Top Solar Energy Companies in India | IBEF

India's installed renewable energy capacity is expected to increase to about 170 GW by March 2025 from the level of 135 GW as of December 2023

Advantage India

Robust
Demand

*Ministry of New and Renewable Energy targets 500 GW non-fossil-based electricity generation by 2030, as per the Prime Minister's COP26 announcement, with an added installation of 13.5 GW renewable energy capacity in 2023, corresponding to an investment of around Rs. 74,000 crores (US$ 8.90 billion).

*India’s Rs. 9,22,866 crore (US$ 109.50 billion) plan aims to expand power infrastructure, meet 458 GW demand by 2032, enhance transmission, integrate renewable energy, and boost energy security, unlocking vast untapped potential.

*India’s renewable energy sector witnessed a remarkable 420% YoY surge in capacity addition in June 2025, growing from 1.4 gigawatt (GW) in June 2024 to 7.3 GW this year.

Increasing
Investments

*Indian conglomerates plan to invest Rs. 67,42,400 crore (US$ 800 billion) in green hydrogen, clean energy, semiconductors, and EVs by 2034.

*According to Union Minister for New and Renewable Energy, Mr. Pralhad Joshi, India attracted Rs. 42,000 crore (US$ 4.88 billion) in clean energy Foreign Direct Investment (FDI) in 2023 alone, contributing to a cumulative FDI inflow of over Rs. 1,60,000 crore (US$ 18.60 billion) since 2020. In Q1 2025, clean energy investments soared 7.7 times YoY to Rs. 84,309 crore (US$ 9.8 billion).

Policy
Support

*On September 30, 2024, The Rajasthan government signed an MoU with NTPC Green Energy for 28,500 MW of renewable energy-based projects, as part of the total 31,825 MW of power generation projects worth Rs. 1.6 lakh crore (US$ 19.18 billion). This massive renewable energy investment is aimed at making Rajasthan self-reliant in the energy sector and significantly expanding the state's renewable power capacity.

*On August 05, 2025, Hindustan Power has signed a power purchase agreement with Uttar Pradesh Power Corporation Ltd. to set up a 435 MW DC solar power project. The project will supply clean electricity to the state for 25 years, aligning with Uttar Pradesh’s target of achieving 22,000 MW of clean energy capacity by 2026-27.

Competitive
Advantage

*India continues to rank fourth globally in wind power capacity, solar power capacity, and overall renewable energy installed capacity as of FY25, maintaining its position from FY24.

*Power generation from solar and wind projects are likely to be cost-competitive relative to thermal power generation in India in 2025-30.

*India has officially surpassed Japan to become the world's third-largest solar energy producer. According to data from the International Renewable Energy Agency (IRENA), India generated 1,08,494 GWh of solar power, exceeding Japan's 96,459 GWh.

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Last updated: Oct, 2025

Avaada Group

Avaada Group is a leading Indian clean energy conglomerate focused on renewable power generation, green hydrogen, green ammonia, and solar module manufacturing. Founded by Mr. Vineet Mittal, the group has installed over 4 GW of renewable energy capacity and is rapidly expanding into future-ready solutions like green hydrogen. Backed by prominent global investors such as Brookfield, ADB, and PTT Thailand, Avaada plays a pivotal role in India’s energy transition and sustainability goals.

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Tata Power Solar

Tata Power Solar Systems Ltd. is part of the Tata Group and the largest integrated solar power player in the country. It has three separate business segments – manufacturing of solar cells and modules, engineering, procurement, and construction (EPC) for solar power projects and other solar products. It provides customised and specialised solutions for various sectors like education, banking, healthcare, telecom, etc. and operates in both rural and urban areas. Tata Power has a capacity of 12.8 GW, of which 3.9 GW is currently from clean energy, and it aims to make 80% of its total power come from clean energy by 2030. It had a revenue of Rs. 18,035 crore (US$ 2.05 billion) in Q1 FY26.

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ReNew

ReNew operates as an independent power producer, generating non-conventional energy through solar and wind power. The company sells electricity to state utilities and large industrial consumers across India. Founded in 2011, ReNew commenced operations in 2012 with its first 25.20 MW project at Jasdan, Gujarat. As of March 2025, ReNew has a total portfolio of 18.5 GW, including 10 GW of operational capacity. Listed on Nasdaq, the company also provides solutions in green hydrogen, energy storage, carbon markets, and digital energy services, reinforcing its position as India’s leading decarbonisation solutions provider.

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