The Renewable Energy Developers Whose Plans Will Shape India’s Solar Targets

Highlights :

  • India’s 500 GW renewable target and with it, it’s 300 GW solar target, will need reneweable energy develiopers in India to step up big time. With solar the mainstay of plans, solar developers in India will be in particular focus.
  • Led by NTPC’s 60 GW renewable target and Adani Green’s own 50 GW target for 2030, the public and private sectors will both play a critical role.
The Renewable Energy Developers Whose Plans Will Shape India’s Solar Targets

India reached a notable milestone in renewable energy by adding a record-breaking 18.48 GW in 2023-24, a 21 per cent increase from the previous year. As of March 31, 2024, India’s installed renewable energy capacity stood at 143.64 GW, excluding large hydropower projects. The country needs an annual addition of at least 50 GW for the next six years to achieve the ambitious 500 GW target by 2030. Renewable project developers nationwide are actively undertaking new renewable energy projects, with many currently under construction and others in the bidding process.

Solar installations dominated the additions, contributing 12.78 GW and 2.27 GW from wind energy. Solar leads the overall capacity at 81.81 GW, followed by wind at approximately 46 GW, biomass cogeneration at 9.43 GW, and small hydro at 5 GW. 

While numerous renewable energy developers are contributing toward this surge of renewable, some are at the helm of India’s energy transition story for the near future. We look at some of the biggest renewable energy project developers based on operational capacities and their project pipelines in India.

The pipeline projects are typically in various stages of development, such as planning, permitting, or construction. 

#1 Adani Green Energy Limited (AGEL)

Adani Green EnergyAdani Green Energy Limited (AGEL) has broken away from the pack in 2023 to become India’s largest renewable energy (RE) companies. The firm recently surpassed 10,000 megawatts (MW) of operational portfolio consisting of roughly 7,400 MW solar, 1,400 MW wind and 2,140 MW wind-solar hybrid capacity. 

AGEL is developing the world’s largest renewable energy project, spanning 30,000 MW, in Khavda, Kutch, Gujarat. Covering an area of 538 square kilometres, the project’s scale is five times that of Paris and nearly equivalent to the size of Mumbai city. Within 12 months since the commencement of work, AGEL has operationalised 2,000 MW of cumulative solar capacity, representing over 6 per cent of the planned 30,000 MW capacity. With a target to add another 6000 MW in 2024, and 6-8GW every year after, the firm has upgraded its 45 GW target for 2030 to 50 GW now. This will include 5 GW of pumped storage projects as well. 

#2 Tata Power Renewable Energy (TPREL)

Tata Power Renewable EnergyTPREL, a subsidiary of Tata Power, now boasts a total renewable capacity of 9.01GW, encompassing 4.5GW in projects under implementation and an operational capacity of 4.47GW. Among its operational capacity, 3.44GW is attributed to solar energy and 1.02GW to wind energy.

The firm is among the largest renewable energy developers in the country. Recently, TPREL signed an MOU with the Government of Gujarat to build 10 GW of renewable energy projects in the state. In another MoU, TPREL focused on expanding an existing MOU, in which the company aimed to invest Rs 30bn in 4GW of solar cell and solar module manufacturing facilities in the Tirunelveli district. TPREL has revised the investment amount from Rs 30bn to Rs 38bn while increasing the facilities’ capacity to 4.3 GW. In August 2023, Tata Power signed an MOU with the State Government of Maharashtra to develop two pumped hydro storage projects with 2.8GW of capacity – Shirawta in Pune (1.8GW) and Bhivpuri in Raigad (1GW).

#3 Renew 

Renew powerRenew completed construction of 1.94 GW of RE assets in FY24 to its existing portfolio, taking the cumulative capacity to over 10 GW (deducting for the assets it sold, ReNew has a revenue-generating capacity of 9.52 GW as of 31 March 2024). In FY24 alone, the Company added 1,174 MW of solar and 768 MW of wind energy. 

With a wind portfolio of 4.7 GW, the Company is among India’s largest wind capacity operators, constituting 10.5 per cent of the country’s total. In the fiscal year 2023-24, ReNew secured auctions to supply 4.8 GW of renewable energy capacity through Power Purchase Agreements, representing 10.1 per cent of the total capacity for which tenders were finalised then. With a focus on the C&I segment beyond grid tied utility scale, Renew has also been investing in storage technology options to build capabilities to provide RTC green energy.  The company is keen on doubling its renewable portfolio within four years, aiming to reach 20 GW by the fiscal year 2027/28.


NTPCNTPC is India’s foremost integrated power utility. It boasts a cumulative installed capacity of about 76 GW that contributes 25 per cent of the total electricity demand in India, encompassing joint ventures and subsidiaries. To bolster its renewable energy endeavours, NTPC has established NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary. NGEL is tasked with spearheading Renewable Energy Parks and Projects, along with venturing into sectors such as Green Hydrogen, Energy Storage Technologies, and Round-the-Clock renewable energy solutions.

NTPC Group has plans to attain 60 GW of renewable energy capacity by 2032. This will constitute 45-50 per cent of the group’s overall power generation capacity of about 130GW. As of April 2024, the firm has 3.5 GW of installed RE capacity and over 20 GW in the pipeline. Recently, NTPC bagged 3445 MW RE tenders it participated in during the FY 2023-24. 

#5 JSW Energy

JSW EnergyJSW Energy currently possesses a total locked-in generation capacity of 12.5 GW, which includes 7.2 GW already operational. Moreover, 2.6 GW is under construction across wind, thermal, and hydropower projects. Additionally, the company holds Letters of Agreement (LoA) or Letters of Intent (LoI) for an additional 2.7 GW capacity from SECI (Solar Tranche XIII and Wind Tranche XVI), SJVN, and GUVNL. Furthermore, the company has secured 3.4 GWh of locked-in energy storage capacity through battery energy storage systems and a hydro-pumped storage project. Its operational renewable portfolio includes hydropower (1,391 MW), Wind (1,615 MW), and solar (675 MW). 

JSW Energy plans to achieve 10 GW of generation capacity ahead of the stated timeline in 2025. The plans also include 20 GW capacity before FY2030. Recently, a subsidiary of JSW Neo Energy Limited, JSW Renewable Energy, expanded its renewable energy portfolio by acquiring a 45 MW Vashpet wind energy project from Reliance. 

Special Mentions

While India’s renewable adoption is spearheaded by the developers mentioned above, there have been notable investments in the country’s renewable sector. These firms are poised to accelerate renewable growth and hence are worth a mention.

# Serentica Renewables

Serentica RenewablesThe youngest clean energy solutions provider on the list, Serentica Renewables, is a subsidiary of the Vedanta Group. The firm aims to achieve a 17 GW capacity by June 2030. Serentica has made ambitious investment plans totaling up to Rs 30,000 crore by the fiscal year 2026-27. These plans include renewable projects plus energy storage projects to ensure RTC supply in cases. The company has already secured investments worth $650 million from the global investor KKR. 

To fund its upcoming 400 MW addition of wind and solar capacities in Karnataka, the firm secured Rs 5600 crores of debt funding from two of the biggest public sector lenders – REC and PFC. In January, Serentica also raised Rs 3500 crores ($425 million) from a consortium of international and domestic banks, including Rabobank, MUFG Bank, Société Générale, YES Bank, Export-Import Bank of India, and India Infrastructure Finance Company. The deal will help Serentica in funding the development of its 530 MW hybrid (wind and solar) renewable energy project coming up in Rajasthan and Maharashtra.

# Acme solar

Acme solarGurugram-based Acme Solar boasts over 5140 MWp portfolio of solar power projects across India. The firm develops, builds, owns, operates and maintains utility-scale grid-connected solar power projects. Acme has commissioned over 2900 MWp capacity of solar projects and has a pipeline of about 2600 MWp capacity under various stages of construction. The company recently sold 450-550 MW of power assets for $180–200 million to BluPine, an Actis PE-backed renewable energy platform. 

Acme Cleantech Solutions is setting up a 1.10 mmtpa green ammonia plant with an investment of INR 27,000 crore (over $3.2 billion).

# BluPine Energy

blupine energyBluPine Energy is a leading renewable energy services company established in India by Actis, a global investor and leader in funding and building sustainable infrastructure companies. With an investment of USD 800 million from Actis’ Energy Fund 5, BluPine Energy is dedicated to developing a renewable energy portfolio of over 4 GW in India.

Earlier this year, the company bolstered its renewable energy portfolio by acquiring 369 megawatts of solar capacity power assets from the Acme Group, elevating its total renewable energy capacity to 2.4 gigawatts. Additionally, in February, the company emerged victorious in NHPC’s auction to provide 1.5 gigawatts of renewable power. Notably, the preceding year saw the company securing financial closure amounting to Rs 5.11 billion for its 120-megawatt solar project in Gujarat.

# Greenko

Greenko Greenko, a prominent player in India’s renewable energy sector, operates with a diversified portfolio comprising wind (58%), solar (28%), hydro, and other (14%) assets spread across 14 states, amounting to an operational capacity of 5.5 GW. Additionally, Greenko is developing Pumped Storage Projects (PSPs) with a cumulative capacity of 7,200 megawatts (MW) across four states in India.

The pipeline of Greenko also includes the largest integrated renewable energy project in Andhra Pradesh which is likely to become operational in the latter half of 2024. Pinnapuram IREP, with an aggregate capacity of 5,230 MW, is conceived as the world’s largest Gigawatt Scale integrated project with solar, wind and pumped storage components that can supply schedulable power on demand. 

# Avaada energy

Avaada energyAVAADA has become an important player in India’s renewable energy domain with one of the country’s most extensive portfolios of renewable energy power projects, totalling 4 gigawatts (GW) in capacity. For the future, the firm targets reaching 30 GW by 2030. Avaada’s portfolio includes about 6 GW of projects under various stages of development and an operational capacity of about 4.1 GW.

The firm recently secured 421MW of capacity in a tender from the Solar Energy Corporation of India (SECI), an arm of the renewable energy ministry; 280MW from Gujarat Urja Vikas Nigam (GUVNL), the state’s electricity regulation board; and 700MW from NTPC Limited, a government-owned generator, recently. Avaada Green H2, with its INR 8,000 crore investment, is setting up a 0.5 mtpa green hydrogen/ammonia facility. 

# Engie 

Engie Engie has an operational portfolio of about 1.1 GW of renewable projects in India. The firm also secured about 1.25 GW capacity through utility-scale renewable tenders. Further, Engie plans to invest Rs 7,000 crore by 2025 to add solar capacity of 2 GW through its next  5 projects across the states of Rajasthan and Gujarat. The company targets reaching a cumulative capacity of 5.5-6 GW by 2030. 

# The Reliance Group

Reliance GroupThanks to its sheer size as the largest industrial group in the country today, the Rs 10 lakh crore Reliance group and its renewable plans simply cannot be ignored. With a stated goal of 20 GW by 2030 for captive use, the groups plans are expected to move into high gear from next year onwards, as it’s multiple manufacturing forays into renewable energy are completed. Expect it to supercharge capacity addition once it starts, thanks to its reputation for project execution.

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Junaid Shah

Junaid holds a Master of Engineering degree in Construction & Management. Being a civil engineering postgraduate and using his technical prowess, he has channeled his passion for writing in the environmental niche.