Company Highlights: Key developments in the past 12 months

The past one year witnessed several exciting policy developments and significant auction activity in the renewable energy space, driving project development across the solar, wind, green hydrogen, battery energy storage systems (BESSs), and firm and despatchable renewable energy (FDRE) segments. Developers, catering to both utilities and commercial and industrial (C&I) customers, commissioned and announced several projects across the country. 

There was significant bidding activity, especially in the BESS space, which expanded the market significantly. Engineering, procurement and construction (EPC) players and manufacturers across various technologies received sizable orders to support the impressive pipeline of projects. Players across the value chain raised substantial funds to expand their portfolios, and merger and acquisition (M&A) activity remained strong throughout the year. 

Against this backdrop, Renewable Watch presents a snapshot of the key developments in 2025, covering leading public sector companies, renewable energy developers, manufacturers and EPC companies… 

ACME Group

The ACME Group, set up in 2003, has a renewable portfolio of 7.39 GW of solar, wind and wind-solar hybrid projects across 13 states. The company is also focusing on developing FDRE and BESS projects and enhancing its green hydrogen and ammonia production capabilities. The company aims to achieve an installed capacity of 7 GW by 2028 and has announced its plans to invest Rs 170 billion in capital expenditure in 2026 to expand its renewable capacity to 5,000 MW by 2027, with a focus on FDRE projects.

ACME Cleantech Solutions secured the highest cumulative capacity in the Solar Energy Corporation of India’s (SECI) Strategic Interventions for Green Hydrogen Transition (SIGHT) Mode-2A, Tranche-1 auction, winning 370,000 tonnes per annum (tpa) across six different auctions. It won 100,000 tpa at a tariff of Rs 54.73 per kg, which will be supplied to Indian Farmers Fertiliser Cooperative Limited (IFFCO), Kandla, Gujarat. It also won 100,000 tpa at a bid of Rs 49.75 per kg for supply to IFFCO Paradeep and 75,000 tpa at Rs 55.75 per kg for Paradeep Phosphates Limited in Odisha. In addition, it secured 50,000 tpa at Rs 51.89 per kg for supply to Coromandel India Limited in Visakhapatnam, Andhra Pradesh; 25,000 tpa at Rs 62.84 per kg to Paradeep Phosphates in Zuarinagar, Goa; and 20,000 tpa at Rs 64.74 per kg for Indorama India Private Limited in Haldia, West Bengal.

In January 2025, ACME Solar signed a power purchase agreement (PPA) with NHPC Limited for a 680 MW FDRE project, awarded under NHPC’s 1,400 MW FDRE tender and will be developed across multiple locations, including Gujarat, Madhya Pradesh, Karnataka and Rajasthan. 

In February 2025, ACME Solar partnered with GREW Solar to execute a solar power project in Bikaner, Rajasthan, using GREW Solar’s Topcon solar modules. 

In July 2025, ACME Solar signed a battery energy storage agreement with NHPC Limited for two stand-alone BESS projects with a cumulative capacity of 275 MW/550 MWh located in Andhra Pradesh. ACME Solar secured 50 MW/100 MWh of this capacity at a tariff of Rs 210,000 per MW per month for Kuppam substation and 225 MW/450 MWh of this capacity at Rs 222,000 per MW per month for Ghani substation in NHPC’s 500 MW/1,000 MWh stand-alone BESS (Tranche II) auction in Andhra Pradesh in June 2025. In the same month, ACME Solar Holdings placed an order of over 3.1 GWh of BESS from Zhejiang Narada and Trina Energy, to be delivered in a phased manner over the next four to eight months of 2025-26.

In October 2025, ACME Solar signed a 25-year PPA with Tata Power Delhi Distribution Limited for a 50 MW FDRE project, supplying power at a tariff of Rs 4.43 per unit. In the same month, the ACME Group and Stavian Industrial Metal signed a 10-year binding term sheet for the sale of 0.8 million tpa of green hot briquetted iron and direct reduced iron on a take-or-pay basis.

Key financing deals include securing a term loan of Rs 19.88 billion from the Power Finance Corporation (PFC) to finance a 300 MW solar-wind hybrid renewable energy project, with solar capacity in Bikaner, Rajasthan and wind capacity in Bhuj, Gujarat, in December 2024. In April 2025, the company secured a Rs 24.91 billion long-term project refinancing facility from the State Bank of India (SBI) and REC Limited for a duration of 18 to 20 years, to refinance its existing debt and lower the financing costs for its 490 MW operational renewable energy projects in Andhra Pradesh, Rajasthan and Punjab, as well as Rs 10.72 billion financing to refinance debt associated with a 250 MW operational solar project in Rajasthan from a consortium of institutions in June 2025. Additionally, the company secured a Rs 31.84 billion loan from REC Limited for a 280 MW FDRE project in August 2025, a Rs 11 billion domestic financing from SBI to refinance the existing debt of a 300 MW renewable energy project in Rajasthan in September 2025; and Rs 38.92 billion in project funding from SBI for a 400 MW FDRE project in the same month.

Key tender wins secured by the company include 300 MW of solar capacity secured at a tariff of Rs 3.05 per kWh, in SECI’s Tranche XVIII auction for 1,000 MW of interstate transmission system (ISTS)-connected solar projects; and 250 MW at a tariff of Rs 4.56 per kWh in NHPC’s 1,200 MW FDRE Tranche VI auction, both in December 2024. It also won a capacity of 220 MW at a tariff of Rs 2.76 per kWh in Rewa Ultra Mega Solar Limited’s (RUMSL) 600 MW grid-connected, ground-mounted solar project with BESS auction in September 2025. Moreover, it won 450 MW/1,800 MWh at a tariff of Rs 6.75 per kWh, in SJVN’s 1,500 MW/6,000 MWh assured peak power from ISTS-connected renewable projects with energy storage auction in October 2025. 

Aditya Birla Renewables Energy Limited

Aditya Birla Renewables Energy Limited (ABREL), founded in 2011, is the Aditya Birla Group’s renewable energy arm, with a total portfolio of 2 GW. The company focuses on solar, wind, floating solar and hybrid solutions for both C&I and utility customers, while also exploring BESS, round-the-clock (RTC) solutions and green molecules options such as hydrogen and ammonia. 

In December 2024, ABREL agreed upon a captive supply arrangement with Gujarat Alkalies and Chemicals (GACL), under which GACL will procure around 62.7 MW of power from ABREL’s wind-solar hybrid project in Gujarat. Furthermore, GACL will acquire a 26 per cent equity stake in the project SPV along with a 25-year power consumption agreement.

In August 2025, ABREL awarded the contract for a 64 MWac/96 MWp solar balance-of-system project in Mahua, Gujarat to KPI Green Energy. In the same month, the company signed a PPA with Vodafone Idea to supply power from a captive solar project in Maharashtra, with Vodafone Idea signing a share purchase agreement to acquire 26 per cent of paid-up equity share capital. 

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 an operational energy portfolio of approximately 15.53 GW, as of June 2025. The company is targeting 50 GW of renewable energy capacity by 2030. 

In December 2024, AGEL won 50 MW at a tariff of Rs 3.10 per kWh in SECI’s 1 GW ISTS-connected solar (Tranche XVIII) auction.

In February 2025, AGEL secured a letter of award (LoA) from Uttar Pradesh Power Corporation Limited (UPPCL) for 1,250 MW of energy storage capacity from the Panura hydro pumped storage project (PSP) and signed the PPA later in April 2025. 

In March 2025, AGEL completed the long-term refinancing of $1.06 billion for developing wind-solar projects in Rajasthan. In the same month, Adani Energy Solutions Limited (AESL) secured a power transmission project by PFC Consulting Limited, to supply 3,000 MW of renewable energy for green hydrogen and green ammonia production in Mundra, Gujarat. 

In May 2025, Adani Electricity Mumbai Limited invited bids to procure 500 MW/4,000 MWh ESS (either PSP or BESS), with an additional 250 MW/2,000 MWh under a greenshoe option.

In June 2025, the Adani Group announced the commissioning of a 5 MW offgrid green hydrogen pilot plant in Kutch, Gujarat. In the same month, AESL secured REC Power Development and Consultancy Limited’s transmission project to evacuate power from 1,500 MW PSPs near Talegaon, Maharashtra.

In October 2025, AGEL issued a letter of intent (LoI) to Bondada Engineering Limited for a Rs 10.5 billion supply agreement for a 650 MW project at the Khavda renewable energy park.

AGEL commissioned renewable capacity all over the country throughout the year. In December 2024, AGEL, through its subsidiary Adani Green Energy Twenty Five Limited, commissioned a 250 MW solar power project at Badi Sid, Jodhpur district, Rajasthan. In February 2025, Adani Green Energy Twenty Four Limited, a step-down subsidiary of AGEL, operationalised a 250 MW solar project at Bhimsar and Dwada in Jaisalmer, Rajasthan and again commissioned another 250 MW solar project at Bhimsar in March 2025. In May 2025, Adani Renewable Energy Fifty Seven Limited, another step-down subsidiary of AGEL, commissioned an incremental 187.5 MW solar power project at Khavda, Gujarat. In August 2025, it commissioned a 50 MW solar-wind hybrid power project at Khavda, Gujarat. In September 2025, AGEL commissioned a total of 408.1 MW of renewable energy projects at Khavda, Gujarat. The capacity includes 87.5 MW of solar, 124.8 MW of wind and 195.8 MW of hybrid projects. 

AMPIN Energy Transition

AMPIN Energy Transition, founded in 2016, has a portfolio of over 5 GWp spread across 23 states in the country, catering to both C&I and utility customers.

In November 2024, the company announced a partnership with Copenhagen Infrastructure Partners to develop 2 GWp of renewable energy projects in India, for an estimated investment of $300 million. This was followed by an equity investment of $50 million from Siemens Financial Services in March 2025, to support AMPIN’s expansion plans and value chain initiatives.

In December 2024, the company secured 150 MW at a tariff of Rs 3.44 per kWh in NTPC’s Hybrid 02 1,200 MW ISTS-connected wind-solar hybrid auction.

In April 2025, AMPIN signed a PPA with Poly Medicure Limited to supply 9.9 MWp power from its 75 MWp solar park in Sirsa, Haryana. In the same month, the company signed an agreement to supply renewable energy to UltraTech Cement, from a 75 MWdc captive solar project in Balotara district, Rajasthan, set up by its SPV AMPIN C&I Power Eight.

In May 2025, it signed a 25-year PPA with Indian Metals and Ferro Alloys Limited to supply 40 MW of contracted power from a wind-solar hybrid project.

In September 2025, the company commissioned a 50 MWp solar open access project in Gatapar, Bemetara district, Chhattisgarh, to supply clean energy to Texmaco Rail & Engineering Limited.

AMPIN’s agreements with NXTRA include a power wheeling agreement for the supply of 125.65 MW of wind-solar hybrid energy announced in July 2025 and a captive power procurement agreement from a 13.2 MW solar project to be developed in Dighol-Islamnpur district in Maharashtra, signed in October 2025. 

Apraava Energy

Apraava Energy, founded in 2002, has a diversified portfolio of around 3.4 GW 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 January 2025, Apraava Energy commissioned a 250.7 MW wind power project in the Sidhpur region of Devbhoomi Dwarka district, Gujarat, with the project having a 25-year PPA with SECI at a tariff of Rs 2.83 per kWh. 

Avaada Group

After a demerger from Welspun Energy, the Avaada Group was founded in 2017. Since then, it has developed a renewable portfolio of 6 GWp GW of installed capacity, spanning more than 100 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 GW of installed renewable energy capacity by 2026.

In January 2025, the Avaada Group secured $1 billion in financing and refinancing for nine renewable energy projects. 

In February 2025, Avaada partnered with Casale to develop a 1,500 tpd green ammonia plant in Gopalpur, Odisha. 

In March 2025, the Avaada Group secured long-term PPAs for a total of 14,000 MW of renewable energy projects. In the same month, the company opened a 1.5 GW solar module manufacturing facility in Dadri, Noida, Uttar Pradesh. 

In September 2025, Avaada commissioned 11 solar projects totalling 35 MW in Maharashtra, under the Mukhyamantri Saur Krushi Vahini Yojana (MSKVY).

In October 2025, Avaada Electro, a solar manufacturing subsidiary of the Avaada Group, filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), for a proposed initial public offering (IPO) of Rs 90 billion-Rs 100 billion. 

Additionally, the company signed several MoUs with state governments over the past year. In November 2024, Avaada signed an MoU to develop 1.2 GW of PSPs in Rajasthan. It signed an MoU with the water resource department of the Maharashtra government to develop two hydro PSPs, with a capacity of 3.65 GW in April 2025, a Rs 360 billion MoU with the Gujarat government for 5 GW solar, 1 GW wind and 5 GWh BESS projects in October 2025. It also announced plans to invest Rs 500 billion in Madhya Pradesh, to develop projects with 6,000 MW of solar power, 700 MW of wind power, 2,100 MW of BESS and 2,000 MW of PSPs in February 2025. Further, it has announced plans to invest Rs 50 billion to develop 1 GW renewable energy in Bihar in July 2025 and Rs 92 billion in green energy projects in Rajasthan in October 2025.

Key tenders secured by the company over the past year include 60 MW at a tariff of Rs 4.7 per kWh in NTPC’s 1,200 FDRE auction in November 2024, 600 MW at a tariff of Rs 4.56 per kWh in NHPC’s 1,200 MW FDRE from ISTS-connected renewable projects with ESS (Tranche VI) auction in December 2024, 100 MW at a tariff of Rs 2.6 per kWh in Gujarat Urja Vikas Nigam’s (GUVNL) 250 MW solar auction in March 2025 and 210 MW at a tariff of Rs 3.42 per kWh in NHPC’s 1,200 MW ISTS-connected wind-solar hybrid (Tranche X) auction.

Bharat Heavy Electricals Limited 

Bharat Heavy Electricals Limited (BHEL), established in 1964, has over three decades of experience in solar PV manufacturing and is involved in the EPC of solar projects. Its portfolio includes more than 1,225 MW of solar capacity, 85 MW of cell manufacturing capacity and 226 MW of module manufacturing capacity.

In January 2025, BHEL signed an MoU with Oil and Natural Gas Corporation to explore joint projects and collaboration in new and renewable energy business areas, including fuel cells, electrolysers and BESS.

In February 2025, BHEL received an LoI from Rajasthan Part I Power Transmission Limited for the design and execution of an HVDC link along with associated AC substations, to facilitate renewable energy transmission from Bhadla III in Rajasthan and Fatehpur in Uttar Pradesh. 

In March 2025, BHEL floated an EPC tender for 1.2 GW of solar projects at Khavda, Gujarat.

In April 2025, BHEL, as part of the BHEL–Hitachi Energy consortium, secured a 6 GW/±800 kV high-voltage direct current bi-pole and bi-directional transmission project to transmit renewable energy from Rajasthan to Uttar Pradesh, with terminals expected to be operational by 2029. 

In July 2025, BHEL’s manufacturing unit at Ramachandrapuram in Hyderabad floated an operations and maintenance (O&M) tender for 1.5 MW solar projects for two years.

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 April 2025, BluPine Energy signed a 25-year PPA with SECI for a 150 MW solar-plus-storage project in Bikaner district, Rajasthan. 

In October 2025, it won 150 MW/600 MWh at a tariff of Rs 6.75 per kWh, in SJVN’s 1,500 MW/6,000 MWh assured peak power from ISTS-connected renewable projects with ESS auction.

Key financing arrangements secured by the company over the past year include structured financing of Rs 17.87 billion from the National Bank for Financing Infrastructure and Development for ­renewables expansion in March 2025, Rs 3.76 billion in debt funding from the Standard Chartered Bank for a 100 MW solar project in Tharad, Banaskantha district, Gujarat in May 2025 and Rs 24.16 billion in debt financing for a 150 MW FDRE project in Aland, Karnataka in June 2025.

Bharat Petroleum Corporation Limited 

Bharat Petroleum Corporation Limited (BPCL), an oil refining and marketing PSU established in 1976, has expanded into renewables, green hydrogen and compressed biogas. 

In December 2024, BPCL secured 150 MW at a tariff of Rs 2.55 per kWh in NTPC’s 1.2 GW ISTS-connected solar auction. 

In January 2025, BPCL partnered with Volks Energie to develop India’s first solar plant equipped with lithium-iron-phosphate (LFP) batteries for oil and gas pipelines. In June 2025, Volks Energie received a second contract from BPCL to deploy LFP batteries at an off-grid solar project.

In February 2025, BPCL signed an MoU with Eco Wave Power Global AB to develop wave energy projects in India and undertake feasibility studies for their deployment. In the same month, BPCL and the National Sugar Institute signed a collaboration to advance research on sweet-sorghum as a sustainable feedstock for bioethanol production.

In April 2025, BPCL and Sembcorp Green Hydrogen India Private Limited executed a joint venture (JV) agreement to develop renewable energy and green-hydrogen projects across India. In the same month, BPCL formed a JV with GPS Renewables to develop compressed biogas (CBG) plants across India, targeting an initial eight to ten plants in Bihar, Odisha, Punjab, Uttar Pradesh and West Bengal. 

In May 2025, BPCL awarded its tender, originally floated in December 2023, to develop 100 MW of wind projects (50 MW in Madhya Pradesh and 50 MW in Maharashtra) to Suzlon Energy and Integrum Energy, respectively. 

In October 2025, BPCL signed an MoU with Fertilisers and Chemicals Travancore Limited for the supply and trade of fermented organic manure and liquid fermented organic manure generated at BPCL’s upcoming municipal solid waste-based CBG plant located at Brahmapuram, near the Kochi Refinery. 

Ceigall India Limited

Founded in 2003, Ceigall India Limited is an infrastructure and EPC company that has forayed into renewable energy development. 

In September 2025, Ceigall India secured LoIs from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the procurement of 337 MW of solar power under the MSKVY 2.0. The company further received an LoA from MSEDCL for a 147 MWac grid-connected solar project under the same scheme in October 2025. 

In September 2025, Ceigall India secured 220 MW at a tariff of Rs 2.70 per kWh in RUMSL’s 600 MW solar-plus-storage auction.

CleanMax

CleanMax, founded in 2012, operates in the C&I solar segment and has successfully installed projects for over 500 corporate clients, with a total operating capacity of around 2.5 GW.

In November 2024, CleanMax signed a PPA with Equinix to develop a 33 MW captive renewable power plant in Maharashtra, comprising 26.4 MWp of solar and 6.6 MW of wind capacity. 

In April 2025, CleanMax commissioned a 92.1 MW wind-solar hybrid project in Bengaluru, Karnataka, integrating 69 MWp of solar and 23.1 MW of wind capacity to supply power to Cisco’s India campus.

In August 2025, CleanMax filed draft papers with SEBI for an IPO valuing the issue at Rs 52 billion, including a fresh equity of Rs 15 billion. 

The company also formed JVs with Japanese companies for renewable energy development in India. In March 2025, CleanMax and Osaka Gas formed the JV, Clean Max Osaka Gas Renewable Energy, to develop 400 MW of renewable energy projects. In July 2025, CleanMax and Toyota Tsusho India formed a JV to develop 300 MW of renewable energy projects by March 2028.

The company has signed renewable power procurement deals with several C&I customers over the past year. UltraTech Cement agreed to source renewable energy from a 55 MW wind-solar hybrid project through CleanMax’s SPV, Clean Max Sapphire, in December 2024, with UltraTech to acquire a 26 per cent equity share in the SPV. In addition, Gujarat Pipavav Port signed a PPA with CleanMax to source power from a 4.56 MW wind-solar hybrid project. Further, HLE Glascoat agreed to procure power from CleanMax’s 3.3 MW wind and 2.31 solar projects, and Godrej committed to procure power from the company’s wind-solar project in Gujarat. 

Cleantech Solar

Headquartered in Singapore, Cleantech Solar has more than 1.2 GWp of assets in the operation, construction and development stages across India and Southeast Asia, primarily focusing on long-term investments in the C&I solar segment.

Cleantech commissioned multiple open access solar projects in the past year. In December 2024, Cleantech Solar completed various open-access solar projects, totalling 150 MWp at a renewable energy park in Jalkot, Maharashtra. In April 2025, Cleantech Solar commissioned open access solar projects at its 100 MWp renewable energy park in Maharashtra for DRT-Anthea and other clients. In May 2025, it completed 80 MWp of anchor open access projects at a 275 MWp renewable energy park in Tamil Nadu. 

Coal India Limited

Established in 1975 as a PSU, Coal India Limited (CIL) is India’s largest coal mining company. The company has recently diversified into clean energy, floating several tenders and signing agreements. 

In December 2024, CIL announced the results of an auction to develop a 300 MW grid-connected ground-mounted solar project at the Khavda Solar Park in Gujarat, with KPI Green Energy securing the bid at a contract value of Rs 13.11 billion. 

In May 2025, CIL and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited signed an MoU to develop a 500 MW solar project in Uttar Pradesh. In the same month, CIL signed an MoU with AM Green to develop 4.5 GW of clean energy projects.

In June 2025, CIL and Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL) formed a JV, named CIL Rajasthan Akshay Urja Limited, to develop clean energy projects in Rajasthan. 

The company floated several tenders over the past year, including a 1 GW tender for ground-mounted solar projects on a turnkey basis at RRVUNL’s 2 GW solar park in Bikaner in April 2025 and a tender for 875 MW of solar projects at RRVUNL’s 2 GW Pugal solar park in July 2025. In addition, in September 2025, the company floated an EPC tender for 3 GW of grid-connected solar projects, an EoI for EPC of 2 GW of ISTS-connected wind projects and another EoI for 150 MW of ISTS-connected solar projects co-located with BESS.

EDF Renewables

EDF Renewables, a global renewable energy arm of the EDF Group, operates in over 25 countries, with a portfolio of over 2.8 GW of renewable energy projects in India. The company focuses on the development, construction and operation of renewable power facilities.

In February 2025, EDF India signed non-binding term sheets proposing partnerships with NTPC Limited, CIL and Actis to pursue PSPs, stand-alone hydropower and hybrid renewable energy projects, with the possibility of creating JVs or subsidiaries in the future.

Energrid

EnerGrid is a greenfield transmission and BESS development platform, launched in November 2024 by IndiGrid, in partnership with British International Investment (BII) and Norfund, with an initial capital commitment of about $300 million in total. 

In October 2025, Energrid announced plans to raise around $450 million-$500 million to build new greenfield projects in the country. 

The company has won some key stand-alone BESS tenders since its establishment. In July 2025, it secured 125 MW/500 MWh at Rs 6.65 per kWh in NTPC Vidyut Vyapar Nigam Limited’s 250 MW/1,000 MWh stand-alone BESS auction and 187.5 MW/750 MWh at a tariff of Rs 359,999 per MW per month in SJVN’s 375 MW/1,500 MWh stand-alone BESS tender.

Envision Energy India

Envision Energy India, founded in 2016, manufactures wind turbine generators and BESS packages and is expanding domestic manufacturing capacity in India.  

In January 2025, Envision Energy India signed an agreement with Juniper Green Energy to supply 200 EN-182 5 MW wind turbines and a 320 MWh BESS. 

In June 2025, Envision’s EN-182/5.0 50 Hz TC turbine model of 5 MW capacity received approval under the Ministry of New and Renewable Energy’s Revised List of Models and Manufacturers, now Approved List of Models and Manufacturers -Wind.

In September 2025, Envision started construction of a 2 GW per annum wind turbine blade manufacturing facility at Kalyangadh, Ahmedabad district, Gujarat. It will produce blades for 3.3 MW and 5 MW platforms and target an annual output of up to 1,500 blades.

In October 2025, Envision secured an order to supply wind turbine generators for Serentica’s 560 MW wind project. In the same month, Envision signed an agreement with Evren to supply around 152 EN 156/3.3 wind turbines, totalling 501.6 MW.

ENGIE India

ENGIE is a global energy player operating in around 31 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. The company aims to scale from 2.3 GW to 7 GW of renewable capacity in the country by 2030.

In May 2025, ENGIE India achieved financial closure for a 200 MW solar project in Khavda, Gujarat, with financing from MUFG Bank and Crédit Agricole CIB. 

The company has signed a few PPAs with key PSUs in the past one year. This includes a PPA with NTPC for a 300 MW solar project in September 2025 secured at a tariff of Rs 2.55 per kWh in RECPDCL’s 1,250 MW ISTS-connected solar auction (Tranche I) and a PPA with SECI for a 100 MW solar project in Barmer, Rajasthan in October 2025.

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. 

In December 2024, First Solar secured an order from Juniper Green Energy for the supply of 1 GW of modules for deployment across projects in Rajasthan, Gujarat and Maharashtra. 

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 of installed capacity across 25 states and is aiming for an asset base of 3.5 GW by 2026.

In November 2024, FPEL signed an agreement to supply 75 MW of solar and 43 MW of wind power to Hyundai Motor India Limited under a group captive/open-access arrangement for its Chennai manufacturing operations at an investment of Rs 380 million. 

In January 2025, the Competition Commission of India (CCI) approved the acquisition of a stake in FPEL from the International Finance Corporation, the Asian Development Bank and DEG, originally announced in August 2024, with an investment of $275 million, to support FPEL’s business expansion. 

In August 2025, FPEL placed an order for 50 wind turbines, with a cumulative capacity of 165 MW with Adani Wind for multiple projects in India.

Gautam Solar

Gautam Solar is an Indian solar module manufacturer, founded in 1997. It has an installed module manufacturing capacity of 5 GW.

The company expanded its manufacturing capacity this year by setting up two production lines at its Bhiwani facility in Haryana. In September 2025, Gautam Solar announced a Rs 40 billion investment to establish a 5 GW solar-cell manufacturing facility in Gwalior, Madhya Pradesh. Project implementation has commenced with Phase I. This phase involves establishing a solar cell manufacturing capacity of 2 GW. Furthermore, the development of this phase is anticipated to be completed by 2026. The company also aims to launch an IPO to raise funds for Phase II, once Phase I is completed. Phase II will consist of an additional 3 GW capacity. 

Gentari India 

Gentari India is a member of the Gentari Group, Malaysia, established by PETRONAS. Formerly Amplus Solar, the company rebranded to Gentari India in May 2025. It has a portfolio of around 7 GW of operational and under-construction projects in India.

In November 2024, Gentari secured 400 MW at a tariff of Rs 3.19 per kWh, in SJVN’s 1,200 MW ISTS-connected wind-solar hybrid (Phase-III) auction. 

In December 2024, Gentari signed a long-term agreement to supply 650 MW of RTC renewable energy to AMG Ammonia India.

In January 2025, the CCI approved Gentari Renewables India’s acquisition of 21 special purpose vehicles owning renewable projects.

Gentari commissioned a 150 MWp open-access solar project in Yavatamal district, Maharashtra in June 2025 and a 7.5 MW hybrid RTC renewable project at Ultratech’s cement manufacturing facility, Sewagram Cement Works, in Gujarat in August 2025.

In August 2025, Gentari signed a PPA with Amazon Web Services for an 80 MW wind project in Tamil Nadu. 

As Amplus Solar, the company signed renewable power procurement deals with several C&I customers. In February 2025, Indus Towers agreed to source 50 MW of renewable energy from Amplus, also investing Rs 270 million for a 26 per cent stake in the SPV developing the project. Uno Minda agreed to procure 17.85 MW of power from Amplus’s 55 MW solar project in March 2025. Everest Industries agreed to source 5.5 MW from Amplus’s group captive project in May 2025.

GE Vernova

GE Vernova was formed in April 2024, with the merger of General Electric’s subsidiaries, GE Renewable Energy, GE Power and GE Digital. The new entity 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 May 2025, GE Vernova announced an investment of approximately Rs 1.4 billion to expand its electrification, manufacturing and engineering operations in India through GE Vernova T&D India, including a new engineering and testing lab in Noida and a new manufacturing line at its Chennai (Pallavaram) facility. In the same month, the company announced its selection by Power Grid Corporation of India for the delivery of 70 extra-high-voltage 765 kV class transformers and shunt reactors for renewable energy transmission corridors in India, which will commence in 2026 and continue through the end of 2027.

In June 2025, GE Vernova commissioned the first 250 MW unit of India’s first variable speed 1 GW PSP at the Tehri hydropower complex. The company also received an order worth Rs 2.7 billion from Greenko KA01 IREP for the engineering, manufacturing, procurement, supply, installation and testing of electromechanical equipment for an additional 320 MW unit at the Saundatti PSP in Karnataka.

Greenko Group

The Greenko Group, founded in 2004, is a renewable energy development firm, with a diverse portfolio of clean energy assets spread across 20 states in the country. It has an installed capacity base of 11 GW across solar, wind and hydropower segments. The company has a green molecule production arm called AM Green (formerly Greenko ZeroC).

Greenko commissioned all turbines of its 1,680 MW Pinnapuram PSP in Andhra Pradesh this year – five turbines of 240 MW in June 2025, two turbines of 120 MW in August 2025 and one turbine of 240 MW in October 2025.

In May 2025, AM Green entered into a non-binding MoU with CIL to supply 4.5 GW of renewable energy for green hydrogen and ammonia production. In the same month, AM Green and the Port of Rotterdam Authority signed an MoU to develop a green energy supply chain between India and Northwestern Europe via Rotterdam. This includes supplying bunkering fuels and sustainable aviation fuels.

In July 2025, AM Green BV acquired a 17.5 per cent stake in Greenko Energy from ORIX. With this transaction, AM Green will hold a 25 per cent stake in Greenko. 

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 aims to achieve Rs 100 billion in revenue by 2030. 

In January 2025, Hartek won an EPC contract from Kandhari Beverages for an 8 MW rooftop solar project in Jammu & Kashmir. 

In July 2025, Hartek secured a Rs 1.38 billion contract from Power Grid Corporation of India for the construction of the 400 kV substation package SS-66T in Karnataka.

In October 2025, Hartek Power commissioned a 435 MWp solar PV project in Rajasthan, valued at Rs 4.74 billion.

Hero Future Energies

Hero Future Energies (HFE), established in 2012, is the renewable energy arm of the Hero Group in the utility-scale, C&I and BESS segments. It currently has a global portfolio of 7.2 GW of grid-connected wind, solar and rooftop solar power generating assets, along with 2.3 GWh of BESS, spread across four countries. The company plans to invest $20 billion by 2030 to scale its capacity to a total of 30 GW.

In December 2024, HFE signed an MoU with the Karnataka government to invest Rs 110 billion in renewable energy, green hydrogen and derivative projects in Karnataka. In the same month, HFE commissioned a 29 MWp open-access solar project in Chitradurga, Karnataka. 

The company signed, among others, a PPA with SJVN Limited in April 2025 to supply 120 MW of FDRE awarded under SJVN’s 1,200 MW FDRE auction at a tariff of Rs 4.25 per kWh; and a PPA with SECI in May 2025 for a 270 MW solar project integrated with ESS, awarded under SECI’s ISTS Tranche XVII auction at a tariff of Rs 3.52 per kWh. 

Key financing arrangements include Rs 10.24 billion from SBI for a 60 MW hybrid power project in Andhra Pradesh in September 2025, and a loan of Rs 19.08 billion from SBI and Canara Bank for the development of a 120 MW wind-solar hybrid project with ESS in October 2025.

Hinduja Renewables Limited

Hinduja Renewables Limited is a part of the global conglomerate, the Hinduja Group, with over 270 MWp of projects operational and more than 1,212 MWp under construction.

In May 2025, Hinduja Renewables signed two PPAs with Lloyds Metals and Energy to supply captive solar power. The first PPA covers 10.7 MW of solar power, while the second PPA covers 50 MW of solar power. 

In June 2025, Hinduja Renewables and Samvardhana Motherson International signed an agreement for power supply from a 50 MW captive solar project in Tamil Nadu. Samvardhana will also acquire a 28.15 per cent equity stake in the SPV for Rs 141.3 million. 

Hindustan Power

Hindustan Power, founded in 2008, is an independent power producer (IPP), with a global portfolio of renewable and transitional generation projects. The company is targeting a 5 GW energy portfolio over the next few years. 

In March 2025, Hindustan Power signed an MoU with the Assam government to invest Rs 6.2 billion in solar and BESS projects in the state. 

In April 2025, Hindustan Power secured a 425 MW solar project in Uttar Pradesh from UPPCL. 

In June 2025, Hindustan Power received an LoI from Bihar State Power Generation Company Limited (BSPGCL) to develop a 120 MWh stand-alone BESS. The project will be implemented on a build-own-operate-transfer basis at three substations in the state, Bhagalpur, Udakishanganj and Sitamarhi, each with a storage capacity of 40 MWh.

In July 2025, Hindustan Power secured 30 MW/120 MWh from BSPGCL at a tariff of Rs 444,000 per MW per month in 125 MW/420 MWh BESS auction. In the same month, Hindustan Power received an LoA from SJVN for a 100 MW ISTS-connected solar project with a 200 MW BESS. 

In August 2025, Hindustan Power signed a PPA with UPPCL for a 435 MWdc solar project in Lalitpur, Uttar Pradesh. 

INOXGFL Group

The INOXGFL Group, founded in 1920, operates across the renewable energy value chain through several subsidiaries in the space. Its wind manufacturing subsidiary, Inox Wind, has a manufacturing capacity of 2.5 GW per annum. Inox Renewable Solutions, a subsidiary of Inox Wind offers EPC services as well as resource assessment, land acquisition, infrastructure development, installation of turbines and modules, crane services and transformer manufacturing. INOX Green Energy Services Limited (IGESL), a subsidiary of Inox Wind, is the O&M services company of the Group. Inox Solar is the company’s solar manufacturing and EPC services subsidiary, which also provides O&M services for projects and Inox Neo Energies is the IPP platform of the company.

In December 2024, INOXAP secured a long-term specialty gases contract from ReNew Power for its solar cell manufacturing facility in Dholera, Gujarat.

In December 2024, the Inox Group forayed into solar manufacturing through its subsidiary, Inox Solar, targeting an initial capacity of 5 GW of solar modules and 2.5 GW of solar cell manufacturing by 2026. Inox Solar received land allotment from the Odisha government in April 2025 in Dhenkanal district for establishing a 4.8 GW solar cell and 4.8 GW solar module manufacturing plant, at an estimated investment of Rs 40 billion. Inox Solar began production at its solar TOPCon module manufacturing facility in Ahmedabad, Gujarat in September 2025. The plant has a planned capacity of 3 GW and has begun operations with the first phase of 1.2 GW. In October 2025, Inox Solar signed an MoU with LONGi for the supply of up to 5 GW of solar modules.

In January 2025, INOXAP secured a long-term specialty gases contract from the Tata Group’s TP Solar Limited, for its solar cell and module manufacturing facility in Tirunelveli, Tamil Nadu.

In March 2025, Inox Wind secured an order to supply 51 wind turbines of 3 MW each, for a total 153 MW, for wind projects in Tamil Nadu.

In April 2025, Inox Neo Energies secured a capacity of 50 MW at a tariff of Rs 3.66 per kWh in GUVNL’s 250 MW grid-connected wind (Phase IX) auction. In the same month, INOXAP commissioned a green hydrogen plant at Asahi India Glass Limited’s float glass facility in Soniyana, Chittorgarh, Rajasthan. 

In May 2025, IGESL secured O&M contracts for 639 MWp of solar projects. 

In July 2025, Inox Wind announced plans to raise Rs 12.5 billion by issuing equity shares worth Rs 10 per share to its existing shareholders. In the same month, INOX Clean Energy filed a DRHP with SEBI to raise Rs 60 billion through an IPO of majority equity shares, targeting a market capitalisation of around Rs 500 billion.

In October 2025, Inox Wind announced an investment of Rs 4 billion in a wind turbine blade manufacturing facility in Kushtagi, Koppal district, Karnataka. In the same month, INOXAP signed a 20-year on-site gas supply agreement with Premier Energies for their solar cell facility in Andhra Pradesh.

The company’s acquisitions over the past year include the purchase of Skypower Solar India Private Limited, which operates a 50 MW solar project in Madhya Pradesh, in a deal valued at approximately Rs 2.65 billion. In September 2025, Inox Neo Energies signed agreements with Evergreen Power Mauritius and Evergreen Renewables to acquire their 640 MW of wind-solar hybrid projects in Maharashtra.

Jindal India Renewable Energy Limited

Jindal India Renewable Energy Limited is the renewable energy arm of the BC Jindal Group. The group has recently expanded into the renewable generation and component manufacturing space. 

In April 2025, the BC Jindal Group announced a planned investment of Rs 150 billion by 2030, to enter renewable energy component manufacturing for solar cells/modules, battery storage segments and solar glass production. In the same month, Jindal Stainless, in partnership with AB Energia Solutions, installed and commissioned a solar project with a cumulative capacity of over 30 MWp at its Jajpur manufacturing unit in Odisha. 

The company has secured several tender wins in the past year, including 350 MW at a tariff of Rs 3.38 per kWh in NTPC’s 1,200 MW wind-solar hybrid (Hybrid 02) auction in December 2024, 180 MW at a tariff of Rs 3.09 per kWh in NHPC’s 1,200 MW solar with 600 MW/1,200 MWh BESS auction in January 2025, 300 MW at a tariff of Rs 3.32 per kWh in SJVN’s 1,200 MW ISTS-connected with 600 MW/2,400 MWh ESS auction in May 2025, and 150 MW at a tariff of Rs 5.07 per kWh in SECI’s 1,200 MW RTC ISTS-connected renewable auction in May 2025.

Indian Oil Corporation Limited

Established in 1959, Indian Oil Corporation Limited (IOCL) is an oil refining and marketing PSU that has expanded into renewables, green hydrogen and biofuels. The company has set a target to develop 31 GW of renewable energy capacity by 2030 and 50 kilotonnes per annum (ktpa) of biogas production capacity by 2028.

In May 2025, IOCL approved an additional equity investment of Rs 10.86 billion in its wholly owned subsidiary, Terra Clean. This funding is intended to support the development of 4.3 GW of renewable energy capacity, expanding on the earlier approved 1 GW capacity.

IOCL finalised the levellised cost of hydrogen for the green hydrogen generation unit at its Panipat refinery and petrochemical complex after L&T Energy Green Tech secured the project in May 2025. The project, to be commissioned by December 2027, is expected to produce 10,000 tpa of green hydrogen.

In August 2025, IndianOil Petronas, a JV between IOCL and Petronas, issued a tender for a non-comprehensive annual maintenance contract for a 3.4 MW solar project at Athipattu village in Tamil Nadu for five years.

The key tenders issued by IOCL in the past year include one for land and connectivity approval packages for a cumulative 600 MW of ISTS-connected solar power projects by Terra Clean in December 2024, and a tender for land, power evacuation and balance of plant works for a 275 MW ISTS-connected wind project in February 2025. It also issued a land aggregation tender for a 300 MW solar project in Madhya Pradesh in August 2025 and another land aggregation tender for 100 MW of InSTS-connected solar projects in Gujarat in September 2025. 

Jakson Group

Established in 1947, the Jakson Group is an energy and sustainable solutions company offering a comprehensive range of energy solutions, including solar modules, solar rooftop systems, BESS and microgrid solutions. Its portfolio also includes green hydrogen production, renewable EPC, renewable IPP, biofuels and various other green energy solutions. 

In November 2024, Jakson Green, through its subsidiary Jakson Green Infinity, shipped its first batch of 3.8 MW electrolysers, which will be utilised to power a green hydrogen refuelling station for urban mobility in the National Capital Region. 

Jakson Green partnered with Blueleaf to invest $400 million in developing 1,000 MW of solar projects in Rajasthan in January 2025, and the two companies secured a financial close for their 840 MWp solar projects in Bikaner, Rajasthan, in October 2025. 

Key auctions won by Jakson Green over the year include 50 MW at a tariff of Rs 3.66 per kWh in GUVNL’s 250 MW wind power projects (Phase IX) auction in April 2025. Furthermore, in August 2025, Jakson Green emerged as the winner of SECI’s sixth green ammonia auction under the SIGHT Programme (Mode-2A, Tranche I). It will supply 85,000 tpa of green ammonia to Coromandel International Limited in Kakinada, Andhra Pradesh, at a tariff of Rs 50.75 per kg. 

The company also took key investment decisions over the past year. In March 2025, it announced plans to invest up to Rs 86.66 billion over the next four years to expand its renewable energy portfolio, with the funding to be raised through a mix of debt and equity. In August 2025, it further unveiled plans to invest over Rs 80 billion to set up a 6 GW integrated solar module, cell and wafer manufacturing facility at Maksi Phase II in Madhya Pradesh.

JinkoSolar

JinkoSolar is a global manufacturer of solar modules and an energy storage system (ESS) integrator. The company operates over 10 manufacturing bases across China, the US, Southeast Asia and the Middle East, and has served customers across nearly 200 countries and regions worldwide.

In April 2025, JinkoSolar signed a supply agreement with the ACME Group for the supply of N-type TOPCon modules for a 487.5 MW PV hydrogen production project in Oman. 

JSW Energy Limited

JSW Energy Limited, a subsidiary of the JSW Group, was established in 2000. The company is targeting 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030. It also aims to become carbon neutral by 2050. Over the past year, JSW Energy has initiated several projects in the clean energy space through its subsidiaries, such as JSW Neo Energy Limited and JSW Renew Energy Thirty Seven Limited.

In December 2024, Indian Metals & Ferro Alloys entered into a JV with JSW Green Energy to source 70 MW of renewable energy for its smelting operations.

In January 2025, it emerged as one of the winners in RVUNL’s 500 MW/1,000 MWh standalone BESS auction, securing 250 MW/500 MWh at a tariff of Rs 224,000 per MW per month.

In February 2025, JSW Energy secured the entire capacity in SECI’s 125 MW/ 500 MWh standalone BESS auction in Kerala, at a tariff of Rs 441,000 per MW per month. 

The company made several moves to expand its capacity inorganically over the past year. In December 2024, JSW Neo Energy Limited entered into a definitive agreement to acquire a renewable energy platform with a total capacity of 4,696 MW from O2 Power Pooling, and then announced an investment of Rs 140 billion in this recently acquired company. JSW Neo Energy completed the acquisition of 125 MW of renewable energy assets from the Hetero Group for an enterprise valuation of approximately Rs 6.3 billion and then acquired a 100 per cent stake in Virya Infrapower for Rs 75.4 million, making Virya Infrapower a step-down subsidiary of JSW Energy. In September 2025, JSW Neo Energy signed an agreement to completely acquire shares in Tidong Power Generation from Statkraft IH Holding AS. 

Key agreements signed by JSW Energy over the year include a PPA with Indus Towers for the sale of 130 MW of solar energy in December 2024, and one with Uttar Pradesh Power Corporation Limited for 1,500 MW/12,000 MWh of pumped hydro storage projects to be developed in the Sonbhadra district of Uttar Pradesh. Another PPA was signed with SECI to supply 230 MW of FDRE from ISTS-connected projects in July 2025. In July 2025, the company signed a 25-year PPA with Bangalore Electricity Supply Company Limited for a 100 MW grid-connected solar project integrated with a 100 MWh BESS in Karnataka and a battery energy storage power agreement with RRVUNL for developing a 250 MW/500 MWh standalone BESS project.

Juniper Green Energy

Juniper Green Energy initiated operations in October 2018 and has now built a portfolio of approximately 10,069 MWp, comprising around 1,350 MWp of solar power and 382 MWp of wind capacity. In addition, it also has wind-solar hybrid and FDRE projects under construction, and has in-house EPC and O&M capabilities.

The company commissioned several projects over the past year. In March 2025, Juniper Green Energy commissioned a 100 MW solar power project in Rajasthan to facilitate cross-border electricity supply to Bhutan under a bilateral trade framework. In June 2025, Juniper Green Energy commissioned 145.99 MWp/100 MW of its solar power project in Maharashtra, which will supply power to Maharashtra State Electricity Distribution Company Limited. In the same month, it commissioned the 59 MWp/42 MW solar component of its 75 MW hybrid power project in Gujarat. In August 2025, it commissioned 25 MW of wind power capacity out of its 50 MW wind power project in Gujarat. In October 2025, it commissioned approximately 64 MWp of renewable energy capacity across two projects in Gujarat and Maharashtra. 

In June 2025, Juniper Green filed a DRHP with SEBI to raise over Rs 30 billion through an IPO of equity shares. The company intends to utilise up to Rs 10.92 billion from the net proceeds for debt repayment, and Rs 11.57 billion for repayments related to its subsidiaries.

Among the key PPAs signed by Juniper Green Energy are a 250 MW FDRE project with NHPC, a 100 MW wind PPA with GUVNL in Gujarat and a 70 MW FDRE project in Maharashtra with Tata Power.

Key auctions won by Juniper Green Energy over the year include 300 MW in SJVN’s auction for 1,200 MW of ISTS-connected wind-solar hybrid power projects in India (Phase III), 200 MW in NHPC’s 1,200 MW of ISTS-connected FDRE projects (Tranche VI) auction, 50 MW in GUVNL’s 250 MW of wind power projects (Phase IX) auction and 70 MW in Tata Power Company’s 250 MW of FDRE projects auction at a tariff of Rs 4.76 per kWh in August 2025. 

Key financings secured by the company over the past year include $1 billion in phased debt funding from leading financial institutions such as Power Finance Corporation, DBS Bank, HSBC Bank and the Indian Renewable Energy Development Agency (IREDA), aimed at supporting the development of wind-solar hybrid and FDRE projects across major Indian states. The company also secured Rs 17.39 billion in debt financing from IREDA.

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. It operates in over 50 countries worldwide.

In March 2025, L&T Energy Green Tech secured a capacity of 90,000 metric tonnes for a maximum allocated incentive of Rs 3 billion under SECI’s SIGHT Programme (Mode-1, Tranche II) auction. 

In August 2025, L&T Energy GreenTech Limited signed a joint development agreement with Japan’s ITOCHU Corporation for the development and commercialisation of a 300 ktpa green ammonia project in Gujarat. 

Over the past year, L&T won several auctions, including a bid from IOCL to set up a 10 ktpa green hydrogen generation facility in Haryana on a build-own-operate basis and an EPC bid for Bihar State Power Generation Company Limited’s 116 MW/241 MWh solar-plus-storage project.

LONGi

Established in 2000, LONGi Green Energy Technology Limited is a solar cell and module manufacturer that supplies globally. Over the years, it has evolved into a green power plus green hydrogen products and solutions provider. It has manufacturing bases in China, Vietnam and Malaysia, and branches in the US, Japan, Germany, India, Australia, the UAE, Thailand, etc.

In October 2025, LONGi signed an MoU with Inox Solar to supply up to 5 GW of solar modules. 

Mahindra Susten 

Established in 2010, Mahindra Susten is the Mahindra Group’s renewable energy platform. It is a renewable IPP green energy solutions company with a developed project portfolio of over 1.5 GWp and has over 3.1 GWp projects under development. 

In December 2024, Mahindra Susten secured a rupee term loan of Rs 14.48 billion from HDFC Bank and Axis Bank to support the construction of its 560 MW solar power projects in Gujarat and Rajasthan. 

In April 2025, Mahindra Susten announced that it will develop a 26 MW solar energy installation in Bathinda, Punjab, which will supply clean power to four Swaraj Tractor manufacturing facilities. 

In October 2025, Mahindra Susten achieved the financial close for its 45 MW solar power project in Bathinda, Punjab. The project secured financing of Rs 1.4 billion from the Export-Import Bank of India.

Key auctions won by Mahindra Susten through its subsidiary Illuminate Hybren include NTPC’s 1,200 MW ISTS-connected solar power tender, where it secured 120 MW at a tariff of Rs 2.60 per kWh in December 2024. Subsequently, in March 2025, the company won NHPC’s 1,200 MW ISTS-connected wind-solar hybrid projects (Tranche X), with or without energy storage auction, securing 240 MW at a tariff of Rs 3.41 per kWh.

NHPC Limited 

Incorporated in 1975, NHPC Limited was established to develop hydroelectric power in India. Over the years, the company has diversified its scope to include the development of power from both conventional and non-conventional sources in India and abroad. 

In December 2024, NHPC announced plans to invest Rs 55 billion in Bihar’s renewable energy sector as part of its efforts to support India’s energy transition.

In January 2025, NHPC Limited formed a JV with Andhra Pradesh Power Generation Corporation Limited, named APGENCO NHPC Green Energy Limited, in which both entities hold equal equity participation of 50:50 to develop renewable projects. 

In October 2025, NHPC commenced full commercial operations of its 300 MW Karnisar solar project in the Bikaner district of Rajasthan.

NHPC floated several tenders over the past one year. These include a tender for 39.73 MW of rooftop solar projects in Sikkim and Jammu & Kashmir, as well as a tender to procure three midi-intracity, 30-seater, hydrogen fuel cell electric buses for Ladakh and Himachal Pradesh. Other tenders include one for 23.33 MW of rooftop solar projects in Jammu & Kashmir and another for 1,200 MW of ground-mounted solar projects at the Jalaun Solar Park in ­Uttar Pradesh.

NHPC announced the results of multiple renewable and storage auctions in the past one year, covering a diverse range of technologies such as FDRE, wind-solar hybrids, standalone BESS and solar plus storage projects. These included the 1,200 MW ISTS-connected FDRE (Tranche VI) auction, the 1,200 MW solar with 600 MW/1,200 MWh BESS project, and the 1,200 MW wind-solar hybrid (Tranche X) auction. Additionally, it conducted a 125 MW/250 MWh standalone BESS auction in Kerala and a 500 MW/1,000 MWh standalone BESS auction in Andhra Pradesh.

PPAs signed with NHPC over the year include one by ACME Solar for a 680 MW FDRE project, which was awarded in NHPC’s 1,400 MW FDRE tender, and one by Juniper Green Energy Limited, which covers a 250 MW FDRE project located in Haryana.

NLC India Limited

Established in 1956, NLC India is a PSU engaged in lignite, coal and renewables-based generation. Furthermore, it plans to achieve a total of 20,130 MW of power generation capacity by 2030. 

In May 2025, NLC India signed a PPA with RRVUNL for its 810 MW solar power project in the Bikaner district of Rajasthan. 

In June 2025, NLC India Renewables Limited received an LoA from Tamil Nadu Green Energy Corporation Limited for developing three standalone BESSs with a cumulative capacity of 250 MW/500 MWh. In the same month, NLC India Renewables signed a JV agreement with Mahatma Phule Renewable Energy and Infrastructure Technology to develop 5,000 MW of renewable energy projects in Maharashtra.

In July 2025, NLC India granted in-principle approval to invest up to Rs 16.30 billion in NLC India Renewables Limited. 

In September 2025, NLC India Limited commissioned a 52.83 MW part-capacity of its 300 MW solar power project at Barsingsar, Bikaner district, Rajasthan. This marks the commissioning of the first phase of the project. The second phase (106 MW) of the project was commissioned in November 2025. The total capacity commissioned of the 300 MW solar project currently stands at 158.83 MW.

NLC India issued several key tenders over the year. In March 2025, NLC India issued a tender to commission a 4 MW proton exchange membrane electrolyser-based green hydrogen project in Tamil Nadu. In May 2025, it issued another tender for the EPC of grid-connected solar projects with a cumulative capacity of 5 MW.

Key auctions won by NLC and its subsidiaries include NTPC’s 1,200 MW ISTS-connected wind-solar hybrid power projects (Hybrid-03) auction in which it secured a capacity of 450 MW at a tariff of Rs 3.35 per kWh. It also won SJVN’s auction to set up 600 MW of ISTS-connected wind power projects on a build-own-operate basis, securing 200 MW at a tariff of Rs 3.74 per kWh. Furthermore, NLC India Renewables emerged as a winner in Tripura Natural Gas Company Limited’s viability gap funding (VGF) tender for a 500 MW/1,000 MWh standalone BESS auction, securing a capacity of 250 MW/500 MWh at a tariff of Rs 248,000 per MW per month.

NTPC Limited 

NTPC Limited is one of India’s largest power utilities with an installed capacity of over 84 GW, with an additional capacity of 30.90 GW under construction, including 13.3 GW of renewable energy capacity. It has 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. It is also setting up projects in the green hydrogen, storage and biomass spaces. 

In January 2025, NTPC launched carbon dioxide battery energy storage technology at its Kudgi thermal power station. 

NTPC Limited and EDF India Private Limited signed a non-binding term sheet agreement to collaborate on the development of pumped storage projects and hydro projects integrated with other renewable energy initiatives in February 2025. In the same month, NTPC Limited signed a PPA with the Indian Army for the sale of 200 kW of RTC renewable power from a solar-hydrogen-based microgrid in Chushul, Ladakh.

NTPC also announced an investment of Rs 960 billion for developing nuclear, pumped hydro and renewable energy projects in Chhattisgarh in March 2025. 

In April 2025, NTPC Green Energy Limited (NGEL) commissioned the 90 MW unit of the Dayapar wind energy project Phase I in Gujarat. Furthermore, in the same month, NGEL and Mahatma Phule Renewable Energy and Infrastructure Technology Limited established a JV named NTPC-MAHAPREIT Green Energy Limited for the development of clean energy projects. 

In June 2025, NTPC Limited announced the handover of five hydrogen fuel cell buses to Sindhu Infrastructure Development Corporation Limited.

In July 2025, the Cabinet Committee on Economic Affairs approved enhanced delegation of power to NTPC Limited for investing in NGEL and for NGEL’s further investment in NTPC Renewable Energy Limited and other JVs or subsidiaries. The approved delegation has increased NTPC’s investment limit from Rs 7.5 billion to Rs 20 billion for renewable energy capacity addition.

NTPCREL won SECI’s auction for the supply of 70,000 tpa of green ammonia under the SIGHT programme (Mode-2A, Tranche I) at a tariff of Rs 51.8 per kg in August 2025.

Key auctions conducted by NTPC include wind-solar hybrid (Hybrid 02) and Hybrid 03 projects of 1,200 MW each. 

NTPC and its subsidiaries issued a series of solar tenders over the past year, including a balance of system (BoS) package for a 1,200 MW solar project located in the Rann of Kutch, and for 1,000 MW of solar projects in Rajasthan, as well as for developing a land and power evacuation package for 600 MW of solar projects in Karnataka. Other tenders included supplying bifacial crystalline solar modules for a 600 MW solar project in Gujarat, developing a 245 MW grid-connected solar project project, also in Gujarat, and an EPC tender for the development of a 300 MW ISTS-connected ground-mounted solar project. 

NTPC also tendered various battery storage projects over the past year, including 250 MW/1,000 MWh of standalone BESS, 1,200 MW of solar power projects integrated with a 600 MW/2,400 MWh ESS, a tender for a proof-of-concept BESS pilot to provide backup for two Stage I units (420 MW) at NTPC Dadri, an EPC tender for a 250 MW/1,000 MWh BESS in Kerala, and an EPC tender for a 130 MW/520 MWh BESS.

It also launched tenders for green hydrogen and biomass. These included establishing a green hydrogen generation unit for a 1 MW mobility project in Kandla, procuring 219,000 tonnes of non-torrefied biomass pellets for the Dadri thermal power plant, establishing hydrogen refuelling stations in Odisha, and setting up a 2 MW green hydrogen generation system in Chhattisgarh.

It issued several tenders for the supply and installation of wind turbines, including one for a 110 MW ISTS-connected wind project at Khavda in Gujarat, 271 wind turbine generators (WTGs) for an 813 MW wind project in Bellary, and 224 WTGs for a 672 MW wind project in Maharashtra. 

ONGC Green Limited

Incorporated in 2024 as a wholly owned subsidiary of ONGC Limited, ONGC Green Limited aims to achieve 10 GW of renewable energy capacity by 2030 and net-zero emissions by 2038. 

In November 2024, ONGC Green, along with NGEL, formed a JV, ONGC NTPC Green Private Limited, in which both entities have an equal stake of 50 per cent each. 

In February 2025, ONGC NTPC Green Private Limited signed a share purchase agreement (SPA) to completely acquire an equity stake in Ayana Renewable Power for Rs 195 billion. 

In March 2025, ONGC floated an EPC tender for a 10 MWac floating solar project at its Hazira facility in Gujarat.

Pace Digitek Infra Private Limited

Established in 2003, Pace Digitek delivers services such as power management, optical fibre laying and energy management solutions. 

In July 2025, Pace Digitek commissioned a BESS manufacturing facility in the Bidadi industrial area of Bengaluru.

In September 2025, Pace Digitek secured SEBI’s approval for its IPO of shares to raise Rs 9 billion. 

In October 2025, Pace Digitek received a Rs 11.59 billion order from SECI for the supply of a 600 MW/1,200 MWh standalone BESS in Andhra Pradesh.

The key auctions won by Pace Digitek over the year include 125 MW/250 MWh in Telangana Power Generation Corporation Limited’s VGF tender for a 250 MW/500 MWh standalone BESS and 250 MW/500 MWh in Karnataka Power Transmission Corporation Limited’s VGF tender for a 500 MW/1,000 MWh standalone BESS in April 2025. 

Praj Industries Limited

Praj is an industrial biotech company with capabilities across the environment, energy and agri-process segments. 

In June 2025, Praj Industries signed an MoU with the International Air Transport Association and the Indian Sugar and Bio-energy Manufacturers Association to drive the certification and adoption of sustainable aviation fuel in India. 

Premier Energies Limited

Established in 1995, Premier Energies is engaged in the integrated manufacturing of solar cells and modules. The company has an annual solar cell manufacturing capacity of 3.2 GW and an annual solar module manufacturing capacity of 5.1 GW. Additionally, the company is expanding its infrastructure with a 6.8 GW solar cell line and a 6 GW solar module line currently under construction.

In November 2024, Premier Energies secured multiple orders worth Rs 5.60 billion from two major domestic IPPs. 

In December 2024, Premier Energies Global Environment announced plans to establish a 1 GW solar module manufacturing facility at the Electronics Manufacturing Clusters Maheshwaram industrial zone in Telangana.

In April 2025, Premier Energies entered into a partnership with Germany-based RENA Technologies GmbH. The focus of the collaboration is on innovating processes for N-type solar cells and developing wet chemistry techniques for next-generation tandem solar cells.

In May 2025, Premier Energies signed a JV agreement with Sino-American Silicon Products for the manufacturing and sale of silicon solar wafers in India.

In June 2025, Premier Energies commissioned a new 1.2 GW TOPCon solar cell manufacturing line in Hyderabad, Telangana. 

In October 2025, Premier Energies announced plans for two major acquisitions. The company will acquire 51 per cent of KSolare Energy’s paid-up equity share capital by purchasing 2,550 equity shares for a total of Rs 867 million. It also revealed that it will acquire a 51 per cent majority stake in Transcon Industries for Rs 5 billion. After the acquisition, both KSolare Energy and Transcon Industries will become subsidiaries of Premier Energies.

Rays Power Infra Limited

Established in 2011, Rays Power Infra provides utility-scale end-to-end solar energy solutions. It is a solar developer and an EPC management company with over 1,771 MW of installed capacity. 

In March 2025, Rays Power Infra Limited secured EPC projects valued at more than Rs 20 billion across Maharashtra, Rajasthan and Madhya Pradesh. The company was also named the lowest bidder for additional EPC projects worth Rs 16 billion in Assam and Madhya Pradesh in the same month.

In April 2025, Rays Power Infra emerged as the winner of Assam Power Distribution Company’s EPC auction to set up 125 MW of solar power projects in Karbi Anglong, Assam. 

In October 2025, Rays Power Infra filed its DRHP with SEBI to raise up to Rs 11.5 billion through an IPO. The issue includes a fresh equity issue of Rs 9 billion and an offer-for-sale of up to Rs 2.5 billion by promoters and a shareholder.

Reliance Industries Limited

Reliance Industries Limited (RIL) is venturing into the renewable energy sector in a big way. The company has targeted a renewable energy installation of 100 GW by 2030 and aims to achieve green hydrogen costs of $1 per kg by 2030. The company aims to become net carbon zero by 2035. RIL, through its various subsidiaries, has made significant advancements over the year in the clean energy space.

In January 2025, RIL announced plans to acquire a 100 per cent equity stake in Lakadia B Power Transmission from REC Power Development and Consultancy Limited for Rs 80 million. 

In February 2025, the Ministry of Heavy Industries signed a programme agreement with Reliance New Energy Battery for a capacity of 10 GWh under the production-linked incentive programme for advanced chemistry cells.

In April 2025, RIL commissioned its first solar module manufacturing lines, while advancing work on battery storage production facilities. The manufacturing facility is located at a 5,000-acre site in Jamnagar, Gujarat, where RIL is establishing giga factories to produce PV modules, batteries, hydrogen electrolysers and fuel cells. In the same month, RIL won PFC Consulting Limited’s tender to establish a transmission system for evacuating 3,000 MW of power for green hydrogen and ammonia manufacturing projects in the Kandla area of Gujarat. 

In May 2025, Reliance NU Energies received an LoA from SJVN Limited for the development of a 350 MW ISTS-connected solar power project. The project will be integrated with a 175 MW/700 MWh BESS. 

Reliance Power entered into a 25-year PPA with SECI for a 1.4 GW solar and BESS project in May 2025. 

In August 2025, RIL secured another LoA from NHPC for the development of an ISTS-connected 390 MW solar project integrated with a 780 MWh BESS at a tariff of Rs 3.13 per kWh. 

Key auctions won by RIL and its subsidiaries include 930 MW at a tariff of Rs 3.53 per kWh in SECI’s 2,000 MW ISTS-connected solar power projects with 1,000 MW/4,000 MWh ESS (Tranche XVII) auction, 49,000 metric tonnes in SECI’s 450,000 metric tonne green hydrogen production under SIGHT programme (Mode-1, Tranche II), and 350 MW in SJVN’s 1,200 MW ISTS-connected solar power with 600 MW/2,400 MWh ESS auction. It also won 390 MW in NHPC’s 1,200 MW ISTS-connected solar with 600 MW/2,400 MWh energy storage projects auction and 750 MW/3,000 MWh in SJVN’s 1,500 MW/6,000 MWh assured peak power from ISTS-connected renewable energy projects with energy storage auction.

ReNew

Established in 2011, ReNew owns and operates utility-scale solar and wind projects as well as distributed solar projects across the country. It has a clean energy portfolio of around 18.5 GW, plus 1.1 GW of BESS on a gross basis. It also has 6.4 GW of solar modules, 2.5 GW of solar cell manufacturing capacity, and is expanding the solar cell capacity by 4 GW.

In December 2024, ReNew commissioned 750 MW of the approximately 1 GW solar project in Rajasthan. The project is being constructed using solar panels manufactured by ReNew Rajasthan and Gujarat. Then, in April 2025, ReNew inaugurated a 1.3 GWp solar project in Jaisalmer, Rajasthan. The project is fully equipped with solar panels produced by ReNew.

In May 2025, ReNew secured a Rs 8,700 million investment from the British International Investment to accelerate the growth of its solar manufacturing business in India. In the same month, ReNew Power announced plans to invest Rs 220 billion to develop a renewable energy project in Anantapur, Andhra Pradesh. The project will be executed in two phases and includes a 1,800 MW solar plant, a 1,000 MW wind project and a 2 GWh BESS.

SAEL

The Sustainable and Affordable Energy for Life Industries Limited (SAEL) is a renewable energy company with a portfolio of 8,299.5 MWp of solar IPP capacity and 164.9 MW of agricultural waste-to-energy projects. It also operates a 3,625 MW module manufacturing line, with an additional 5,000 MW proposed. Further, the company has proposed over 5,000 MW of solar cell manufacturing capacity. 

In May 2025, SAEL announced plans to establish a solar cell manufacturing facility in Greater Noida, Uttar Pradesh. The facility is projected to have an annual capacity of 5 GW of solar cell production, with an estimated total investment of Rs 50 billion.

In June 2025, SAEL Solar MHP1 Private Limited secured $132 million in debt financing for the development of a solar power project in Andhra Pradesh. The funding was provided equally by three international financial institutions: the Asian Infrastructure Investment Bank, the New Development Bank, and Société Générale. 

In July 2025, SAEL commissioned a 50 MW ground-mounted solar power project in the Beed district of Maharashtra.

In August 2025, SAEL signed two PPAs for solar power projects with a combined capacity of 880 MW. This included a 400 MW PPA in Punjab and a 480 MW PPA in Gujarat. In the same month, SAEL, through Sunfree Energy RJP1 Private Limited, commissioned a solar power project in Rajasthan with a capacity of 200 MWac and 298 MWp.

In September 2025, SAEL commissioned a 200 MW solar power project in Jalore, Rajasthan. 

In October 2025, SAEL announced plans to procure 2 million tonnes of paddy stubble, which will be converted to clean electricity through its fuel aggregator. 

In November 2025, SAEL filed its DRHP with the SEBI to raise around Rs 45.75 billion through an IPO.

Key auctions won by SAEL over the year include 240 MW in GUVNL’s 500 MW solar power projects (Phase XXV) auction and 100 MW in GUVNL’s 250 MW solar power projects (Phase XXVI) auction. Furthermore, it won 300 MW in NHPC’s 1,200 MW ISTS-connected solar with 600 MW/2,400 MWh energy storage projects auction, and 300 MW in SECI’s 2,000 MW ISTS-connected solar projects with 1,000 MW/4,000 MWh ESS (Tranche XX) auction. 

Saatvik Green Energy Limited

Saatvik Green is a solar solutions provider that manufactures PV modules and delivers EPC services for utility-scale and C&I projects. The company currently operates a module manufacturing capacity of about 4.8 GW. The company is also developing a greenfield facility in Odisha with an integrated 4 GW module and 4.8 GW solar cell manufacturing capacity. 

In January 2025, Saatvik Green was awarded two solar EPC contracts by Himachal Pradesh Power Corporation Limited with a combined capacity of 23 MW. The projects included an 11 MW solar plant in Lamlehri Upperli village, Una district, and a 12 MW solar plant in Gondpur Bulla village, Una district.

In September 2025, Saatvik Green opened the bids for its IPO of equity shares, which comprised equity shares worth up to Rs 9,000 million. The IPO was oversubscribed 6.57 times and saw bids for 93.8 million shares, exceeding the 14.27 million shares on offer.

In September 2025, Saatvik Green secured an LoA from Maharashtra State Electricity Distribution Company Limited for the installation of 1,500 solar water pumping systems.

Sembcorp India

Sembcorp India, a part of Singapore-based Sembcorp Industries, is an IPP with a diversified portfolio of more than 7.6 GW of power assets in operation and under construction across 13 states.

In January 2025, Sembcorp signed two non-binding MoUs with the Odisha government to explore the development of a green hydrogen production facility and an industrial park in the state. 

In April 2025, Bharat Petroleum Corporation Limited and Sembcorp Green Hydrogen India Private Limited entered into a JV agreement to explore renewable energy and green hydrogen projects across India. 

In October 2025, Sembcorp Green Infra Private Limited signed an SPA with ReNew Private Limited to completely acquire ReNew Sun Bright Private Limited for a consideration of around $246 million. 

Key auctions won by Sembcorp India and its subsidiaries over the year include 150 MW in SECI’s auction for 2,000 MW solar power projects with 1,000 MW/4,000 MWh ESS (Tranche XVII), 50 MW in SECI’s 1.2 GW tender for RTC power, and 150 MW in SJVN’s 1,200 MW ISTS-connected solar power with 600 MW/2,400 MWh ESS projects.

Serentica Renewables

Established in 2022, Serentica Renewables is an IPP focused on decarbonising hard-to-abate sectors by delivering FDRE solutions. 

In December 2024, Serentica Renewables announced a Rs 500 billion investment to develop 10,000 MW of renewable energy capacity in Rajasthan.

In February 2025, Serentica Renewables emerged as a winner of SJVN’s 1,200 MW FDRE from ISTS-connected projects (FDRE-03) auction, securing a capacity of 100 MW at a tariff of Rs 4.89 per kWh.

In March 2025, Hindustan Zinc Limited signed an agreement with Serentica Renewables India to increase its RTC renewable energy supply from 450 MW to 530 MW.

In May 2025, Serentica Renewables signed a power supply and consumption agreement with INOX Air Products for the supply of 75 MW of hybrid renewable energy, which will be delivered through an ISTS-connected project.

In June 2025, Serentica Renewables announced the closure of its second external commercial borrowing deal. The company has secured over $100 million in debt financing from Rabobank and Société Générale for the development of a 300 MW solar project in Rajasthan.

In July 2025, Serentica Renewables invited expressions of interest (EoIs) from land aggregators and renewable energy park facilitators for the development of 5,000 MW of solar power pro­jects in Rajasthan.

In September 2025, Serentica Renewables signed agreements to acquire the Indian solar business of Statkraft, which consists of a 445 MWp operational solar plant at Bikaner and 1 GWp of development assets across Rajasthan. In the same month, Serentica Renewables invited EoIs from infrastructure and construction partners to support wind project execution across sites in Andhra Pradesh, Karnataka and Maharashtra.

The PPAs signed by Serentica Renewables over the year include one with NTPC Limited to supply 200 MW of FDRE to Uttar Pradesh’s discoms, one with SECI for a 100 MW RTC project and a PPA with MRF Limited to supply clean energy from a 170 MW wind-solar hybrid project under the captive power framework.

SJVN Limited

SJVN Limited is an Indian PSU 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. 

SJVN signed an MoU with the Chhattisgarh government and Chhattisgarh State Power Generation Company Limited in March 2025 to develop a 1,800 MW pumped hydro storage project in the Balrampur district. 

In April 2025, SJVN Green Energy Limited commenced operations for a 241.77 MW solar project, which is a part of the company’s 1,000 MW solar power project in Bikaner, Rajasthan. It then commissioned another 128.88 MW part-capacity in October 2025.

The Maharashtra government approved a JV between the Maharashtra State Power Generation Company and SJVN in September 2025. The JV targets developing 735 MW of clean energy projects in the first phase. 

Key tenders issued by SJVN and its subsidiaries over the year include the development of 1,352 MW of solar projects across 102 sites in Maharashtra; 10.59 MW of rooftop solar projects across government buildings in northern, southern and eastern regions; and the supply, installation and five-year O&M of rooftop solar systems for residential buildings in Arunachal Pradesh, Himachal Pradesh and Punjab. It also floated a tender for setting up a 375 MW/1,500 MWh standalone BESS in Uttar Pradesh and for consultancy services to develop a comprehensive roadmap, prepare a detailed project report and draft a tender document for a 25 MW green hydrogen project in Assam. This was followed by a tender to set up 600 MW of ISTS-connected wind projects anywhere in India and a tender for the EPC of 733 MW of solar projects in Maharashtra under the MSKVY.

SJVN awarded several projects in the past one year, including two separate auctions for 600 MW ISTS-connected wind power projects, an auction for 1,200 MW FDRE (FDRE-03), an auction for 1,200 MW solar power projects integrated with 600 MW/2,400 MWh ESS, an auction for 375 MW/1,500 MWh standalone BESS in Uttar Pradesh, and an auction for 1,500 MW/6,000 MWh assured peak power from renewable energy projects with energy storage.

Sterling and Wilson Renewable Energy Limited

Sterling and Wilson Renewable Energy Limited (SWREL) is an EPC solutions provider. It provides EPC services for utility-scale solar, floating solar, hybrid and energy storage, and wind solutions. 

In December 2024, SWERL secured a contract valued at approximately Rs 12 billion for the design and EPC for the BoS, along with a three-year O&M for a 500 MW AC solar PV project in Gujarat. In the same month, it secured an order to develop a 305 MWAC/396 MWp PV power plant for Rs 5.04 billion in Rajasthan.

In May 2025, SWERL emerged as the lowest bidder in a tender for a turnkey EPC package to develop a 225 MWac solar project in Gujarat. 

In August 2025, SWREL was again declared as the lowest bidder for the EPC of a 245 MWac solar project in Gujarat by NTPCREL.

In September 2025, SWREL secured a letter of intent for the BoS work and the EPC of a 300 MWac solar PV project in Rajasthan.

In October 2025, SWERL emerged as the lowest bidder for the EPC of a 363 MW project in Rajasthan and a 580 MW project in Uttar Pradesh. 

Suzlon

The Suzlon Group is a renewable energy solutions provider with over 21 GW of installed wind energy capacity across 17 countries. In August 2025, the Suzlon Group committed to powering all 15 of its manufacturing units entirely using renewable energy by 2030. 

In December 2024, Suzlon signed a supply agreement with JSP Green Wind 1 Private Limited, a subsidiary of Jindal Renewables, for a 302.4 MW wind power project in the Koppal region of Karnataka. As per the agreement, Suzlon will supply 96 state-of-the-art S144 WTGs, each with a capacity of 3.15 MW.

In January 2025, the Suzlon Group and Torrent Power Limited secured a new 486 MW hybrid order to supply 162 S144 WTGs with HLT, each having a rated capacity of 3 MW, to be installed in the Bhogat region of Gujarat.

In March 2025, Suzlon secured a 204.75 MW wind energy order from Jindal Green Wind 1 Private Limited, a subsidiary of Jindal Renewables, to supply 65 S144 WTGs with HLT, each rated at 3.15 MW capacity.

In April 2025, Suzlon secured an EPC wind power order of 100.8 MW from Sunsure Energy to supply 48 S120 WTGs, each with a rated capacity of 2.1 MW. In the same month, Suzlon secured an order from NGEL for a 378 MW project.

In May 2025, Suzlon Energy won a capacity of 50 MW in Bharat Petroleum Corporation Limited’s tender to develop 100 MW of wind projects. 

In June 2025, Suzlon secured an order from AMPIN Energy Transition for a 170.1 MW project to be developed in Andhra Pradesh, to supply 54 of its advanced S144 WTGs with HLT, each with a rated capacity of 3.15 MW.

In August 2025, Suzlon secured an order from Zelestra to deliver 381 MW of wind capacity in India.

In September 2025, TPREL signed an agreement with the Suzlon Group to co-develop 838 MW wind projects, with Suzlon supplying the wind turbines.

Tata Power Renewable Energy Limited 

Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power Company Limited, develops, owns, operates and maintains renewable energy projects across India. The company offers comprehensive green energy solutions for both rural and urban areas, including turnkey services, EPC and O&M solutions for utility-scale projects, solar rooftop systems and solar pumps. 

In December 2024, TPREL partnered with Canara Bank to support the implementation of the PM Surya Ghar: Muft Bijli Yojana. This collaboration will provide financing options designed to simplify the transition to solar energy and encourage wider adoption. In the same month, TPREL commissioned a 431 MW DC solar project in Neemuch, Madhya Pradesh.

In January 2025, Tata Power Trading Company invited EoIs for the procurement of up to 500 MW of renewable energy.

In February 2025, TP Solar Limited inaugurated a 4.3 GW solar cell and module manufacturing facility in Tirunelveli, Tamil Nadu. 

In April 2025, Tata Power received approval from the Maharashtra Electricity Regulatory Commission to install a 100 MW BESS across Mumbai within the next two years.

In August 2025, Tata Power Delhi Distribution Limited announced the results of its 250 MW FDRE auction, awarding capacities to Juniper Green Energy (70 MW), Navayuga Engineering (50 MW), ACME Solar (50 MW) and Tata Power Renewable Energy (80 MW) at tariffs ranging from Rs 4.76 per kWh to Rs 4.77 per kWh.

In September 2025, TPREL signed an agreement with the Suzlon Group to co-develop 838 MW of wind projects. 

Key MoUs signed by TPREL over the year include one with the Odisha Renewable Energy Development Agency to promote rooftop solar adoption in the state under the PM Surya Ghar: Muft Bijli Yojana; one with Assam government to develop 5,000 MW of renewable energy and storage projects, including solar, wind and hydro; with the Andhra Pradesh government to develop up to 7,000 MW of renewable energy projects; and with Bank of Baroda to provide financing solutions for micro, small and medium enterprises as well as C&I customers adopting solar energy.

Key agreements signed by TPREL over the year include a PPA with NTPC Limited for the development of a 200 MW FDRE project. Another PPA was signed with Tata Motors to jointly develop a 131 MW wind-solar hybrid project to supply green electricity exclusively to six of Tata Motors’ manufacturing plants in Maharashtra and Gujarat; a battery energy storage purchase agreement with NHPC Limited; and a PPA with Tata Power Mumbai Distribution for a contracted capacity of 80 MW FDRE.

Torrent Power Limited 

Torrent Power Limited (TPL), part of the Torrent Group, is an integrated power utility operating in generation, transmission, distribution and the manufacturing and supply of power cables. 

In December 2024, Torrent Power raised Rs 35 billion through a qualified institutional placement of shares.

In June 2025, it received an LoA to develop a 300 MW wind power project, which was secured in SECI’s wind power project Tranche XVIII auction, at a tariff of Rs 3.97 per kWh.

In August 2025, Torrent Power invited bids for a 200 MW FDRE project integrated with an ESS. 

The Torrent Group’s green hydrogen plant situated in Gorakhpur, Uttar Pradesh, was inaugurated in August 2025. The project will have an annual production capacity of 72,000 tpa.

Vikram Solar

Vikram Solar Limited, 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 39 countries and boasts a cumulative production capacity of 4.5 GW. 

In February 2025, Vikram Solar expanded its manufacturing capacity with a 1,000 MW increase at its Falta facility in West Bengal and upgrades to its Oragadam facility in Chennai, Tamil Nadu. 

In March 2025, Vikram Solar announced plans to establish a 1 GWh fully integrated solid-state cell and battery manufacturing facility, which can be expanded up to 5 GWh.

Vikram Solar opened its IPO at a price band of Rs 315-Rs 332 per equity share with a face value of Rs 10 each. The IPO closed in August 2025 with an oversubscription of 54.63 times. The IPO comprised a fresh issue of up to Rs 15 billion, and an offer for sale of up to 17.45 million equity shares, aggregating to Rs 5.79 billion.

Vikar Solar secured several solar module supply orders in the past year, including a 1,000 MW order for projects in Karnataka, Gujarat and Rajasthan, a 150 MW order from Maharashtra State Power Generation Company Limited for projects developed under MSKVY, a 326.625 MW order from Gujarat Industries Power Company Limited for the Khavda renewable energy park, a 250 MW order from the Bondada Group for a project in Maharashtra, a 336 MW order from L&T Construction to be used in Gujarat’s Khavda Solar Park, a 200 MW order from AB Energia and a 148.9 MW order from Sunsure Energy.

Waaree Energies Limited

Waaree Energies Limited was founded in 1990, with headquarters in Mumbai. It has a solar module manufacturing capacity of over 15 GW in India and over 4 GW of solar manufacturing in the US. 

In December 2024, Waaree Energies won a 1 GW solar module supply order and then went on to secure 398 MW for two major renewable energy projects. It also approved plans to set up a 300 MW electrolyser manufacturing facility and a 3.5 GWh lithium-ion cell production plant. 

The Waaree Group won RUMSL’s auction to develop a 170 MW solar power project at the Neemuch Solar Park in Madhya Pradesh. The tariff quoted by the company was Rs 2.15 per kWh. 

In January 2025, Waaree Energies signed an SPA to completely acquire the share capital of Enel Green Power India for Rs 7.92 billion. 

In February 2025, Waaree Energies Limited secured an order to supply 410 MW of solar modules to Aditya Birla Renewables EPC Limited. In the same month, Waaree Energies Limited commenced commercial production at its 1,400 MW monocrystalline PERC solar cell manufacturing facility in Chikhli, Gujarat.

In March 2025, Waree Clean Energy Solutions emerged as one of the winners in SECI’s 450,000 metric tonne green hydrogen production under the SIGHT programme (Mode-1, Tranche II) auction, securing a capacity of 90,000 metric tonnes at a maximum allocated incentive of Rs 5.103 billion. 

In June 2025, Waaree Renewable Technologies Limited (WRTL) secured an LoA from Purvah Green Power for the EPC of a 300 MW solar power project in Rajasthan.

In September 2025, Waaree Energies Limited infused Rs 3 billion into its wholly owned subsidiary, Waaree Energy Storage Solutions Private Limited, via a rights issue.

In October 2025, Waaree Energies secured separate orders to supply 220 MW, 210 MW and 140 MW of solar modules from undisclosed customers across India. In the same month, the company commenced commercial operations at its 950 MW solar module manufacturing plant located in Gujarat. WRTL also secured an LoA for the EPC of a 150 MW ground-mounted solar project. 

Welspun New Energy Limited

Welspun New Energy Limited is a green energy infrastructure developer aiming to build 5 GW of renewable energy capacity and produce 2 million tonnes per annum of green derivatives by 2030. The company is prioritising the development of large-scale renewable energy and green hydrogen projects.

Key MoUs signed by the company over the past year include one with the Odisha government to invest Rs 135 billion in clean energy projects and one with the Deendayal Port Authority, Kandla, for the development of green methanol infrastructure that will contribute to advancing India’s maritime decarbonisation initiatives.

Welspun emerged as a winner in several key auctions over the past year, securing 50 MW in GUVNL’s 250 MW solar power projects (Phase XXVI) auction, 250 MW in NTPC’s 1,200 MW ISTS-connected wind-solar hybrid power projects (Hybrid-03) auction and 200 MW in SECI’s 2,000 MW solar power projects with 1,000 MW/4,000 MWh ESS (Tranche-XX) auction.