Top Renewable Energy Shares in India 2024: Renewable Energy Companies to Add to Your Watchlist

The global economy is racing to switch gears on energy, shifting away from carbon-heavy fossil fuels to clean alternatives amid rising climate change concerns.

This massive decarbonisation push is expected to require over US$ 150 trillion (tn) in investments over the next three decades, with renewable energy leading the charge.

Renewable energy will play a crucial role in this energy transition.

India, the world's third-largest renewable energy producer, stands at the forefront of this transition.

As of July 2024, India's total installed renewable energy capacity was 197.20 GW. In the financial year 2023-24, India added 18.48 GW of renewable energy capacity, a 21% increase from the previous year.

This rapid growth reflects India's commitment to sustainable development and its strategic shift toward clean energy.

Once considered a niche, the renewable energy sector is now one of the hottest investment spaces in the Indian market. With the industry booming, here are the top renewable energy stocks to keep on your radar.

#1 Tata Power

First on the list is Tata Power.

With over a century of expertise in the energy sector, Tata Power, founded in 1919 is a leading integrated power company.

Tata Power has 3,490 MW of solar generation capacity. It recently launched a 300 MW solar plant in Dholera, Gujarat.

Moreover, the Tata Group company has developed India's biggest floating solar power project. The capacity of the project is around 101.6 MWp in Kayamkulam, Kerala.

Tata Power on 12 September 2024 began production of solar cells at its new 4.3 GW facility in Tirunelveli, Tamil Nadu, India's largest single-location solar cell and module manufacturing plant.

This strategic move strengthens Tata Power's position in the renewable energy sector, as the advanced TOPCon and Mono Perc technology used in the plant is expected to boost solar cell efficiency.

Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power received a new project from Karnataka Renewable Energy Development Limited (KREDL). This project aims to build 250 MW of solar projects.

Tata Power's subsidiary, Tata Power Solar, will have its manufacturing plant fully operational this year.

The module manufacturing unit will be operational throughout the entire year, while the cell manufacturing unit is expected to be operational for approximately nine months.

The new manufacturing unit will also give the company an advantage in the rooftop solar scheme, as the scheme mandates the use of domestically manufactured solar cells and modules.

Once Tata Power's new plant becomes operational, the company's total installed solar module capacity will reach 4.9 GW, including a 600 MW annual capacity at its Bengaluru plant.

Additionally, Tata Power executes engineering, procurement, and construction (EPC) projects for solar power through its subsidiary, Tata Power Solar.

For the sale of its rooftop solar units, Tata Power will rely on its network of over 500 channel partners across 450 cities. The company plans to double this network to 1,000 channel partners within the year.

Tata Power and Tata Motors have joined hands for the development of a 7 MWp solar rooftop project at Tata Motors' passenger vehicle plant in Chikhali, Pune.

This is the third phase of a joint 17 MWp on-site solar project developed by the two companies, of which 10 MWp has been installed earlier.

With this latest installation, the Tata Motors PV manufacturing unit, installed by Tata Power, will become home to India's largest on-site solar project.

Tata Motors and Tata Power have recently inked a Power Purchase Agreement (PPA) for this solar project.

The installation is expected to generate 23 million (m) units of electricity, mitigating 5.2 lakh tonnes of carbon dioxide emissions.

Further, on 23 August 2024, Tata Power Solar Systems announced a collaboration with ICICI Bank to provide financing solutions for residential and corporate customers interested in adopting solar energy.

Going forward, the company plans to increase its footprint in solar space.

For more details, see the Tata Power company fact sheet and quarterly results.

#2 Adani Green Energy

Next on the list is Adani Green Energy.

The company is one of the largest renewable companies in India. It is also the largest solar power generation company globally.

The company primarily generates power through renewable sources such as solar and wind energy. It also builds, develops and maintains utility-scale grid-connected solar and wind farm projects.

It has a portfolio of 10,900 MW of renewable energy capacity, of which solar accounts for 7,412 MW, wind and hybrid account for 1,417 MW, and 2,071 MW, respectively.

The company's major clients are central, state, and government-backed corporations. It has long-term power purchase agreements (PPA) of 25 years, indicating its dominant presence in the power and utility sector.

Adani Green Energy on 3 September 2024 approved the execution of binding documents for a joint venture agreement between Adani Renewable Energy Sixty Four and Total Energies Renewables Singapore.

The new joint venture company will house a 1,150-megawatt alternating current (MWac) portfolio, which will comprise of a mix of operational and under-execution solar assets.

Currently, Adani Green Energy is developing a 30 GW renewable energy plant on barren land at Khavda in Kutch of Gujarat over an area of 538 sq. km, after which it would become the planet's largest power plant regardless of the energy source.

The area of the project in Khavda is five times the size of Paris and almost as large as Mumbai.

It's a hybrid renewable energy cluster where during the morning hours, solar energy is generated and during the evening hours, wind generation is generated. It has an operationalised capacity of 2,000 MW solar energy.

Currently, the company largely exports its existing solar module manufacturing capacity of 4 GW. Its solar modules and wind turbine manufacturing capacities are located at Mundra in Gujarat.

The company has long-term expertise in developing mega-scale renewable energy projects.

In FY25, the company plans to add 1 GW of wind turbine capacity, taking the overall wind turbine manufacturing capacity to 2.5 GW, and another 2.5 GW may be added by the end of the financial year 2027.

With this project, India is poised to avoid about 58 million tonnes of CO2 emissions annually.

Going forward, the company plans to invest about Rs 1.5 trillion (tn) by 2030.

For more details, see the Adani Green Energy company fact sheet and quarterly results.

#3 L&T

Next on the list is L&T.

Semiconductors, 5G telecom, renewable energy, SpaceTech, metro rail, and defence.

How many Indian companies have won orders in each of these segments recently? The only company is L&T.

The company is the most respected multinational conglomerate that operates in over 50 countries with unmatched capabilities in all its businesses, including construction, engineering, technology, and manufacturing.

The company, in March 2024, commissioned its first indigenously manufactured hydrogen electrolyser at the green hydrogen plant in Hazira, Gujarat.

This signifies L&T's foray into domestic electrolyser manufacturing.

It is equipped with two stacks and an electrolyser processing unit ML-400 and offers exceptional flexibility and thermal stability.

Additionally, L&T's newly established entity, L&T Electrolysers, focuses on manufacturing pressurised alkaline electrolysers using technology from McPhy Energy in France.

The company plans to utilise its upcoming giga-scale Hazira facility to meet the increasing demand for green hydrogen while maximising product localisation through an enhanced local supply chain and automation for cost competitiveness.

Larsen and Toubro on 2 September 2024 carved out a separate business vertical for renewable EPC out of its power transmission and distribution business, within its infrastructure projects segment.

The company added that the Middle East region is ideal for solar generation, and there are significant investments materialising in the adjacent regions such as in the SAARC, ASEAN, CIS, and African countries.

L&T is already a leading player globally with a vast portfolio of 22 GWp of renewable EPC experience. In addition to Ground Mounted Solar, Floating Solar and Wind Balance of Plant projects, L&T's Battery Energy Storage System implementation aggregates to 3 GWh.

Combined with L&T's Grid and Digital Energy Solutions-related offerings, this business has earned a reputation for the timely and safe construction of giga-scale renewable projects.

Back in August 2023, it announced that along with IOC and ReNew, it formed a company called GH4India Private. Each company has a 33.3% stake in GH4India.

Together, they will invest up to US$ 4 bn in their green hydrogen businesses over the next three to five years.

Apart from this, the company is working on setting up the world's largest green hydrogen plant being built by a Saudi-based green hydrogen company - NEOM Green.

Going forward, L&T plans to expand its focus on green hydrogen projects in global markets, aiming to strengthen its presence in the sustainable energy sector.

For more details about the company, check out L&T's fact sheet and quarterly results.

#4 IOC

Next on the list is the Indian Oil Corporation (IOC).

A company that was primarily dependent on fossil fuels to generate revenue, IOC is now exploring the green hydrogen space.

The management believes that oil will continue to be a dominant fuel for the next few years, but they are preparing for a transition, which will involve a combination of green hydrogen and biofuels.

The company in April 2024, relaunched tenders for its maiden green hydrogen plant to be set up in Panipat.

The company has cancelled its initial tender for the same after it led to bidders approaching the Delhi High Court.

The cancelled tender had called for a 10-kilo tonnes per annum capacity unit to be set up on a build, own operate, and transfer basis at the state-owned oil marketing company's Panipat refinery and petrochemicals complex.

In the last tender, prospective bidders had flagged a conflict of interest on IOCL's part. This was owing to GH4India Pvt Ltd, IOCL's joint venture with infrastructure and engineering major L&T.

The revised tender has removed the controversial ROFR (right of first refusal) clause, which The Independent Green Hydrogen Producers Association (IGHPA) alleged was designed in favour of IOCL's JV company GH4 India.

The new tender demands a consortium or joint venture participating in the tender to have a maximum of three members, with each having a minimum 26% stake. The previous tender didn't mandate the minimum stake requirement.

IOC also has plans to set up units at all its refineries as part of the Rs 2.4 tn green transition plan to achieve net zero carbon emission status by 2046.

The company aims to increase the share of green hydrogen in its overall hydrogen portfolio to 50% in the next 5-10 years and 100% by 2040.

IOC plans to use the green hydrogen it produces as a replacement for carbon-emitting fuels to process crude oil into value-added products such as petrol and diesel.

For more details, check out IOC's financial factsheet and its latest quarterly results.

#5 NTPC

Next on the list is NTPC.

NTPC is a key player in the power sector, producing and distributing large quantities of electricity to various utility providers.

The power giant is committed to the development of renewable energy in the country and its potential to decarbonise the energy sector.

The company in February 2024, announced plans to build the country's largest green hydrogen project in Andhra Pradesh.

Its subsidiary, NTPC Green Energy signed a land lease agreement with the Andhra Pradesh Industrial Infrastructure Corporation (APIIC), owned by the state government, to build a green hydrogen hub on 1,200 acres of land close to Pudimadaka.

NTPC is eyeing a capacity of 1,200 tonnes of green hydrogen per day.

Further, the company, in January 2024, signed an agreement with the government of Maharashtra for the development of green hydrogen and its derivatives, such as green ammonia and green methanol of up to 1 m tonne capacity per annum.

As per the statement, the agreement also includes the creation of pumped storage projects of 2 gigawatts (GW) and the development of renewable energy projects with or without storage of up to 5 GW in the state.

Furthermore, NTPC along with its renewable energy subsidiary have entered into non-binding memoranda of understanding (MoUs) with Rajasthan Rajya Vidyut Utpadan Nigam in March 2024, to enhance energy efficiency and significantly boost renewable energy production in Rajasthan.

NTPC on 13 September 2024 signed a power purchase agreement with Apraava Energy for a 300-megawatt (MW) interstate transmission system (ISTS) connected solar energy project in Rajasthan.

According to the company, the project, which will be completed in 24 months, is part of the tender issued by NTPC for setting up 1,500 MW of ISTS-connected solar power projects across India.

The company has set a target of producing 150,000 tonnes of green hydrogen per year by 2030.

NTPC, which has around 3.4 GW of RE capacity throughout India, is targeting to have 60 GW by 2032. The company already has a project pipeline of 22 GW.

NTPC is also planning an initial public offering for its renewable energy subsidiary NTPC Green Energy Ltd (NGEL) to procure funds and lay out some strategy initiatives.

For more details about the company, see the NTPC company fact sheet and quarterly results.

#6 Reliance Industries

Next on the list is Reliance Industries.

Reliance Industries is the largest Indian private-sector corporation. It has evolved from being a textiles and polyester company to an integrated player across energy, materials, retail, telecom, entertainment, and digital services.

Reliance Industries is one of India's largest manufacturers of green hydrogen.

The company's green hydrogen is used for domestic consumption and global sales, contributing significantly to reducing carbon emissions.

Moreover, this company uses both green hydrogen and CO2 as raw materials to create a plan for developing new green chemicals, fertilisers, and e-fuels.

In line with its focus on green hydrogen, Reliance Industries signed an agreement in May 2024 with Norway's Nel ASA for sourcing technology to make electrolysers for green hydrogen production.

The agreement provides Mukesh Ambani's Reliance with an exclusive license for Nel's alkaline electrolysers in India and also allows the company to manufacture Nel's alkaline electrolysers for captive purposes globally.

Further, Reliance is building a Dhirubhai Ambani Green Energy Giga Complex over 5,000 acres in Jamnagar, Gujarat, India. Part of the complex are different giga factories, including an electrolyser manufacturing factory, for the production of green hydrogen.

The company had earlier said it is collaborating with Denmark's Stiesdal A/S for their HydroGen electrolysers manufacturing in India.

Reliance was also allotted 300 megawatts (MW) of capacity in 2024 under the government's production-linked incentive scheme (PLI) for electrolyser manufacturing.

Going forward, it plans to transition to green hydrogen production by 2025 and become net zero by 2035.

The company plans to invest Rs 750 billion (bn) over three years to set up its clean energy business.

It also plans to invest Rs 5 trillion (tn) in the next 10-15 years to set up a 100 GW renewable-energy power plant and green-hydrogen ecosystem development.

For more details, see the Reliance Industries company fact sheet and quarterly results.

#7 JSW Energy

Next on the list is JSW Energy.

JSW Energy, a leading Indian power company, is at the forefront of the green hydrogen revolution in India.

The company in June 2024 announced that it is developing India's largest commercial-scale green hydrogen project.

This venture marks a significant milestone as the first in the nation to produce green steel.

The company has made significant progress in green hydrogen, including a seven-year agreement to supply 3,800 tons per annum to JSW Steel, along with green oxygen.

Detailed engineering and equipment ordering are complete, with commissioning expected in Q4FY25.

Additionally, the company has been allocated a capacity of 6,800 TPA under the Strategic Interventions for Green Hydrogen Transition (SIGHT) program by SECI.

Further, JSW Neo Energy Ltd, an arm of JSW Energy Ltd, has received the Letter of Award (LoA) for setting up 6.5 ktpa (kilotonnes per annum) green hydrogen production facility in the auction conducted by Solar Energy Corp. of India (SECI) under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme.

The company has also signed a Memorandum of Understanding (MoU) with JSW Steel Ltd to supply an additional 85,000 to 90,000 TPA of green hydrogen and 720,000 TPA of green oxygen by 2030.

The capacity is to be commissioned within 36 months from the date of LoA.

Under the scheme, JSW will receive incentives for three years starting from the date of commencement of green hydrogen production.

Further, JSW Neo Energy a wholly owned subsidiary of JSW Energy, has received an award of 600 MW of wind-solar hybrid power project from Maharashtra State Electricity Distribution company on 10 September 2024.

The company also has 4.2 GWh of locked-in energy storage capacity through a battery energy storage system and hydro-pumped storage project.

It aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030.

For more details, see the JSW Energy company fact sheet and quarterly results.

#8 GAIL

Next on the list GAIL.

India's largest natural gas company is at the forefront of the green hydrogen revolution.

GAIL has established itself as a frontrunner by successfully commissioning India's first green hydrogen plant in April 2024.

Located at their Vijaipur complex in Madhya Pradesh, this 10 MW (megawatt) plant produces around 4.3 tonnes of green hydrogen daily with a purity of 99.9%.

It uses electricity produced from renewable sources, such as solar energy, to split water to produce green hydrogen.

Besides sourcing renewable power through open access, GAIL is also setting up around 20 MW solar power plants at Vijaipur to meet the requirement of green power for the 10 MW PEM electrolyser.

While GAIL is blending hydrogen with natural gas on an experimental basis in Indore in its CGD (city gas distribution) network to test its success, it aims to escalate blending ratios after necessary approvals based on the test results.

Current regulations provide for blending only 5% hydrogen with natural gas. GAIL is conducting joint studies with Engineers India Limited and IIT Kanpur to further blend hydrogen with natural gas.

The company has already successfully implemented the blending of natural gas with green hydrogen, which it supplies to Aavantika Gas, one of GAIL's Joint Venture (JV) Companies with HPCL.

Apart from this, GAIL has entered into a MoU with Gujarat Alkalies and Chemicals to set up a 500 KLPD (kilo litre per day) bioethanol plant in Gujarat. The following is the company's carbon transmission plan.

On 26 August 2024, GAIL signed a Memorandum of Understanding (MoU) with US-based Petron Scientech to explore a joint venture for setting up a 500-tonne per Annum (KTA) bio-ethylene plant in India.

The company said it plans to invest Rs 260 bn in its renewable portfolio by 2030, which will take the renewable energy capacity to 3 GW, of which 10% of the portfolio will be hydrogen.

It also aims to produce 50,000 tonnes per annum of hydrogen by 2030.

For more details, see the GAIL company fact sheet and quarterly results.

#9 Borosil Renewables

Next on the list is Borosil Renewables.

Borosil Renewables is the first and only solar glass manufacturer in India. The glass manufactured is used in photovoltaic panels.

Currently, the company enjoys a 40% market share in the domestic market (catering to over 400 customers) and exports its products to the USA, Turkey, and Europe.

India relies heavily on imports for its solar glass, with China and Malaysia being the primary sources.

This presents a unique situation for Borosil Renewables, the sole domestic manufacturer.

The stock is set to benefit from the PM Surya Ghar Muft Bijli Yojana had 12.8 million (m) registrations and 1.4 m applications. She stated that the government's focus was on energy security.

This scheme would further encourage households to obtain free electricity for up to 300 units.

This benefits Borosil Renewables by driving demand for solar panels. As more households install rooftop solar plants, the need for reliable solar solutions increases.

The company plans to significantly increase its production capacity. If the Indian government imposes an anti-dumping duty, it could potentially double its capacity within 24 months.

For more details, see the Borosil Renewables company fact sheet and quarterly results.

#10 Websol Energy

Next on the list is Websol Energy Systems.

Websol Energy is a leading manufacturer of photovoltaic monocrystalline solar cells and modules in India.

The company went into business as a fully export-oriented unit catering to Europe (mainly Germany and Italy) and the US. It has amassed over two decades of industry experience and is renowned for its high-quality products.

Websol offers a wide array of products ranging from 5 watts (W) to 220W, catering to the demands of home, commercial and industrial institutions.

In a significant move in 2022, Websol underwent a major overhaul, revamping its operations by scrapping old machinery and replacing its entire gross block with state-of-the-art solar cell technology.

The shift entailed moving to Monocrystalline Passivated Emitter Rear Cell (Mono PERC cells) using a different kind of wafer viz. monocrystalline wafer.

This strategic initiative enhanced its efficiency and product quality.

As part of its expansion plan, Websol Energy is embarking on a significant advancement by modernizing its entire existing infrastructure with cutting-edge technology.

In the ambitious first phase, the company aims to more than double its solar energy production capacity, increasing from 250 MW to 500 MW, accompanied by a nearly equivalent rise in solar module production.

The company Intends to utilize the cash flows generated from this phase to invest in the second phase, which will be established at a new manufacturing location.

For more details, see the Websol Energy company fact sheet and quarterly results.

#11 Sterling and Wilson

Next on the list is Sterling and Wilson Solar.

Sterling and Wilson Solar is a global holistic solar engineering, procurement, and construction (EPC) solutions provider with a wide presence across 26 countries.

Acquired by Reliance in 2021 (40% stake), the company provides EPC services primarily for utility-scale solar power projects.

It has executed projects of more than 10 GW capacity across geographies including Australia, USA, Asia, Africa, and the Middle East. International operations account for more than 80% of the total revenues.

The company's unexecuted EPC order book stood at Rs 80 bn (up 64% YoY) as of April 2024, with nearly 85% domestic EPC, indicating healthy growth in business in the coming year.

The company on 12 August 2024 clinched an order worth approximately Rs 5.5 bn for a comprehensive solar power project in Rajasthan. This significant order entails the engineering, design, testing, and commissioning of a 400 MC AC / 633 MW DC photovoltaic (PV) plant.

Additionally, it includes the supply and construction of a 33/220 kV switchyard at the site.

Further in July 2024, the company received a prestigious order for the engineering, design, procurement, erection, testing & commissioning of 500 x 2 (1,000 MWhr) - Standalone BESS plant in Rajasthan, India.

This GWhr scale project is India's Largest Battery Energy Storage (BESS) Project and one of the very few projects of GWhr scale in a single location globally which shall be executed by 2025. The total installed capacity of BESS in India currently only stands at 219 MWhr as of March 2024.

Additionally, the company also secured a 20 MW Floating Solar project in Karnataka from the same client, which marks the third such floating solar project the company is currently executing in the country.

Going forward, the company plans to expand its work in solar space.

For more details, see the Sterling and Wilson company fact sheet and quarterly results.

#12 Waaree Renewable Technologies

Next on the list is Waaree Renewable Technologies.

Waaree Renewable Technologies is a leading player in solar engineering, procurement and construction (EPC) that has installed over 10,000 solar projects with a cumulative installation of more than 1.9 GW.

Additionally, it serves as a solar developer, engaging in financing, constructing, owning, and operating solar projects.

It excels across the entire solar value chain, right from manufacturing cells/modules and solar products to executing rooftop and utility-scale solar projects.

The company has powered more than 10,000 homes through various government schemes in India and 400+ projects in India and internationally.

To meet the substantially increasing demand for solar energy, it has planned to set up more than 1,000 centres for solar solutions throughout the country.

The company received a Rs 900 m solar power project to be developed on a turnkey basis. The project is scheduled to be completed in ongoing financial year 2024-25.

Waaree Renewable Technologies in July 2024 has been awarded the Engineering, Procurement, and Construction (EPC) contract for a 412.5 MWp photovoltaic project in Rajasthan.

Going forward, with its established expertise and capabilities across the solar value chain, Waaree Renewable Tech is well-positioned to capitalise on the expanding opportunities within the global and domestic solar markets.

For more details, see the Waaree Renewable Technologies company fact sheet and quarterly results.

#13 Inox Wind

Next on the list is Inox Wind.

Part of the Inox group, the company is in the business of providing engineering, procurement and construction (EPC) services to wind farms.

It is also engaged in the generation and sale of wind energy.

In December 2023, the company's board approved the amalgamation of Inox Wind Energy with Inox Wind.

Inox Wind is a manufacturer of wind turbine generators and also provides end-to-end turnkey solutions, from site acquisition to development operations and maintenance of wind power projects.

It has four manufacturing plants with a cumulative capacity to produce 1,900 MW of nacelle and hubs, 1,600 MW of blades, and 600 MW of towers.

Inox Wind, in February 2024, bagged the single largest contract awarded to an Indian Wind OEM to date from CESC for 1,500 MW.

The scope of the agreement comprises a mix of end-to-end turnkey execution for 1,000 MW and equipment supply with a limited scope EPC for 500 MW.

Additionally, Inox Wind subsidiary, Inox Green Energy Services Ltd (IGESL) will provide post-commissioning multi-year Operations & Maintenance (O&M) services.

Further, in April 2024, the company secured a repeat order for 210 MW for its 3 MW wind turbine generators from Hero Future Energies (HFE).

The wind turbine generators will be supplied to HFE from Q3 FY25 onwards and will be installed in South India.

Apart from this, Inox Wind has signed an exclusive agreement with Wind to Energy (W2E), a global provider of technology and design for wind turbines, to launch the 4.X MW wind turbine generator (WTG), which has been designed for low wind regimes in India.

In the coming years, the company will focus on expanding its product portfolio, which currently includes 2 MW and 3 MW wind turbine generators (WTGs). With a license secured for 4 MW WTGs, it is poised to introduce more advanced technology into the market.

The company's subsidiary, Inox Green, already a leading wind O&M service provider with a 3.4 GW portfolio, will play a crucial role in supporting the company's long-term strategy.

Inox Wind has set a target of completing 2,000 MW of projects by FY26.

For more details, see the Inox Wind company fact sheet and quarterly results.

#14 Insolation Energy

Next on the list is Insolation Energy.

Insolation Energy, a key player in the renewable energy sector, is concentrated in the solar energy space.

Insolation Energy is a solar panel manufacturing company. The company is a one-stop shop for all solar-related needs. It boasts a lineup of premium, high-efficiency solar panels, alongside top-tier batteries, and PC offerings.

Additionally, it offers integrated engineering, procurement, and commissioning services (EPC), along with a suite of Original Equipment Manufacturing (OEM) services.

The solar PV modules manufactured by the company use both polycrystalline and mono-PERC crystalline cell technology.

Currently, the company operates with a solar panel manufacturing capacity of 700 megawatts (MW), It is strategizing to elevate its capacity to 1,200 MW, further solidifying its position in the market.

To get the future-ready, Insolation Energy has unveiled ambitious plans to significantly expand its manufacturing capacity.

In 2023, the company expanded its manufacturing capacity threefold, from 200 MW to 700 MW. It has gained recognition as one of the top 10 solar panel brands in India.

Additionally, the company has inaugurated its fully automated manufacturing unit, a pioneering initiative in Rajasthan.

In May 2024, Insolation Green Energy Private Limited, a wholly owned subsidiary, secured purchase orders for supplying Solar PV Modules Mono Perc M-10. The orders, totalling Rs 935.2 m, were received from APM Projects and Rotomag Motors & Controls.

Insolation Energy is expanding its solar panel production capacity to 4 GW per year with the addition of 3 GW lines. The new capacity addition will be completed in FY25.

The company will also commission manufacturing capacities of 12,000 MT of aluminium framing and 1.4 GW of cells by March next year.

The firm expects to increase its capacity to manufacture solar panels to 3,000 MW and aluminium frames to 6,000 metric tons annually in FY26.

For more details, see the Insolation Energy company fact sheet and quarterly results.

#15 IEX

Last on the list is the Indian Energy Exchange (IEX).

Indian Energy Exchange Limited provides an automated trading platform for the physical delivery of power, renewables, and certificates. It offers many trading platforms, such as the power market, green market, and certifications.

IEX is the first and largest power exchange in India. It has a dominant market share of 80% of traded volume in electricity.

IEX plays a crucial role in the trading of Renewable Energy Certificates (RECs). These certificates represent the environmental benefits of generating power from renewable sources.

The exchange provides a platform for trading these certificates, thus supporting the financial viability of renewable energy projects.

IEX has also launched the Green Power Market, which includes the Green Day-Ahead Market (G-DAM) and the Green Term-Ahead Market (G-TAM).

This is to facilitate the accomplishment of national renewable energy capacity addition and effective integration of green energy in the country.

IEX achieved a record total volume of 13,250 MU in July 2024. This includes certificates and marks a 56% year-over-year (YoY) increase. Electricity volume reached 10,093 MU, rising 29% YoY.

Green electricity volume hit 1 BU, growing 259% YoY. Renewable energy certificates (REC) stood at 3,150 MU, increasing 405% YoY.

IEX Green Market, including Green DAM and Green TAM, achieved a volume of 989.6 MU in July 2024. This is up from 275.4 MU in July 2023, a 259% increase YoY.

Going forward, the company aims to increase the share of renewable energy through market-based models. Initiatives include Contracts for Difference (CfD), virtual power purchase agreements (PPAs), and peer-to-peer (P2P) trading models.

For more details, see the Indian Energy Exchange company fact sheet and quarterly results.

Conclusion

Apart from the 15 names mentioned earlier, several other companies are making significant strides in the renewable energy sector, strengthening their presence.

Some of the key players include Suzlon Energy, KPI Green Energy, Premier Energies, SJVN, and Inox Green Energy.

Additionally, smaller firms like Azure Power Global, Orient Green Power, Greenko Energy Holdings, Jaiprakash Power Ventures, and ReNew Power are also actively diversifying into the renewable energy space.

India's growing energy demand, fuelled by its vast population and potential for development, positions it as a key player in the global transition to cleaner energy.

The nation's ambitious goal to achieve net zero carbon emissions by 2070, alongside its target to meet 50% of electricity needs from renewable sources by 2030, marks a crucial step in the fight against climate change.

The Interim Budget for 2024-2025 highlights India's commitment to renewable energy with a significant fiscal boost.

The allocation for solar power grid infrastructure development jumped to Rs 85 bn nearly doubling from the previous year.

To support this goal, the government has introduced initiatives like the National Green Hydrogen Mission, the Production Linked Incentive Scheme for High-Efficiency Solar PV Modules, and the Carbon Credit Trading Scheme.

Moreover, Rs 174.9 bn was earmarked for the Green Hydrogen Mission and the SIGHT Program.

These strong industry trends are expected to drive further growth for renewable energy companies, although like, all sectors, they remain susceptible to market fluctuations and broader economic conditions.

Nevertheless, it is always prudent to conduct thorough research before making any investment decisions. Ensure that the investment aligns with your financial objectives and matches your risk tolerance level.

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