Company Highlights: Key developments in the past 12 months

Key developments in the past 12 months

The year 2022 has proven to be an exciting period for the renewable energy industry. Apart from promoting gro­wth across the solar segment, the government has introduced a slew of new policy measures in emerging areas like round-the-clock (RTC) power, energy storage, open access, rooftop solar, green hydrogen, offshore wind, and local solar manufacturing. The industry is riding this favou­rable policy wave with vigour despite the global supply chain concerns. A spate of new projects have been announced ac­ross these diver­se segments. While independent power producers (IPPs) are fo­cused on expanding as well as diversifying their portfolios through organic and inorganic means, equipment manufacturers and engineering, procurement and construction (EPC) companies have been successful in receiving a host of new or­ders. Renewable Watch presents a snapshot of the key developments that have taken place in 2022 with respect to leading renewable energy developers, ma­nu­facturers and EPC companies…

ACME Group

  • Incorporated in 2003, the ACME Group holds a solar portfolio of over 5 GWp of built and operated projects and over 10 GWp of under-construction capacity. The group has also diversified in the green hydrogen and green ammonia segments.
  • In December 2021, ACME Solar Hold­ings Private Limited and Ayana Rene­w­able Power Private Limited announced the closure of a deal to divest 100 per cent equity stake in the former’s 250 MWAC solar photovoltaic (PV) power plants located in Jodhpur, Rajasthan, to the latter.
  • In March 2022, the ACME Group signed an agreement with Norway-based Scat­ec ASA to invest in its Oman project with a 50-50 joint venture (JV) to design, de­ve­lop, build and operate a large-scale green ammonia facility in Oman. The first phase of the facility is expected to produce 100,000 tonnes of green ammonia annually and will be expanded to 1.2 million tonnes per annum (mtps) with about 3.5 GW of electrolyser capacity, which will be powered by 5.5 GWp of solar PV plants. The facility will be located in the Duqm Special Eco­no­mic Zone (SEL) of Oman.
  • In May 2022, ACME Solar Holdings com­­pleted a 300 MW solar project for Maharashtra State Electricity Distribu­tion Company Limited. The solar installation is located in Badiseed village in Rajasthan’s Jodhpur district. In the same month, the ACME Group signed an MoU with Japan-based NYK Line for cooperation in green ammonia. As per the MoU, the two companies will ex­plore the possibility of NYK becoming a strategic shipping partner for ACME’s green ammonia projects.
  • In June 2022, ACME Cleantech Solu­tio­ns Private Limited signed an MoU with the Karnataka government to invest Rs 520 billion in setting up a green hydrogen and green ammonia plant in Mang­aluru, along with an associated solar power plant.
  • In July 2022, the ACME Group announ­c­ed a green hydrogen and green amm­onia project in Tamil Nadu. The project entails an investment of Rs 524,740 million. The project will comprise 5,000 MW of solar PV plants, 1.5 GW of electrolyser capacity and 1.1 million tonnes (mt) of ammonia synthesis loop.
  •  In August 2022, the ACME Group sele­cted AspenTech’s Performance Engi­ne­e­ring solution to optimise assets at its green hydrogen and green ammonia pilot plant.
  •  In November 2022, the ACME Group se­le­cted Wrench SmartProject for providing the digital platform for its upcoming green hydrogen and ammonia project in Oman.

Adani Green Energy Limited

  •  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 3.5 GW. Overall, AGEL has a renewable energy portfolio of around 20.4 GW across 12 states.
  •  In December 2021, AGEL signed an agreement with the Solar Energy Cor­poration of India (SECI) to supply 4,667 MW of green power. The agreement is part of a manufacturing-linked solar tender of 8,000 MW awarded to AGEL by SECI in June 2020.
  • In February 2022, three subsidiaries of AGEL – Adani Green Energy (UP) Li­mi­ted, Prayatna Developers Private Limi­t­ed and Parampujya Solar Energy Pri­vate Limited – raised Rs 6.123 billion through their maiden domestic bond is­s­uance, on a private placement basis. The non-convertible debentures (NCDs), with a face value of Rs 1,000,000 each, have an average fixed annualised cou­pon rate of 7.83 per cent per annum and a tenor of up to approxi­mately 12 years. The proceeds from the NCDs will be utilised to part-refinance the existing rupee term loan, bearing a higher interest cost.
  • In March 2022, AGEL extended its construction financing framework to $1.64 billion by raising a $288 million facility for its under-construction renewable as­set portfolio through definitive agreeme­nts signed with a group of international lenders. The funds will be used to fin­an­ce the 450 MW hybrid portfolio of solar and wind renewable projects being set up in Rajasthan by AGEL.
  • In May 2022, Adani Hybrid Energy Jai­sal­mer One Limited, a subsidiary of AGEL, commissioned a 390 MW wind-solar hybrid power plant in Jaisalmer, Ra­jasthan. In the same month, Abu Dh­­a­bi-based International Holding Co­m­pany (IHC) invested $2 billion in AGEL, Adani Transmission Limited and Ad­ani Enterprises Limited through the preferential allotment route. IHC’s partnership with Adani will generate 9 per cent of India’s non-fossil energy ca­pacity by 2030.
  • In June 2022, the chief minister of An­dhra Pradesh approved pumped storage projects proposed by AGEL with a to­tal capacity of 3,700 MW and an in­vestment plan of Rs 157.4 billion by the Adani Group in Andhra Pradesh. At the World Economic Forum 2022, the Adani Group had signed an MoU with the Andhra Pradesh Government for an investment of about Rs 600 billion by AGEL in the state. In Andhra Pradesh, apart from the pumped hydro project, AGEL plans to build a 10,000 MW solar energy project. The company has proposed pumped storage projects in four districts across the state, including two in Parvathipuram, one in YSR Kadapa and one in Satya Sai. In Parvathipuram di­strict, a 1,200 MW plant will be constructed in Kurukutti and a 1,000 MW plant will be constructed in Karrivalasa. Meanwhile, a 500 MW plant in Chitra­vathi and a 1,000 MW plant in Gandikota will be constructed simultaneously.

AMP Energy

  •  Canada-headquartered Amp Energy entered the Indian market in 2016. It is an integrated renewable energy power producer that delivers clean and green energy to commercial and industrial (C&I) and utility customers.
  •  In December 2021, Amp Energy India commissioned a 13.5 MW solar power project for Orient Cement. The project supplies solar power to Orient Ceme­nt’s manufacturing facility in Maharash­tra from Amp’s open access facility in Osmanabad district in the state. A 25-year power purchase agreement (PPA) was signed for this project.
  • In January 2022, Bosch Limited partnered with Amp Energy India for the su­pply of 30 MW solar energy from its open access facility in Mallat village.
  • In February 2022, Cipla signed an ag­reement to acquire nearly a third of Amp Energy Green Eleven. The move aimed to establish a solar power facility in Ma­harashtra that would be entirely self-contained.
  • In March 2022, Zydus Lifesciences en­tered into a share purchase, subscription and shareholders’ agreement to acquire up to 11.86 per cent stake in Amp Energy Green Nine on a fully diluted basis, for setting up a captive wind-solar hybrid power project in Gujarat.
  • In May 2022, Amp Energy won 120 MW at a tariff of Rs 2.53 per kWh in SECI’s 1,200 MW interstate transmission system (ISTS)-connected wind-solar hy­brid projects (Tranche V). Another milestone was achieved by Amp Energy India in May 2022, as it commissioned a 45 MW open access solar project in Ma­ha­ra­sh­tra, which has long-term PPAs with Cip­la, Eternis Fine Chemi­ca­ls and Jubilant Ingrevia.
  • In August 2022, Amp Energy India si­gned a PPA for a 100 MW/140 MWp flo­ating solar park with Rewa Ultra Mega Solar Limited (RUMSL). The company was awarded the project at a qu­oted tariff of Rs 3.21 per kWh. RUMSL inten­ds to build a 600 MW floating solar park at the Omkareshwar reservoir.
  • In September 2022, Amp Energy India and Ohmium International announced a collaboration for mid-sized C&I projects of 25 MW or smaller capacities. The pr­o­jects, with a total capacity of 400 MW, are planned to be installed over the next three years. In the same month, Amp En­ergy India entered into a PPA with Amazon to sell renewable energy generated by a 100 MW solar power plant in Rajasthan. The plant is expected to be fully operational by the end of 2023. It will be located at Bhadla, Rajasthan, where Amp Energy is also developing 1 GW of utility-scale projects.
  • In the same month, Amp Energy India an­nounced a JV with Websol Energy Systems Limited to manufacture and produce up to 1.2 GW of mono­cry­stalline PERC solar cells and modules. The manufacturing of cells and modules will be conducted in two phases of 600 MW each at Websol’s existing unit in Falta, West Bengal. In the proposed JV company, Websol will own a 51 per cent sta­ke and Amp Energy will hold the re­mai­ning 49 per cent stake. Amp Energy will have an offtake agreement for up to 50 per cent of production.

Amplus Solar 

  • A member of the Petronas (Petroliam Na­sional Berhad) Group, Malaysia, Amplus Solar has a portfolio of more than 1 GWp of operational and under-construction projects spread across 24 states in India. It primarily caters to C&I customers and serves more than 250 clients across diverse verticals.
  • In June 2022, the Honorary Consulate General of Montenegro in India install­ed a 10 kWp elevated tilted solar generating system. It was installed by Home Scape by Amplus Solar.
  • In the same month, Amplus Solar sign­ed a long-term agreement with Micro­soft for a 100 MW solar project that is under development in Rajasthan, India. The strategic alliance is aimed at co-in­novating digital solutions supporting Pet­ro­nas’s decarbonisation goals.

Apraava Energy

  • 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 2022, Apraava Energy completed a solar electrification project, which be­gan in 2020, to meet the energy nee­ds of over 3,687 households ar­ou­nd its Satpura Transco Private Limi­ted transmission project in Madhya Pra­desh. The project was implemented in partne­rship with the SELCO Fou­n­dation in 14 villa­g­es around Seoni Malwa in Hos­hangabad district and Ashta in Sehore district.
  • In July 2022, CLP agreed to sell an additional 10 per cent share in India-based Apraava Energy to CDPQ for Rs 6.6 billion. After acquiring a 40 per cent stake in Apraava Energy in 2018, CDPQ now has a 50 per cent stake in the IPP. Accor­ding to the pension fund, the deal will make its governance rights in Apraava Energy equal to those of CLP.

Avaada Energy

  •  Avaada Energy is an integrated energy platform with business interests ranging from manufacturing solar cells, modules and electrolysers to renewable po­wer generation, green hydrogen and gr­een ammonia production. The firm pla­ns to reach a portfolio of 11 GW by 2025 and 30 GW by 2030. The Avaada Gr­oup’s solar manufacturing business comprises a facility with an annual production capacity of 5 GW for cells and modules. The capacities are expected to get operational by early next year. By 2030, the group plans to scale up to 10 GW along with backward integration into polysilicon, ingots and wafers.
  • In February 2022, the Bihar government awarded Avaada Energy a 2 MW floating solar power project to be developed over a 6 acre waterbody in Darbhan­ga district.
  • In March 2022, Avaada Energy anno­un­ced that it will raise Rs 14.4 billion in green bonds in the Indian capital market at a rate of 6.75 per cent. In the same mo­nth, Bharti Airtel acquired a 9 per cent stake in Avaada Clean TN Pro­ject, a special purpose vehicle (SPV) founded with the aim of owning and operating ca­p­tive power plants, for about Rs 78.8 million in an all-cash deal.
  • In August 2022, MSEDCL conducted an auction to purchase power from 500 MW of grid-connected solar projects (Ph­a­se VII). Avaada Energy had secur­ed a capacity of 25 MW at a tariff of Rs 2.91 per kWh. In the same month, the Avaada Group signed an MoU with the Rajasthan government’s Department of Industries and Commerce to set up a green ammonia facility and a renewable energy plant at Kota, Rajasthan. The group proposes an investment worth Rs 400 billion and also seeks to provide job opportunities.
  • In September 2022, the Avaada Group was declared one of the winners in an auction conducted by MSEDCL to procure power from 500 MW of grid-connected inter- or intra-state solar projects (Phase VIII) on a long-term basis. Avaa­da Energy emerged as the winner, se­curing a capacity of 300 MW at a tariff of Rs 2.83 per kWh.
  • In October 2022, the Avaada Group si­gn­ed a long-term contract with Israel-ba­sed Airtouch Solar for the maintenance of its solar modules using robotic cleaning solutions. The agreement has been executed for a period of 25 years.

Ayana Renewable Power

  • Ayana is a majority-owned company of the National Investment and Infrastruc­ture Fund. The British International In­vestment (formerly CDC Group) and Eversource Capital-managed Green Growth Equity Fund are the other shareholders in the company, which is developing utility-scale wind, solar and hybrid energy projects in South Asia. By 2025, its goal is to develop a 10 GWAC portfolio.
  • In December 2021, Ayana and ACME So­lar announced the closure of their deal to divest 100 per cent equity stake in 250 MWac solar PV power plants developed and operated by ACME to Ayana.
  • In February 2022, Ayana Renewable Po­wer and the Greenko Group entered in­to an arrangement to provide standalone storage capacity in India. Under this par­tnership, the companies would collaborate to create robust and despatchable renewable energy solutions for industrial and distribution companies in India, including RTC power supply of up to 1 GW. In the same mo­n­th, the winners of SECI’s auction for 1,200 MW ISTS-connected solar power proje­cts (Tranche X) in Karnataka were ann­ounced. Ayana was awarded a capacity of 300 MW at a tariff of Rs 2.36 per kWh. In the subsequent auction for the re­m­aining capacity of the tender, Ayana was awarded 300 MW at Rs 2.35 per kWh.
  • In March 2022, Ayana Renewable Power and Maxeon Solar Technologies completed and put into commercial service the 192 MW Bikaner 1 Solar Farm in Ra­ja­sthan. It is a utility-scale solar power plant built in the second half of 2021 and commissioned in December 2021.
  • In May 2022, Ayana and Norway-based Greenstat ASA’s subsidiary Greenstat Hydrogen India entered into a joint development agreement for the development of green hydrogen projects in India. Under this partnership, the companies will develop large-scale green hydrogen solutions, to provide long-te­rm supply of green hydrogen to industrial and commercial customers in India. An initial pilot project will be launched in Karnataka.
  • In June 2022, Ayana signed an expression of interest with the Government of Karnataka to develop wind and solar power projects totalling 2 GW with an investment of around Rs 120 billion.

Azure Power

  •  Azure Power has a renewable energy asset base of over 2.9 GW of operatio­nal capacity and approximately 4.5 GW of capacity under construction and in the pipeline.
  • In December 2021, Azure Power signed PPAs with SECI for 2,333 MW of ISTS-connected solar power projects as part of the 4 GW manufacturing-linked projects. These projects will be built in Ra­jasthan and will produce power for 25 years at a fixed tariff of Rs 2.42 per kWh. These projects have already received co­nnectivity approval, and land has been identified and is being acquired for development. These projects will be commissioned in three phases: 1,000 MW in November 2024, 1,000 MW in November 2025 and the remaining 333 MW in November 2026.
  • In January 2022, Azure Power announ­ced the successful commissioning of its 600 MW solar project connected to the ISTS. The project is located in Bikaner, Rajasthan, and the power generated will be sold to SECI at a tariff of Rs 2.53 per kWh for a period of 25 years.
  • In February 2022, Azure Power annou­nced the successful refinancing of its existing project finance facility of Rs 23.5 billion, which was used to build the company’s largest project of 600 MW. This solar project is connected to the ISTS network and has been implemented by Azure Power Forty-Three Private Limited, an SPV. In the same month, Ecoppia anno­unced the signing of a 400 MW hybrid project with Azure Power.
  • In March 2022, Azure Power announced the completion of a 300 MW solar power plant. The project is connected to the ISTS, and was allotted by SECI. The plant is located in Bhadla, Rajas­than, and the power generated is supplied to SECI at a rate of Rs 2.58 per kWh for a period of 25 years.
  • In April 2022, Azure Power signed an expression of interest with the Karna­taka government to develop solar, wind and hybrid renewable energy projects with a combined capacity of 1,700 MW. To this end, a total investment of Rs 133 billion was committed.
  • In July 2022, Azure Power’s 90 MW solar power facility was inaugurated by the chief minister of Assam. In the same month, Azure Power implemented a mo­dule supply agreement with the Premier Energies Group for the supply of solar cells and modules of up to 600 MW per year for the next four years. Azure has also agreed to invest Rs 1,000 million in the Premier Group.
  • In August 2022, Siemens Gamesa Re­ne­wable Power won a contract from Az­ure Power to supply onshore wind turbines for a 346 MW wind power project. In accordance with the agreement, Siemens Gamesa will provide 96 of its onshore SG 3.6-145 wind turbines to Azure Power for use in Karnataka.
  • In September 2022, Azure Power and Fi­rst Solar signed an agreement to provide 600 MW DC of the latter’s thin-film solar PV modules.


  • Set up in 1964, Bharat Heavy Electricals Limited (BHEL) has over three decades of experience in solar PV manufacturing with a cell and module manufacturing capacity of 105 MW and 226 MW res­pectively. It is also involved in the EPC of solar projects and has a portfolio of more than 1.2 GW of solar projects.
  • In December 2021, BHEL invited bids from original equipment manufacturers to enter into an MoU to supply 42,000 metric tonnes of module mounting structures.
  • In April 2022, BHEL issued a tender for the supply of 9.3 MW monocrystalline solar PV modules. In the same month, BHEL issued a request for proposal for the design, supply, installation and co­mmissioning of a module cleaning system for a 50 MW solar power project of Maharashtra State Power Generation Co­mpany Limited at Koudgaon. Also, SJVN signed an MoU for the development of renewable energy projects with BHEL and Railway Energy Management Company Limited.
  • In June 2022, BHEL issued two tenders for the supply of monocrystalline PERC solar modules for solar projects totalling 4.16 MW at two thermal power plants (TPPs) in Uttar Pradesh.
  • In July 2022, BHEL successfully commissioned a 100 MW floating solar PV plant at NTPC Ramagundam in Telan­gana. In the same month, BHEL issued a tender for supplying 10.27 million mo­nocrystalline PERC solar cells.
  • In August 2022, BHEL invited bids for a 10-year contract for operations and ma­intenance (O&M) of a 100 MW grid-co­nnected solar power project at the Raghanesda Solar Park (Phase I) in Gujarat. The contract is valued at app­ro­ximately Rs 111.33 million.
  • In October 2022, BHEL issued two tenders for the installation and commissioning of rooftop solar projects tot­a­lling 4 MW at two TPPs in Uttar Prade­sh. The first tender was for setting up 1.5 MW of rooftop solar power projects at the Jawaharpur superpower thermal plant in Etah district of Uttar Prade­sh. BHEL also called for proposals to install and commission 2.5 MW of rooftop so­lar projects at the Obra TPP in Sone­bhadra district, Uttar Pradesh.
  • In November 2022, BHEL issued a re­q­u­est for proposal for the supply of 1.25 million 157 mm diamond wire-sawn mu­lticrystalline silicon wafers. In the same month, Haryana-based Saatvik So­lar se­cured an order to supply 4 MW of solar modules to BHEL for PV projects in Uttar Pradesh. BHEL will be using the­se modules for PV projects at two TPPs in Uttar Pradesh.


  • 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.
  • In January 2022, CEL floated a tender for the design, supply, erection, testing and commissioning of decentralised solar systems ranging from 2 MW to 10 MW, with a cumulative capacity of 25 MW across various substations in Ma­ha­rashtra.
  • In June 2022, CEL floated a tender to su­pply 1.5 million multicrystalline solar cells.
  • In August 2022, CEL floated bids for the supply of 1.5 million multicrystalline so­l­ar cells with an output of 4.68 W or higher. In the same month, CEL reques­ted bids for the supply of 3 million multi-crystalline solar cells, of which 1.5 million cells should be rated with a minimum peak output of 4.68 W, and an­other 1.5 million rated with 4.63 Wp.


  • Founded in 2012, CleanMax operates in the commercial and industrial (C&I) sol­ar segment and has successfully install­ed over 550 projects for more th­an 350 corporates. It has a total operating ca­pacity of over 1,000 MWp.
  • In December 2021, CleanMax received $34 million in funding from the Danish In­vestment Fund for Developing Coun­tries. The company is expected to utilise the funding to enhance its C&I renewable energy portfolio in India, the Middle East and Southeast Asia. In the same mo­nth, ITC Limited commissioned its fi­r­st offsite solar project in Dindigul, Tamil Nadu. The 14.9 MW solar project has been built at an investment of Rs 760 million by CleanMax.
  • In September 2022, agricultural solutio­ns company UPL and CleanMax Enviro En­ergy Solutions entered into a JV to est­ablish a hybrid solar-wind energy power plant in Gujarat. The project will have a capacity of 61.05 MW – 28.05 MW of solar power and 33 MW of wind power.

Cleantech Solar

  • Headquartered in Singapore, Cleantech Solar has over 750 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 December 2021, Cleantech Solar an­nounced the acquisition of a 51 per cent equity interest in Cleantech Re­ne­wable Assets from the Cleantech Energy Cor­poration by a consortium comprising Ke­p­pel Corporation Limited, Keppel Asia Infrastructure Fund LP and its co-in­vestor through Cloud Alpha. The remaining 49 per cent is held by its existing shareholder, Shell Eastern Petroleum.
  • In April 2022, Cleantech Solar commissioned a 625 kWp rooftop solar PV system at the manufacturing facility of Yachiyo India Manufac­tu­ring Private Limited in Bhiwadi, Rajas­than.
  • In June 2022, Cleantech Solar commissioned a 2.6 MW rooftop solar PV system at the newly built manufacturing fa­cility of Chloride Metals Limited in Hal­dia, West Bengal. In the same month, Cleantech Solar commissioned two pro­jects with system sizes of 8.5 MW and 5.3 MW at its solar parks in Maha­rashtra and Tamil Nadu respectively, for the UNO MINDA Group.
  • In August 2022, Saint-Gobain India par­tnered with Cleantech Solar to build an 18.7 MW solar plant for its self-consumption.


  • ENGIE is a global energy player that operates in around 70 countries across five continents. The company’s portfolio in India is about 1.3 GWp, out of which about 1 GWp is solar power and about 300 MW is wind power.
  • In September 2022, ENGIE won 200 MW at Rs 2.50 per kWh in Gujarat Urja Vikas Nigam Limited’s auction to procure energy from 750 MW of grid-connected solar projects, with a greenshoe option of an additional capacity of up to 750 MW (Phase XVI).

First Solar

  • Founded in 1999, First Solar is a leading American solar technology company that manufactures solar modules and constructs solar projects. It also provides O&M services for solar projects.
  • In September 2022, First Solar reached an agreement with Azure Power Global Limited to provide the latter 600 MW DC of its high performance, cutting-edge thin-film solar modules from its new ma­nufacturing facility in Tamil Nadu. Ac­c­ording to the agreement, Azure will re­cei­ve Series 7 PV solar modules from First Solar between the fourth quarter of 2023 and 2025.

Fortum India

  • Fortum India is a unit of Finland-based Fortum Oyj. In India, it focuses on the solar and electric vehicle (EV) charging sectors. 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 February 2022, Fortum won the right, from SECI to build two solar power parks with a total capacity of 600 MW in Kar­nataka. Fortum participated in two solar auctions held under SECI’s ISTS-X Scheme for the total tendered capacity of 1,200 MW.
  • In March 2022, Fortum won the right, from GUVNL, to build a solar project with a total cap­a­city of 200 MW in Guja­rat at a tariff of Rs 2.29 per kWh. The project is expected to be commissioned by 2024.

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 manages a portfolio of over 950 MWp of as­sets for over 200 corporate and government clients in India.
  • In January 2022, ReNew Power sold 138 MWp of its distributed rooftop solar portfolio to Fourth Partner Energy for Rs 6.72 billion.
  • In March 2022, British International In­vestment, formerly the CDC Group, the UK’s development finance institution, committed $89 million to scale clean energy capacity in India, comprising a $47 million follow-on commitment to Fourth Partner Energy.

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 across the renewable energy industry. It offers onshore and offshore wind, blades, hydro, storage, utility-scale solar, grid and hybrid renewable solutions, as well as digital services. The company has installed over 400 GW of clean renewable energy and equipped more than 90 per cent of utilities worldwide with its grid solutions.
  • In January 2022, GE Renewable Energy received an order from Continuum Trin­e­thra Renewables Pvt Ltd, a subsidiary of Continuum Green Energy, to supply, ins­tall and commission 37 units of its 2.7-132 onshore wind turbines for the 99.9 MW Rajkot wind farm in Gujarat.
  • In February 2022, GE Renewable Ener­gy announced the opening of a new renewable hybrids factory in Vallam, near Chennai.
  • In June 2022, GE Renewable Energy and Continuum Green Energy (India) Pvt Ltd announced the financial closure of GE Energy Financial Services’ acquisition of a 49 per cent stake in Conti­nuum’s 148.5 MW Morjar onshore wind project in Gujarat.
  • In July 2022, GE Renewable Energy’s hy­dropower business, part of GE Pow­er India Limited, commissioned the 180 MW Bajoli Holi project in Chamba, Himachal Pradesh.
  • In September 2022, GE Renewable En­ergy announced the receipt of orders from Continuum Green Energy Limited for supplying, installing and commissi­o­ning 81 units of its 2.7-132 onshore wind turbines for 218.7 MW of wind po­wer capacity. The wind turbines will be installed across Tamil Nadu and Mad­hya Pradesh.

Gensol Engineering Limited

  • Incorporated in 2012, Gensol Engine­e­ring Limited is a part of the Gensol group of companies, which offers EPC, and solar advisory services. Gensol has erected solar power plants of over 33,693 MW on the ground and on rooftops so far.
  • In September 2022, the Gensol completed a 6.7 MWp ground-mounted so­lar project for self-consumption by Sh­ree Ce­ment Limited. The plant will be responsible for providing power to Sh­ree Cement’s cement manufacturing facility situated at Panipat, Haryana.

Greenko Group

  • Founded in 2004, the Greenko Group is one of the largest renewable energy co­mpanies in India, with a diverse portfolio of clean energy assets spread acro­ss 15 states in India.
  • In February 2022, the Greenko Group and Ayana Renewable Power entered in­to an arrangement to provide 6,000 MWh of standalone storage capacity in India.
  • In March 2022, ArcelorMittal and the Greenko Group entered into a strategic partnership to construct an RTC 975 MW nominal solar and wind project.
  • In April 2022, Greenko Wind raised $750 million for an energy storage plant in Andhra Pradesh through a global bo­nd offering. In the same month, Gr­ee­n­ko ZeroC, a subsidiary of the Greenko Group, and John Cockerill agreed to a 50:50 JV to set up a green hydrogen electrolyser factory in the Indian subcontinent.
  • In May 2022, Greenko announced the setting up of the world’s largest renewable energy storage plant in Kurnool, Andhra Pradesh. The 5,230 MW project is being set up at a cost of $3 billion.
  • In July 2022, Greenko and ONGC sign­ed MoU to explore green hydrogen, gre­en ammonia and other green hydrogen derivatives.
  • In August 2022, the Greenko Group and Hin­dalco Industries agreed to establish a green energy project in Odisha with a capacity of 375 MW to 400 MW. In the same month, Greenko secured a Rs 55 billion loan from the Power Finance Cor­po­ration to construct a river energy storage project in Andhra Pradesh.
  • In September 2022, Korean steelmaker Posco Holdings signed an MoU with Greenko ZeroC for supply of green hy­drogen/ammonia to the former, and joint production and export of green hydrogen/ammonia in export-oriented SEZs.
  • In October 2022, Jindal Steel and Power (JSP) collaborated with the Greenko Group to supply 1,000 MW of green po­w­er for JSP’s steelmaking operations at Angul, Odisha.
  • In the same month, Keppel Infrastruc­ture Holdings Pte Limited and the Green­ko Group, through their subsidi­aries, sign­ed an MoU to jointly explore green am­m­onia and renewable energy opportunities.
  • In November 2022, Serentica Renewa­b­les entered into an agreement with Gre­enko Group for 1.5 GWh of energy storage capacity as part of its plans to provide RTC supply of renewable energy to its various industrial clients.

Hero Future Energies

  • Established in 2012, Hero Future Energies (HFE), an IPP, currently has a portfolio of 1.6 GW of installed capacity. The co­m­pany has expanded across Eu­rope and Asia, and aims to grow its portfolio by 5 GW by 2025.
  • In January 2022, HFE and Ohmium In­ternational announced a strategic collaboration to develop and build 1,000 MW of green hydrogen production facilities in India, the UK and Europe.
  • In July 2022, HFE was selected as a successful bidder in the Kerala State Electricity Board’s tender for construction of a 10 MW/20 MWh grid-connected energy storage plant in the state.
  • In September 2022, KKR and the Hero Group signed definitive agreements to invest $450 million in HFE.

Hinduja Renewables Energy Private Limited

  • 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 spaces.
  • In June 2022, Hinduja Renewables se­cu­red 120 MW at a tariff of Rs 2.30 per kWh in GUVN’s auction to develop 500 MW of solar projects under Phase XIV, with a greenshoe option of up to 500 MW of additional ca­pacity (Tranche XIV).
  • In November 2022, Hinduja Renewab­les won 80 MW by quoting a tariff of Rs 3.70 in RUMSL’s auction for a 300 MW floating solar park at the Omkareshwar reservoir in Madhya Pradesh.

Inox Wind

  • Inox Wind is the wind original equipment manufacturer 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 August 2022, Inox Wind’s board app­roved a plan to raise up to Rs 8 billion by issuing 0.01 per cent non-convertible non-cumulative participating redeem­able preference shares in the company, with a face value of Rs 10 each.
  • In the same month, Inox Wind secured an order from NTPC Renewable Energy Limited for setting up a 200 MW wind power project in Gujarat.
  • In September 2022, Inox Wind’s 3.3 MW wind project was commissioned in Ran­parda village, Rajkot district. The developed turbine has a 100 metre tu­bular tower and 146 metre rotor blades.

Jakson Group

  • The Jakson Group is a diversified energy and infrastructure company with expertise in the distributed energy, solar energy, EPC, hydrogen, hybrid and battery energy storage solutions spaces.
  • In July 2022, the company announced the establishment of its new division, Jakson Green. This new segment has been developed to focus on new and emerging areas in the renewable energy sector such as green hydrogen, am­monia, waste-to-energy, electrolysers, fuel cells, utility-scale battery energy st­o­rage systems (BESS), solar, and related O&M services.
  • In October 2022, Jakson Green signed an MoU with South Africa-based Power Africa Solutions Limited to form a JV named Jakson Green Africa.
  • In the same month, Jakson Green sign­ed an MoU with the Ra­ja­sthan Govern­m­ent to invest approximately Rs 224 billion in the state. The MoU intends to es­ta­blish a 365,000 tonnes per annum green hydrogen and green ammonia project.


  • JinkoSolar is a leading solar PV manufacturing company with a presence in several countries including China, the US, Japan, Germany, the UK, Chile, So­u­th Africa, India, Mexico, Brazil, the UAE, Italy, Spain, France and Belgium.
  •  JinkoSolar has launched its new produ­ct line, the Tiger Neo module series, wh­ich features N-type TOP­Con technology.

JSW Energy

  • JSW Energy Limited is a division of the JSW Group. The Maharashtra-based company operates in several power se­ctors, including generation, transmission and trading, as well as renewable energy.
  • In March 2022, JSW Energy signed a PPA with the Harya­na Power Purchase Centre for its 240 MW Kutehr hydro project in Himachal Pradesh.
  • In April 2022, the JSW Group announ­ced plans to develop a 900 MW pump­ed storage hydel power project in West Bengal.
  • In August 2022, JSW Renew Energy Five Limited, a JSW Energy SPV, won an energy storage auction conducted by SECI to set up pilot projects of 500 MW/1,000 MWh sta­ndalone BESS on the build- own- operate-transfer model.
  • In September 2022, the Competition Co­­­mmission of India approved JSW Neo Energy Limited’s acquisition of 18 subsidiaries of Mytrah Energy. JSW in­tends to acquire a majority stake in the subsidiaries through individual sha­re purchase agreements, and the company will be able to acquire a 1,753 MW operational renewable portfolio as a result of the merger.
  • In October 2022, JSW Energy signed an MoU with the Maharashtra government to build a 960 MW pumped storage project.

Larsen & Toubro

  • 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.
  • Further, the company offers 24×7 site surveillance support for very large solar farms using a remote monitoring system with real-time plant technician support, and a well-networked communication channel between the transmission/grid operator and plant owners.
  • In January 2022, L&T signed an MoU with HydrogenPro AS, a Norway-based electrolyser technology and manufacturing company, for a partnership to tap the emerging green hydrogen market.
  • In April 2022, L&T signed an agreement with the Indian Institute of Tech­nology Bo­m­bay to collaborate on gre­en hy­drog­en value chain research and development.
  • In November 2022, L&T secured an order from the Greenko Group for de­ve­lopment of an off-stream pumped storage project in Madhya Pradesh.

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 has 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 April 2022, LONGi unveiled its Hi-MO 5m solar module, which is a 54 half-cut cell module based on M10 wafers with a size of 182 mm. This module is suitable for commercial and industrial roof­top systems.

Mahindra Group

  • In the clean energy industry, the Mahi­ndra Group has three segments, namely, Mahindra Susten, Mahindra Solarize and Mahindra Teqo. The group offers a solar PV IPP portfolio of over 1.5 GW, and solar PV EPC for both ground-mo­unted and rooftop projects. It also offers asset management services for solar PV, comprising O&M, technical advisory, specialised testing and software suite.
  • In July 2022, Mahindra CIE Automotive de­cided to buy a 26 per cent share in Strongsun Solar to obtain power from two captive solar power plants.
  • In September 2022, the Mahindra Gro­up and the Ontario Teachers’ Pension Plan announced a strategic collaborati­on to capitalise on India’s growing rene­wables opportunities and contribute to the country’s carbon reduction goals.
  • In November 2022, Emergent Solren, a wh­olly owned subsidiary of Mahindra Holdings, was established by Mahindra & Mahindra Limited.

NHPC Limited

  • 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 and include solar power projects. Acc­ording to the company, it will act as an intermediary procurer from solar power developers.
  • In January 2022, NHPC Limited signed an agreement with Green Energy Deve­lopment Corporation of Odisha Limited to form a JV for setting up 500 MW of floating solar power projects in Odisha.
  • In June 2022, NHPC signed a contract agreement for engineering, procurement and construction with Adani Infra (India) Limited to develop a 600 MW solar project (Phase II) under the Central Public Sector Undertaking programme.
  • In July 2022, NHPC and the Damodar Vall­ey Corporation agreed to create a JV company to explore and develop hydro­power and pumped storage projects. In the same month, NHPC signed two MoUs for the implementation of pilot gr­een hydrogen technologies in the districts of Leh and Kargil in Ladakh.
  • In August 2022, NHPC Limited signed an MoU with PTC India Limited for the sale of power produced by Nepal’s upcoming West Seti and Seti River-6 projects. In the same month, NHPC Renewable En­ergy Limited, a wholly owned subsidiary of NHPC, signed an MoU with the Raja­sthan government to establish a 10,000 MW ultra-mega renewable energy power park. The month also witnessed a collaboration between NHPC and Bharat Electronics Limited for the setting up of a GW-scale vertically integrated solar manufacturing unit.

NLC India

  • Neyveli Lignite Corporation Limited (NLC India), established in 1956, is a Navratna company under the Ministry of Coal. The company has solar and wind power generation plants in its renewable power portfolio.
  • In May 2022, NLC India issued a tender for a 100 MW ISTS-connected solar po­w­er project, including O&M, for a period of three years.
  • In July 2022, NLC India was seeking bids to establish 500 MW of ISTS-connected solar power projects across the country.
  • In August 2022, NLC India signed an MoU with Assam Power Distribution Co­mpany Limited with the aim of expan­ding its operations in northeast India.

NTPC Limited

  • NTPC Limited is an Indian central public sector undertaking owned by the Ministry of Power and is associated with electricity generation and allied sectors. It is one of India’s largest power utilities.
  • In November 2021, NTPC Renewable En­ergy Limited signed a PPA as well as other proje­ct agreements with Indian Railways, Madhya Pradesh Power Ma­nagement Co­mpany Limited, and RUMSL for 325 MW solar projects at the Shajapur Solar Park in Ma­dhya Pradesh.
  • In December 2021, NTPC Limited awar­ded the project “Standalone Fuel-Cell based Micro-grid with hydrogen production using electrolyser” at NTPC Sim­hadri, Andhra Pradesh, to Bloom Energy.
  • In January 2022, NTPC Limited issued a request for proposal for the development of 900 MW of solar parks in the Republic of Cuba. In the same month, NTPC invited bids from developers to build ISTS-connected energy storage systems with a capacity of 3,000 MWh and a minimum capacity of 500 MW anywhere in India.
  • In April 2022, NTPC signed a formal ag­reement with Gujarat Gas Limited (GGL) for blending green hydrogen in the piped natural gas network of GGL at NTPC Kawas. In the same month, NTPC collaborated with the Delhi Jal Board to convert waste into energy.
  • In July 2022, NTPC declared the start of commercial operation of the last part capacity of 20 MW of the 100 MW Ra­ma­gundam floating solar PV project. In the same month, NTPC REL and Na­tional Fertilizers Limited signed an MoU to collaborate on renewable energy and green ammonia.
  • In October 2022, NTPC and Siemens Limited signed an MoU to test the feasibility for hydrogen co-firing blended with natural gas in Siemens V94.2 gas turb­ines installed at NTPC’s Faridabad gas power plant. In the same month, NTPC and Mitsubishi signed an MoU for demonstrating the feasibility for hydrogen co-firing blended with natural gas in Uttar Pradesh.

O2 Power

  • EQT Infrastructure IV and Temasek jointly established O2 Power in January 2020 to develop utility-scale solar, wind and hybrid projects.
  • In April 2022, O2 Power signed an MoU with Powin, a US-based battery energy storage company, to supply battery storage solutions for the Indian renewable energy sector.
  • In June 2022, O2 Power India, supported by Temasek and European alternative asset manager EQT, completed its first solar project in India – a 250 MW solar plant near Jaisalmer, Rajasthan.
  • In August 2022, O2 Power announced the acquisition of a solar project portfolio from Emmvee Photovoltaic Power, situated in Bengaluru. The total installed capa­city of projects to be acquired is 55 MW.

Punjab Renewable Energy Systems Private Limited 

  • Incorporated in 2011, Punjab Renewa­ble Energy Systems Private Limited (PRESPL) is active in biomass supply chain management in India. The company has provided approachable bio-energy and biomass solutions to farmers and the industry through its business models.
  • Since 2018, the company has been wo­rking with oil marketing companies (OMCs) for various differently modelled bio­fuel projects, including biomass assessment studies.
  • In March 2022, JSW Cement signed an agreement with PRESPL to use agricultural waste as biomass energy in its cement manufacturing operations. Acc­ording to the MoU, PRESPL will create a sustainable supply chain of agricultural waste to be used as biomass in JSW Cement’s clinkerisation and grinding processes.

Rays Power 

  • Rays Power Infra, established in 2011, is a solar developer and EPC mana­geme­nt company with 1 GW+ of ins­talled capacity.
  • In December 2021, Rays Power Infra si­gned an MoU with the Rajasthan government for constructing an avant-garde PV power station and generating 500 MW of green electricity.
  • In August 2022, Rays Power Infra ann­ounced the opening of a 150 MW grid-connected solar project in Raichur and Koppal, Karnataka. The project is ex­pec­ted to produce about 240,000 MW of green energy annually.

Reliance Industries

  • Reliance Industries Limited (RIL) is venturing into renewable energy in a big way. It is targeting solar manufacturing of 100 GW and green hydrogen costs of $1 per kg by 2030. The company, throu­gh its subsidiary Reliance New Energy Limited (RNEL), has made many investments and acquisitions in the clean en­ergy sector.
  • In December 2021, RIL secured a $736 million green loan to fund its foreign ac­quisition, REC Solar Holdings in Nor­way, adding to a growing list of Indian cor­porations that are turning to sustainable finance to fund ecologically beneficial initiatives.
  • In January 2022, RIL signed an MoU with the Gujarat Government for a to­tal investment of Rs 5,955 billion as part of the investment promotion activity for the Vibrant Gujarat Summit 2022. RIL proposes to set up a 100 GW renewable en­ergy project and create a green hy­drogen ecosystem in Gujarat over the next 10 to 15 years.
  • In March 2022, RNEL signed definitive agreements to acquire all the assets of Li­thi­um Werks BV for a total transaction val­ue of $61 million including funding for future growth.
  • In September 2022, RIL signed definitive agreements to obtain a significant stake in SenseHawk for a total transaction value of $32 million. Also, in the same month, RNEL signed agreements to invest in the Caelux Corporation, a Ca­lifornia-based company, for the de­velopment of perovskite-based solar technology.

ReNew Power 

  • Established in 2011, owns and operates utility-scale solar and wind projects as well as distributed solar projects across the country. As of November 2022, ReNew has a total portfolio of 13.4 GW of renewable energy projects across India, including both commissioned and committed projects.
  • In December 2021, L&T and ReNew Power formed a partnership to capitali­se on India’s growing green hydrogen market.
  • In January 2022, Fluence and ReNew Power announced a partnership to form a new company to meet the needs of local customers across India and to ad­dress the country’s rapidly growing en­ergy storage market. In the same mon­th, ReNew Power sold 138 MWp of its distributed rooftop solar portfolio to Fo­urth Partner Energy, a rooftop solar en­er­gy company, for Rs 6.72 billion. Fur­ther­more, ReNew Ener­gy Global Plc announced that India Cl­ean Energy Hol­dings, a Mauritian entity, and its wholly owned subsidiary ReNew Energy Glo­bal Plc had raised $400 million at 4.5 per cent by issuing senior secured dollar notes.
  • In February 2022, ReNew Power anno­un­ced that it had set up Gujarat’s first wind-solar hybrid project at the chlor-alkali unit of Grasim Industries Limited in Vilayat, Bharuch, in southern Gujarat.
  • In May 2022, the Maharashtra energy department and ReNew Power signed a Rs 500 billion agreement for setting up renewable energy projects in the state over the next six to seven years.
  • In June 2022, ReNew Power inked de­f­initive agreements to acquire over 500 MW of operating wind and solar assets. In the same month, ReNew Power an­n­o­unced that it will increase its module ma­nufacturing capacity from 4 GW to 6 GW.
  • In August 2022, DCM Shriram agreed to so­urce 50 MW of renewable energy fr­om ReNew Power for its manufacturing facility in Bharuch, Gujarat. In the same month, ReNew Power entered into an external commercial borrowing project finance loan agreement with 12 international lenders led by Rabobank.
  • In November 2022, ReNew Power an-nounced the signing of a framework ag­reement with Egypt for building a green hydrogen plant in the Suez Canal Eco­nomic Zone at an $8 billion investment.


  • Sembcorp Industries Limited is a leading IPP of the Singapore-based Semb­corp Group. As of November 2022, the company had a balanced energy portfolio of 16.7 GW, with 7.1 GW of renewable energy capacity comprising solar, wind and energy storage globally.
  • In April 2022, Sembcorp Green Infra Wi­nd Energy Limited (GIWEL) won Rail­w­ay Energy Management Company Limi­ted’s auction for 50 MW of wind power. It was awarded the entire 50 MW capacity with a tariff of Rs 3.11 per kWh.
  • In May 2022, Saint-Gobain India and GIWEL partnered to sign a long-term wi­n­d-solar hybrid energy supply agreement.
  • In September 2022, Sembcorp Indus­tries announced that its wholly owned subsidiary, Sembcorp Utilities, had entered into a share purchase agreement to sell 100 per cent of the shares of Sembcorp Energy India Limited to Tanweer Infra­str­ucture Pte. Ltd. In the same month, the Suzlon Group bagg­ed a new order for the development of a 180.6 MW wind power project for GIWEL.
  • In November 2022, Sembcorp Indus­tries Limited announced that its wholly owned subsidiary, Sembcorp Green Infra Limited, had signed an agreement with India Infrastructure Fund II, a fund managed by Global Infrastructure Part­ners India Private Limited. This agreement intends to acquire 100 per cent interest in Vector Green Energy Private Limited for a base equity consideration of approximately Rs 27.8 billion.

Siemens Gamesa

  • Siemens Gamesa has been operating in India since 2009, and the base capa­city installed by the company recently surpassed the 8 GW mark. 
  • The company has blade factories in Nell­ore (Andhra Pradesh), a nacelle factory in Mamandur (Chennai, Tamil Na­du), and an O&M ce­ntre in Red Hills (Che­nnai, Tamil Nadu). 
  • In December 2021, Ayana Renewable Power Six awarded a contract to Siem­ens Gamesa to deliver turbines for a 302 MW wind farm project in Karnataka. 
  • In June 2022, Siemens Gamesa recei­ved an order from Vena Energy to deliver wind turbines for a 133 MW wind project in Karnataka.
  • In August 2022, Siemens Gamesa Rene­wable Power won a contract from Azure Power Global to supply onshore wind tu­r­bines for a 346 MW wind power project. 

SJVN Limited

  • SJVN Limited is an Indian public sector undertaking and was incorporated in 1988 as a JV between the Go­v­er­nment of India and the Himachal Pradesh gover­nment. 
  • At present, the total project portfolio of SJVN is 41,478 MW, of which 2,091.5 MW is under operation, 3,851 MW is un­der construction, and 17,829 MW is at the pre-construction and S&I stage.
  • In February 2022, SJVN Limited submitted a letter of intent to construct 10,000 MW of solar power projects in Rajas­than over the next five years. In the sa­me month, the responsibility for the de­ve­lopment of a 400 MW solar park in Upper Kinnaur, Himachal Pradesh, was also awarded to SJVN Limited.
  • In April 2022, SJVN Limited signed an MoU for the development of renewable energy projects with two other state-ow­n­ed companies: BHEL and Railway Energy Mana­ge­ment Company Limited. 
  • In May 2022, Tata Power Solar received a solar EPC order of 1 GW from SJVN Li­mited for around Rs 55 billion. In the sa­me month, SJVN was awarded 100 MW capacity at Rs 3.26 per kWh in RUMSL’s 600 MW floating solar auction in Madhya Pradesh. 
  • In June 2022, SJVN was allocated 80 MW out of a total capacity of 200 MW in GUVNL’s auction to develop 500 MW of solar projects under Phase XIV with a greenshoe option of up to 500 MW of additional capacity.
  • In July 2022, SJVN Limited secured an EPC contract to commission two solar projects in Uttar Pradesh.
  • In September 2022, SJVN Limited exp­ress­ed interest in developing 5,000 MW of renewable energy projects in Punjab. 
  • In October 2022, SJVN Green Energy sig­ned an MoU with Assam Power Dis­tribution Company Limited to develop 1 GW of floating solar projects in Assam. In the same month, SJVN won the Ma­ha­rashtra State Power Generation Com­pany’s auction to build a 105 MW grid-connected floating solar project at the Erai Dam Solar Park in Mahara­shtra’s Chandrapur district. 
  • In November 2022, SJVN Limited was aw­arded a contract to build, own and op­erate an 83 MW floating solar project worth Rs 5.85 billion in Madhya Pra­desh.

Sprng Energy

  • Sprng Energy is a renewable energy company set up by private equity fund manager Actis in 2017. It has a cumulative contracted capacity of 3,000.48 MWp, out of which solar forms 2,502.98 MWp and wind 497.5 MW. Further, 1,633.98 MWp of solar and 497.5 MW of wind stands operational.
  • In February 2022, Ecoppia announced that it has been selected to supply ro­botic cleaning solutions to Sprng Ener­gy’s 150 MW solar project. The said so­lar project is in Ananthapuram, An­dh­ra Pradesh.
  • In April 2022, Shell Overseas Invest­ment B.V. signed an agreement to ac­qui­re a 100 per cent stake in Solenergi Power Private Limited and the Sprng En­ergy group of companies for $1.55 billion from Actis Solenergi Limited.
  • In August 2022, Shell Overseas Invest­ment B.V. notified its 100 per cent acq­ui­sition of Solenergi Power Private Limi­t­ed and the Sprng Energy group of co­m­panies from Actis Solenergi Limited.

Sterling & Wilson Renewable Energy

  • Sterling & Wilson Renewable Energy provides EPC services for utility-scale so­lar, floating solar, and hybrid and en­ergy storage solutions with a total portfolio of 12.6 GWp. It also manages an O&M portfolio of around 7 GWp solar power projects, including for projects constructed by third parties.
  • In October 2022, Sterling & Wilson Renewable Energy Limited won an order from NTPC Renewable Energy for its proposed 1,255 MWAc/1,568 MWdc solar PV project at the Khavda RE Power Park, Rann of Kutch, Gujarat.

SunSource Energy 

  • SunSource Energy is a leading provider of solar-based energy and storage solutions to CI custo­mers. The company has a portfolio of ov­er 400 MW of so­lar power projects, dep­loyed, contracted, and under development, acro­ss 24 states in India and Southeast Asia. It is a subsidiary of SHV Energy.
  • In March 2022, SunSource Energy commissioned the first phase of the 45 MW solar energy project in Uttar Pradesh.
  • In November 2022, Yakult Danone co­m­missioned its first solar power plant at the cutting-edge production site set up jointly with SunSource Ener­gy, in Har­yana.


  • Established in 1995, Suzlon is an Indian wind turbine manufacturer. It has a presence in 18 countries across the globe.
  • In September 2022, the Suzlon Group bagged an order for the development of a 180.6 MW wind power project for Se­m­bcorp’s renewables subsidiary, Green Infra Wind Energy Limited. 
  • In October 2022, Suzlon Energy secu­red an order to develop a 48.3 MW wind power project for AGEL. Further­more, Suzlon Energy Limit­ed opened its rights issue in October 2022 to raise up to Rs 12 billion. In the same month, the Suzlon Group bagged an order for the development of 144.9 MW of wind power projects for the Aditya Birla Group.

Tata Power Renewable Energy 

  • Tata Power Renewable Energy Private Limited (TPREPL) is a wholly owned subsidiary of Tata Power Company Li­mi­ted. It is one of the leading renewable power producers in India. Its total renewable energy capacity is 5,786 MW, including 1,909 MW projects un­der at stages of implementation, and its operational capacity is 3,877 MW, which includes 2,949 MW solar and 928 MW wind. 
  • In December 2021, MSEDCL issued a letter of award to the Tata Po­wer Com­pany’s wholly owned subsi­di­ary TP Saurya for the construction of a 300 MW hybrid power plant. 
  • In February 2022, Tata Power joined for­ces with RWE Renewable GmbH of Germany to explore potential for joint development of offshore wind projects in India.
  • In April 2022, TPREPL commissioned a 300 MW project in Dholera, Gujarat. In the same month, Tata Power entered into a contractual agreement with a co­n­sor­tium led by BlackRock Real Assets, which includes Mubadala Investment Com­pany, to invest in TPREPL, a subsi­diary of Tata Power. 
  • In May 2022, TPREPL commissioned a 120 MW solar pro­ject in Mesanka, Gu­jarat. In the sa­me month, Tata Power Solar received a solar EPC order of 1 GW from SJVN Limited for around Rs 55 billion. 
  • In June 2022, TPSSL commissioned a floating solar power project on a 350 acre waterbody in the backwaters of Kayamkulam, Kerala. 
  • In July 2022, Tata Power signed an MoU with the Tamil Nadu government to in­vest around Rs 30 billion for developing a 4 GW solar cell and solar module manufacturing unit in the state. 
  • In September 2022, TPSSL won a letter of award worth Rs 5.96 billion from NHDC Limited for the establishment of a 125 MWp floating solar project. The company was awarded 300 MW at Rs 2.65 per kWh in the GUVN’s solar auction to procure energy from 750 MW of grid-connected solar projects with a greenshoe option of an additional ca­pacity of up to 750 MW (Phase XVI). 
  • In October 2022, Tata Motors Limited and Tata Power entered into a PPA for a 7 MW captive solar power project at its Pantnagar plant in Uttarakhand. 
  • In November 2022, TPSSL partnered with Union Bank of India to assist the mi­cro, small and medium enterprise se­ctor in its transition to solar solutions.

Torrent Power

  • Gujarat-based Torrent Power, promoted by the Torrent Group, is an integrated power utility operating in areas of power generation, transmission, distribution, and manufacturing and supply of power cables. 
  • Torrent Power has thermal power generation capacity of 3,092 MW and renewable power capacity of 1,018 MW.
  • In February 2022, Torrent Power Limited entered into a share purchase agreement with Blue Diamond Properties and Balrampur Chini Mills to acquire 100 per cent of the equity share capital of Visual Percept Solar Projects, an SPV. The purchase price is estimated to be Rs 1.63 billion. 
  • In July 2022, SEC issued a letter of aw­ard to Torrent Power for the development of a 300 MW wind energy project in Karna­taka at a tariff of Rs 2.94 per kWh. In the same month, Torrent Power announced the acquisition of a 100 per cent stake in Wind Two Renergy Private Limited fr­om Inox Green Energy Services for Rs 325.1 million.
  • In October 2022, Torrent Power announ­ced plans to develop 10 GW of renewable energy projects in Rajasthan. The Torrent Group plans to invest over Rs 600 billion in renewable energy projects, including green hydrogen, in the state. 


  • Vestas is a Danish wind turbine manu­fa­cturer with an installed wind turbine ca­pacity of over 160 GW across 88 countries. 
  • In March 2022, Vestas secured a 51 MW order from O2 Power Private Limit­ed for a renewable energy project located in Karnataka.
  • In November 2022, Vestas announced that it had despatched one of India’s lar­gest 3.6 MW nacelle from its factory in Chennai for Vibrant Energy’s 54 MW wind project in Maharashtra.

Vikram Solar 

  • Vikram Solar is a renewable energy co­m­pany based in Kolkata, with specialisation in solar PV module manufacturing and EPC solutions. It has an EPC capacity of over 1.42 GW (commission­ed and under construction). The company has a production capacity of 2.5 GW. 
  • In March 2022, Vikram Solar filed the draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
  • In August 2022, Vikram Solar received approval from capital markets regulator SEBI to raise funds through an IPO. In the same month, it unveiled a new mo­no PERC bifacial module named Para­dea 660W.