Company Highlights

Key developments in the past 12 months

As companies made up for the time lost due to the pandemic, the year 2021 witnessed considerable development activity. This was supported by successful auctions, strong policy interventions and focused attention from the government. Many new greenfield projects were announced with engineering, procurement and construction (EPC) companies and eq­uipment manufacturers receiving new or­ders. Projects delayed due to the pandemic were finally commissioned as large and small independent power producers (IPPs) focused on expanding their portfolios after the setback in deadlines last year. The mer­ger and acquisition activity continued to be a key trend as many companies took the exit route to raise funds.

Renewable Watch presents a snapshot of the key developments that have taken pl­a­­ce in 2021 with respect to leading rene­wable energy developers, manufacturers and EPC companies…


  • Incorporated in 2003, the ACME Group holds a portfolio of 5.25 GWp – 2.2 GWp of operational capacity and 3.05 GWp of under-construction ca­pacity, as of August 2021. These projec­ts are sp­read across 12 states in India.
  • In March 2021, ACME and the Oman Co­m­­pany for Development of the Spe­-cial Economic Zone at Duqm signed an MoU to set up a large-scale 3.5 GW facility to produce green hydrogen and gr­e­­en ammonia at Duqm in Oman.
  • In June 2021, ACME Solar signed a par­t­nership agreement with SCATEC for a 900 MWp solar project. The project has a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI).
  • In the same month, it signed a shareholders’ agreement with UNOPS S3i and IFU for developing a 250 MW solar po­w­er plant located in Rajasthan. It then an­nounced the closure of a deal with Bro­ok­field Renewable, a global ow­ner and operator of renewable power assets, to build a 450 MWp solar project in Ra­jasthan. This solar project in­cludes a 25-year PPA with Maharashtra State Elec­tri­city Distribution Company Limited.
  • In July 2021, 12 projects of ACME Solar Hol­­dings Private Limited successfully ra­i­s­ed $334 million via US dollar-de­no­minated green bonds. These notes is­s­ued by India Cleantech Energy will have a tenor of five years.

 

 

  • Adani Green Energy Limited (AGEL), a su­b­­sidiary of the Adani Group, develops renewable energy projects while Adani Solar manufactures solar modules with an annual production capacity of 1.5 GW which is being expanded to 3.5 GW. Overall, AGEL has one of the wor­ld’s largest renewable portfolios, with locked-in growth of 19.8 GW ac­ro­ss op­erational, under-construction, aw­ar­­ded and acquired assets.
  • Adani Renewable En­­ergy Holding Ei­­g­ht Limited, a wholly owned subsidiary of AGEL, received a letter of award (LoA) from SECI to set up a 600 MW wind-solar hybrid power project. It went on to receive another LoA in Mar­ch 2021 for a 300 MW wind project un­der SECI’s 1,200 MW interstate tra­ns­mis­sion system (ISTS)-connected wind tender (Tranche X).
  • During the year, the company commissioned many solar projects including a 100 MWac solar power project at Kh­ir­sara, Gujarat; a 25 MW solar power plant at Chitrakoot, Uttar Pradesh; a 150 MW solar power plant at Kutch, Guja­rat; 100 MW (2×50 MW) of solar power plants at Jalalabad in Shahja­hanpur district and Sa­haswan in Buda­un district of Uttar Pra­­­desh. It also commissioned a 100 MW wind power plant in Kutch.
  • In March 2021, AGEL raised a $1.35 billi­on debt package for its under-cons­truction renewable asset portfolio. The revolving project finance facility would initially finance a 1.69 GW portfolio of solar and wind projects to be set up in Rajasthan.
  • In the same month, it announced that it had signed a share purchase agreement for the acquisition of 100 per cent stake in two special purpose vehicles (SPVs) holding 75 MW of operating solar projects of Sterling & Wilson Private Limited. Then, in September 2021, the company signed definitive agreements with Essel Green Energy Private Limited to acquire 100 per cent economic value in an SPV that owns 40 MW of operating solar projects in Odisha.
  • In September 2021, the company also raised $750 million to fully fund equity needs for its under-construction pipeline.
  • In October 2021, AGEL successfully co­m­­­pleted the acquisition of SB Energy India in an all-cash deal from Japan-ba­sed SoftBank Group Corp and the
  • Bh­a­­rti Group. With this deal, SB Energy In­dia, with a 5 GW portfolio, is now a 100 per cent subsidiary of AGEL. The transaction pegs SB Energy India at an en­terprise valuation of $3.5 billion.
  • In November 2021, AGEL declared its En­­­­­ergy Compact Goals as part of COP26, primarily adhering to Sustain­able Development Goal 7 (SDG 7). It has set a target of achieving 45 GW of re­newable energy capacity by 2030 and developing a 2 GW per year solar manufacturing capacity by 2022-23.

 

 

 

  • Canada-headquartered Amp Energy entered the In­dian market in 2016. It is an integrated renewable energy power producer and delivers clean and green energy to co­m­mercial and industrial (C&I) and utility customers.
  • In December 2020, Amp Energy partn­ered with Tata Hitachi to expand the on-site solar power unit at the latter’s fa­c­ility from 5 MW to 10.5 MW in Khara­g­pur, West Bengal. This project is a re­pe­at order to Amp Energy India from Tata Hitachi.
  • In February 2021, Amp Energy India co­m­missioned a 7.805 MW behind-the-me­­­ter solar project for L&T Metro Rail (Hy­­derabad) Limited. This project will su­­pply solar power to the metro’s 24 stations and two depots in the city.
  • In September 2021, the company ins­tal­l­ed a 2.4 MW solar power plant at Po­n­di­cherry University. The project is spread across 15 buildings, two parking lots and two land parcels on the university campus. It has been developed under SECI’s 97.5 MW rooftop scheme.
  • In October 2021, Jubilant Ingrevia, a Noi­­da-based integrated life sciences company, signed an agreement with AMP En­­­ergy to acquire a 26.6 per cent stake in AMP Green Energy Fifteen Private Li­mi­­ted. The acquisition was made to set up a 15.5 MW solar project in Maharash­tra for captive power generation.

 

  • A member of the Petronas  (Petroliam Na­si­onal Ber­had) Group, Ma­la­ysia, Am­p­lus Solar has a portfolio of more than 850 MW of projects under op­eration and development spread across 24 states in India. It primarily caters to C&I customers and ser­ves more than 250 clients across di­verse verticals.
  • In April 2021, the company announced the acquisition of 17 operational solar pro­­jects totalling 7.2 MWp from Sterling & Wilson Private Limited. Spread across Har­yana, Punjab, Madhya Pradesh, Ra­ja­s­than, Maharashtra, Telangana and Kar­­nataka, these projects supply solar po­wer to 13 C&I customers.

 


  • CLP India’s name has now changed to Ap­ra­ava En­ergy. It is owned by the CLP Gr­­o­­up, one of the largest investor-owned po­wer businesses in Asia, and Cai­sse de dépôt et placement du Qué­bec (CDPQ), one of Canada’s leading institutional fund managers. It entered the In­dian power sector in 2002.
  • In June 2021, the Suzlon Group anno­un­ced that it has secured a new order for the development of a 252 MW wind po­wer project from CLP India. Under this or­­der, it will install 120 units of its S120-140 metre wind turbin­es. Expected to be co­mmissioned in 2022, the project is being set up in Si­dhpur, Gujarat. It is CLP India’s larg­est renewable project at a single site.
  • In October 2021, when the company was renamed, it set a target to double its existing energy portfolio over the next three to four years.

 


  • Avaada Energy is an IPP with roughly 2 GW of executed capacity and 3.5 GW of projects under implementation as of March 2021. It is targeting an extensive portfolio of 10 GW of solar energy projects by 2025 across Asia and Africa.
  • In January 2021, Bharat Forge, a Pune-based multinational infrastructure company, made an equity investment of Rs 28.7 million in Avaada Renewable’s SPV Avaa­da­SataraMH. The investment was made against the purchase of solar power from Avaada’s 8.2 MW of solar projects.
  • In February 2021, the Central Electricity Au­thority (CEA) approved Avaada En­ergy’s plans to build transmission lines for 350 MW of projects in Rajasthan.
  • In March 2021, Bharti Airtel partnered with Avaada Energy and acquired an 8.53 per cent stake in Avaada Mhbul­d­hana Private Limited to source 21.32 MW of solar power from the latter under the group captive arrangement.
  • In July 2021, Avaada Energy was anno­un­ced as one of the winners of Rewa Ultra Mega Solar Limited’s auction for 550 MW of solar projects to be developed at the Agar Solar Park in Madhya Pradesh. Avaada Energy won 200 MW after quoting a tariff of Rs 2.459 per kWh.

 


  • Ayana Renewable En­ergy started with funding from the UK’s CDC Group. 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 December 2020, the CDC Group, the UK’s development finance institution and impact investor, the National In­ve­st­­ment and Infrastructure Fund (NIIF), and EverSource Capital-managed Green Growth Equity Fund (GGEF) announced an additional equity funding of $70 million, $284 million and $36 million respectively in Ayana. The proposed transacti­on envisages the NIIF to become the majority shareholder in Ayana.
  • In February 2021, the CEA approved Ayana Renewable Energy’s plans to build transmission lines for 3,000 MW of projects in Rajas­than.
  • In August 2021, Ayana was a winner in SECI’s 1,200 MW ISTS-connected wind-solar hybrid power project auction (Tran­che IV). The company had bid for 450 MW at a quoted tariff of Rs 2.34 per kWh.
  • In September 2021, Ayana and Green­stat Hydrogen India, a Norwegian en­er­gy organisation, signed an MoU to ac­celerate hydrogen technology development in India. The objective of this partnership is to collaborate on developing projects for the production of green hydrogen.

 

  • Since its incorporation in 2008, Azure Power has developed, constructed and operated solar projects of varying si­zes, from utility-scale and rooftop to mini- and microgrids. The company has a solar asset base of over 2 GW of op­erational capacity while around 5 GW of capacity is under construction and in the pipeline.
  • In August 2021, Azure Power was a winner in SECI’s 1,200 MW ISTS-connec­ted wind-solar hybrid power projects (Tranche IV). The company had bid for 300 MW, but was awarded a capacity of 150 MW at a quoted tariff of Rs 2.35 per kWh. It received the LoA for this project in November 2021.
  • In the same month, Azure Power anno­u­nced the issuance of a dollar green bond of $414,000,000. The bond, maturing in 2026, will be issued at a coupon rate of 3.575 per cent. Further, OMERS Infra­structure acquired a 19.4 per cent stake in Azure Power Global Limited from the In­ternational Finance Corporation (IFC) and IFC GIF Investment Company I for a total consideration of $219 million.
  • In October 2021, it received the LoA for its first wind project, a 120 MW ISTS project with SECI to supply power for 25 years at a tariff of Rs 2.70 per kWh. The project is part of SECI’s 1,200 MW ISTS Tranche XI tender and will be construc­ted in Karnataka.
  • In November 2021, Azure Power anno­unced that it has signed PPAs for 600 MW of ISTS-connected solar power projects with SECI, under its 4 GW manufacturing-linked projects. The projects will be set up in Rajasthan and will supply power for 25 years at a fixed tariff of Rs 2.54 per kWh.
  • In the same month, Azure Power was de­clared a winner in the Maharashtra State Electricity Distribution Company’s auction to procure 300 MW of power from grid-connected interstate and intra-state wind projects. Azure Power won a capacity of 180 MW at a quoted tariff of Rs 3.43 per kWh.

 


  • Set up in 1964, Bharat Hea­­vy Electricals Limited (BHEL) has over three de­ca­des of ex­perience in solar pho­tovoltaic (PV) manufacturing. It is also involved in the EPC of solar proje­c­ts and has a portfolio of more than 1,200 MW of solar projects.
  • In April 2021, BHEL floated a tender for the supply of 18,000 monocrystalline passivated emitter and rear cell (PERC) and 18,000 multicrystalline solar cells. It also floated a tender to purchase 750 MW of monocrystalline silicon solar mo­dules, which will be us­ed for develo­ping Rewa Ultra Mega So­lar Li­mi­ted’s solar park at Neemuch in Madhya Pradesh.
  • In August 2021, BHEL floated a tender for the operations and maintenance of a 25 MW floating solar power project at NTPC’s premises in Simhadri, Andhra Pradesh. The project was completed in September 2021 by BHEL.
  • In September 2021, it invited bids for the supply of balance of system, installation, testing and commissioning of a 5 MW grid-connected ground-mounted solar project at Nalanda University in Rajgir, Bihar.

 


  • State-run Central El­e­ctronics Limited (CEL) was es­tablished in 1974 to commercially exploit indigen­o­us technologies developed by national laboratories, and research and development (R&D) institutions in the country.
  • In August 2021, it invited bids to empa­nel EPC contractors to develop 200 MW of solar projects across India. The public sector enterprise proposes to install ground-mounted solar power generating systems of 2-10 MW with a total capacity of 200 MW.
  • In October 2021, it invited bids from empanelled applicant firms for the construction of decentralised solar power generating systems ranging from 2 MW to 10 MW, with a cumulative capacity of 147 MW (in 11 lots), at various substati­ons in Maharashtra.

 


  • Founded in 2012, Clean­Max operates in the C&I solar segment and has successfully installed over 550 projects for more than 170 corporates. It has a total operating capacity of over 700 MWp.
  • In March 2021, CleanMax entered the wind-solar hybrid market. The com­pany plans to build about 300 MW of wind-solar hybrid capacity over the next three years.
  • In April 2021, GE Renewable Energy made a deal to supply 42 onshore wind turbines for three of CleanMax’s wind hybrid projects. The three projects will have a total capacity of 110 MW and will supply electricity to meet the de­mands of various industrial companies in the states of Karnataka and Gujarat. The company will supply GE 2.7-132 onshore wind turbines for the projects under a 10-year long-term full-service agreement.
  • In the same month, Facebook signed a deal with CleanMax for buying renewable energy from a 32 MW wind project being developed in Karnataka. For the project in Karnataka, CleanMax will own and operate the project, while Facebook purchases electricity off the grid through environmental attribute certificates or carbon credits. This project is part of a larger portfolio of wind and solar projects that Facebook and CleanMax are working on together. These will be located at Facebook’s facilities and will also help power the company’s data centre.
  • In August 2021, Augment Infrastructure, a US-based investment firm, acquired a majority stake in CleanMax, a rooftop solar developer in India, for an equity in­vestment of $222.23 million.

 

  • Headquartered in Singapore, Cleantech Solar has over 600 MW of so­lar capacity at various stages of develop­ment across India and Southeast Asia, comprising projects for operations, construction and development. It is primarily focused on the C&I solar segment.
  • In August 2021, Cleantech Solar commissioned a 30 MWp open access solar park in Beed district, Maharashtra. The solar park will supply power to leading corporate customers under the captive structure.
  • In October 2021, Cleantech Solar an­no­unced the financial closing of a Rs 2 billion senior-secured loan facility with NIIF IFL for its portfolio of open acc­ess projects in India.
  • In November 2021, Cleantech Solar an­nounced that Siemens Limited has executed a PPA and entered into a share subscription and shareholders agreement for the subscription of 26 per cent of the paid-up equity share capital of Sun­sole Renewables Private Limited, Mumbai, India, subject to the fulfilment of conditions precedent as agreed bet­ween the parties.

 


  • EDF Renewables is a leading international renewable en­ergy player. 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 joint venture (JV) with Total Eren.
  • In January 2021, Eden Renewables In­dia announced the financial closure of its 450 MW solar project in Rajasthan. The project raised $165 million in fin­a­n­ce with contribution from three major in­ternational banks. The solar project was financed through a green limited re­­course project term loan from DBS Ba­nk Limited, Stan­dard Chartered Ba­nk, and Sumi­tomo Mitsui Banking Cor­po­ration, Singa­pore. The project is currently under construction and was aw­arded to Eden Rene­wables under an auction conducted by SECI.
  • In the same month, the CEA provided approval to SPVs of Eden Renewables and Soft­Bank Energy to construct transmission lines for 300 MW of solar projects each in Rajasthan.
  • In October 2021, NTPC signed an MoU with EDF to explore potential power project development prospects overseas and also collaborate on research and de­­­velopment, technical services, and co­­nsultancy assignments on a global sc­ale. The primary markets of interest for the companies are Europe, Asia, the Mi­d­dle East and Africa.

 


  • ENGIE is a global energy player that operates in arou­nd 70 countries across five continents.
  • In March 2021, Edelweiss Infrastructure Yield Plus, an alternative investment fund managed by Edelweiss Alternative Asset Advisors Limited, along with its investee company Sekura Energy, acquired a 74 per cent stake in the solar portfolio of ENGIE in India.
  • In August 2021, ENGIE announced the co­mmissioning of a 200 MWAC (290 MWp) solar power project at the Ragh­anesda Solar Power Park, in Ragh­an­e­­s­da, Gujarat. ENGIE collaborated with mul­­tiple Gujarat government entities to construct the project, which will generate close to 546 GWh of electricity.

 


  • First Solar is a US-based vertically integrated company that manufactures solar modules and constructs solar projects. It also provides O&M services for solar projects.
  • In July 2021, First Solar announced pla­ns to invest $684 million in a new, fully ve­rtically integrated PV thin-film solar mo­dule manufacturing facility in India. The plan­ned facility is expected to have a capacity of 3.3 GW. Subject to permi­ssions and incentives, the facility is ex­pected to be built in Tamil Nadu and commence operations in the second half of 2023. The planned facility will be in­volved in sourcing, manufacturing and life-cycle management. It is expected to feature an integrated, high-value recycling facility that will be able to re­cover over 90 per cent of materials fr­om processed modules for reuse.

 


  • Fortum India is a unit of Finland-bas­ed Fortum Oyj. In India, it focuses on the solar and electric vehicle (EV) charging sector. Fortum’s programme for electric transportation has been effective in various forms since the 1980s. In 2011, it was commercialised under the Charge & Drive brand. The company has also ventured into India with this brand.
  • In June 2021, Fortum decided to divest 500 MW of solar projects in India and signed an agreement with global infrastructure investment firm Actis for the same. As part of the agreement, Actis will receive ownership of the 250 MW Pa­vagada II and 250 MW Rajasthan solar power plants. The total consideration from the divestment is expected to be ap­proximately Euro 280 million on a debt and cash-free basis. The transaction is ex­pected to be completed by the end of the first half of 2022.

 


  • 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 manages a portfolio of over 550 MWp of assets for over 150 corporate and government clie­nts in India.
  • In April 2021, Fourth Partner Energy se­­c­ured Rs 2.5 billion funding from the CDC Group in the form of non-convertible debentures.
  • In April 2021, Noida-based packaged sn­a­cks manufacturer DFM Foods invested Rs 9.6 million to acquire 5.57 per cent equity shares in Belenus Solar Private Li­mited, an SPV of Fourth Partner Energy.
  • In June 2021, Fourth Partner Energy ra­­­i­s­­­ed $125 million in equity funding from Nor­fund, the Norwegian Invest­me­nt Fu­nd for developing countries and ex­isting shareholder The RISE Fund (TPG). Nor­fund invested $100 million, which is its maiden investment in Fourth Partner En­ergy. TPG invested $25 million, its se­cond investment in the company. Ear­lier, in July 2018, it had invested $70 million through The RISE Fund. For the current equity infusion, Avendus Capital ac­ted as the financial adviser to Nor­fund. With this funding, the company is now loo­king at the on-site and off-site solar market in the subcontinent as well as key markets across South and Southeast Asia. The company is targeting 3 GW of in­stalled solar capacity by 2025 along with the expansion of energy storage and EV charging infrastructure technologies.
  • In July 2021, Fourth Partner Energy ac­q­uired a distributed solar portfolio with 8.9 MWdc capacity from Statkraft In­dia. This includes a 5 MW open acc­ess solar project, while the rest is roof­top solar capacity.

 

  • 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. The company has installed mo­re than 400 GW of clean renewable en­ergy and equipped more than 90 per cent of utilities worldwide with its grid solutions.
  • In April 2021, GE Renewable Energy ma­de a deal to supply 42 onshore wind turbines for three of CleanMax’s wind hy­brid projects. The three projects will have a total capacity of 110 MW and will supply electricity to meet the de­m­a­nds of various industrial companies in the sta­tes of Karnataka and Gu­jarat. The com­­pany will supply GE 2.7-132 on­shore wind turbines for the projects un­der a 10-year long-term full-service agreement.
  • In June 2018, GE Renewable Energy was selected by Continuum Green Energy to supply, install and commission a 148.5 MW wind power project in Gujarat. The wind farm in Morjar, Bhuj, will have 55 sets of GE Renewable Energy’s 2.7-132 onshore wind turbines. The project will produce enough wind power to electrify 125,000 houses in India. This wind farm was awarded to Continuum Green En­ergy by SECI in the Tranche VI auction.
  • In October 2021, GE Renewable En­­er­gy re­ceived an order from JSW Energy to supply 810 MW of onshore wind turbines for their upcoming wind farms in Tamil Nadu, India. The turbines will pro­­duce enough green energy to meet the annual electricity requirements of more than 2.1 million households in the country.

 


  • Incorporated in 2012, Gensol Engi­nee­ring Limited is a part of the Gensol group of companies, which offer EPC and solar advisory services. Gensol has erected solar power plants of over 277 MW on the ground and on rooftops so far. It has provided consulting services in countries including Kenya, Ukraine, Oman, Gabon, Sierra Leone, Nepal, Af­ghanistan, Indonesia, the Philippines and Chad.
  • In October 2021, Gensol announced that it had received an order from a Guru­gram-based client to develop 4 MWp of grid-connected rooftop solar projects at its various facilities in Maharashtra for a fixed lump-sum contract price of Rs 121 million, exclusive of taxes.

 


  • 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 7.5 GW dc across 15 states.
  • In March 2021, Japanese financial services company Orix Corporation repor­ted the acquisition of a 21.8 per cent sta­ke in Greenko Energy Holdings for about $961 million. As per the agree­me­nt, Orix will also add 873 MW of its wind energy portfolio in India into Greenko’s portfolio in exchange for the shares. The company has also integrated its en­tire wind power generation business in India into Greenko to acquire additional shares.
  • In September 2021, Greenko signed up for “The Climate Pledge” by joining over 200 companies that have pledged to ac­hieve the net zero carbon target by 2040, a decade ahead of the Paris Ag­ree­ment goal.

 

  • Established in 2012, Hero Future Energies (HFE), an IPP, has a current portfolio of 1.6 GW installed capacity while 1.5 GW is under construction. The company has expanded across Eu­rope and Asia. The company has a growth target of 3.5 GW of ins­talled and operating capacity by 2022.
  • In February 2021, O2 Power, promoted by European alternative asset manager EQT and Temasek, acquired a 49 per cent stake in HFE’s SPV, Clean Solar Po­­wer Bhainsada. This sale is part of the tran­saction for which HFE manda­ted HSBC to sell 500 MW of pre-construction assets.
  • In March 2021, Clean Renewable Power (Mauritius), a wholly owned subsidiary of Hero Future Energies Asia, raised $363 million from overseas bond sales.
  • In September 2021, HFE was given permission to construct a 50 MW solar plant in southern Bangladesh’s Khulna district.

 

  • 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 February 2021, Hinduja Renewables commissioned a 75 MWp solar plant for vehicle manufacturer Ashok Ley­land. The group captive solar is expec­ted to generate over 120 MUs of power annually.
  • Husk Power Systems
  • Founded in 2008, Husk Power Systems is an energy technology company, which aims to accelerate access to clean, mo­dern and affordable electricity in Africa and Asia by developing and operating renewable energy mini-grids. The company currently operates 130 minigrids in India and Tanzania.
  • In December 2020, Husk Power sur­pa­ss­ed 100 community mini-grids, serving more than 5,000 micro-enterprises.
  • In March 2021, Husk announced plans to raise $50 million in equity and $60 million in debt in 2021 in order to continue growing at a CAGR of 100 per cent.
  • In September 2021, the company concluded agreements to develop and ope­rate seven mini-grids with the Nige­rian Electrification Project, funded by the Wo­rl­d Bank and African Develop­ment Bank.
  • In November 2021, at COP26, Husk Po­w­er Systems announced seven ambitious targets to scale up the rural energy economy and mini-grids in sub-Saharan Africa and South Asia by 2030.

 

  • Inox Wind is the 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 February 2021, the company received new orders for the supply and installation of wind turbine generators of 62 MW from IPPs and retail customers. The projects are spread over Gujarat and Karnataka.
  • In March 2021, Inox signed an agree­me­nt with Integrum Energy Infrastructure for 92 MW of wind power projects comprising 2 MW turbines.
  • In November 2021, Inox Wind won an order for a 150 MW wind power project from NTPC Renewable Energy. As part of the order, the company will supply and install DF 113/92-2 MW capacity wi­nd turbine generators.

 


  • An EPC contractor, IPP and module and inverter manufacturer, the Jakson Group entered the solar segment in 2011.
  • In January 2021, the Jakson Group de­cided to raise its solar cell manufacturing target from 250 MW annually to 1,000 MW
  • In July 2021, the Jakson Group an­n­o­un­ced the commissioning of a 50 MW so­lar power plant, spread over a 200 acre area in Kheragarh district of Agra, Uttar Pradesh. It was built at an investment of Rs 2.5 billion.
  • In August 2021, the Jakson Group laun­ch­ed the Helia series of high output PV modules using half-cut mono PERC so­lar cells. The modules have 21 per cent ef­fi­ciency and allow outputs ranging from 450 W to 600 W.
  • In August 2021, Jakson Engineers was also added to the Ministry of New and Renewable Energy’s approved list of mo­dule manufacturers for 80 MW of capacity.
  • In September 2021, the company laun­ched EnerPack, a new battery energy storage system.

 


  • 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.
  • Jinko Solar’s module shipments to India crossed 1.2 GW at the end of 2020.

 

  • Larsen & Toubro (L&T) operates in the solar segment through its solar EPC company, L&T Construction. The company has the indigenous capability to de­sign solar PV systems, balance of systems and power evacuation systems. It operates in the grid-connected PV sector, concentrating on solar power, microgrids and mega rooftop segments.
  • In January 2021, L&T won the EPC contract for a 200 MW project in Gujarat th­rough an e-reverse auction conduc­ted by NTPC limited.
  • In the same month, L&T won a contract for a 210 MW project from Gujarat
  • St­­­a­­­te Electricity Corporation Limited (GSECL). Land for the project is to be provided by GSECL in Babarzar, Jam­nagar, Gujarat.
  • In April 2021, L&T signed a deal to work on the 1.5 GW Sudair solar PV project in Saudi Arabia.

 

  • 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 February 2021, LONGi launched the 66C type Hi-MO 4 monofacial PV module (Hi-MO 4m). This module has been created specifically for the gl­o­bal distributed generation market and can be widely used on rooftops for residential, industrial and commercial applications.
  • In May 2021, the company announced the signing of a framework agreement with Engie Solar to supply over 600 MW of high efficiency PV modules for projects across the globe.
  • In July 2021, LONGi Solar and Kra­n­nich Solar signed a partnership agreement to expand their strong relationship in India. This partnership is in line with their vision to exchange expertise and jointly serve the Indian PV market.

 


  • 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.
  • There have been negotiations between Brookfield and the Mahindra Group re­garding purchase of the latter’s EPC busine­ss, Mahindra Susten, along with 1,200 MW of solar assets. However, due to delays, the deal may be cancelled.

 

  • NHPC Limited was incorporated 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 will act as an intermediary procurer from solar power developers.
  • In January 2021, NHPC invited bids to de­velop a 100 MW ISTS-connected gro­und mounted solar power project at the ultra-mega renewable energy power park in the Koppal district of Karnataka.
  • In March 2021, NHPC invited bids for EPC services for a 100 MW grid-connected solar project and associated power evacuation infrastructure in Mir­za­pur district of Uttar Pradesh.
  • In September 2021, NHPC invited bids for the EPC of a 45 MW grid-connected solar power project and an associated power evacuation system in Jalaun district of Uttar Pradesh.
  • In the same month, NHPC was declared as one of the winners in the Indian Re­ne­wable Energy Development Agency’s (IREDA) auction for 5 GW of grid-connected solar projects (Tranche III) under the Central Public Sector Undertaking (CPSU) Scheme (Phase II), winning a capacity of 1,00 MW.
  • In October 2021, NHPC Limited floated an EPC tender for grid-connected solar PV projects (up to 1 GW capacity). The te­­n­der includes a transmission line to ev­acuate power to ISTS substation, under Tranche III of the CPSU Scheme Phase II and an O&M contract for 10 years.

 


  • NLC India Limited is a Nav­ra­tna company under the Ministry of Coal. The company is acti­vely div­­ersifying generation from rene­wable en­ergy sources. At present, it has a po­wer generation capacity of 6 GW, out of whi­ch 1.3 GW and 51 MW comes from so­lar and wind power res­p­ectively. The co­­m­pany has set an am­bitious renewable energy target to install 21 GW by 2025.
  • In FY 2020-21, the company increased its green power generation by 39 per cent during the same period.
  • In August 2021, NLC India was one of the declared winners in the SECIs auction for 1,200 MW ISTS-connected wind-solar hybrid po­wer projects (Tran­che IV) on a build-own-operate basis ac­ross India.
  • In September 2021, NLC India won 510 MW in IREDA’s auction for 5 GW of grid-connected solar projects (Tranche III) under the CPSU scheme (Phase II).

 

  • NTPC is one of India’s largest power utilities. It has an installed capacity of 67.9 GW (including JVs). The company aims to install 60 GW of renewable en­ergy capacity by 2032. It has won a total of 1.5 GW of renewable bids finalised in the country in the financial year 2020-21 and 325 MW in the financial year 2021-22 (till Sep­tember 2021).
  • In February 2021, the company declared the fourth 150 MW unit of the Kameng hydroelectric project of its subsidiary, North Eastern Electric Power Corpora­tion, to be commercially operational.
  • In March 2021, NTPC declared 70 MW of the 85 MW Bilhaur solar PV project in Uttar Pradesh to be commercially operational.
  • In July 2021, NTPC Renewables won a capacity of 105 MW under an auction for 450 MW of solar projects at the Shajapur Solar Park in Madhya Pra­de­sh. In the sa­me month, NTPC Renew­able Energy Ltd also received the go-ah­ead to set up a 4.7 GW renewable energy park the Rann of Kutch in Khava­da, Gujarat. Mo­re­­over, it signed an MoU with Ladakh to set up the country’s first green hydrogen mobility project.
  • In August 2021, NTPC commissioned a floating solar PV project of 25 MW to be built on the reservoir of its Simhadri th­ermal station in Visakhapatnam, An-dhra Pradesh.
  • In September 2021, NTPC won the lar­gest capacity of 1.9 GW in IREDA’s auction for 5 GW of grid-connected solar pr­o­jects (Tranche III) under the CPSU Scheme (Phase II).
  • In October 2021, Électricité de France S.A. and NTPC signed an MoU to ex­plo­re potential power project development opportunities in the Middle East, Asia, Europe and Africa. The company also commissioned the first part (17.5 MW) of 100 MW of floating solar proj­ects at Ra­magundam, Telangana, in the same month.
  • In November 2021, NTPC Limited commissioned the first part (80 MW) of the 160 MW Jetsar Solar Project in Ra­jas­­th­an. An MoU was also signed with Indian Oil for collaboration in renewable energy and mutual exploration of opportunities for supply of low carbon round-the-clock captive power.

 


  • EQT Infrastructure IV and Temasek jointly established O2 Power in January 2020 to focus on developing utility-scale solar, wind and hybrid projects. The company recei­v­ed total commitments of $500 million in equity and aims to establish more than 4 GW of operational renewable energy assets by 2025.
  • In February 2021, O2 Power announced that it is acquiring a 49 per cent stake in Hero Future Energies’ SPV, Clean Solar Power (Bhainsada), which is setting up 250 MW of solar capacity in Rajasthan.
  • In July 2021, O2 Power was one of the two winners in Rewa Ultra Mega Solar Li­mited’s auction for 550 MW of solar projects at the Agar Solar Park in Madh­ya Pradesh.

 

Set up in 2011, Punjab Renewable Energy Systems Private Limited (PRESPL) aims to build a viable biomass supply chain management ecosystem. The company started operations with a 12 MW paddy straw-based power plant in Patiala, owned and operated by Punjab Biomass Power Limited. At present, it maintains a presence ac­ross 11 states.

  • In August 2021, Mitusi & Co. announced that it would invest Rs 300 million in PRESPL with the aim to significantly reduce air pollution and carbon emissions in In­dia by effectively using agricultural re­sidues as fuel stock for the bio-energy in­dustry and providing a more sustainable alternative to fossil fuels.
  • In October 2021, JK Cement signed an MoU with PRESPL to scale up the use of biomass-based and alternative fuels as alternatives to fossil fuels such as coal in its manufacturing operations. In the sa­me month, UltraTech Cement also sign­ed a non-binding MoU with PRESPL to scale up the use of biomass in place of fossil fuels in UltraTech’s manufacturing operations.

 

  • Rays Power Infra is an integrated solar power company with several solar power projects currently in the development and construction phases across India. It has a portfolio of over 1 GW of renewable en­­ergy projects across states such as Ta­mil Nadu, Karnataka, Telan­gana, Utt­ara­khand, Rajasthan, Punjab and Uttar Pradesh.
  • The company is committed to generating over 500 MW of solar energy within the next nine months, to offset the power re­quirements of 50 per cent for corporate customers and 50 per cent for utility projects. Out of this 500 MW, 220 MW will be developed in India and the remaining 280 MW will add to the company’s international portfolio.

 

  • Founded in 1996, REC is a Norway-headquartered solar cell, modules and polysilicon manufacturing company. It has an operational headquarter in Singapore and regional hubs in North America, Europe, Australia, and the Asia-Pacific.
  • The company has three manufacturing facilities – two in Norway for solar-grade polysilicon production and one in Singapore for manufacturing solar cells and modules. REC also has over 600 utility and design patents.
  • REC’s expansion plans include 2-3 GW of cell and modules capacity in Singa­pore. In addition, a new 2 GW cell and mo­­­­dule facility in France and a 1 GW mo­dule manufacturing facility in the US are also expected.
  • In October 2021, Reliance New Energy Solar, a wholly owned subsidiary of Reli­an­ce Industries, acquired REC Solar hol­d­ings from the China National Blue­Star Group for $771 million.

 


  • Reliance Industries is venturing rapidly into renewable en­ergy. It is targeting solar manufacturing of 100 GW and green hydrogen costs of $1 per kg by 2030. It will spend $10 billion on the new energy bu­siness over the next three years, towards achieving these targets.
  • In June 2021, Reliance Industries anno­unced its plans to invest Rs 750 billion in building an integrated solar PV factory, advanced energy storage battery manufacturing unit, and green hydrogen and fuel cell facility in Gujarat’s Jamnagar.
  • In July 2021, Reliance Industries inves­ted Rs 0.1 million in cash in 10,000 eq­uity shares in the newly formed Re­liance New Energy Solar Ltd. (RNESL), a wholly owned subsidiary.
  • In August 2021, RNESL, along with in­ves­tors such as Bill Gates, Fortistar, and Paulson & Co., invested $144 million in Ambri, a US-based energy storage co­­­m­­­pany. The company will utilise the fun­ds to commercialise and grow its long-duration energy storage system business globally.
  • In October 2021, RNESL announced that it will invest Euro 25 million in a Germany-based solar wafer manufacturer, Nex­Wa­fe GmbH. RNESL also acquired REC Solar Holdings from the China National BlueStar Group for $771 million.
  • In October 2021, RNESL signed an ag­r­ee­ment with Shapoorji Pallonji and Company Private Limited to acquire a 40 per cent stake in Sterling and Wilson Solar through a combination of primary investment, a secondary purchase and an open offer. RNESL and Denmark-ba­­s­­ed Stiesdal A/S (Stiesdal) also sig­ned a cooperation agreement for tech­nology development and manufacturing of Stiesdal’s HydroGen electroly­sers in India.

 


  • Established in 2011, ReNew Power Ventures owns and operates utility-scale solar and wind projects as well as distributed solar projects across the country. It is rapidly expanding its asset base with 6.4 GW of commissioned capacity and 3.8 GW of committed capacity.
  • The company aims to commission 4.5 GW of under-development renewable ca­­pacity over the next two years. It also plans to add around 8.5 to 9 GW of ca­pacity to its renewable projects pipeline over the next two years.
  • In February 2021, ReNew Power ann­o­unced its merger with a special purpose acquisition company, RMG Ac­qui­sition Corp. II, with the combined company having a market value of around $8 billion.
  • In March 2021, it commissioned a 300 MW wind power project in Kutch, Guja­rat. The project was awarded to the co­m­pany in a competitive e-reverse au­c­tion conducted by SECI.
  • In April 2021, Airtouch Solar signed a contract with ReNew Power to supply water-free robotic cleaning systems for three of the latter’s solar PV units in Ra­j­as­than, to be commissioned by early 2022. The company commissioned a 105 MW project in Gujarat’s Patan district. The project has a 25-year PPA with the state distribution licensee, Gujarat Urja Vikas Nigam.
  • In July 2021, ReNew Solar Power was de­clared one of the winners in Maha­rashtra State Electricity Distribution Com­pany Limited’s auction to procure power from 500 MW of solar PV projects (Phase VI) on a long-term basis.
  • In August 2021, ReNew Power was listed on the Nasdaq after completing the business combination with RMG Acquisition Corporation II. In the same month, Re­New Power signed a PPA with SECI to supply 400 MW of round-the-clock rene­wable power.
  • In August 2021, the company also sign­ed a definitive agreement to acquire 260 MW of operational solar projects in Telan­gana. In addition, the company sig­ned an agreement to acquire a 99 MW hydropower project located in Utta­rakhand.
  • In September 2021, ReNew Power commissioned 250 MW of its ISTS solar generation project in Jaisalmer, Raja­sth­an. The project has a total generation ca­p­a­city of 300 MW. ReNew Power had won the project in the Tranche III auction conducted by SECI.
  • The company plans to develop a solar cell and module manufacturing facility in the Dholera Special Industrial Region, Gu­jarat. The greenfield facility will manufacture 2 GW of solar cells and modu­les annually with monocrystalline PERC and large wafer technology. The project is expected to commence operations from fiscal year 2023.

 


  • SB Energy is a JV of Bharti En­ter­prises Limited, the Foxconn Tech­nology Group and the SoftBank Corpo­ration. SB Energy India’s portfolio consists of operational and under-construction renewable energy assets with a combined capacity of over 4.9 GW, lo­c­a­ted across four states. About 4.1 GW of the capacity comes from utility-scale so­lar assets, 450 MW from hybrid wind-so­lar parks, and 324 MW from wind farms.
  • In January 2021, SB Energy commenced the commercial operation of a 2.1 MW solar plant in Ibaraki prefecture in Japan.
  • In October 2021, SB Energy commissio­ned a 51.6 MW solar PV park in Miyagi Prefecture, Japan. The project was deve­lop­ed in cooperation with TotalEnergies Renewables, a subsidiary of the French energy giant TotalEnergies SE, and local utility Tohuku Electric Power Co Inc.
  • In October 2021, AGEL completed its acquisition of a 100 per cent stake in SB Energy India from the Soft Bank Group and the Bharti Group.

 


  • Sembcorp Energy India Limited (SEIL) is a leading IPP of the Singapore-based Sem­bcorp Group. SEIL’s total capacity of installed and under construction re­newable energy assets in India is more than 2.3 GW.
  • In January 2021, SEIL won the bid for a 400 MW solar project in Rajasthan, connected to the state’s transmission utility Rajasthan Rajya Vidyut Prasaran Nigam Limited.
  • In October 2021, Sembcorp Industries’ wholly owned subsidiary in India, Green Infra Wind Energy Limited was awarded a 180 MW wind power project by SECI. The project is proposed to be built in Karnataka. Upon completion of the proj­ect, its power output will be sold to SECI under a 25-year long-term PPA.

 


  • Siemens Gamesa Re­newable Energy 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 7 GW.
  • The company has blade factories in Nellore (Andhra Pradesh), a nacelle factory in Mamandur (Chennai, Tamil Na­du), and an operations and main­te­nan­ce centre in Red Hills (Chennai, Tamil Nadu).
  • In July 2021, Siemens Gamesa laun­ched its next-generation wind turbine in the country, the SG 3.4-145.
  • In July 2021, Siemens Gamesa signed a second major contract with ReNew Po­wer to supply its industry-leading turbines to a 322 MW wind project in Ton­dehal. This follows the release of a 301 MW contract with ReNew for a wind project near Hombal.

 

  • 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 June 2021, Vestas secured a 101 MW order from ReNew Power. The order is an extension of ReNew’s existing project in Kutch, Gujarat, where Vestas had previously supplied turbines totalling 250 MW. Vestas also supplied turbines of 100 MW to another one of ReNew’s projects, in Taralkatti, Karnataka.
  • In September 2021, Vestas secured an­other 101 MW order from ReNew Power for the latter’s projects in Gujarat.
  • In December 2021, Vestas received a new order from one of its existing custo­mers, MSPL Limited, for its 17 MW Hos­pet project in Karnataka.

 


  • Tata Power Renewable Energy Private Limited 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 2,947 MW, comprising 932 MW of wind and 2,015 MW of solar capacity. The company also has 1,084 MW of wind and solar projects under construction.
  • In January 2021, Tata Power partnered with the Small Industries Development Bank of India to offer an easy and affordable financing scheme for micro, small and me­dium enterprise customers in the rooftop solar segment.
  • In March 2021, TP Saurya Limited, a wholly owned subsidiary of Tata Power Co­mpany Limited, signed a PPA with Tata Steel Limited to develop a 15 MW solar project at Jamshedpur, Jharkhand.
  • Later that month, Tata Power an­n­o­un­ced that the company had received an LoA from Gujarat Urja Vikas Nigam Limited to develop a 60 MW solar project in  Gujarat.
  • In June 2021, Tata Power Solar re­ce­i­ved an LoA to build 210 MWp of so­lar projects for NTPC. The total order val­ue is approximately Rs 6.86 billion. The commissioning date is set for Nov­ember, 2022.
  • In August 2021, Tata Power Solar recei­v­ed a notice of award to build a 50 MWp solar PV plant with a 50 MWh battery energy storage system at Phy­ang village in Leh, Ladakh. The order value of the project is Rs 3.86 billion. The launch of commercial operations is set for March 2023. Later in August 2021, Tata Power commissioned a 150 MW solar power project in Loharki village, Ra­jasthan.
  • In September 2021, TP Saurya Limited, a wholly owned subsidiary of Tata Po­wer, received an LoA from Rewa Ultra Mega Solar Limited to build a 330 MW solar project in the Neemuch Solar Park of Ma­dhya Pradesh. Later that month, the co­m­pany received a Letter of Intent from MAHAGENCO for supplying 250 MW of power in Maharashtra.
  • In October 2021, the company received an LoA for building 100 MW of distributed ground mounted solar projects for Energy Efficiency Services Limited. The total order value is Rs 5.38 billion.

 


  • Suzlon is an Indian wind turbine manufacturer established in 1995. It has a pre­sence in 18 countries across the globe.
  • In June 2021, the Suzlon Group announ­ced that it had won a new order for the development of a 252 MW wind power project, from CLP India. Suzlon will install 120 units of S120-140 m wind turbine generators with a hybrid lattice tubular tower, with a rated capacity of 2.1 MW each. The project is located in Sidhpur, Gujarat, and is expected to be commissioned in 2022.

 

  • Sprng Energy is a renewable energy company set up by private equity fund manager Actis. As of October 2021, Sprng Energy’s operati­o­nal portfolio is over 2.1 GWp, and contracted portfolio is 580 MW. Put together, the total portfolio is around 2.7 GWp. Of this, wind accounts for 500 MW of ca­pa­city, while the remaining is solar capa­city. The company aims to develop 2.5 GW of renewable capacity by 2022.
  • In 2021, it acquired 683 MWp of operating assets. It also won a 120 MW solar project at a tariff of Rs 2.20 per kWh un­der the auction conducted by Gujarat Urja Vikas Nigam Limited this year.
  • In August 2021, Actis started the sale process of Sprng Energy and has since finalised Bank of America as the banker.

 

  • SunSource is a 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 delivered proj­e­c­ts generating over 1 GW of power ac­ro­ss the glo­be. It has been making strides in developing storage and floating solar projects as well.
  • In May 2021, the Netherlands-based energy firm SHV Energy acquired a significant stake in SunSource Energy. SHV invested Rs 18 billion in Sun­Sour­ce, whi­ch is expected to increase Sun­Sour­ce’s solar portfolio to more than 550 MW by 2023.

 

  • Sterling & Wil­son is a solar EPC company based in Mumbai, India. The company, known as a market leader am­ong utility-scale EPC providers in India, has expanded to take up several solar contracts across the globe.
  • In February 2021, Sterling & Wilson Private Limited (SWPL) and Enel X , a subsidiary of the Enel Group, entered the electric mobility segment in India. SWPL signed a 50-50 JV contract with Enel X.
  • In July 2021, the company announced expansion of its renewable energy offerings to include hybrid energy, en­ergy storage and waste-to-energy (WtE) solutions.
  • In October 2021, Reliance Industries an­nounced that its subsidiary would ac­quire a 40 per cent stake in Sterling & Wil­son Solar through a combination of primary investment, secondary purchase and open offer for around Rs 28.5 billion.
  • In September 2021, Sterling & Wilson Solar Limited received the first order worth 15 billion for its WtE business fr­om a leading developer of energy ass­ets in the UK and Europe.

 


  • Vikram Solar is a renewable energy company based in Kolkata, with specialisation in solar PV module manufacturing and EPC solutions. The company has an EPC capacity of over 1,441 MW (commissioned and under construction). The company has a production capacity of 2.5 GW and has shipped over 3.5 GW of PV modules globally.
  • In December 2020, Vikram Solar commissioned a 10 MW solar project for the West Bengal State Electricity Dis­tribution Company. The project is lo­cated in Birbhum district of West Bengal.
  • In January 2021, Vikram Solar announ­ced the launch of its Series 6 modules, Somera and Prexos, containing next-generation M6 type of cells. Later that month, Vikram Solar also announced the commissioning of a 140 MW solar plant that it developed as an EPC contractor for NTPC limited in Uttar Pra­desh. The project is located in Bilhaur in Kanpur district.
  • In May 2021, Vikram Solar completed an 85 MW solar project for NTPC at Bilhaur, Kanpur, Uttar Pradesh.
  • In July 2021, Vikram Solar inaugurated its new solar PV module manufacturing facility. The 1.3 GW manufacturing unit is located at the Indospace Industrial Park, Oragadam, Tamil Nadu.
  • In October 2021, Vikram Solar com­m­issi­oned a 1 MW solar plant, located at the Haldia Dock Complex of the Kol­kata Port Trust.

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