Q2 2025 (Apr-Jun) India RE Update
Summary
Q2 2025 (Apr-Jun) India RE update
- Cumulative: India’s renewable energy capacity installation reached 234 GW as of June 30, 2025. Solar continues to be the major contributor to the renewables sector, with a 50% share in the total renewable mix, followed by wind (22%) and large hydro with a 21% share. The current pipeline of combined capacity of solar, wind, wind-solar hybrid and storage projects is around 148 GW, which is likely to be commissioned in the next 4-5 years. Another 74 GW of projects are under the bidding phase i.e., where tenders have been issued but auctions are not yet completed.
- Half-Yearly: In H1 2025, India added approximately 14.3 GW of new utility-scale solar capacity, which represents a 49% increase compared to the first half of 2024. India added about 3.2 GW of new rooftop solar capacity in H1 2025, representing a 76% increase compared to H1 2024. In the wind sector, about 3.5 GW of new capacity was added in H1 2025, representing a 84% increase compared to the 1.9 GW capacity added during H1 2024.
- Quarterly: In Q2 2025 (April-June 2025), about 8.46 GW of utility-scale solar capacity was added in India, representing a 41.2% increase compared to the previous quarter’s installations. In the wind segment, about 1.62 GW was added, representing a 13.2% decrease from the installations in Q1 2025. Moreover, around 1.86 GW were installed in the rooftop segment during this quarter, registering a 39% increase from previous quarter.
Projections
- Yearly: According to JMK Research, in CY 2025, about ~39 GW of new solar capacity is expected to be added in India (30.2 GW from utility-scale, 7 GW from rooftop solar and another 1.8 GW from off-grid component). Whereas in the wind segment, it is projected that around 6.5 GW of new capacity is likely to be added in CY 2025.
- Quarterly: In the next two quarters, about 16 GW of utility scale solar and 3 GW of wind capacities are expected to be installed in the country.
Quarterly market shares
- Inverters: In Q2 2025, Sungrow was the leading inverter supplier with a shipment capacity of about 4.3 GW in the domestic market, followed by TBEA (2.6 GW) and Sineng (2.1 GW).
- Modules: In Q2 2025, Waaree was the leading module supplier, accounting for the largest share with approximately 1.3 GW of the total shipments received during the quarter.
- Project Developers: As of June 30, 2025, the top five players in terms of cumulative installations and pipeline capacity across utility-scale solar, wind, and hybrid segments are Adani (39.3 GW), ReNew (22.2 GW), NTPC (18.8 GW), Greenko (15.4 GW) and JSW Energy(14.9 GW). Among the leading players, Adani, ReNew, NTPC, Tata Power, and Juniper Green have collectively installed around 5.42 GW of hybrid capacity as of June 2025.
Tenders
- In Q2 2025, 6 new tenders totaling 5 GW were issued across solar, wind, wind-solar hybrid, and RE with storage segments, a 4% increase from Q1 2025, but a major 60% drop year-on-year.
- In Q2 2025, a capacity of ~2.2 GW was allotted to various RE developers, reflecting a decrease of 67% compared to Q1 2025. In Q2 2025, around 2.25 GW of standalone BESS capacity was also allotted, 164% higher than Q1 2025.
- Among the total capacity awarded in the wind segment, Torrent Power secured 300 MW, followed by Sembcorp Green Infra with 200 MW and Suzlon Energy with 50 MW, totaling 550 MW for the top three. Jindal India Renewable Energy emerged as the largest winner with 450 MW under RE with Storage segment, followed by Reliance NU (350 MW), JBM Renewables (150 MW), and SAEL Industries (150 MW).
- In Q2 2025, the lowest winning tariff in the wind segment was INR 3.64/kWh, quoted by KPI Green Energy for GUVNL’s 250 MW with additional green shoe capacity of 250 MW wind project in Gujarat (floated in January 2025). This marks a 2.6% decrease compared to the lowest wind tariff in Q1 2025.
- In Q2 2025, the lowest-winning tariff in the RE + ESS segment was INR 3.32/kWh quoted under SJVN’s 1200 MW + 600 MW/2,400 MWh Solar+ BESS tender.
Investments
The investment flow in the RE sector in Q2 2025 was more than US$ 4.87 billion, which is about 21% lesser than the investments in Q1 2025.
Module Price Trends
In Q2 2025, the price of mono-PERC 500 Wp modules stood at INR 17.72/Wp, marking a 15% increase from Q1 2025 and a 15.68% year-over-year increase.
PV Manufacturing
In Q2 2025, 8.6 GW of modules were shipped by leading 21 players in the Indian market in which top 5 players contributed around ~57% share. Additionally, in Q2 2025, ~1334 MW of modules were exported by 4 key players.
GDAM Traded Volume
IEX’s GDAM traded volume rose 52.9% year-on-year, increasing from 533 MU in Q2 2024 to 815 MU in Q2 2025. The average trade price for IEX-GDAM in Q2 2025 was INR 4.97/kWh, which is 1.6% more than the price in Q1 2025.
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