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Adani Green, ReNew, ACME Lead Record 22 GW Utility-Scale Solar Surge in 2024

India’s utility-scale solar sector witnessed unprecedented growth in 2024, with 22 GW of new capacity additions — a staggering 235% jump from 2023 — as per Mercom’s India Solar Market Leaderboard 2025. The surge was fueled by the commissioning of previously delayed projects and accelerated development activity. Total solar installations for the year reached 25.2 GW, marking a 204.3% year-on-year growth and pushing India’s cumulative solar capacity to 98.7 GW, of which 87.4% is attributed to large-scale projects.

Adani Green Energy led the market with 17.6% of new utility-scale solar capacity, adding 2.6 GW, including 2 GW from its flagship 8 GW manufacturing-linked project in Khavda, Gujarat. The company also bolstered its Khavda portfolio via a joint venture with TotalEnergies and secured $400 million in funding for 750 MW projects in Rajasthan and Gujarat.

ReNew was the second-largest developer, commissioning 1.6 GW across Rajasthan and Karnataka, followed by ACME Solar with 1.2 GW in Jaisalmer. ACME made headlines with its 2024 IPO and secured Rs19.88 billion in financing for a 300 MW hybrid project. It also won a 250 MW firm and dispatchable renewable energy tender from NHPC at Rs4.56/kWh.

NTPC Renewable Energy and O2 Power completed the top five developers, contributing 900 MW and 4.8% of market share, respectively. This landmark year showcases the sector’s resilience and momentum, solidifying India's position as a global solar powerhouse.