Company Highlights: Key developments in the past 12 months

The year 2024 witnessed several interesting developments in India’s renewable energy sector, leading to continued expansion of developers’ and manufacturers’ portfolios. The growing traction and demand for round-the-clock (RTC) and quality renewables have resulted in new project allocations for developers in the firm and despatchable renewable energy (FDRE) and solar-wind hybrid segments. This trend has helped solar and wind power equipment manufacturers and engineering, procurement and construction (EPC) companies enhance their order books. Simultaneously, there has been continued momentum in the standalone solar and corporate renewable energy markets, along with an increasing focus on the green hydrogen, energy storage, bio-compressed natural gas and offshore wind segments. Although challenges related to underdeveloped grid connection infrastructure, land acquisition, policy flip-flops and delays in approvals have dampened growth to some extent, the positive developments surely outweigh the negatives. Against this backdrop, Renewable Watch presents a snapshot of the key developments in 2024, covering leading renewable energy developers, manufacturers and EPC companies…

ACME Group

The ACME Group was set up in 2003 and has 6.65 GWp of solar power projects across 13 states. The company also focuses on developing hybrid solar-wind projects and enhancing its green hydrogen and ammonia production capabilities.
In January 2024, ACME signed an offtake term sheet with Japan’s IHI Corporation for the long-term delivery of 0.4 million metric tonnes per annum (mmtpa) of green ammonia from its Odisha project in Gopalpur, with Phase I expected to begin in 2027. In March 2024, it signed another agreement with Norwegian crop nutrition company Yara for the long-term supply of 100,000 tonnes per annum of green ammonia from its Oman project, with an expected start date in 2027.
In February 2024, ACME and the Indian Gas Exchange signed an MoU to collaborate on establishing a green hydrogen and ammonia market in India and creating regional hubs for clean molecules.
ACME Solar submitted its draft red herring prospectus to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) in July 2024. The company formally launched its IPO, worth Rs 30 million, with a price band set between Rs 275 and Rs 289 per equity share, including a fresh issue valued at Rs 23.95 million and an offer for sale amounting to Rs 5.05 million in November 2024.
Key tenders secured by the company include a 300 MW wind-solar hybrid project won in SECI’s 600 MW auction (Tranche IX) at a tariff of Rs 3.25 per kWh in October 2024. It also won 680 MW in NHPC’s auction for 1.5 GW of despatchable renewable power with energy storage at a tariff of Rs 4.64 per kWh in February 2024 and a 400 MW at Rs 4.70 er kWh in NTPC’s 1,200 MW FDRE auction in November 2024.

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. Overall, AGEL has a total renewable energy portfolio of 25 GW, with approximately 11.18 GW operational. The company is targeting 50 GW of renewable energy capacity by 2030.
In December 2023, AGEL formed four subsidiary companies in a hierarchical structure: Adani Renewable Energy Sixty, Adani Renewable Energy Sixty Two, Adani Renewable Energy Sixty Three and Adani Renewable Energy Sixty Four. Each entity holds an authorised and paid-up share capital of Rs 100,000. These subsidiaries aim to engage in generation, development, transformation, distribution, transmission, power sale and supply using renewable sources such as wind and solar. In the same month, the company announced a 1,050 MW joint venture (JV) with TotalEnergies, with the latter investing $300 million in AGEL to acquire a 50 per cent stake.
In March 2024, AGEL initiated a total solar energy capacity of 1,000 MW at the Khavda Renewable Energy Park. It also commissioned a 180 MW solar power plant at Devikot, Jaisalmer, and a 300 MW wind power project in Gujarat.
In September 2024, AGEL signed a letter of intent (LoI) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a long-term power purchase agreement (PPA), supplying 5 GW of solar energy from the Khavda solar park to Maharashtra, in addition to 1,496 MW of thermal power from AGEL’s thermal plant. This agreement is part of MSEDCL’s competitive bidding process for 6,600 MW of power. The company also became the first Indian renewable energy company to join the Utilities for Net Zero Alliance, an international platform for enhancing cooperation within the power and utilities sector to achieve global net zero ambitions.
In October 2024, Adani Renewable Energy won 600 MW in NTPC’s 1.2 GW wind-solar hybrid auction at a quoted tariff of Rs 3.29 per kWh.
Significant financing arrangements include $1.36 billion raised (December 2023) for AGEL’s construction financing framework, supported by international banks, including a green loan facility for the Khavda Renewable Energy Park; a preferential issue of warrants to promoters for $1,125 million (December 2023) at a per share price of $17.54; $750 million in financing for Holdco Notes (January 2024) through a preferential allotment from AGEL’s promoters; a $400 million green loan raised in May 2024 for 750 MW of solar projects under construction in Rajasthan and Gujarat; and an equity investment of $444 million from TotalEnergies in the JV with AGEL for a 1,150 MW solar portfolio in Khavda, with a PPA signed with SECI in September 2024.

AMPIN Energy Transition

Founded in 2016, AMPIN Energy Transition has a portfolio of over 4 GWp spread across 21 states in the country, catering to both commercial and industrial (C&I) and utility customers.
In January 2024, AMPIN signed a 25-year PPA with Maharashtra Metro Rail Corporation Limited in 2024 to set up a 6 MW solar project for the Nagpur Metro Rail, its third solar project for metro rails after Kochi and L&T Hyderabad Metro.
In February 2024, the company secured a long-term investment of Euro 25 million from OeEB, the Development Bank of Austria, to enhance its renewable energy portfolio and establish a solar cell and module production facility in Odisha with 1,000 MW of capacity. Further, in May 2024, AMPIN received an investment of up to $35 million from responsAbility, a Switzerland-based impact asset manager, as part of its broader $500 million climate investment strategy.
In June 2024, AMPIN placed a 103.95 MW wind turbine order with Suzlon Energy, for the installation of 33 wind turbines in Rajasthan. The order involves 3.15 MW turbines from Suzlon’s 3 MW product series and includes installation and comprehensive operations and maintenance (O&M) services.
In September 2024, AMPIN partnered with Sumitomo Corporation to form AMPIN C&I Power Private Limited, with AMPIN holding a 51 per cent stake. This JV aims to promote corporate PPAs for renewable energy supply in India with an estimated cost of JPY 100 billion, targeting the development of 1 GW of renewable energy assets.
In October 2024, AMPIN announced the financial closure of its 200 MWp solar-wind hybrid project in Rajasthan, financed by a green loan from Standard Chartered. It also strengthened its partnership with the Varroc Group by signing an additional 27 MWp solar PPA in Maharashtra, increasing Varroc’s total contracted solar capacity with AMPIN to over 60 MWp.
Key tenders secured by the company include wind-solar hybrid projects of 150 MW each in SECI’s 1,200 MW auction (Tranche VIII), SJVN Green Energy’s 1,500 MW auction at tariffs of Rs 3.45 per kWh and Rs 3.41 per kWh respectively (June 2024), and another 150 MW wind-solar hybrid project in NTPC Limited’s 1,000 MW auction (Tranche V), in February 2024, at a tariff of 3.42 per kWh.

Amplus Solar

Amplus Solar is a member of the Gentari Group, Malaysia, established by PETRONAS. Amplus Solar has a portfolio of more than 2.1 GWp of operational and under-construction projects spread across 24 states in India. It primarily caters to C&I customers, with 325 clients across diverse verticals.
In March 2024, Amplus Solar commissioned a 360 MWp ISTS solar facility, Project Jai, at the Jaimalsar village in Bikaner district, Rajasthan. The facility supplies power to C&I customers across the country.
In May 2024, Amplus operationalised its third intra-state open access solar facility, Project Lakshmi, with 73.4 MWp of capacity, in Jhansi district of Uttar Pradesh, bringing its operational open access capacity in the state to over 200 MWp.
In May 2024, Amplus announced its goal to reach 2 GW of installed renewable capacity across solar and wind by the end of the year, with plans to expand in Maharashtra, Karnataka, Uttar Pradesh, Rajasthan, Tamil Nadu and Gujarat. The company also plans to expand its portfolio by incorporating battery energy storage systems (BESS)to provide RTC energy solutions. In addition, it is exploring distributed green hydrogen projects and green fuel options, including the installation of electrolysers to advance its green transition efforts.

Apraava Energy

Founded in 2002, Apraava Energy has a diversified portfolio of 3,394 MW of installed capacity. This includes 1,200 MW of wind, 250 MW of solar and 1,320 MW of thermal and power transmission assets.
In December 2023, Apraava won a 300 MW wind project in Aski, Karnataka, at a tariff of Rs 3.24 per kWh through SECI’s 1,200 MW ISTS-connected wind power (Tranche XIV) auction. In January 2024, the company was awarded a 250 MW ISTS-connected solar energy project in Rajasthan by NHPC.
In May 2024, Apraava won 50 MW out of NTPC’s 1.5 GW ISTS solar project (Tranche III) auction at Rs 2.68 per kWh.
In July 2024, the company signed a 350 MW module supply agreement with Premier Energies Limited.
The company also secured various transmission projects this year. It won a new greenfield ISTS project (February 2024) in Madhya Pradesh through the tariff-based competitive bidding (TBCB) process. This project involves setting up 40 km of 765 kV double-circuit transmission lines and a 3,000 MVA substation under the build-own-operate-transfer (BOOT) model. The company is developing another major ISTS project under the BOOT model in Rajasthan as part of India’s green energy corridor. This project, won in TBCB mode, will include 200 km of transmission lines (400 kV and 765 kV) along with a 765/400 kV, 4×1500 MVA and 400/220 kV, 5×500 MVA pooling station. It will support the evacuation of 5.5 GW of renewable power from Rajasthan’s Renewable Energy Zone.

Avaada Group

Founded in 2017 after a demerger from Welspun Energy, the Avaada Group has developed a 4.5 GW portfolio spanning 30 projects. Its business extends across the solar value chain, including solar cells, modules and electrolyser manufacturing, renewable power generation, and green hydrogen and green ammonia production. The company aims to achieve 11 GWp of installed renewable energy capacity by 2026.
The projects undertaken by Avaada included a PPA signed with Damodar Valley Corporation (DVC) to set up a 421 MWp solar project in March 2024. The company also inaugurated a 70 MW solar power project in Banda, Uttar Pradesh, in August 2024.
In October 2024, Avaada began constructing a new manufacturing facility at the Butibori Industrial Park, Nagpur, with a budget of Rs 136.5 billion. This facility will be producing ingots, wafers, PV cells, modules, batteries and electrolysers.
Avaada received notable letters of award (LoAs) in the past year. These include 1,138 MW of distributed agricultural solar PV projects, spread across 192 sites in Maharashtra, under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (March 2024), and 820 MW of hybrid ISTS capacity from SJVN Limited, with completion expected within 24 months (June 2024).
This year, the Avaada Group signed key MoUs to advance its renewable and green energy initiatives. In January 2024, it partnered with the Gujarat government for a 6,000 MW wind-solar hybrid project in Kutch, valued at Rs 400 billion, to supply power to Gujarat Urja Vikas Nigam Limited (GUVNL) and support green hydrogen and ammonia production. In June 2024, it signed an MoU with Mysore Ammonia. In August 2024, it signed an MoU with the Maharashtra government to develop 2,750 MW of pumped storage projects; an MoU with the Rajasthan government with plans to invest Rs 1,000 billion in the state; and an MoU with the Skill Council for Green Jobs under the Skill India Mission in November 2024, to promote skill development in the green hydrogen sector.
Key tenders secured in the solar power segment include a 1,050 MWp solar project in NTPC’s auction (May 2024) at Rs 2.69 per kWh, a 750 MW solar project in NTPC’s 1.5 GW ISTS Tranche III auction at Rs 2.69 per kWh (May 2024), and a 200 MW solar project in GUVNL’s 500 MW auction (June 2024) at Rs 2.68 per kWh. It also won a 590 MW project in SJVN’s 1.2 GW FDRE auction (October 2024) at Rs 4.26 per kWh and a 60 MW project in NTPC’s 1,200 MW FDRE auction (November 2024) at Rs 4.70 per kWh.
Avaada also won several projects in the wind-solar hybrid segment, such as a 250 MW project in NTPC’s auction (April 2024) at Rs 3.47 per kWh, a 240 MW project in SECI’s 1.2 GW ISTS Tranche VIII auction (June 2024) at Rs 3.46 per kWh, a 75 MW project in MSEDCL’s 500 MW auction (July 2024) at Rs 3.69 per kWh, a 230 MW project in NTPC’s 1 GW ISTS (July 2024) at Rs 3.46 per kWh, and a 500 MW wind-solar hybrid power project in MSEDCL’s 1,650 MW auction (October 2024) at Rs 3.60 per kWh.
Significant financing arrangements included Rs 44.71 billion secured by NaBFID in April 2024 for 1,700 MW of solar projects in Rajasthan, a Rs 11.9 billion green loan from the State Bank of India in May 2024 for a 400 MW solar PV project in Gujarat, $38 million for a captive solar project (May 2024) in Karnataka through Aseem Infrastructure Finance Limited, and a Rs 5.97 billion refinancing from NIIF IFL (October 2024) for C&I solar projects in Karnataka and Maharashtra.

Ayana Renewable Power

Founded in 2017, Ayana Renewable Power is majority-owned by the NIIF, with additional investments from British International Investment (formerly CDC Group) and Eversource Capital-managed Green Growth Equity Fund. The company currently manages a portfolio of around 5 GW of solar, wind and hybrid power projects and aims to expand to 10 GW by 2025.
In February 2024, the Aditya Birla Group via its subsidiary Hindalco Industries, acquired a 26 per cent stake in Ayana Renewable Power Four Limited (ARPFPL) for Rs 16.25 million. This acquisition supports the development of a 100 MW RTC renewable power plant to supply Hindalco’s smelter in Odisha.
In March 2024, Ayana announced plans to increase its operational solar and wind capacity to approximately 4 GW by March 2025, from 1.6 GW.
Various reports indicate a potential stake sale by Ayana with bids already received and finalisation of the selected bidder under way.

BHEL

Established in 1964, Bharat Heavy Electricals Limited (BHEL) has over three decades of experience in solar PV manufacturing and is involved in the engineering, procurement and construction (EPC) of solar projects. Its portfolio includes more than 1,225 MW of solar capacity, 105 MW of cell manufacturing capacity and 226 MW of module manufacturing capacity.
In January 2024, BHEL issued a request for proposal from developers for a 5 MW ground-mounted solar project at its Raipur facility in Haridwar, to be developed on a BOOT model.
In March 2024, BHEL invited bids for the supply and commissioning of grid-connected power conditioning units for a 300 MW floating solar power project at Rengali, Odisha.
In June 2024, BHEL issued a tender for 1.6 MW of solar PV projects at its Heavy Plates and Vessels Plant in Visakhapatnam, Andhra Pradesh. The project comprises 1 MW of capacity for the factory and 0.6 MW for the township, both with net metering arrangements. In September 2024, BHEL floated a tender for the installation, testing and commissioning of a 2.5 MW rooftop solar project at the Yadadri thermal power plant in Telangana.
BHEL’s partnerships and agreements over the year included an MoU with RECPDCL to form an SPV for the development of utility-scale renewable energy projects (March 2024) in the C&I segment, with an initial capacity of 1 GW that will be scaled further; an agreement with BARC to set up an electrolyser system for the production of green hydrogen (May 2024), and a collaboration with IREDA to contribute to India’s renewable energy ambitions (August 2024).

BluPine Energy

BluPine Energy, supported by an $800 million investment from Actis Energy Fund 5, has established a pipeline of more than 2 GW of renewable energy assets. The company is dedicated to building a renewable energy portfolio of more than 4 GW.
In March 2024, BluPine acquired 369 MW of solar power assets from the ACME Group, spread across 14 SPVs in Uttarakhand, Punjab and Karnataka.
In June 2024, BluPine Energy signed a PPA with APL Apollo Building Products for a 61.65 MW solar project in Chhattisgarh, to be implemented using a SPV under a captive arrangement for APL Apollo and other offtakers. The company also signed a PPA with Dalmia Cement (Bharat) Limited for a 46.87 MWp solar project in Karnataka. Dalmia Cement will hold a minimum 26 per cent equity stake in the SPV established for this project.
In September 2024, BluPine Energy signed a module supply agreement with Grew Energy for a solar project in Banaskantha, Gujarat. Grew Energy will supply TOPCON modules for the project. The company also commissioned its first 120 MW solar project in Gujarat, comprising a 70 MW plant at Radhanpur and a 50 MW plant at Nenava.
In October 2024, the company signed an 80 MW PPA with GUVNL.
Key tenders secured by the company included a 50 MW solar power project in PFC Consulting’s 1,250 MW auction (December 2023) at Rs 2.54 per kWh, a 50 MW solar power project (XXI) in GUVNL’s 500 MW auction (December 2023) at Rs 2.65 per kWh, a 300 MW solar power project in SJVN’s 1.5 GW ISTS project auction (February 2024) at Rs 2.52 per kWh, and a 40 MW solar power project (XXIV) in GUVNL’s 500 MW auction (June 2024) at Rs 2.69 per kWh.
Significant financing arrangements included a Rs 5.11 billion green loan from Standard Chartered (December 2023) for a 120 MW solar project in Gujarat, Rs 12.6 billion from Standard Chartered Bank and Tata Capital for its 198 MW wind project in Gujarat won in GUVNL’s 500 MW auction (March 2024), Rs 4.18 billion debt financing from HDFC Bank (April 2024) for a 120 MW solar project in Sadla, Gujarat, Rs 4.36 billion from SBI (July 2024) for a 120 MW solar project in Gujarat, and Rs 2.39 billion financing from Tata Capital (July 2024) for a 75 MWp solar project in Chhattisgarh.

CleanMax

Founded in 2012, CleanMax operates in the C&I solar segment and has successfully installed projects for over 400 corporate clients, with a total operating capacity of around 2 GW.
In February 2024, CleanMax and Bangalore International Airport Limited (BIAL) signed a 25-year PPA for a 45.9 MW solar-wind captive power project in Jagaluru, Karnataka, through an SPV, Clean Max BIAL Renewable Energy Private Limited, consisting of 36 MWp of solar power and 9.9 MW of wind power.
In September 2024, CleanMax partnered with Orkla India for a 6.6 MWp solar power plant in Jagaluru, Karnataka, under a 25-year PPA, ensuring all Orkla factories in Karnataka run on renewable energy. It also entered into a PPA with Henkel Adhesives Technologies India to increase solar power usage at Henkel’s Kurkumbh and Thane manufacturing sites in Maharashtra.
In November 2024, CleanMax and Equinix Inc. signed a PPA to develop a 33 MW captive power plant in Maharashtra, in Equinix’s attempt to decarbonise its data centres. In the same month, HLE Glascoat partnered with CleanMax to procure 5.61 MW of wind-solar hybrid power in Gujarat, acquiring a 26 per cent stake in a CleanMax SPV.
In addition, CleanMax partnered with Apple to advance renewable energy in India, deploying 14.4 MW of rooftop solar panels across six industrial sites (April 2024). It also collaborated with Google on a 125.4 MW hybrid project, consisting of 66 MW of solar power in Rajasthan and 59.4 MW of wind power in Karnataka (October 2024).

Cleantech Solar

Headquartered in Singapore, Cleantech Solar has more than 1.2 GWp of assets in operations, construction and development stages across India and Southeast Asia, primarily focusing on long-term investments in the C&I solar segment.
In January 2024, Cleantech Solar entered into a 15-year captive PPA with First Solar for a 150 MW and 16.8 MW solar and wind-generation assets respectively, in Tamil Nadu, projected to fulfil 70 per cent of the power requirements of First Solar’s 3.3 GW manufacturing plant. Additionally, the company committed to the purchase of 150 MW of series seven thin-film solar panels manufactured in India by First Solar.
In February 2024, Cleantech Solar completed 24 MWp of open access solar PV projects in Yavatmal, Maharashtra, catering to clients in sectors such as automotive, pharmaceutical, cement and chemicals, generating 911 GWh of green energy.
Significant financing arrangements included Rs 6.25 billion secured from Tata Capital Limited (January 2024) for the development of open access solar and wind projects in India, and Rs 8.55 billion in green financing from Aseem Infrastructure Finance (February 2024) to support Cleantech Solar’s C&I portfolio, supporting ongoing projects for corporate clients in sectors such as automotive, FMCG and chemicals.

EDF Renewables

EDF Renewables, the global renewable energy arm of the EDF Group, operates in over 20 countries, with a portfolio of 2.8 GW of renewable energy projects in India. The company focuses on the development, construction and operation of renewable power facilities.
In December 2023, Eden Renewables, a subsidiary of EDF Renewables formed as a JV with TotalEnergies, signed a PPA for a 300 MW solar power project in SECI’s 2 GW auction at 2.60 per kWh. In February 2024, EDF placed an order with Suzlon Energy for 30 MW of wind turbines in Gujarat, planning to supply power to GUVNL. In July 2024, EDF awarded an EPC order to Jackson Green for a 390 MWp project in Rajasthan.
Key tenders secured by the company via its subsidiary RIH Renewables included 24 MW in Gujarat Urja Vikas Nigam’s (GUVNL) auction for 500 MW of grid-connected wind power projects (Phase VI) at a tariff of 3.45 per kWh (January 2024), and 40 MW in GUVNL’s auction for 200 MW of wind power projects (Phase VIII) at a tariff of Rs 3.59 per kWh (October 2024).

ENGIE

ENGIE is a global energy player operating in around 70 countries across five continents, with a net zero carbon target by 2045. ENGIE India, incorporated in 2014, has a total portfolio of more than 2.3 GW of capacity across 22 projects in seven states in India.
In January 2024, ENGIE India and the Government of Gujarat signed MoUs to collaborate on a decarbonisation initiative, with ENGIE committing to establish 2.5 GW of clean energy projects by 2030, alongside a 400 MW solar project in Surendranagar. In July 2024, ENGIE signed a Rs 14.6 billion loan agreement with the Asian Development Bank (ADB) for this 400 MW solar project in Surendranagar. ADB and the Asian Infrastructure Investment Bank will jointly contribute Rs 27.3 billion for the project.
Key tenders secured by ENGIE India included 100 MW in SECI’s auction for 1,500 MW of ISTS-connected solar power projects (Tranche XIV) at a tariff of Rs 2.57 per kWh, and 200 MW in GUVNL’s auction for 1,125 MW of solar projects at Khavda (GSECL Stage III) at a tariff of Rs 2.62 per kWh, both in March 2024.

Everrenew

Everrenew is a comprehensive project management solution provider for wind, solar and hybrid energy projects, offering end-to-end services, including wind and solar energy assessments, design land acquisition and project commissioning. Its portfolio comprises 788 MW of installed capacity across 25 projects and 2.12 GW in the pipeline.
In January 2024, Everrenew awarded the Suzlon Group a 225 MW wind power project in Tamil Nadu, with Suzlon supplying turbines, supervising the project and providing post-commissioning O&M services.
In August 2024, Everrenew placed a 51 MW equipment supply order with Inox Wind Limited for 3 MW turbines, with Inox providing post-commissioning multiyear O&M services for a project in Tamil Nadu.

First Solar

First Solar, founded in 1999, is a leading US-based solar technology company specialising in manufacturing solar modules, constructing solar projects, and providing O&M services. The company plans to achieve 25 GW of global annual manufacturing capacity
by 2026.
In January 2024, First Solar entered into a 15-year PPA with Cleantech Solar. The agreement involves Cleantech Solar’s 150 MW of solar and 16.8 MW of wind assets being developed in Tamil Nadu, India, to supply power to First Solar’s 3.3 GW manufacturing facility. Under the agreement, Cleantech Solar has also committed to purchasing 150 MW of First Solar’s modules.
In May 2024, the Ministry of New and Renewable Energy approved the use of First Solar’s thin-film modules produced in its Tamil Nadu facility for projects with domestic content requirement mandates.
In September 2024, the company announced its plan to invest Rs 25 billion to upgrade its solar module manufacturing facilities in Tamil Nadu.

Fourth Partner Energy

Fourth Partner Energy Limited (FPEL) is a distributed solar energy developer for commercial, industrial and government institutions. It was founded in October 2010. Its offerings include capex, renewable energy service company plants and open access-based plants. The firm currently manages a portfolio of 1.5 GW across 24 states and more than 300 clients in India and is aiming for an asset base of 3.5 GW by 2025.
In August 2024, FPEL successfully secured funding worth $275 million, with the International Finance Corporation, ADB and DEG investing $125 million, $100 million and $50 million respectively.
The company also plans to commission Phase I of its 575 MW wind-solar hybrid project under the ISTS in Karnataka in the coming months. Moreover, it is developing additional capacities of 1.2 GW of open access projects across Maharashtra, Uttar Pradesh, Tamil Nadu and Gujarat.

Gautam Solar

Founded in 1997 in New Delhi, Gautam Solar is a manufacturer of solar modules and operates four factories in Haridwar, Uttarakhand.
In December 2023, it announced plans to launch a 50 acre, 1 GW capacity factory in Bhiwani, which will later expanded by another 1 GW. The company has further plans to expand this capacity to 5 GW.
In February 2024, Gautam Solar delivered 60 MW of high-efficiency indigenously manufactured solar panels for the PM-KUSUM scheme.
In May 2024, Gautam Solar partnered with Redington Limited to distribute its solar modules, including mono PERC and N-type TOPCon panels, across India.
In August 2024, it set up two advanced warehouses in Karnataka and Kerala to improve the distribution of high quality TOPCon solar modules in key south Indian locations, including Kerala, Karnataka, Tamil Nadu and Andhra Pradesh.
In October 2024, Gautam Solar announced plans to expand its solar module manufacturing capacity to 5 GW by April 2025, supported by a Rs 10 billion cell expansion plan. This will be funded through an IPO, which will also finance the construction of the 2 GW solar cell manufacturing plant in Bhiwani to meet the rising demand for domestic content requirement panels.

GE Vernova

Formed in April 2024, GE Vernova is a merger of General Electric’s subsidiaries GE Renewable Energy, GE Power and GE Digital. The company offers a broad portfolio, including onshore and offshore wind, hydro, storage, utility-scale solar, grid solutions, hybrid renewable solutions and digital services. It has installed over 400 GW of clean renewable energy and equipped more than 90 per cent of utilities worldwide with its grid solutions.
In February 2024, GE Vernova’s Grid Solutions business secured orders from Power Grid Corporation of India (PGCIL) for 765 kV shunt reactors, to be delivered by 2025-26. These reactors, manufactured at GE T&D India’s Vadodara plant, will enhance renewable energy integration and improve electricity transmission in regions such as Rajasthan and Karnataka.
In September 2024, GE Vernova signed an agreement with Powerica Limited to supply 19 GE Vernova 2.7 MW-132 wind turbine generators (WTGs) for a 51.3 MW project in Devbhoomi Dwarka, Gujarat.

Gensol Engineering Limited

Incorporated in 2012, Gensol Engineering Limited is part of the Gensol group of companies, which offers EPC and solar advisory services. In February 2024, it raised Rs 9 billion in equity capital through convertible warrants on a preferential basis, attracting global and domestic investors. The company’s international ventures include the launch of Scorpius Trackers, Inc., a Delaware-based subsidiary in the US, aiming to supply 2,000 MW of solar trackers annually by 2028 with its first office in California.
Among the EPC contracts secured by Gensol are the Rs 1.5 billion contract from Sarda Energy and Minerals Limited for a 50 MW DC (33 MW AC) solar power plant in Chhattisgarh (January 2024); Rs 3.38 billion EPC contracts for two solar projects totalling 422.5 MW DC in Rajasthan and Maharashtra (February 2024); a Rs 5.2 billion EPC contract for a 100 MW AC solar project in Maharashtra (March 2024); and an EPC contract for a 16 MW rooftop C&I project in Madhya Pradesh (August 2024).
In June 2024, Gensol won a Rs 13.4 billion tender from GUVNL for a 250 MW/500 MWh BESS project. In the same month, Gensol was awarded an additional 250 MW/500 MWh under the greenshoe option by GUVNL, expanding the BESS project to 500 MW/1,000 MWh.
In July 2024, Gensol Engineering secured a contract for solar projects with a cumulative capacity of 116 MW across 27 locations in Gujarat, supervised by Paschim Gujarat Vij Company Limited, to solarise agricultural feeders.
In August 2024, a consortium of Gensol Engineering and Matrix Gas and Renewables Limited secured a winning bid in a SECI tender for a 237 MW hydrogen electrolyser manufacturing capacity under the performance-linked incentive scheme at a total cost of Rs 4.5 billion. In September 2024, the consortium was selected to develop a green hydrogen valley in Pune, Maharashtra, under the National Green Hydrogen Mission, with support from the Department of Science and Technology and the National Chemical Laboratory to supply green hydrogen to the specialty chemicals sector.

Greenko Group

Founded in 2004, the Greenko Group is a renewable energy development firm with a diverse portfolio of clean energy assets spread across 15 states in India. It has an installed capacity base of 7.5 GW across the solar, wind and hydropower segments. The company has a green molecule production arm called AM Green (formerly, Greenko ZeroC).
In July 2024, the company secured a Rs 62 billion credit line from NaBFID to refinance offshore dollar bonds maturing in 2025 for funding pumped hydro storage projects.
In September 2024, AM Green acquired Chempolis Oy and Fortum 3 B.V., announcing a $1 billion investment over the next three years to produce sustainable aviation fuel (SAE).
In October 2024, AM Green placed an electrolyser order of 1.3 GW with John Cockerill for its Kakinada plant in Andhra Pradesh. In the same month, AM Green awarded an EPC contract to Rely Solutions for its green ammonia project at Kakinada.
Agreements and partnerships initiated by AM Green in the past year include: A partnership with Envision Energy to manufacture wind turbines in India (January 2024); an agreement with Yara Clean Ammonia for the extended-term provision of up to half the renewable ammonia from Phase I of its Kakinada facility (May 2024); and AM Green Ammonia Holdings’ agreement with SJVN Limited’s subsidiary, SJVN Green Energy Limited (SGEL), to secure 4.5 GW of renewable energy for its green ammonia production facilities (July 2024).
MoUs signed by Greenko and AM Green in the past year include: AM Green’s MoU with Keppel Limited for biogenic carbon-based sustainable fuel projects in Southeast Asia and the Middle East (December 2023); Greenko’s MoU with the Tamil Nadu government for the development of three pumped storage projects totalling 3.3 GW in Tirupathur, Salem and Tiruvannamalai (August 2024); AM Green Ammonia’s MoU with RWE to supply up to 250,000 tonnes of renewable fuels of non-biological origin (RFNBO)-compliant green ammonia annually from its Kakinada and Tuticorin plants (September 2024); and AM Green’s MoU with BASF for low-carbon chemicals in India and a non-binding agreement for the offtake of 100,000 tonnes of RFNBO-compliant green ammonia annually (October 2024).

Hartek Solar

Established in 1991, the Hartek Group is an EPC firm actively involved in various aspects of the power sector value chain. The company plans to expand its presence in India’s energy transition and reach Rs 100 billion in revenue
by 2030.
In December 2023, Hartek Power secured a Rs 320 million contract from SPRNG Energy to build a 33kV/400kV pooling substation for a 300 MW solar plant in Gujarat.
In February 2024, Hartek Power secured a Rs 1,130 million order from SGEL for a 75 MW solar PV plant and 132 kV substation in Jamui, Bihar.
In April 2024, the Hartek Group secured a Rs 4,740 million EPC contract for a 300 MW ground-mounted solar plant in Rajasthan.
In July 2024, the group secured multiple 765 kV projects from PGCIL for high voltage transmission at Indore and Kurnool.

Hero Future Energies

Established in 2012, Hero Future Energies (HFE), an IPP, currently has a global portfolio of 6 GW of grid-connected wind, solar and rooftop solar power generating assets operating across seven countries. The company plans to invest $2 billion by 2026 to implement projects with a total capacity of 2.6 GW.
In January 2024, HFE signed an MoU with the Uttar Pradesh government for investing Rs 40 billion in renewable energy projects. In the same month, HFE signed a two-year agreement with Pixon Green Energy for a prioritised annual supply of 500 MW of high-efficiency solar modules from its Rajkot facility, alongside the joint procurement of strategic components.
HFE secured a significant private equity investment of Rs 36 billion from global investment firm KKR to strengthen its presence in solar, wind, battery storage and green hydrogen, as well as entry into new markets in May 2024.
In April 2024, Inox secured a repeat order for 210 MW of 3 MW of wind turbines from HFE. In the same month, HFE ordered 588 MW of wind turbine generators from Envision Energy.
In May 2024, HFE announced a strategic agreement with Emmvee Photovoltaic Power to secure up to 600 MWp of solar modules for its solar projects across India. In the same month, HFE signed a PPA with SJVN for a 120 MW firm and dispatchable renewable energy (FDRE) project in Andhra Pradesh.
In July 2024, HFE partnered with Replus Engitech to design, develop and deploy 250 MWh of BESS projects across Karnataka, Andhra Pradesh and Gujarat. In the same month, HFE partnered with Rayzon Solar to develop a 200 MW solar project in Karnataka.
In October 2024, HFE won 120 MW in SJVN’s 1,200 MW FDRE auction at a tariff of Rs 4.25 per kWh.

Hinduja Renewables Limited

Hinduja Renewables Limited is a part of the global conglomerate Hinduja Group, with over 270 MWp of projects operational and more than 1,212 MWp under construction.
In March 2024, Hinduja Renewables announced that Finolex Industries has entered into a share purchase agreement to acquire a 15.3 per cent stake in Hinduja Renewables One Private Limited, enabling the procurement of 8.36 MW of green power for 25 years.
In June 2024, Hinduja secured 140 MW in GUVNL’s 500 MW solar (Phase XXII) auction at Rs 2.64 per kWh (December 2023) and 150 MW in GUVNL’s 500 MW grid-connected wind-solar hybrid Phase II auction at Rs 3.39 per kWh (June 2024).

Husk Power

Established in 2008, Husk Power Systems is an energy enterprise catering to rural and peri-urban areas in Asia and Africa. The company’s artificial intelligence-powered energy platform provides 24/7 renewable power to residential and commercial customers, institutions and small factories.
In March 2024, Husk Power Systems secured $20 million in debt financing from the European Investment Bank to expand its operations in Nigeria.
In April 2024, Husk Power Systems secured an additional $4 million in debt financing from ElectriFI, the European Union-funded impact investment facility, building upon ElectriFI’s initial $6 million investment in September 2022.
In October 2024, Husk Power Systems signed a partnership agreement with Abuja Electricity Distribution Plc and the Duduguru community in Nigeria’s Nasarawa state to provide sustainable energy through interconnected mini-grids.

Inox Wind

Inox Wind is a fully integrated player in the wind energy market, with a cumulative manufacturing capacity of 2.5 GW. Its manufacturing plants are located in Gujarat, Himachal Pradesh and Madhya Pradesh.
In January 2024, Inox Wind Limited secured an LoI from NLC India for a 50 MW wind energy project. In September 2024, it received an LoI from IGREL Renewables for the execution of a 550 MW wind project on turnkey basis.
In February 2024, Inox Wind revealed that its 3 MW WTG, with a booster capacity of up to 3.3 MW, was included in the Revised List of Models and Manufacturers.
In June 2024, Inox Wind incorporated four wholly owned subsidiaries – Junachay Wind Energy Private Limited, Dharvi Kalan Wind Energy Private Limited, Dangri Wind Energy Private Limited and Kadodiya Wind Energy Private Limited – to develop wind farms across India, each with a paid-up capital of Rs 100,000.
Among the orders secured by Inox Wind for its 3 MW wind turbines in the past year are a 279 MW contract from a C&I player (December 2023); a 210 MW order from HFE (April 2024); a 200 MW contract in Gujarat and Rajasthan with turnkey execution and maintenance services (July 2024); a 51 MW order from Everrenew (August 2024); a 201 MW wind turbine order from Integrum Energy with post-commissioning services (August 2024); and a repeat order for 87 MW from Continuum Green Energy (November 2024).
Key financial arrangements by Inox Wind in the past year include signing a Rs 22 billion consortium agreement led by ICICI Bank and a fundraising of Rs 3.5 billion by Inox Wind’s EPC arm Resco Global Wind Services (RESCO) through a preferential allotment to non-promoter investors. As a result, RESCO is no longer a wholly owned subsidiary of Inox Wind.

Jakson Group

Established in 1947, the Jakson Group has diversified from a conventional energy products manufacturer to an integrated energy solutions company, developing projects in the fields of solar power, BESS, green hydrogen, distributed energy and biofuels, and providing EPC and O&M services. Headquartered in Noida, the group currently owns six manufacturing facilities. It has a solar EPC portfolio of over 5 GWp, 1.2 GW of solar module
manufacturing capacity, a 4 GWp solar O&M portfolio and 1 GWp of solar
generation power.
In January 2024, the Jakson Group installed 250 kW of rooftop solar capacity at Ayodhya airport. This was followed by the installation of a 500 kW solar carport at Rajmata Vijayaraje Scindia Airport in Gwalior in March 2024.
In June 2024, Jakson Green secured an EPC order for a 10 tpd CO₂-to-4G ethanol project from NTPC. The project will come up in Chhattisgarh, and will capture flue gas CO₂ and produce ethanol through microbial fermentation.
In September 2024, the company announced its plans for setting up a 2,500 MW solar cell manufacturing facility, and expanding its existing solar module manufacturing facility to 2,000 MW. Soon after, the company launched its Helia NXT R solar modules with an efficiency of up to 23.34 per cent and a maximum power output ranging from 610 Wp to 630 Wp.
In October 2024, Jakson Green secured 50 MW in GUVNL’s 200 MW (Phase VIII) wind power auction at a tariff of Rs 3.63 per kWh.
In February 2024, Jakson Green signed PPAs with Rajasthan Urja Vikas Nigam Limited for a 100 MW solar plant in Rajasthan and with SECI for a solar project under Tranche XI. It signed a PPA with NHPC for a 400 MW solar project to be set up in Rajasthan (July 2024).
In July 2024, the Jakson Group received Rs 2.96 billion in credit from First Abu Dhabi Bank to support its international expansion, starting with a 250 MW solar PV plant and 63 MW/126 MWh BESS in Uzbekistan. It signed an MoU with the SBI under the Surya Shakti Solar Finance initiative, securing loans for solar installations in the C&I sectors (August 2024).

JinkoSolar

JinkoSolar is a leading solar module manufacturer with over 14 manufacturing plants and operations spread across more than 200 countries.
In January 2024, JinkoSolar announced plans to offer its n-type TOPCon patents to rival solar module companies in exchange for licensing fees, aiming to foster technological development and avoid legal disputes.
In July 2024, JinkoSolar, alongside Vision Industries and Saudi Arabia’s Public Investment Fund, announced plans to build a 10 GW solar cell and module factory in Saudi Arabia. The $1 billion JV includes JinkoSolar Middle East (40 per cent stake), RELC (40 per cent) and Vision Industries (20 per cent).
In October 2024, JinkoSolar launched the Tiger Neo 3.0 series, featuring TOPCon-based solar modules with an efficiency of up to 24.8 per cent. The series includes Neo DG 495 W panels for residential use and Neo Utility 670 W panels for utility-scale projects.

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. The company has an operational portfolio of 7.7 GW of operational and 7.9 GW of under-construction projects across wind, solar, hybrid, thermal and hydro, and a renewable energy pipeline of 3.5 GW across several states in India. The company is targeting 20 GW of generation capacity and 40 GWh of storage capacity by 2030.
In March 2024, JSW Energy signed a battery energy storage purchase agreement with SECI for 250 MW/500 MWh of standalone battery energy storage. In June 2024, JSW Energy commenced the construction of a 1 GWh BESS project awarded by SECI, for which LoAs were received in January 2023. The project includes two installations of 500 MWh each, with commissioning expected by June 2025. The company won another 500 MW/1 GWh BESS project in an auction conducted by SECI in September 2024.
In April 2024, JSW Energy raised Rs 50 billion through a qualified institutional placement. Global and domestic investors, including GQG Partners, Blackrock and the Abu Dhabi Investment Authority, participated in the offering.
In August 2024, JSW Neo Energy secured a 300 MW wind-solar hybrid project (Tranche VI) in NTPC’s auction. In September 2024, the company received an LoA for a 600 MW wind-solar hybrid power project from MSEDCL, including 400 MW under the greenshoe option.
In September 2024, JSW Renew Energy Two, a subsidiary, completed the commissioning of SECI’s 300 MW ISTS-connected wind power project (Tranche X) in Tuticorin, Tamil Nadu.
In October 2024, JSW Energy PSP, a subsidiary of JSW Energy, entered into an energy storage facility agreement with MSEDCL for a 1,500 MW/12,000 MWh pumped hydro energy storage project. In the same month, JSW Neo Energy entered into a definitive agreement to acquire three SPVs from the Hetero Group.
Among the PPAs signed by JSW Energy are a 1,025 MW wind PPA with SECI at a blended tariff of Rs 3.62 per kWh and a 300 MW solar PPA with GUVNL at Rs 2.66 per kWh (June 2024), a 700 MW solar PPA with SJVN Limited in Rajasthan at Rs 2.52 per kWh, a 300 MW solar PPA with BESCOM at Rs 2.89 per kWh for a project in the Pavagada solar park (July 2024), a PPA for a 192 MW wind-solar hybrid project with GUVNL at Rs 3.27 per kWh and a 700 MW solar PPA with NTPC Limited (October 2024).

Juniper Green Energy

Delhi NCR-based Juniper Green Energy initiated its operations in October 2018 and has since undergone rapid expansion. Currently, it has an operational portfolio of around 1 GW, an under-construction capacity exceeding 2 GW and a development pipeline of more than 5 GW in solar, wind and hybrid projects. The company has in-house EPC and O&M capabilities.
In January 2024, Juniper Green and the Gujarat government signed an MoU to develop 1,000 MW of wind and solar projects, requiring an investment of Rs 80 billion.
In April 2024, Juniper Green commissioned its 105 MW Jalkot Solar Project in Maharashtra, operating under a 25-year PPA with MSEDCL. In the same month, it also completed its maiden 70 MW wind power project in Gujarat.
It placed a number of wind turbine orders during the year including a 300 MW project with Envision Energy in Gujarat (February 2024), and two with Suzlon for a 73 MW wind power project in Dwarka, Gujarat (March 2024), and a 402 MW turbine deal for wind projects in Rajasthan (May 2024).
Among the PPAs signed by Juniper Green Energy are an 85 MW wind-solar hybrid project in Maharashtra with Tata Power, comprising 51 MW of wind and 34 MW of solar capacity (April 2024); a 320 MW FDRE project with SJVN (May 2024); a 150 wind-solar hybrid under SECI Tranche VII and 90 MW under GUVNL Wind Phase VI (June 2024); two hybrid renewable energy projects totalling 480 MW under NTPC’s Tranche I and GUVNL’s Phase I auctions (July 2024).

Larsen & Toubro

Larsen & Toubro (L&T) is an integrated solutions, systems and equipment supplier with capabilities to design, manufacture and execute power projects across various power segments in India. The group has positioned itself as a green energy major, with plans to expand across the green energy value chain. The company has a vast portfolio of 22 GWp globally. In addition to ground-mounted solar, floating solar and wind balance of plant projects, L&T has a BESS capacity of 3 GWh.
In February 2024, L&T’s power transmission and distribution division secured a significant contract to construct a 75 MW floating solar park on the Panchet Dam in Jharkhand, India, which is a part of the Ultra Mega Renewable Energy Power Park being developed on DVC reservoirs across Jharkhand and West Bengal.
In April 2024, L&T, along with other players, secured land parcels at Gujarat’s Deendayal Port Authority to establish green hydrogen and green ammonia production units.
In June 2024, L&T secured an EPC contract to build a 185 MW grid-connected solar plant in Kajra, Lakshisarai district, Bihar, featuring a 254 MWh BESS.
In September 2024, L&T announced the creation of a new renewable EPC vertical under its infrastructure projects segment.

LONGi

LONGi Green Energy Technology Limited is a solar cell and module manufacturer that supplies globally. It has recently ventured into the green hydrogen sector.
In June 2024, LONGi introduced its 630 W hybrid passivated back contact solar modules as part of the Hi-MO X6 series, featuring power conversion efficiencies ranging from 23 per cent to 23.3 per cent.
In November 2024, LONGi introduced heterojunction back contact solar cells with 27.3 per cent efficiency. In the same month, LONGi and SolarSquare installed a 342 kWh solar system in Bengaluru.

Mahindra Susten

Mahindra Susten is a renewable IPP green energy solutions company with a project portfolio of over 1.5 GWp in India and more than 3.1 GWp of projects in the pipeline across several Indian states. The company has partnered with the Ontario Teachers’ Pension Plan for the infusion of $300 million in exchange for 30 per cent equity.
In December 2023, Mahindra Susten entrusted the Suzlon Group to execute its wind energy project, a 100.8 MW wind facility in Maharashtra. The project will utilise 48 units of Suzlon’s S120-140m wind turbines, each with a 2.1 MW capacity.
In April 2024, Mahindra Susten revealed plans for a 153 MW hybrid wind-solar (C&I) project with 101 MW wind and 52 MW solar capacity for C&I clients in Maharashtra at an investment of Rs 12 billion.
In June 2024, Mahindra Susten signed an agreement with Waaree Energies to procure 280 MW of solar modules for its solar power projects in Bikaner.
Key tenders secured by the company include a 300 MW solar project in SJVN Limited’s 1,500 MW auction (February 2024) at Rs 2.53 per kWh; a 300 MW solar project in NTPC Limited’s 1,500 MW solar auction (March 2024) at a tariff of Rs 2.59 per kWh; a 300 MW solar project in NHPC Limited’s 1.2 GW auction (September 2024) at a tariff of Rs 2.57 per kWh; and a 176 MW solar project in NTPC’s 1.2 GW solar auction (October 2024) at a tariff of Rs 2.51 per kWh.

NHPC Limited

NHPC Limited was incorporated in 1975 for the development of hydroelectric power. Later, it expanded its scope to include the development of power through conventional and non-conventional sources in India and abroad. In August 2024, NHPC was granted the prestigious Navratna status by the Ministry of Finance. This status provides NHPC with enhanced financial and operational autonomy, allowing greater flexibility in establishing JVs, mergers, acquisitions and large capital expenditure projects.
In January 2024, NHPC invited expressions of interest (EoIs) from domestic and global companies for empanelling to set up offshore wind projects in India. The projects’ empanelment will span five years.
Key tenders issued by NHPC over the year include the one for 1,200 MW of ISTS-connected wind projects across six states (January 2024); another for 1,200 MW of FDRE projects (March 2024); and two tenders to develop 1,200 MW of ISTS-connected solar projects (May 2024 and October 2024). It also issued a tender for the EPC of a 200 MW solar project to be developed in the Gujarat State Electricity Corporation Limited (GSECL) renewable energy park at Khavda, Stage 3, in May 2024. The PPA for this project was signed in June 2024 with GUVNL.
The MoUs signed by NHPC over the year include one with Gujarat Power Corporation Limited for the 750 MW Kuppa pumped hydro storage project in Chhota Udaipur (January 2024); an MoU with Ocean Sun to explore floating solar energy technologies in India (April 2024); an MoU with Tata Power Renewable Energy Limited (TPREL) to install rooftop solar projects (July 2024) on government buildings across India; and an MoU with the Department of Water Resources, Government of Maharashtra, for the development of pumped storage projects.
The PPAs signed by NHPC over the year are one with Jakson Green for a 400 MW solar project in Rajasthan (July 2024), expected to be commissioned within 24 months; and a PPA with Acme Cleantech Solutions for a 600 MW solar project in Rajasthan (October 2024), secured at a tariff of Rs 2.54 per kWh.
NHPC conducted several auctions this year, including an auction for 1,500 MW of FDRE power auction (February 2024); a 1,500 MW wind-solar hybrid (February 2024); and an auction for 1,200 MW of ISTS-connected solar projects (September 2024).
Its subsidiary NHDC commissioned the 88 MW Omkareshwar floating solar power plant in Madhya Pradesh in October 2024.

NLC India Limited

NLC India has lignite-, coal- and renewables-based generation with a total installed generation capacity of 6,071 MW. It plans to achieve a total 20,130 MW of power capacity by 2030 with a 50 per cent share of renewable energy. NLC also has a subsidiary for its renewable energy business, NLC India Green Energy Limited (NIGEL).
In February 2024, NLC India issued a tender for procuring solar modules with a combined capacity of 393.9 MW for GSECL’s solar park in Khavda, Gujarat.
In March 2024, NIGEL signed a PPA with GUVNL for a 600 MW solar project at the Khavda solar park, Bhuj district, at Rs 2.705 per kWh. In the same month, NLC India signed an MoU with the Rajasthan government to set up a 125 MW lignite-based power plant and a 1,000 MW solar power plant. It also received an LoI for setting up an 810 MW solar power plant in the state. In addition, in the same month, NLC India ordered 33 wind turbines, each with a 1.5 MW capacity, from Inox Green for a restoration project.
In August 2024, NLC India signed a power usage agreement with Telangana state discoms for 200 MW of solar power under the Central Public Sector Undertaking scheme for a period of 25 years.
In October 2024, the company signed two JVs with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL) to establish multiple renewable energy projects across Rajasthan, where NLC India will hold a 74 per cent equity stake, with RRVUNL retaining the remaining. In the same month, the company announced its plans to raise around Rs 45 billion through an IPO for its subsidiary NLC India Renewables Limited in 2025.

NTPC Limited

NTPC Limited is one of the country’s largest power utilities, with an installed capacity of over 76 GW and a diverse portfolio of thermal, hydro, solar and wind power plants. The company has plans to install 60 GW of renewable power capacity by 2032, constituting nearly 45 per cent of its overall power generation capacity. It is also setting up projects in green hydrogen, storage and biomass spaces.
In March 2024, NTPC achieved 20 per cent co-firing of torrefied biomass at its Unit 4 Stage I Tanda Plant in Uttar Pradesh.
In August 2024, NTPC Green Energy Limited (NGEL) issued a tender for the sale of 100,000 carbon credits from Verified Carbon Standard-registered wind and solar projects with a cumulative capacity of 610 MW.
In September 2024, NGEL announced plans to release an IPO of Rs 100 billion.
In November 2024, NTPC announced plans to set up a 1 tpd green hydrogen production plant with NETRA, utilising plasma oxy gasification technology for municipal solid waste and agri-waste. NETRA also announced plans to set up a 1 tpd seawater-to-green hydrogen plant at NTPC Simhadri near Visakhapatnam. In the same month, the company announced that it had been successful in the synthesis of carbon dioxide captured from flue gas with hydrogen produced from a proton exchange membrane electrolyser, which was then converted into methanol at NTPC’s Vindhyachal plant. NTPC also announced a fleet of green hydrogen buses in Leh as part of its Green Hydrogen Mobility Project.
NTPC has issued several tenders over the past year, including a land acquisition and extra high voltage transmission package for an 800 MW solar project in Maharashtra and two 1,500 MW ISTS-connected tenders for solar and solar-wind hybrids (December 2023); a 500 MW solar project EPC tender in Rajasthan (February 2024); a tender for land and power evacuation to set up a 900 MW ISTS-connected solar project in Neemuch, Madhya Pradesh (May 2024); a 1,200 MW renewable power supply tender (July 2024); and a 300 MW solar project EPC tender in Rajasthan (October 2024).
NTPC invited several equipment procurement bids for its projects and signed various contracts over the past year to this effect, including the delivery of 152 MWp solar modules to NTPC’s Nokh project in Rajasthan (December 2023); a balance of system package for a 500 MW state transmission utility solar project in Bhadla, Rajasthan (April 2024); a 960 MW wind turbine tender for a wind project in Karnataka (July 2024); and 1,515 MWp solar modules from Zetwark for the Khavda solar project (September 2024).
Major solar auctions conducted by NTPC over the year include three 1.5 GW auctions (January 2024, March 2024 and May 2024) as well as a 1.2 GW auction in October 2024. In addition, it conducted various auctions in the hybrid and FDRE space, including two 1.5 solar-wind hybrid auctions (December 2023 and March 2024); a 3 GW FDRE auction (March 2024); a 1 GW solar-wind hybrid auction (April 2024); a 1.2 GW solar-wind hybrid auction (October 2024); and a 1.2 GW FDRE auction (November 2024).
NTPC signed several agreements over the past year, including with Indus Towers Limited for clean energy projects; with MAHAPREIT to set up 10 GW of clean energy projects; with RRVUNL for the advancement of 25 GW of renewable energy projects and 1 million tonnes per annum of green hydrogen derivatives in Rajasthan; and with Chhattisgarh State Power Generation Company Limited to develop 2,000 MW of renewable energy projects.

O2 Power

O2 Power was established in January 2020 to develop utility-scale solar, wind and hybrid projects. The company has a reported portfolio of over 5.6 GW of renewable energy assets through utility and C&I projects.
In April 2024, the Gujarat Electricity Regulatory Commission adopted the tariff of Rs 2.81 per kWh to procure power from O2 Power’s 200 MW solar project at the Dholera Solar Park.
Key tenders won include a 100 MW project in REMC Limited’s 750 MW RTC power auction at a tariff of Rs 4.37 per kWh (January 2024); 300 MW in NHPC’s 1,500 MW wind-solar hybrid auction at a tariff of Rs 3.49 per kWh (February 2024); 270 MW in SJVN’s 1,500 MW wind-solar hybrid auction at a tariff of Rs 3.48 per kWh (February 2024); and 250 MW in NTPC’s 1,000 MW wind-solar hybrid auction at a tariff of Rs 3.45 per kWh (July 2024).

Praj Industries

Praj is an industrial biotech company, with capabilities across the environment, energy and agri-process segments.
In January 2024, the company launched its sustainable aviation fuel (SAF) demonstration facility at its research and development centre in Pune. Later, Praj signed an MoU with the Indian Sugar and Bio-energy Manufacturers Association to advance sustainable biofuel solutions, focusing on SAF as well as exploring the potential of bioethanol, biogas, green biohydrogen and green methanol.

Rays Power Infra Limited

Rays Power Infra Limited, established in 2011, is a solar developer and EPC management company with over 1,607 MW of installed capacity.
In December 2023, Rays Power Infra signed an MoU with the Uttarakhand government to establish a 500 MW solar park in the state.
In March 2024, Rays Power Infra obtained three EPC contracts for solar projects in Gujarat and Assam with a total capacity of 520 MW.
In July 2024, Rays Power Infra raised Rs 1.27 billion via equity sale.
In October 2024, the company secured 362 MW of renewable energy projects worth Rs 94 billion in Rajasthan and also won a 600 kW per 3,000 kWh low battery project from NTPC. In the same month, it secured 100 MW in NTPC’s 1.2 GW solar power auction at a tariff of Rs 2.50 per kWh.

Reliance Industries Limited

Reliance Industries Limited (RIL) is venturing into the renewable energy sector in a big way. Its target is to enable renewable energy installation of 100 GW and achieve green hydrogen costs of $1 per kg by 2030. The company, through its subsidiary Reliance New Energy Limited, has made significant investments and acquisitions in the clean energy space. The company has committed Rs 750 billion in the renewable energy business, including the development of five factories in Gujarat.
In August 2024, RIL announced its plans to start the production of solar modules by the end of 2024 with the first phase of 10 GW, and commission an advanced battery manufacturing facility with a 30 GWh annual capacity by late 2025. The company is also building a multi-GW electrolyser factory in Jamnagar.
In September 2024, RIL was awarded 10 GWh of advanced chemistry cell (ACC) capacity as the winner of the production-linked incentive scheme for ACC battery storage by the Ministry of Heavy Industries.

ReNew

Established in 2011, ReNew owns and operates utility-scale solar and wind projects as well as distributed solar projects across the country. The company has also diversified into the solar manufacturing, transmission, storage and green hydrogen segments. ReNew has a total portfolio of 15.6 GW of renewable energy projects, both commissioned and committed, across the country.
In December 2023, ReNew signed an MoU with ADB to collaborate on climate change mitigation and adaptation projects with an investment value of more than $5.3 billion.
In January 2024, ReNew signed a sale purchase agreement with the India Grid Trust for a 300 MW solar project in Rajasthan at a valuation of $199 million. In the same month, the company announced the refinancing of non-convertible debentures worth Rs 23,910 million which were issued by its subsidiaries in October 2020 to India Green Energy Holdings.
In April 2024, the company partnered with JERA to jointly evaluate the development of a green ammonia production project in Paradip, Odisha, for export purposes. This project will have the capacity to produce 100,000 tonnes of green ammonia annually by 2030.
In May 2024, the company announced the signing of five PPAs totalling 2.2 GW of renewable capacity and LoAs for an additional 5.8 GW of renewables capacity. Of the five three solar PPAs totalling 800 MW were with NTPC, Damodar Valley Corporation and SECI. A 1 GW FDRE PPA was signed with SJVN at a tariff of Rs 4.39 per kWh. It also added a 438 MW PPA with a large multinational C&I customer. These projects are expected to be commissioned over the next 24 months.
The company also signed an MoU with Société Générale for up to $1 billion of support over the next three years to broaden collaboration on energy transition projects.
It inaugurated a 400 MW solar project in Rajasthan in July 2024, as part of a 600 MW PPA signed with SECI.
In August 2024, the company signed a green attribute sale contract worth 437.6 MW with Microsoft. This contract is expected to generate over 1 MUs of green electricity attributes annually.

Sembcorp India

Sembcorp India is an IPP with a presence across 18 states and a portfolio of over 5.4 GW of wind and solar assets. It is part of Sembcorp Industries of the Singapore-based Sembcorp Group.
Sembcorp received various LoAs this year, including one for a 300 MW ISTS-connected solar power project from NHPC as part of its 3 GW bid (December 2023); for a 450 MW wind-solar hybrid power project from SECI as part of a 2 GW bid (January 2024); for a 440 MW wind-solar hybrid power project from SJVN as part of a 1.5 GW bid (March 2024); and another LoA for a 150 MW wind-solar hybrid project from SECI as part of a 600 bid (October 2024).
In December 2023, Sembcorp Green Hydrogen Pte Limited, a wholly owned subsidiary of Sembcorp, entered into an MoU with Sojitz Corporation and Kyushu Electric Power Company to explore opportunities in green ammonia production in India for export to Japan. Nippon Yusen Kabushiki Kaisha was signed as a shipping partner for the export of green ammonia to Japan.
In February 2024, Sembcorp, through its wholly owned subsidiary Green Infra Wind Energy Limited, completed the acquisition of 100 per cent of the share capital in two special purpose vehicles (SPVs). These SPVs were owned by Leap Green Energy Private Limited with 228 MW of operational wind assets in Madhya Pradesh, Maharashtra and Rajasthan.
In August 2024, Sembcorp announced plans to set up a green ammonia plant in Tamil Nadu for an investment of $362.38 billion.
In September 2024, Sembcorp formed a 50:50 JV with Bharat Petroleum Corporation Limited to support the company’s energy transitions and clean energy initiatives.

Serentica Renewables

Serentica Renewables offers RTC renewable energy solutions with a focus on industrial decarbonisation, aiming to establish renewables as the primary energy source for the C&I segment. Reportedly, it is targeting the expansion of its renewable energy portfolio to 17,000 MW by 2030, with 5,000 MWh of storage capacity planned.
In January 2024, Serentica Renewables secured its first foreign currency loan of Rs 35 billion from a consortium of international and Indian banks to finance its 530 MW RTC renewable energy project in Rajasthan and Maharashtra. The loan was successfully finalised in March 2024. This project will provide clean energy to Hindustan Zinc.
In June 2024, Serentica Renewables called for global EoIs to develop 800 MWh of BESSs for its RTC clean energy projects.
In July 2024, Serentica Renewables successfully began supplying clean energy from its 180 MW solar project in Bikaner, Rajasthan, to Hindustan Zinc. In the same month, Serentica placed an order for manufacturing, testing, packing and transporting 900 MW of solar modules from Waaree Energies.
In October 2024, Serentica Renewables entered into a major agreement with Hindustan Zinc, which will procure 530 MW of RTC renewable energy from Serentica’s projects through a group captive arrangement.
In November 2024, Serentica Renewables announced plans to develop 10,000 MW of renewable energy projects in Andhra Pradesh, combining solar, wind and storage technologies to deliver RTC green power.
Key tenders secured by Serentica in the past year include a 200 MW FDRE project as part of NTPC’s 3 GW Tranche II auction by quoting Rs 4.71 per kWh as well as 100 MW at a tariff of Rs 5.60 per kWh in SECI’s 1.5 GW Tranche II auction (March 2024); 100 MW in SECI’s 630 MW FDRE auction at a tariff of Rs 4.99 per kWh (July 2024); and 300 MW in NHPC’s 1.2 GW FDRE auction (Tranche II) at a tariff of Rs 4.37 per kWh (September 2024).

SJVN Limited

SJVN Limited is an Indian public sector undertaking incorporated in 1988 as a JV between the Indian government and the Himachal Pradesh government. It aims to achieve an installed capacity of 25,000 MW by 2030 and 50,000 MW by 2040. Currently, the company has a total project portfolio of 56,803 MW, including 2,467 MW under operation, 4,836 MW under construction, 16,158 MW in the pre-construction and survey stages and 33,342 MW under allotment.
In December 2023, SJVN secured a 100 MW solar power project through an auction conducted by GUVNL. It also secured a Rs 100 billion construction funding facility. The company began commercial operation of the 75 MW Gurhah solar power plant in Jalaun, Uttar Pradesh.
In January 2024, SJVN received approval to form four JVs for the development of hydro and renewable energy projects in India and Nepal. In the same month, SJVN signed a contract for a 360 MW solar project in Bhuj, Gujarat. Furthermore, it also signed a power usage agreement with Uttarakhand Power Corporation Limited for 200 MW of solar power.
In February 2024, it received an LoI for a 200 MW solar project under GUVNL Phase XXII, commissioned the 50 MW Gujrai solar power station in Uttar Pradesh and the 100 MW Raghanesda solar power station in Gujarat, and signed a PUA with J&K Power Corporation Limited for 300 MW of solar power.
SJVN announced results for a 1,500 MW solar auction in February 2024, with winners including Solarcraft Power India 8 (BluPine Energy), GRT Jewellers, Furies Solren (Mahindra & Mahindra) and JSW Neo Energy at tariffs ranging from Rs 2.52 to Rs 2.54 per kWh. It also announced the results for the auction to develop 1,500 MW of ISTS-connected wind-solar hybrid power projects with Juniper Green Energy, Datta Power Infra, Avaada Energy, Green Infra Wind Energy (Sembcorp), Energizent Power (O2 Power) and Green Prairie Energy (EverGreen Power) at tariffs ranging from Rs 3.43 to Rs 3.48 per kWh.
In March 2024, it secured a 200 MW solar project at Rs 2.66 per unit in a GUVNL auction and signed solar agreements for 500 MW and 100 MW with Rajasthan Urja Vikas and IT Services Limited. It also received LoIs for 500 MW under GUVNL Phase XXI and issued a tender for 600 MW ISTS-connected wind projects.
In April 2024, it issued a tender for 600 MW of FDRE projects with storage.
In May 2024, SJVN partnered with Hero Future Energies through a PPA to establish a 120 MW FDRE project in Andhra Pradesh.
In June 2024, SJVN signed an MoU with AM Green Ammonia (India) Private Limited through its subsidiary SJVN Green Energy Limited. It also declared the winners of the 1,500 MW wind-solar hybrid auction with seven bidding winning capacities at tariffs of Rs 3.41-3.42 per kWh.
In July 2024, SJVN received an LoI from the Mizoram government for the 2,400 MW Darzo Lui pumped storage project. It also issued a tender to develop 1,200 MW of ISTS-connected wind-solar hybrid projects in the same month.
In August 2024, SJVN commissioned the 90 MW Omkareshwar floating solar project in Madhya Pradesh. The company attained Navratna status from the Department of Public Enterprises, Government of India, in the same month.
In September 2024, SJVN signed MoUs to develop 8,100 MW of PSP and 505 MW of floating solar projects in Maharashtra.
In October 2024, SJVN announced the winners of the 1.2 GW FDRE II auction, awarding capacities to Juniper (200 MW), ReNew (150 MW), Zelestra (140 MW), Hero Solar Energy (120 MW) and Avaada (590 MW) at tariffs ranging from Rs 4.25 to Rs 4.26 per kWh. It also issued a tender for the EPC of 700 MW of solar projects at the Khavda Renewable Energy Park in Gujarat.
In November 2024, SJVN announced the results for the 1,200 MW ISTS-connected wind-solar hybrid auction under Phase III. Capacities were awarded to Gentari (400 MW), Juniper (300 MW), EG Energy (300 MW), Adyant (70 MW) and Sunsure (130 MW) at Rs 3.19 per kWh.

Sterling & Wilson Renewable Energy Limited

Sterling & Wilson Renewable Energy Limited (SWREL) provides EPC services for utility-scale solar, floating solar, hybrid and energy storage solutions, with a portfolio of approximately 20.7 GWp. In addition to EPC, SWREL manages an O&M portfolio for around 7.8 GWp of solar power projects.
In December 2023, SWREL raised Rs 15 billion through the qualified institutional placement route.
In July 2024, SWREL received an order for the engineering, design, procurement, erection, testing and commissioning of a 1,000 MWh standalone BESS plant in Rajasthan. Additionally, it secured a 20 MW floating solar project in Karnataka from the same company.
In August 2024, the company received an EPC order for a 400 MW solar plant, along with supply and works for a 33/220 kV switchyard to be built in Rajasthan. The total order value is Rs 5.5 billion.
In September 2024, SWREL secured two domestic EPC orders worth Rs 5.12 billion from private IPPs. These include the EPC of a 200 MW solar plant in Gujarat and a 50 MW solar plant in Maharashtra.

SunSource Energy

SunSource Energy primarily operates in the distributed energy solutions space, with over 150 projects delivered globally. The company has a portfolio exceeding 400 MW of solar power projects. It specialises in solar EPC services, rooftop, open access solar and energy storage systems, serving industrial, C&I-scale clients.
In May 2024, the company commissioned an open access solar project in Gursarai, Uttar Pradesh, for CtrlS Datacenters, a hyperscale data centre operator.
In June 2024, the company commissioned three additional open access solar power facilities in Uttar Pradesh, located in the Jhansi and Lalitpur districts. Spanning a total of 150 acres, these projects collectively boast a capacity of 45 MWp.
In August 2024, it commissioned a 21 MWp solar power plant in Ramanathapuram, Tamil Nadu.

Suzlon

Founded in 1995, Suzlon has emerged as a leading Indian wind turbine manufacturer with a global presence spanning over 17 countries. It delivers comprehensive wind energy solutions, offering end-to-end services for wind projects. The company has installed over 13,060 wind turbines and has over 20,920 MW of installed capacity worldwide.
In December 2023, Suzlon secured a 100.8 MW order for its 3 MW series WTGs from a leading global utility, along with a 300 MW order from Apraava Energy and another 100.8 MW order from Mahindra Susten.
In January 2024, the company won a 225 MW order from Everrenew Energy and a 642 MW wind power project order from ABC Cleantech Private Limited.
In February 2024, Suzlon secured a 30 MW order for the 3 MW series WTGs from EDF Renewables.
In March 2024, Suzlon secured a 72.45 MW contract from Juniper Green Energy for its 3 MW WTGs. The project is situated in Dwarka district, Gujarat.
In May 2024, it secured a 402 MW contract from Juniper Green Energy to supply its 3 MW WTGs for a project in Fatehgarh, Rajasthan. The same month, Suzlon also won a 551.25 MW wind power project contract from the Aditya Birla Group.
In June 2024, Suzlon received an 81.9 MW order for its 3 MW series WTGs from Oyster Green Hybrid One Private Limited and a 103.95 MW order from AmpIn Energy Transition.
In September 2024, the company acquired a 51 per cent equity stake in Renom Energy Services, making it a subsidiary of the company. Suzlon invested Rs 4 billion to acquire the company from the Sanjay Ghodawat Group. During the same month, the Suzlon Group secured a 1,166 MW wind energy order from NGEL.
In October 2024, the Suzlon Group received a 400 MW order from JSP Green Wind 1 Private Limited, an SPV of Jindal Renewables Power Private Limited.

Tata Power Renewable Energy Limited

TPREL is a subsidiary of Tata Power, which develops, owns, operates and maintains diverse renewable energy projects, including solar, wind, hybrid, RTC, peak power, floating solar and BESS. Currently, TPREL’s total renewable capacity stands at 10.9 GW, with 8.8 GW under PPAs, 5.6 GW under development and 5.3 GW operational. Its solar EPC portfolio exceeds 15 GWp of ground-mounted utility-scale projects and 2.5 GW of rooftop and distributed systems.
In December 2023, Tata Power Solar Systems Limited (TPSSL) signed a contract to supply 152 MWp domestic content requirement solar PV modules for NTPC’s Nokh Solar Project in Rajasthan.
In February 2024, TPREL signed a power delivery agreement with Tata Communications Limited for an 18.75 MW AC group captive solar power plant.
In March 2024, TPSSL commissioned a 100 MW solar project with a 120 MWh BESS in Rajnandgaon, Chhattisgarh.
In April 2024, TP Saurya Limited commissioned a 200 MW solar project in Bikaner, Rajasthan, for Tata Power Trading Company Limited. TPSSL also partnered with Indian Bank to promote solar rooftop solutions.
In May 2024, TPREL signed a PPA with SJVN for a 460 MW FDRE project.
In June 2024, Tata Power launched the GharGharSolar, Tata Power ke Sangh campaign to promote residential rooftop solar solutions from Jodhpur, Rajasthan. It was further rolled out in Varanasi, Uttar Pradesh, in July 2024.
In July 2024, TPREL and NHPC Renewable Energy Limited signed an MoU for a solar initiative targeting government buildings under the PM Surya Ghar programme.
In September 2024, TP Solar Limited commenced commercial production at its 2 GW solar cell manufacturing facility in Tamil Nadu. TPREL also secured a 400 MW hybrid project from Maharashtra State Electricity Distribution Corporation Limited (MSEDCL).
In November 2024, TPREL commissioned a 126 MW floating solar project in Omkareshwar, Madhya Pradesh.

Torrent Power Limited

Torrent Power Limited (TPL), part of the Torrent Group, is an integrated power utility operating in power generation, transmission, distribution, and the manufacturing and supply of power cables. The company has a total power capacity of 4,328 MW, of which renewables account for 1,236 MW.
In January 2024, TPL planned a comprehensive investment of Rs 473.5 billion encompassing renewable energy, green hydrogen and power distribution.
In February 2024, TPL launched four clean energy projects in Uttar Pradesh, with a total investment of approximately Rs 250 billion. These projects include a 150 MW solar power plant in the Lalitpur district of the Bundelkhand region, two pumped storage hydro projects with a combined capacity of 4.15 GW in the Sonbhadra district, and a pilot green hydrogen manufacturing facility in Gorakhpur. In the same month, TPL was issued an LoI by PFC Consulting Limited for the development of an ISTS project to facilitate power evacuation from 1,500 MW clean energy projects located in Solapur, Maharashtra.
In March 2024, TPL won 450 MW of wind-solar hybrid projects by quoting Rs 3.65 per kWh.
Torrent Urja 14 (TU14), a subsidiary of TPL, signed an agreement with ARS Steels & Alloy International Private Limited to establish solar projects of up to 50 MW to deliver clean energy to ARS. This power will be provided through open access from TU14’s project in Tamil Nadu to ARS’s production units.
In September 2024, TPL received an order for a 1,500 MW hydro PSP from MSEDCL. An additional 500 MW was awarded in October 2024.

Vikram Solar

Vikram Solar, headquartered in Kolkata, is a renewable energy company specialising in solar PV module manufacturing and EPC solutions. The company has a strong international presence across 32 countries and boasts a cumulative production capacity of 3.5 GW. The company has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) to raise funds through an IPO.
In December 2023, Vikram Solar signed an agreement with NTPC to deliver 152 MW of high-efficiency crystalline bifacial solar modules. The modules will be delivered for NTPC’s ground-mounted solar power project at the Nokh Solar Park in Jaisalmer, Rajasthan.
In May 2024, Vikram Solar secured a 250 MW module supply deal from Gujarat Industries Power Company Limited to be installed at the renewable energy park in Khavda, Gujarat. It also won a contract from NTPC Renewable Energy Limited for a 397.7 MWp module supply order.
In June 2024, it secured a contract from NLC India Limited for a 393.9 MWp module supply order for its project in Gujarat.

Waaree Energies Limited

Waaree Energies Limited was founded in 1990, with headquarters in Mumbai. It has an extensive solar PV module manufacturing capacity of 12 GW in India, and also has 3 GW under construction in the US.
In February 2024, it signed a 280 MW deal with Mahindra Susten, followed by another 280 MW agreement in June 2024 for a project in Bikaner, Rajasthan.
In June 2024, the company was awarded a contract by Juna Renewable Energy Private Limited to supply bifacial solar modules for a 412.5 MWp/335 MW AC project, also in Rajasthan.
In July 2024, it secured a 900 MW module supply deal from Serentica Renewables India Private Limited for a project located in Fatehgarh, Rajasthan.
In August 2024, the company secured a 90 MW solar module contract for Juniper Green Energy’s Bikaner project.
In September 2024, it received SEBI’s approval to release its IPO.
In November 2024, the company secured a 600 MWp module supply contract from a leading renewable energy developer.

Related Articles

Need to Ramp Up: Key insights from GWEC’s Global Wind Report 2024

SJVN issues 500 MW EPC tender for solar projects in Rajasthan

Ilmatar to construct 550 MW solar power park in Sweden