Renewable Energy

Our monthly market intelligence report on renewables gives complete update on all areas of solar and wind sector primarily. This will be a useful guide for equipment suppliers, developers as well as investors to keep abreast with the latest updates in the renewable energy sector and make informed decisions.

The secondary steel sector forms a crucial part of India’s steel industry. Its primary production routes, electric arc furnace (EAF) and electric induction furnace (EIF), are highly electricity-intensive, emitting around 1.60–2.60 tCO₂ per tonne of crude steel. As most facilities source this electricity from India’s coal-heavy grid, emissions make up a significant share of their carbon footprint. Transitioning to renewable energy presents one of the most commercially viable and mature pathways for decarbonization.

Alkali chemicals or chlor-alkali sector constitute the largest segment within India’s bulk chemical sector. The chlor-alkali manufacturing process is highly energy-intensive, and consumes around 2.2 – 2.9 MWh of electricity and emits 40 – 59 kg CO2 equivalent per metric ton of chlorine. Most of the sector’s greenhouse gas (GHG) emissions stem from electricity consumption, which is largely coal-based. Among the available decarbonization levers, renewable energy adoption stands out as one of the most commercially viable and mature pathways.

The objective of this report is to study in detail annual trends across the Indian solar sector. The report covers state wise installations trends, tender updates, annual market share trends of project developers and equipment suppliers.

The objective of this report is to study in quarterly trends across the Indian renewable energy sector. The report covers state wise installations trends, tender updates, quarterly market share trends of project developers and equipment suppliers.

Agrochemicals manufacturing, having a significant reliance on fossil fuels for both raw materials and energy sources is a hard-to-abate industrial sector. The Indian agrochemical sector broadly comprises crop growth (fertilizers, plant growth regulators, biostimulants, etc.) and crop protection (pesticides) chemicals. India’s agrochemical manufacturing sector (including fertilizers) is set to integrate up to 11 GW of renewable energy (RE) capacity by 2030.

Standalone Energy Storage Systems (ESS) are rapidly emerging as a key market, with 6.1 gigawatts of tenders issued in the first quarter of 2025 alone, accounting for 64% of the total utility-scale energy storage tendering activity.

This quarter saw some key tenders, auction completion, projects commissioned and partnership announcements from leading players to set up green hydrogen manufacturing facilities in India.

JMK Research estimates that the Indian aluminium sector will integrate approximately 18-20 GW of solar and wind capacity, requiring about 104 MW/ 416 MWh energy storage system by 2030. This transition will necessitate an estimated investment of around US$ 5 Billion (about Rs. 425 billion).

The objective of this report is to study in detail annual trends across the Indian solar sector. The report covers state wise installations trends, tender updates, annual market share trends of project developers and equipment suppliers.

The Interstate Transmission System (ISTS)-based renewable energy (RE) projects facilitate power delivery between states. In India, utilities have traditionally relied on ISTS for power transmission to bridge the gap between the availability and demand faced by local distribution companies (DISCOMs).

India issued record 73 GW of utility-scale renewable energy tenders in 2024. This far exceeds the Ministry of New and Renewable Energy’s annual target of 50 GW. Non-vanilla technologies, such as wind-solar hybrids and battery energy storage, accounted for half of the utility-scale renewable energy capacity tendered in 2024. This report discusses the post-bidding challenges of utility-scale renewable energy tenders, including undersubscription, delays in power agreement signings and cancellation.

The objective of this report is to study in quarterly trends across the Indian renewable energy sector. The report covers state wise installations trends, tender updates, quarterly market share trends of project developers and equipment suppliers.

The report covers tender updates, investments announced by various players and state & central level policy updates.

The Green Energy Open Access (GEOA) Rules have widened renewable energy access by bringing in regulatory clarity and a favourable business environment. This has led to record open access installations in the fiscal year (FY)2023 and FY2024, with cumulative capacity reaching 18.7 gigawatts (GW) by the end of FY2024.Several key opportunities, however, remain underexplored – from enabling micro, small and medium enterprises to embrace green energy solutions to harnessing the potential of the Inter-State Transmission System. It is also imperative that after adopting these rules, states focus on translating them into actual project development.

The objective of this report is to study in quarterly trends across the Indian renewable energy sector. The report covers state wise installations trends, tender updates, quarterly market share trends of project developers and equipment suppliers.

JMK Research estimates that the Indian textile industry will add approximately 4 GW of renewable energy (solar and wind) capacity by 2030. Additionally, the industry is expected to require around 6 million metric tons of biomass annually, which is equivalent to a boiler capacity of about 3,900 tons per hour (TPH). Meeting these requirements is projected to require an investment of around $3 billion.

India’s exports of solar photovoltaic (PV) products have surged by more than 23 times between Fiscal Year (FY) 2022 and FY2024, primarily to the US. Going forward, the country should continue to leverage its advantageous position in the US market to help its domestic manufacturers attain economies of scale, and improve their product quality and competitiveness. Domestic manufacturers, meanwhile, should focus on upstream backward integration to enable India to access untapped markets like Europe, Africa and Latin America. At the same time, balancing the demand of the export and domestic markets is also crucial. Ensuring domestic supply for smaller order sizes, such as for residential rooftop solar, is also important to ensure local energy transition initiatives are not affected.

The report covers tender updates, investments announced by various players, status of projects installed in India, and state & central level policy updates.

The central government’s plan to transform India’s rooftops into a vast solar resource to secure the nation’s energy independence is as laudable as it is ambitious. However, rooftop solar installation progress in the residential segment was slow. That was until the launch of PMSGY in February 2024. The popular new scheme is a quantum leap towards India’s bright solar future, increasing the country’s residential rooftop solar capacity by more than 50% in just six months.

The objective of this report is to study in quarterly trends across the Indian renewable energy sector. The report covers state wise installations trends, tender updates, quarterly market share trends of project developers and equipment suppliers.

JMK Research estimates that around 4-5 GW of additional renewable energy capacity is likely to be added by the Indian Cement sector by 2030. This, in turn, is likely to require a significant capital investment of over US$4 billion (including energy storage).

The report covers tender updates, investments announced by various players, status of projects installed in India, and state & central level policy updates.

JMK Research estimates that around 20-25 GW of renewable energy capacity will likely be added to the Indian Iron and steel sector by 2030. This, in turn, will likely require a significant capital investment of over US$24 billion (including energy storage).

The objective of this report is to study in detail annual trends across the Indian solar sector. The report covers state wise installations trends, tender updates, annual market share trends of project developers and equipment suppliers.

The new report from JMK Research discusses the evolving trends in the Financing C&I RE Market in India. The critical trends analysed include a transition in the focus of financers from rooftop to open access, a shift in the C&I rooftop solar business model, and the availability of financing avenues.

The objective of this report is to study in quarterly trends across the Indian renewable energy sector. The report covers state wise installations trends, tender updates, quarterly market share trends of project developers and equipment suppliers.

This report examines the status of the tendering process and analyses, in detail, trends in the preceding years, their successes and setbacks, the key players and new entrants, and innovations.

This report examines the status of the tendering process and analyses, in detail, trends in the preceding years, their successes and setbacks, the key players and new entrants, and innovations.

The objective of this report is to study in detail the quarterly trends of the Indian Green Hydrogen sector. The report covers tender updates, investments announced by various players, status of projects installed in India, and state & central level policy updates.

India’s Green Hydrogen Mission aspires to position the nation as a global hub for green hydrogen production, utilisation and export, contributing significantly to energy independence and the decarbonisation of key economic sectors. The mission targets a green hydrogen production capacity of 5 million metric tonnes a year (MMTPA) and the addition of 125 gigawatts (GW) of renewable energy capacity by 2030, with the aim of abating 50MMTPA of greenhouse gas (GHG) emissions.

The objective of this report is to study in detail annual trends across the Indian solar sector. The report covers state wise installations trends, tender updates, annual market share trends of project developers and equipment suppliers.

The objective of this report is to study in quarterly trends across the Indian renewable energy sector. The report covers state wise installations trends, tender updates, quarterly market share trends of project developers and equipment suppliers.

The rapid expansion of renewable energy has both highlighted its deficiencies, such as intermittent supply, and the pressing need for grid-scale energy storage systems (ESS) to facilitate India’s transition away from fossil fuel-based power generation.

The objective of this report is to study in quarterly trends across the Indian solar and wind sector. The report covers state wise installations trends, tender updates, quarterly market share trends of project developers and equipment suppliers.

India, which is aggressively adding solar photovoltaic (PV) manufacturing capacity, will likely maintain the momentum in its exports to the U.S. and Europe till 2025. By then, once the local module manufacturing sector develops in the U.S. and Europe, India will need to start exploring other export markets like Africa and South America.

With the growth of Renewable Energy (RE) in the past decade, several C&I entities have endeavored to shift their electricity consumption from brown conventional power to green RE based power. This shift facilitates significant savings on electricity costs and drives down net carbon emissions, in line with several of the large-scale C&I entities sustainability targets. Hence, through this case study, we have analyzed the RE adoption efforts of Solara Active Pharma Sciences, a leading pharmaceutical manufacturer in India.

In India, the steel industry contributes to around 2% of the Gross Domestic Product (GDP) and is critical to the country’s progress. In the fiscal year (FY) 2023, the production of finished steel in India was 122.3 million tonnes, an increase of about 7.6% over the previous year.

India’s rooftop solar market is bubbling with new energy, even though there are major roadblocks. The country is likely to add a record-high 4 gigawatts (GW) of rooftop solar power capacity in fiscal year (FY) 2024, half of which has already been installed in the first four months, according to industry estimates.

With the growth of Renewable Energy (RE) in the past decade, several C&I entities have endeavoured to shift their electricity consumption from brown conventional power to green RE based power. This shift facilitates significant savings on electricity costs as well as drive down net carbon emissions, in line with several of the large-scale C&I entities sustainability targets. Hence, through this case study, we have analysed the RE adoption efforts of MP Birla Cement viz. one of the largest cement manufacturers in India.

Bifacial technology is swiftly gaining prominence in the solar market, both in utility and Commercial and Industrial (C&I) segment. Combining bifacial modules with solar tracking mechanism increases the energy gain of the plant. Hence, through this case study of an already operational bifacial solar + single axis solar tracker project, we are analysing in detail the complexities associated with this pairing of solar project technologies.

The objective of this report is to study in quarterly trends across the Indian solar and wind sector. The report covers state wise installations trends, tender updates, quarterly market share trends of project developers and equipment suppliers.

The objective of this report is to study in detail annual trends across the Indian solar sector. The report covers state wise installations trends, tender updates, annual market share trends of project developers and equipment suppliers.

The objective of this report is to study in quarterly trends across the Indian solar and wind sector. The report covers state wise installations trends, tender updates, quarterly market share trends of project developers and equipment suppliers.

The case study highlights in detail several parameters associated with BESS systems including, project specifications, equipment used, project cost economics, project operation and performance etc.

India’s nameplate manufacturing capacity for solar photovoltaic (PV) modules will likely reach 110 gigawatts (GW) by 2026. Upon reaching that mark, the country would attain self-sufficiency for its solar PV module demand.

The objective of this report is to study in detail annual trends across the Indian solar sector. The report covers state wise installations trends, tender updates, annual market share trends of project developers and equipment suppliers.

The objective of this report is to study in quarterly trends across the Indian solar and wind sector. The report covers state wise installations trends, tender updates, quarterly market share trends of project developers and equipment suppliers.

The report highlights that the total tenders issued for solar, wind and hybrid from 2010 to 2022 amounted to 161GW, with an allotted capacity of 114GW. Over the past few years, tendering (both issuance and allotment) of utility-scale projects (mainly solar and wind) has shown a downward trend and is not in tandem with government targets.

The case study highlights in detail several parameters associated with bifacial projects including, project specifications, equipment used, project cost economics, project performance etc. To understand end consumer benefit, consumption details are also analyzed in detail to estimate annual cost savings as well as CO2 abatement from the project.

The report looks in detail at the several parameters crucial for understanding wind solar hybrid systems in general. These include specifications, equipment used, costing, project performance etc. In order to understand the end consumer benefit, consumption details of two major consumers (NTT and Cargill) are further studied in detail.

The objective of this report is to study in quarterly trends across the Indian solar and wind sector. The report covers state wise installations trends, tender updates, quarterly market share trends of project developers and equipment suppliers.

The report states that India’s residential rooftop solar capacity as of 31 March 2022 may only be a mere 2,010 MW. By the end of fiscal year 2023, we expect cumulative residential rooftop solar capacity to reach 3,214 MW, nearly a 60% year-on-year increase.

The objective of this report is to study in quarterly trends across the Indian solar and wind sector. The report covers state wise installations trends, tender updates, quarterly market share trends of project developers and equipment suppliers.

The report states that from around 300 megawatts (MW) in 2009, the market size of renewable energy OA grew to ~10 gigawatts (GW) by the fiscal year (FY) 2022. Two-thirds of the 10GW capacity came online in the past five years (FY2018-FY2022) alone.

The objective of this report is to study in detail annual trends across the Indian solar sector. The report covers state wise installations trends, tender updates, annual market share trends of project developers and equipment suppliers.

The report finds that NTPC and SECI tenders, if well executed, will offer opportunities to spur domestic manufacturing of batteries, boost investor confidence and create new business opportunities in the short-to-medium term.

The report projects that solar tariffs will climb even further following the recent imposition of a basic customs duty (BCD) of 40% and 25% on imported solar modules and cells respectively, and the implementation of the Approved List of Models and Manufacturers (ALMM), a non-tariff barrier covering complying solar modules which excludes modules made outside India.

The objective of this report is to study in quarterly trends across the Indian solar and wind sector. The report covers state wise installations trends, tender updates, quarterly market share trends of project developers and equipment suppliers.

This report anticipates that by December 2022 there will be a shortfall of 25GW from the 40GW rooftop solar target, and 1.8GW from the 60GW utility-scale solar target, indicating the need for a concerted effort towards expanding rooftop solar. On the current trajectory, India’s solar target of 300GW by 2030 will be off the mark by about 86GW.

The objective of this report is to study in detail annual trends across the Indian solar sector. The report covers state wise installations trends, tender updates, annual market share trends of project developers and equipment suppliers.

The Indian government’s ambitious targets and support for the solar sector have made indigenous PV manufacturing’s prospects even more vibrant. In addition to the PV manufacturing landscape, this report delves into key aspects such as major government initiatives, ongoing challenges and an overview of the way forward for India.

The objective of this report is to study in quarterly trends across the Indian solar and wind sector. The report covers state wise installations trends, tender updates, quarterly market share trends of project developers and equipment suppliers.

New restrictions on banking of power will inhibit the growth of the rooftop and open-access solar market, and potentially slow progress towards India’s national target of 450 gigawatts (GW) of installed renewable capacity by 2030, according to a new briefing note by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research.

The objective of this report is to study in quarterly trends across the Indian solar and wind sector. The report covers state wise installations trends, tender updates, quarterly market share trends of project developers and equipment suppliers.

This report examines key tender conditions applicable to the RTC-1 and 2 tenders and briefly evaluates their impact on the relevant projects and stakeholders (discoms and developers), while also analysing the tenders’ alignment with the intrinsic demand-based approach of the RTC mode of power supply.

MSMEs could play an important role in achieving India’s ambitions of large-scale uptake of rooftop solar if accessible financing options were made more readily available to them. Since 2015, rooftop solar project developers have raised more than US$2 billion, 48% (US$985 million) of which came from equity funding and 29% (US$599 million) from debt. Around 45% of these investments was raised in the first eight months of 2021 alone. The report outlines recommendations for stakeholders and policymakers to make rooftop solar a more viable and attractive option to MSME customers..

The objective of this report is to study in quarterly trends across the Indian solar and wind sector. The report covers state wise installations trends, tender updates, quarterly market share trends of project developers and equipment suppliers.

India’s experience with the rise in rooftop solar or onsite solar has been led by the Commercial and Industrial (C&I) segment. This segment comprises about three-quarters of the Indian rooftop solar market. Although the COVID pandemic created major disruptions and slowed the installation rate in 2020, the C&I segment is expected to bounce back and increase the pace of deployment of solar installations. This is because amidst the pandemic-induced challenges, it has become more of a necessity for the C&I sector to optimise costs. This can be achieved by adopting various new innovative technological rooftop solar solutions.

The objective of this report is to study in detail annual trends across the Indian solar sector. The report covers state wise installations trends, tender updates, annual market share trends of project developers and equipment suppliers.

The objective of this report is to study in quarterly trends across the Indian solar sector. The report covers state wise installations trends, tender updates, quarterly market share trends of project developers and equipment suppliers.

Delays in signing power sale agreements (PSAs) are a bottleneck in the growth of renewable energy capacity in India, jeopardising the government’s renewable energy target of 175 gigawatts (GW) by 2022, dampening investor confidence and threatening the viability of projects, finds a new briefing note from the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research.

The objective of this report is to study in detail annual trends across the Indian solar sector. The report covers state wise installations trends, tender updates, annual market share trends of project developers and equipment suppliers.

The objective of this report is to study in quarterly trends across the Indian solar sector. The report covers state wise installations trends, tender updates, quarterly market share trends of project developers and equipment suppliers.

According to a new briefing note from IEEFA and JMK Research & Analytics that says a provision in the Ministry of Power’s new rules for electricity consumers which mandates net metering for rooftop solar projects up to 10kW and gross metering for systems with loads above 10kW will likely make rooftop solar commercially unviable for big residential and commercial and industrial (C&I) consumers

For our client WBCSD, as part of their Indian Corporate Renewable PPA Forum, JMK Research has prepared a Market & Policy update for 2020. The update tracks policy changes, analyzes new business models and explores future trends that are likely to define the growth of corporate renewable PPAs in India.

In a new report from JMK Research and Climate Trends, an economic viability analysis reveals that renewable energy along with battery storage in Tamil Nadu is cost competitive with new coal power plants. The report finds the levelized cost of energy for a hypothetical hybrid renewable battery storage system for the state to be Rs. 4.97/kWh in 2021, which falls to Rs. 3.4/kWh by 2030

In a new report from JMK Research and IEEFA, various critical parameters like policy, cost, R&D expenditure, technology adoption, are analyzed in detail between India and China to assess the viability of new module PV manufacturing facilities in India.

In a new report from JMK Research and IEEFA, various critical parameters are analysed that could have led to historic low solar tariff of Rs 2/ kWh in India

In a new report from JMK Research & Analytics and IEEFA, we have analysed in detail national and state policies and regulatory developments, tender activity, key players in the market, upcoming capacity addition, tariff analysis and the risks and challenges associated with this technology.

In a new report from JMK Research & Analytics and the Institute for Energy Economics and Financial Analysis (IEEFA), a detailed analysis is done to analyse why the Gulf region has the cheapest solar tariffs in the world. To understand how the Gulf region is achieving such low tariffs, and whether those tariffs can be achieved in other countries, we developed a financial model as a basis for comparison.

A new report from JMK Research & Analytics and the Institute for Energy Economics and Financial Analysis explores the increasing awareness of the benefits of rooftop solar electricity for India’s corporate consumers.

The objective of this report is to study in detail annual trends across the Indian solar sector. The report covers state wise installations trends, tender updates, annual market share trends of project developers and equipment suppliers.

The objective of this report is to study current solar tariff trends in India and decoding developers return on investments using a financial model. Sensitivity analysis is performed on critical factors- Project location, offtake risk profile, project size, cost of financing, and module costs and impact on returns is analysed.

The objective of this report is to study in detail annual trends across the Indian solar sector. The report covers state wise installations trends, tender updates, annual market share trends of project developers and equipment suppliers.

For our client WBCSD, as part of their Indian Corporate Renewable PPA Forum, JMK Research has prepared a Market & Policy update for December 2019. The update tracks policy changes, analyzes new business models and explores future trends that are likely to define the growth of corporate renewable PPAs in India.

The report analyzes the current cost dynamics of battery storage systems in India. Detailed analysis of technical and financial parameters of the Solar+storage system for three different scenarios for Commercial and Industrial (C&I) segments were analyzed to assess the economic viability of solar+battery storage systems across key states.

The objective of this report is to study in detail key trends around the global offshore wind market and understand how this market is going to evolve in India. The report examines recent initiatives, taken by the Indian Government, such as the announcement of offshore wind policy, the offshore wind targets for 2022, and the response to Expression Of Interest (EOI) for the first 1 GW of offshore wind project planned in Gujarat, among others.

Market brief covers key market trends across the Indian renewable energy sector. The report highlights renewable power procurement trends by the Commercial & Industrial (C&I) segment , OPEX market outlook, installations trends in wind sector, challenges of wind-solar hybrid model, among others.

Policy brief covers recent policy announcements made by the central and state government agencies in India. The report includes a brief summary and analysis of Forecasting & Scheduling regulations, Net-metering regulations, KUSUM, and SRISTI schemes, among others.