India's Renewable Energy Rose 47% in Utility Solar: Report India, in Q1 2025 alone, saw shipments of over 18.6 GW of central and string inverters. Sungrow emerged as the leading inverter supplier with 9.8 GW shipped, followed by Sineng with 2.8 GW and TBEA at 1.9 GW
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India's renewable energy sector made significant strides in the first quarter of 2025. Utility-scale solar dominated new installations between January and March, contributing about 5.93 GW of added capacity, a 12.2 per cent rise compared to the previous quarter. Wind power also saw a rebound, with 1.87 GW installed during the same period, reflecting a 134.3 per cent jump from Q4 2024. Rooftop solar kept pace, adding approximately 1.34 GW in capacity.
According to a report by JMK Research, the momentum was not limited to the quarter. Over the full fiscal year 2025 (April 2024 to March 2025), India added around 16.9 GW of utility-scale solar capacity, marking a sharp 47 per cent increase from the previous year. Rooftop solar also saw growth, with 5.1 GW added across the country, a 72 per cent leap year-over-year. The wind sector added 4.2 GW in FY2025, up by 28 per cent from the 3.25 GW installed the previous fiscal.
Looking ahead, JMK Research projects even stronger numbers for FY2026. An estimated 30.2 GW of new solar capacity is expected, with 21.1 GW coming from utility-scale projects, 7 GW from rooftop systems, and 2.05 GW from off-grid installations. Wind energy is anticipated to contribute another 6 GW to the country's capacity in the coming year.
The surge in generation capacity has been supported by an active supply chain. The report mentioned that India, in Q1 2025 alone, saw shipments of over 18.6 GW of central and string inverters. Sungrow emerged as the leading inverter supplier with 9.8 GW shipped, followed by Sineng with 2.8 GW and TBEA at 1.9 GW. In the solar module segment, 12.5 GW were shipped by 24 major suppliers. Waaree led the pack, accounting for roughly 17.3 per cent of total shipments.
However, while installations and shipments soared, the tendering landscape showed a more complex picture. Q1 2025 saw just 4.8 GW of utility-scale renewable energy tenders issued—a steep 49 per cent decline from Q4 2024 and an 88.2 per cent fall compared to Q1 of the previous year. Capacity allotments also dipped, with around 7 GW awarded to various renewable energy developers, an 8.6 per cent decrease from the previous quarter. Despite this slowdown, large players remained active; NTPC secured the largest solar allotment at 1000 MW, followed by Adani with 400 MW.
Investment, on the other hand, told a more optimistic story. The sector attracted more than $6.2 billion in Q1 2025, a 34 per cent increase from Q4 2024, highlighting robust investor confidence amid fluctuating tender activity.
Exports also played a role in the quarter's developments. Approximately 572 MW of modules were exported by four key players, with both Adani and Waaree more than doubling their export volumes compared to the previous quarter.
On the pricing front, mono-PERC 500 Wp modules continued their downward trend. The average price in Q1 2025 stood at INR 15.39/Wp, reflecting a marginal 0.70 per cent drop from Q4 2024, but a significant 22.14 per cent decline compared to the same quarter last year.
