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Adani top solar developer in 2018; India third-largest solar power market in the world: MCG report

FPJ Web Desk

A report by Mercom Capital Group claimed that Adani Renewables was the top solar project developer of India in 2018. Adani renewables reached a generation capacity of 1,970 mw as of 2018 and they plan to generate 10,000 mw of solar power by 2022.

In the year 2018, India was the third largest solar market in the world behind China and US. The solar installations in the country reached 8.3 gigawatt including large-scale and rooftop solar capacity. Till December 2018, solar capacity has reached 28 gigawatt. The report also revealed that top 10 solar power developer accounted for 60% of market share in 2018, while the rest accounted for remaining 40%.

The report emphasized that with the imposition of safeguard duty, Indian solar industry has changed over the last year. The duty helped domestic module manufactures to capture larger share of the market than that of 2017.

In India, there are 80 large-scale project developers with a pipeline of 5 mw. ACME Solar had the largest project in the pipeline in 2018 followed by SB Energy (SoftBank) and Azure Power. According to the report, rooftop installations grew by a whopping 66% year-on-year with cumulative installations totaling nearly 3.3 gigawatt at the end of 2018. Rooftop solar installations for 2018 amounted to 1.7 gigawatt.