy (LGE) started operations in 2009 with a portfolio of only 3.3 MW of wind power assets. Over time, it has increased its operational capacity to 751 MW. The company’s interests include offshore wind, wind-solar hybrids, repowering and energy storage.
  • The company provides forecasting services to wind project operators. It also provides forecasts for over 8,000 MW of assets to the Tamil Nadu grid for renewable energy integration.
  • LGE has set a target to expand its portfolio to over 5,000 MW by 2023. Besides wind power, it is looking to venture into wind-solar hybrids, repowering of wind power projects, energy storage, and offshore wind power generation.

LONGi Solar

  • Established in 2000, LONGi Solar, headquartered in Xi’an, Shaanxi province, China, is a leading solar wafer, cell, module and ingot manufacturer globally. The company forayed into solar component manufacturing with ingots and wafers. It entered the solar cell and module market after acquiring China-based Lerri Solar Technology in November 2014. In 2012, the company was listed as LONGi Green Energy Technology on the Shanghai Stock Exchange.
  • In December 2019, LONGi Solar entered into a strategic partnership agreement with AGEL to supply Adani with 1.2 GW of its Hi MO4 modules to be set up in 2020. After the success of Hi-MO 4, LONGi launched the Hi-MO 5 module (M10 standard wafer) in July 2020, which is now Longi’s flagship bifacial offering. Designed for utility-scale power plants, the module has a front-side power of up to 540 W and efficiencies of over 21 per cent.
  • LONGi Solar was India’s top solar module supplier in the first half of 2020. The company is also in the process of acquiring solar cell and module manufacturer Ningbo Jiangbei Yize, which has a module and cell manufacturing capacity of 7 GW and 3 GW respectively.

Mahindra Susten

  • Mahindra Susten Private Limited, the solar energy arm of the Mahindra Group, is a solar EPC company that offers extensive expertise in energy solutions and engineering. The company started operations in 2011 by offering turnkey EPC solutions for solar projects.
  • In November 2019, Mahindra Susten entered into a partnership with Mitsui & Co., Limited of Japan to jointly develop and operate distributed solar power generation projects in India. Mahindra Susten will continue to hold a 51 per cent stake in Marvel Solren Private Limited with Mitsui holding the balance equity.
  • In January 2020, the International Finance Corporation, the financial arm of the World Bank, announced that it will lend $36 million for a 250 MW solar project to be set up by Mahindra Renewables Private Limited (MRPL), a subsidiary of Mahindra Susten, in Rajasthan.
  • Mahindra & Mahindra Limited’s subsidiary, MRPL, has agreed to sell its entire stake in three subsidiaries to CLP India Private Limited for around Rs 3.4 billion. The three subsidiaries are Cleansolar Renewable Energy Private Limited, Divine Solren Private Limited and Neo Solren Private Limited (NSPL). The agreement was executed in February 2020. However, a share purchase agreement for the sale of NSPL to CLP India was not closed within the stipulated time frame. Thus, MRPL’s deal with CLP India stands terminated as of September 10, 2020.

Mytrah Energy

  • Mytrah Energy Limited (MEL) operates as an IPP in both the solar and wind energy segments. It executes and maintains projects across 10 states. It has an operational portfolio of 2.3 GW including 1,700 MW of wind and around 535 MW of solar. Apart from this, 700 MW of projects are under development.
  • The company has been in discussion with investors to raise equity, and it is even considering selling part of its completed portfolio. Its focus is on divesting stake, raising funds, paring debt and redeploying funds in some of the new projects. As of October 2020, Mytrah Energy has restarted the process to sell a majority stake after a proposed $750 million deal with private equity firm (PE) KKR fell through. Mytrah Energy is open to both asset sales as well as a majority stake sale in the firm.


  • NHPC Limited was in-corporated in 1975 for the development of hydroelectric power. Later, NHPC expanded its scope to include the development of power through conventional and non-conventional sources in India and abroad. In June 2020, NHPC Limited’s board of directors approved a proposal to diversify the company’s business to include solar power projects. According to the company, it would act as an intermediary procurer through solar power developers.
  • The 2,000 MW of ISTS-connected solar power capacity tendered by NHPC in September 2019 was awarded in April 2020 with the lowest tariff being Rs 2.55 per kWh. SoftBank, Axis Energy, O2 Power, Avaada Energy and EDEN were awarded 600 MW, 400 MW, 380 MW, 320 MW and 300 MW of capacity respectively.
  • The company is expanding its presence in the solar space. In July 2020, NHPC signed an MoU with Green Energy Development Corporation of Odisha Limited for the development of nearly 500 MW of techno-commercially feasible floating solar power projects in Odisha.
  • In October 2020, NHPC Limited also revealed its plans to build a 600 MW solar project in Deoria district of Uttar Pradesh. To this end, it will soon conduct a more detailed survey for the project.

NLC India Limited

  • The NLC India Limited, a prominent thermal power producer, has developed significant renewable capacity in recent years. The company has set an ambitious renewable energy target to install 21 GW by 2025 and about 11.3 GW in the next two years. NLC commissioned 1,421 MW of renewable projects in 2019-20.
  • NLC’s 20 MW solar project in the Andaman & Nicobar Islands stands fully commissioned. While 2.5 MW was commissioned in December 2018, the balance 17.5 MW was commissioned in June 2020.
  • In July 2020, NLC signed an agreement with Coal India Limited to start a JV, and develop solar and thermal power assets of around 5 GW across India.

NTPC Limited

  • NTPC Limited is one of India’s largest power producers. It has set a target to diversify its fuel mix, in line with the country’s clean energy generation targets. By 2032, non-fossil fuel-based generation capacity will make up nearly 30 per cent of NTPC’s portfolio. In October 2020, NTPC Limited incorporated a wholly owned subsidiary in the name of NTPC Renewable Energy Limited with the Registrar of Companies.
  • NTPC issued a 923 MW solar power tender in December 2019. In February 2020, it floated a tender for 1.2 GW of ISTS-connected solar energy capacity, of which 1,170 MW was awarded in August 2020. In the same month, the company tendered 600 MW of ISTS-connected wind capacity.
  • Apart from this, in November 2020, it won 90 MW of solar projects in Kerala State Electricity Board Limited’s 200 MW auction with the lowest tariff bid of Rs 2.97 per kWh.
  • NTPC has also been scaling up its financing for renewable energy projects. NTPC plans to raise about Rs 150 billion through the issue of bonds. The company also entered into a foreign currency loan agreement with the Japan Bank for International Cooperation (JBIC) in October 2020. JBIC issued a $482 million loan under the bank’s Global action for Reconciling Economic growth and ENvironmental preservation initiative. Further, NTPC has signed an MoU with the National Investment and Infrastructure Fund to explore new investment opportunities in the areas of power distribution and renewable energy.
  • In November 2020, NTPC emerged as a winner in SECI’s 1,070 MW solar auction, winning 470 MW of capacity at a tariff Rs 2.01 per unit.

O2 Power

  • In January 2020, EQT Infrastructure IV and Temasek announced the establishment of O2 Power, with a funding of $500 million in equity from EQT and Temasek to be deployed over the coming years. Headquartered in Gurugram, Haryana, O2 Power will focus on developing utility-scale solar, wind and hybrid projects. The company aims to establish more than 4 GW of operational renewable energy assets by 2025.
  • O2 Power was awarded 400 MW of solar capacity at a tariff bid of Rs 2.43 per kWh in August 2020, under NTPC’s 1.2 GW solar auction.
  • In the same month, TEQ Green Power (a subsidiary of O2 power) won 200 MW in Gujarat Urja Vikas Nigam Limited’s 700 MW tender for the Dholera Solar Park. The company had placed a bid for 500 MW, but was awarded only 200 MW of projects under the bucket-filling method.

Orient Green Power Limited

  • Orient Green Power Limited began operations in 2006 as a wind and biomass company, but has since divested its biomass power portfolio. As of June 2020, it is a pure-play wind energy company, which owns 421 MW of wind power, including 11 MW in Croatia.
  • A few favourable developments took place over the past year. First, Orient Green Power won a case in Madhya Pradesh over fixed charges for its biomass plants. This resulted in the company receiving Rs 450 million from the Madhya Pradesh government as income. Second, the Andhra Pradesh government agreed to a tariff of Rs 4.70 per kWh and released Rs 230 million of the Rs 610 million claimed by the company. Third, when REC prices increased, the company fully liquidated its REC inventory to raise Rs 484.4 million. The interest costs for the company also declined to Rs 1.53 billion from Rs 1.65 billion in the previous year.

Punjab Renewable Energy Systems Private Limited

  • Punjab Renewable Energy Systems Private Limited (PRESPL) was set up in 2011 with the aim to build a viable ecosystem of biomass supply chain management. The company started operations with a 12 MW paddy straw-based power plant in Patiala, owned and operated by Punjab Biomass Power Limited, and, over the years, it has increased its presence across 11 states.
  • In January 2020, based on the analysis and evaluation of technical bids and proposals by its Consultancy Evaluation Committee, the MNRE chose four organisations, including PRESPL to conduct  independent third-party evaluation study for the New National Biogas and Organic Manure Programme.

Rays Power Infra

  • Rays Power Infra is an integrated solar power company with several solar power projects in the development and construction phases across India. Its open access and captive projects cater to more than 230 corporate clients. The company has also entered the Southeast Asian market and commissioned a 50 MW solar power project in Vietnam.
  • By November 2020, the company has successfully commissioned solar projects totalling 700 MW across the country. It aims to reach a 1,000 MW milestone by the end of this financial year.

REC Solar

  • The REC Group is a solar PV module manufacturing company. Founded in Norway in 1996, REC has an annual solar panel capacity of 1.8 GW, and over 10 GW of installed capacity worldwide.
  • The REC Group is headquartered in Norway, with operational headquarters in Singapore and regional bases in North America, Europe and Asia Pacific.
  • It launched the REC ProPortal, which delivers customised content to its installer partners and assists in identifying potential customers. Moreover, it has been focusing on the heterojunction technology, and using it in its latest REC Alpha Series.

ReNew Power

  • Established in 2011, ReNew Power Ventures owns and operates utility-scale solar and wind projects as well as distributed solar projects across the country. The company currently has utility-scale assets in eight states, including Rajasthan, Gujarat, Madhya Pradesh and Tamil Nadu. It has distributed solar capacity across 20 states. ReNew Power is rapidly expanding its asset base with 5.56 GW of operational capacity and 4.76 GW of capacity in the pipeline.
  • In January 2020, the company raised $450 million through the issuance of dollar bonds. In October 2020, it raised nearly $325 million through the sale of overseas green bonds.
  • In February 2020, ReNew Power secured 300 MW of renewable plus battery storage capacity at a weighted average bid of Rs 4.30 per unit and quoted a peak price of Rs 6.85 per unit in SECI’s 1.2 GW tender.
  • In May 2020, ReNew Power emerged as the winner for the entire capacity in SECI’s exploratory tender for 400 MW of renewable power on an RTC basis, quoting a winning tariff of Rs 2.90 per unit. The energy procured through this project will be supplied to the New Delhi Municipal Corporation and Dadra & Nagar Haveli.
  • In June 2020, the company announced its plans to set up a 2 GW manufacturing facility to meet the requirements of other clean energy companies in India. The company will invest Rs 15 billion-Rs 20 billion in setting up this facility.
  • In November 2020, ReNew Power authorised the sale of its wind farms in Karnataka to Ayana Renewable for Rs 16 billion. The wind farms, aggregating 300 MW, are located in Raichur, Bijapur, Belgaum and Bellary districts of Karnataka.

SB Energy

  • SB Energy is a JV of Bharti Enterprises Limited, the Foxconn Technology Group and the SoftBank Corporation. As of May 2020, the company has 15 utility-scale renewable projects with a total capacity of 7.7 GW contracted in India.
  • In December 2019, the JV announced that it would invest $4 billion in the renewable energy sector of Gujarat. It is being used to increase the state’s renewable energy capacity to 30 GW by 2020.
  • In February 2020, SB energy won 600 MW of capacity at a tariff of Rs 2.50 per kWh in SECI’s 1.2 GW tender for ISTS-connected solar projects across India.
  • In April 2020, SB Energy won a capacity of 600 MW, emerging as the largest bidder in NHPC’s 2 GW ISTS-connected solar PV tender at a tariff of 2.55 per kWh. The project can be developed at multiple locations with a minimum capacity of 50 MW. The quoted tariff will stand for the entire project capacity.

Sembcorp Energy India Limited

  •  Sembcorp Energy India Limited (SEIL) is a leading IPP of the Singapore-based Sembcorp Group. It has a renewable energy portfolio of about 1.7 GW in India.
  • In July 2020, SEIL announced the completion of three wind power projects aggregating 800 MW awarded by SECI. Sembcorp set up 250 MW of the total awarded capacity in Chandragiri district of Tamil Nadu at a tariff of 3.46 per kWh. The remaining two projects were set up in Gujarat, of which the 300 MW project quoted the lowest ever tariff in a SECI auction at 2.44 per kWh.
  • In November 2020, Sembcorp’s subsidiary, Green Infra Wind Energy Limited, won 400 MW in SECI’s auction for 1,070 MW of solar projects to be set up in Rajasthan by quoting the lowest ever solar tariff of Rs 2 per kWh discovered in India till date.

Siemens Gamesa Renewable Energy

  • Siemens Gamesa Renewable Energy (SGRE) was formed in 2016, following a merger between wind turbine manufacturers, Siemens and Gamesa based in Germany and Spain respectively. The two companies have been active in the Indian renewables market for over a decade with wind turbines installed for a total capacity of 6.9 GW. It also has two blade manufacturing units in Tamil Nadu and Gujarat. In July 2020, the company launched a new wind turbine, SG 3.4-145, designed for wind conditions in India to achieve the lowest possible levellised cost of energy.
  •  In August 2020, SGRE received an order from AGEL for its 473 MW wind energy project. The wind turbine manufacturer will be in charge of turbine manufacturing, supply, installation and pre-commissioning in Fatehgarh, Rajasthan.

Soham Renewable Energy

  • Soham Renewable Energy is a renewables company based in Bengaluru, India. The company was established with a focus on small-hydro plants, but has expanded its portfolio to solar projects as well. The company currently operates four small-hydro plants with a cumulative capacity of 54 MW in Karnataka. It also has one project under construction and two in the development stage with a total capacity of 60 MW. Soham has already identified around 220 hectares of land suitable for solar power projects across six districts in Karnataka.
  • In January 2020, Australian infrastructure investor Macquarie Group, which had invested Rs 3.75 billion in Soham Renewables in 2011, announced its decision to sell its stake in the company.

Sprng Energy

  • Sprng Energy is a renewable energy company set up by PE fund manager Actis. Till date, the company has executed 750 MW of solar capacity and 797 MW of wind capacity in the country. It has also acquired solar assets aggregating 194 MW from the Shapoorji Pallonji Group. The company aims to develop 2 GW of renewable capacity by 2022.
  • In August 2020, Sprng Energy agreed to terms with Risen Energy for the supply of solar modules for 165 MW of capacity to be built as part of the 250 MW NP Kunta Ultra Mega Solar Park in Andhra Pradesh.

Sterling & Wilson

  • Sterling & Wilson is a solar EPC company based in Mumbai, India. The company is a market leader among utility-scale EPC providers in India. The company has expanded to take up several solar contracts across the globe.
  • In May 2020, the EPC contractor agreed to construct two projects worth about Rs 6.2 billion despite delays attributed to the Covid-19 pandemic.
  • In June 2020, the company received a contract to construct a 194 MW solar project in the US.
  • In September 2020, Sterling & Wilson was also awarded a 107 MW solar project in Chile. In the same month, the company announced its plan to take charge of the construction of a 174 MW solar park in New South Wales, Australia. The company has also entered the storage space. It is constructing a solar storage and diesel genset hybrid project in Niger, West Africa.

SunSource Energy

  • SunSource is an Indian solar energy developer with an increasing solar portfolio, incorporated in 2010. The company is backed by the Neev Fund, a JV between SBI Caps and the UK’s Department for International Development. SunSource has a rooftop solar portfolio of over 350 MW in India. It has been taking strides in acquiring storage projects as well.
  • In April 2020, SunSource agreed to a contract with Chinese module manufacturer Trina Solar. As per the contract, Trina Solar will supply solar modules for the construction of 105 MW of solar capacity.
  •  In July 2020, the company won a contract for the installation of 1.95 MW of solar capacity with 2.15 MWh of battery energy storage, which will power four islands in Lakshadweep.
  • In August 2020, the developer inaugurated a 6 MW rooftop solar project in Bhilwara, Rajasthan.
  • More recently, in November 2020, SunSource won a 4 MW floating solar project with a 2 MW battery storage system in the Andaman & Nicobar Islands.


  • Suzlon is an Indian wind turbine manufacturer established in 1995. It has a presence in 18 countries across the globe.
  • As of January 2020, the company reported an outstanding debt of Rs 127.85 million due to a payment default of about Rs 72.56 billion. In April 2020, the company announced its plan to restructure its bonds and approval was granted for the same. Under the restructuring proposal, the company could either convert its existing bonds into fully paid-up equity shares or substitute the existing bonds to new dollar-denominated convertible bonds due in 2032.

Tata Power Renewable Energy

  • Tata Power Renewable Energy Private Limited (TPREL) is a wholly owned subsidiary of Tata Power Company Limited. It is one of the leading renewable power producers in India with a presence in 11 states of the country. It has developed projects with a cumulative capacity of 1,839 MW, comprising 907 MW of wind and 932 MW of solar capacity. The company also has 373 MW of wind and solar projects under construction.
  • In June 2020, TPREL secured a contract from MSEDCL to develop a 100 MW solar project in the state.
  • In the following month, it received an LoA from Tata Power Mumbai Distribution to develop a 225 MW wind-solar hybrid project.
  • TPREL’s parent company, Tata Power, acquired high capacity projects during the year, most notably, 110 MW of solar capacity in the Kerala State Electricity Board’s 200 MW auction at a tariff of 2.97 per kWh. Tata Power will also develop a 100 MW solar park in Dholera, Gujarat.
  • The company also announced its plans to monetise 2.7 GW of its renewable energy assets through a private InvIT.

UJVN Limited

  • UJVNL is a wholly owned entity of the Uttarakhand government, which operates small and large hydropower projects with a total capacity of 1,292.1 MW. It also has solar PV projects with a cumulative capacity of about 27 MW. By 2023-24, UJVNL expects to add 220 MW to its portfolio as it aims to develop solar- and bagasse-based cogeneration projects as well.
  • As of October 2020, 32 hydropower projects are under various stages of development by UJVN Limited. Of these, 11 are large hydropower projects and the remaining 21 are small-hydro projects. These projects have a cumulative capacity of 2,723.8 MW. The most notable among these are the 120 MW Vyasi project and the 300 MW Lakhwar project.


  • Vestas is a Danish wind turbine manufacturer with an installed wind turbine capacity of over 122 GW operating across the globe. The Danish company has also established a strong foothold in India with about 4 GW of wind turbine capacity, of which 1 GW has been installed in the past two years.
  • In October 2020, the company released a new low wind turbine module designed for the Indian market.
  • The company aims to increase the scale of its manufacturing in India by developing a new converter facility in Chennai and expanding its blade manufacturing facility in Ahmedabad. This move is expected to generate at least 1,000 new jobs by 2021.

Vikram Solar

  • Vikram Solar is a renewable energy company based in Kolkata, India, with specialisation in solar PV module manufacturing and EPC solutions. The company has an annual production capacity of 1.2 GW, and has commissioned projects with a total capacity of 1,355 MW in the country. It has also shipped over 2.4 GW of solar modules globally as it continues to expand its operations in India and the rest of the world.
  • In July 2020, the company signed an MoU with the Tamil Nadu government to set up a 3 GW manufacturing facility for solar wafers, cells and modules. A total investment of Rs 54.32 billion is required in the facility, which is expected to be completed by 2025.
  • The company has also received contracts for various solar projects in the country. In April 2020, it won 300 MW of solar capacity from NTPC Limited  under the CPSU II scheme for Rs 17.5 billion. The project will be developed across 1,500 acres of land in Rajasthan.
  • Vikram Solar has also commissioned solar projects with a cumulative capacity of 1,165 kW at three airports for the Airports Authority of India. The projects have been installed at Dibrugarh in Assam, Gaya in Bihar, and Gondia in Maharashtra.


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