The consumption of electric energy is increasing gradually in developing countries like India. Due to this, the reservoirs of natural energy are diminishing at a fast rate. Low-cost electricity plays a vital role in urbanization, industrialization, economic growth, and the improvement of the living standard of society in any country.
The Indian power sector is basically based on fossil fuels, with about three-fifths of the country’s power being generated by reserves of coal. The thermal power station emits a high number of toxic gases such as N02, CO2, and SO2 gases, which is dangerous to health and the environment.
In the last few decades, the Indian government has taken many steps to decrease the use of fossil fuels-based energy and promote renewable energy generation, particularly solar energy, as it is freely available in most parts of India.
India is one of the top ten countries in the world to utilize solar power with full eagerness. The country has been making brisk strides towards other sources of energy like wind and solar and has set up an aggressive renewable energy installation target of 175 GW by 2022.
The Indian Renewable energy sector is the 4th most attractive renewable energy market in the world. India was ranked 4th in Wind Power, 5th in Solar Power, and 4th in Renewable Power installed capacity as of 2020.
Solar energy is the radiant light and heat from the Sun that can be collected using a variety of technologies, such as solar power for electricity generation, solar thermal energy for solar water heating, and solar architecture.
Solar energy is an extremely appealing power source due to the vast energy available. According to the Carbon Tracker Initiative, the land area required to produce all of our energy from sunlight alone in 2021 was 450,000 km2, or about the same as Sweden, Morocco, or California (0.3 percent of the Earth’s total land area).
List of Solar Energy Companies in India:
1. Adani Solar:
Adani Power leads solar projects in India. Headquartered in Ahmedabad, Gujarat, India, Adani is India’s largest private thermal power producer, with a capacity of 21,410 MW. The company is developing the world’s largest greenfield solar manufacturing plant with a capacity of 1.2 GW at a single location. It is the first Indian company to combine organizations that vertically provide photovoltaic production and integration services. The size and cutting-edge production technology, along with machinery and equipment from best-in-class suppliers, help Adani to be a cost leader with dependability levels that reach or surpass global benchmarks. Adani Solar is also one of the 15th largest utility solar power developers in the world.
2. Moser Baer Solar Ltd.:
Moser Baer Solar Limited (MBSL) is a subsidiary of Moser Baer India Limited (MBIL) involved in solar business in India and globally. Headquartered in New Delhi, India, the company offers multi-crystalline cells, thin film modules, solar lanterns, and home lighting kits for industries and houses.
3. Waaree Energies Ltd.:
Waaree Energies Ltd., headquartered in Mumbai, India, is a flagship firm of the Waaree Group which was established in the year 1989. Waaree Energies being primarily in solar PV module manufacturing has recently seen the demand from Indian rooftop segment. Witnessing this demand, Waaree Energy has expanded its module manufacturing capacity by 500 MW to 2,000 MW. Waaree Energies is amongst the leading players in India in providing EPC services, project development, rooftop solutions, and solar water pumps and also as an Independent Power Producer.
4. Microtek Solar Solutions:
Microtek Solar Solutions sells a variety of solar products to both residential and commercial consumers. Their goal is to make solar energy more accessible to clients and lessen their dependence on traditional energy sources. Their range of innovative solar products is PV Modules, Power Conditioning Units (PCU), Solar Management Units (SMUs), Grid Tie inverters (GTI), and Solar combo packages.
5. Loom Solar Pvt Ltd.:
Loom Solar is a startup based out of Faridabad, Haryana, India, that manufactures solar panels that produce electricity from the front/back side.
Loom Solar introduced super high-efficiency panels that generate power in cloudy weather and low sunlight too and the efficiency of power generation is more than 20% from other technologies.
Loom Solar wants to become the category leader by 2025 with a revenue share of 10-15% in a 5,000 Crore residential and commercial solar Market. On new products, Loom Solar will keep on innovating super high-efficiency panels and could take entry in the Lithium battery market.
6. RenewSys Solar:
RenewSys is the renewable energy arm of ENPEE group, a diversified global business with a heritage of nearly 60 years of manufacturing experience. RenewSys is the 1st integrated manufacturer of solar PV Modules and their components; Encapsulants, backsheets, and Solar PV Cells.
RenewSys holds the merit of launching India’s 1st 5BB Cells (2017) and 5BB cells (2019), and India’s 1st and only Bi-Facial, Glass-to-Transparent Backsheet Module, DESERV Extreme.
RenewSys has also designed flexible, lightweight modules; high voltage segments, and the RenewSys Hyderabad facility continues to be a hub for cutting-edge R&D, design thinking, and innovation in PV modules.
Among components, RenewSys provides India’s only UL Certified POE Encapsulant and is the only Backsheet Patent holder as well.
The critical components that assure a module’s performance output and life, are being manufactured by RenewSys in-house, guaranteeing that only the highest quality material is used in the modules.
7. EMMVEE:
Within the solar energy industry, EMMVEE has established its brand name owing to its proficiency in the improvement of large-scale projects and EPC in India and Europe. EMMVEE has successfully installed and commissioned solar PV projects 14 MW in the north of Germany and 13 MW rooftop and 140+ MW ground mounted in India.
This means the company uses eco-friendly products that help global efforts in conserving the environment but also customers in reducing their electricity bills, thereby generating additional savings. EMMVEE is the forerunner and the only manufacturer of glass enamel-coated tanks of sizes of 100 to 3,000 liters for solar water heating systems in India.
They seek to pass on the benefits of superior technology and manufacturing facilities to their consumers by continuously improving goods. As a customer-centric company, they believe that whatever comes from the people must be reverted to them many times over.
Emmvee operates in a fair, honest, and transparent manner. Their goal is to maintain the highest possible standards in daily work and the quality of the goods and services they deliver.
8. ICOMM Tele Ltd.:
Established in the year 1989, ICOMM now rules India with its business expertise along with its presence in Sri Lanka, Bangladesh, Nepal, Africa, and the Middle East.
It is one of India’s largest firms in product designing, engineering development, and turnkey solutions for the Telecom, Defense, Solar, Power, and infrastructure segments.
With its capabilities to innovate and deliver quality products and solutions, the company covers the entire range in the communications sector, and its in-house backward and forward integrations with auxiliary and ancillary products and solutions, backed by strong R&D proficiencies, allow ICOMM to support all kinds of customer requirements.
ICOMM today stands among the select Indian enterprises to work on leading the growth of advanced telecommunications through indigenous development of the latest optical transmission products, next-gen wireless, and wired access solutions.
9. Vikram Solar:
Started in 2006, Vikram Solar is a globally active solar energy solutions provider, specializing in high-efficiency PV Module manufacturing and comprehensive EPC Solutions. In line with the company’s focus on adopting pioneering and innovative technologies, their state-of-art manufacturing units in Falta, West Bengal, have the finest machinery and equipment imported from the United States, Germany, Japan, Switzerland, and Italy. In the year 2017, Vikram Solar reached the 1 GW mark of annual PV module production capacity. They are a tier 1 PV manufacturer, and their products are built to worldwide quality, reliability, and performance requirements.
10. TATA Power Solar Systems:
TATA Solar has one of the biggest and oldest solar panel manufacturing units in India. The company has a sturdy presence in industrial, commercial, both on-grid and off-grid solar projects, and residential sectors.
Tata Power Solar became the 1st Indian company to ship over 1 GW of solar modules worldwide in February 2017. The company’s Bangalore manufacturing facility has a capacity of 400 MW for modules and 300 MW for cells.
It provides customized and specialized solutions for different sectors like education, banking, healthcare, telecom, etc., and operates in both rural and urban areas. The company completed the world’s largest solar rooftop installation in August 2017.
The rooftop project built on the cricket stadium in Mumbai, India will generate more than 1 million units and will reduce the power consumption by almost 25%. Tata Power has a capacity of 12.8 GW, of which 3.9 GW is now from clean energy, and it targets to contribute 80% by 2030.
Solar Stocks list:
The listed companies whose shares trade in the Indian Stock Exchanges (NSE or BSE or both) and which are sorted under the solar sub-sector or have business operations under this particular segment are mentioned below:
| Company | Company Description | Market Cap | Stock Price |
| Sterling and Wilson Solar (SWSOLAR) | URJA Global Limited engages in the design, consultancy, integration, supply, installation, commissioning, and maintenance of off-grid and grid connected solar power plants and decentralized solar applications in India. It offers solar, e-rickshaw, automotive, and inverter batteries; solar inverters; LED street, flood, and panel lights, as well as LED bulbs and slim LED panel lights; PV modules; solar water heaters; solar lanterns; solar power packs; solar home lighting systems; and solar charge controllers. | Rs. 70.13 Billion | Rs. 369.70 |
| URJA Global (URJA) | The India-based Servotech Power Systems Limited company with business operations across the Industrials sub-sector and classified under the Solar sector has its shares trading on the leading stock exchange. | Rs. 8.86 Billion | Rs. 15.90 |
| Swelect Energy Systems (SWELECTES) | The company operates through Solar and Solar Related Activities, Foundry Business, and other segments. It offers mono and multi-crystalline solar photovoltaic modules and building-integrated photovoltaic modules; solar inverters; solar water pumps; and hydro panels. The company also engages in iron, steel, and investment casting activities. | Rs. 6.16 Billion | Rs. 405.75 |
| Websol Energy System (WEBELSOLAR) | Websol Energy System Limited manufactures and sells photovoltaic (PV) crystalline solar cells and modules in India. Its modules are used across sectors, such as solar PV power plants, remote communication, and rural electrification. | Rs. 3.96 Billion | Rs. 108.05 |
| Indosolar (INDOSOLAR) | It is engaged in the manufacture and sale of solar photovoltaic cells. The company was incorporated in 2005 and is based in Greater Noida, India. | Rs. 1.58 Billion | Rs. 4.25 |
| Servotech Power Systems Ltd., (SERVOTECH) | The company offers solar photovoltaic modules; home lighting systems and solar street lighting products; and solar lanterns. It also generates wind and solar power, and trades in other solar-related products. | Rs. 1.57 Billion | Rs. 85.50 |
| Surana Solar (SURANASOL) | Ujaas Energy Limited manufactures and sells solar power system power plants in India. It operates through Solar Power Generation and Maintenance, and Manufacturing and Sale of Solar Power Plant segments. The company also develops, operates, owns, and maintains solar energy power systems under the UJAAS brand and provides engineering, procurement, and construction services. Its products include various transformers, including converter and special purpose transformers, power transformers, distribution transformers, arc furnaces, and induction furnace transformers. | Rs. 1.21 Billion | Rs. 24.60 |
| Ujaas Energy (UJAAS) | The company offers compact disc and digital versatile disc recordable products for various applications, including data storage, recording, and reproduction of audio and video media for entertainment, education, software installation, etc. It also provides mono and multi-crystalline solar cells, solar power plants, solar glasses, solar aluminum frames, street and garden lights, rooftops, telecom systems, water pumps, solar lanterns, solar water pumps, home lighting systems, street lighting systems, and others, as well as solar products for architects. | Rs. 893.34. Million | Rs. 4.45 |
| Zodiac Energy Ltd., (ZODIAC) | Zodiac Energy Limited engages in the installation of power generation plants and items in India. It offers solar photovoltaic (PV) systems; solar water heaters for residential, commercial, and industrial uses; grid-connected solar PV systems, rooftop solar PV systems, off-grid solar PV systems, solar pumping solutions, building integrated PV systems, etc., and concentrated solar thermal systems for various applications, such as process steam, water desalination, waste-water evaporation, incinerator, solar air-conditioning, etc. | Rs. 823.13 Million | Rs. 112.50 |
| Euro Multivision (EUROMULTI) | The company offers compact discs and digital versatile disc recordable products for various applications, including data storage, recording, and reproduction of audio and video media for entertainment, education, software installation, etc. It also provides mono and multi-crystalline solar cells, solar power plants, solar glasses, solar aluminum frames, street and garden lights, rooftops, telecom systems, water pumps, solar lanterns, solar water pumps, home lighting systems, street lighting systems, and others, as well as solar products for architects. | Rs. 35.70 Million | Rs. 1.45 |
Conclusion:
As of January 2022, India’s installed renewable energy capacity stood at 152.36 GW, representing 38.56% of the overall installed power capacity. The country is targeting about 450 GW of installed renewable energy capacity by 2030 – about 280 GW (over 60%) is expected from Solar. The Government is committed to increasing the use of clean energy sources and is now undertaking various large-scale sustainable power projects and promoting green energy largely.
FAQs:
Which is the No.1 Solar Company in India?
TATA Power Solar.
Which Company’s solar system is best in India?
TATA Power Solar.
Which is the biggest solar energy company in India?
TATA Power Solar.
Which companies are investing in solar energy in India?
- TATA Power
- Sterling and Wilson Solar
- Websol Energy Systems
- Suzlon
- Renew Power
- NTPC
- ACME Solar
- Greenko
- Azure Power
Which is the biggest Solar Company?
TATA Power Solar
Is TATA Power in Solar Power?
TATA Power has a strong portfolio of 2468 MW of solar generation capacity.
Is the Solar business profitable in India?
The central and state governments have been laying great emphasis on the solar business and initiated agricultural solar pump schemes in full swing across many states in India. Moreover, solar panels or solar business is one of the most profitable businesses in today’s time.