India witnesses 10 GW of solar installations in CY 2021

India installed 10 GW of solar capacity in the calendar year (CY) 2021. The installations marked a 210% year-on-year (YoY) growth, compared to 3.2 GW in CY 2020.

Large-scale solar projects accounted for 83% of renewable energy installations during the year, with a 230% YoY growth at 8.3 GW.

According to India Solar Market Leaderboard 2022, in CY 2021, ReNew Power was the largest utility-scale developer in terms of installations. It acquired 260 MW solar projects in Telangana and installed 250 MW interstate transmission system (ISTS) solar projects in Jaisalmer, Rajasthan. The company was listed on the Nasdaq in 2021 after completing RMG Acquisition Corporation II, a special purpose acquisition company (SPAC).

Adani Green positioned second in terms of installed capacity in 2021, which included a 150 MW solar project in Kutch, Gujarat, commissioned three months ahead of schedule.

Adani's acquisition of SB Energy expanded its portfolio by 1,700 MW of operational and 3,554 MW of renewable energy projects under construction. Other acquisitions are solar projects of Essel Green Energy, Sterling & Wilson, SkyPower Global, and Hindustan Power.

Azure Power was in the third position. The company sold its non-core rooftop solar portfolio during CY 2021. OMERS Infrastructure acquired a 19.4% stake for $219 million from International Finance Corporation (IFC) and IFC GIF Investment Company.

Mahindra Susten and Tata Power Renewables rounded off the top five position.

These top five developers accounted for almost 50% of the total utility-scale solar installations during the period.

Adani Green Energy was the top utility-scale developer of operational and under-development capacities as of December 2021, followed by Azure Power and National Thermal Power Corporation (NTPC).

The top 10 utility-scale solar developers accounted for 68% of the total installations. In the first half (H1) of CY 2021, Adani Solar, Avaada Energy, and Azure Power were the top utility-scale solar project developers.

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