Top 3 Indian Solar Panel Companies to Add to Your Watchlist

In the quest for sustainable energy solutions, the solar energy sector has emerged as a beacon of hope, promising not only a cleaner environment but also the potential to power homes and industries with abundant, free electricity.

At the heart of this growth are the top-notch solar panel manufacturing companies. As the global demand for clean energy surges, the quality and reliability of solar panels have become crucial factors in determining the success of this transition.

India, blessed with abundant sunlight and a growing appetite for renewable energy, is making significant strides in this field.

The nation is emerging as a key player in the global solar market, with its manufacturers at the forefront of technological advancements and efficiency improvements.

In this article, we will explore the top solar panel manufacturing companies in India that are powering the country's shift toward renewable energy.

#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 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 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.

#3 Insolation Energy

Last on the list is Insolation Energy.

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.

Insolation Energy has achieved its highest quarterly sales since inception, and with the robust demand, the momentum should continue in the coming quarters.

In Q1 of FY24-25, Insolation Energy achieved 181.86% volume growth year-on-year on a consolidated basis. Revenues surpassed the value in the first half of FY24.

The firm aims to double its consolidated revenue by FY 25 as it enters the next phase of fast expansion.

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.

Snapshot of Top Solar Panel Stocks in India

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Conclusion

On 22 January, Prime Minister Narendra Modi launched the PM Surya Ghar Scheme, offering subsidies of up to Rs 78,000 per household for solar panel installations.

With an outlay of Rs 750.2 bn, the scheme currently provides up to Rs 30,000 for each two-kilowatt installation and Rs 18,000 for the third kilowatt.

Households can apply for this subsidy through the national portal on the PM Surya Ghar Scheme.

In addition to reducing electricity bills, households can supply excess electricity to the national grid, earning additional compensation, which could significantly boost sales for solar panel companies.

Looking ahead, India is set to become a major supplier of solar power to neighbouring countries, supported by the US$ 1 trillion (tn) 'Solar Investment Roadmap for 2030'.

Solar energy is expected to contribute nearly 55% of India's total renewable energy capacity, positioning Indian solar panel manufacturers for substantial growth.

These developments are poised to further strengthen the performance of India's solar panel industry, driving innovation and expansion in the sector.

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