Here is the list of top 10 solar power companies in India

New Delhi: India is the third biggest country after China and the United States in energy consumption and the second-largest in coal consumption after China according to 2017 data. In India, about 80 percent of its energy produced by fossil fuels like coal, lignite etc. Coal is the main source of energy and the biggest reason for carbon emissions in the country. To control the carbon emissions, India is adopting renewable energy sources to fulfil its power demand, and solar energy is playing a crucial role in it.

In the Paris Agreement within the United Nations (UN) Framework Convention on Climate Change, India has committed to an Intended Nationally Determined Contributions target of achieving 40 percent of its total electricity generation from non-fossil fuel sources by 2030. In addition, the country is aiming for even more ambitious target of 57 percent of the total electricity capacity from renewable sources by 2027 in the Central Electricity Authority (CEA)'s strategy blueprint. To achieve these targets solar energy is playing a crucial role. As on June 20, 2020, country's solar installed capacity was 35,122 MW. India had an initial target of 20 GW capacities for 2022, which was achieved four years ahead of schedule. With this, India has the lowest capital cost per MW globally of installing solar power plants. In addition to this, the government is also aggressively promoting to use for uses of solar energy and has launched several imitative for this.

Also read: Solar power withstands COVID shock better than coal; generation up 26% y-o-y

Solar power in India is a fast developing industry. There are several companies in India which are in the business of manufacturing & marketing of solar power equipment to full-fill the increasing demand. Here is the list of top 10 companies who manufactures as well as markets the solar panels in India.

• Loom Solar

This list begins with 'Loom Solar.' It is a Faridabad based start-up company which deals in various kinds of solar products such as solar systems, roof-tops, solar panels, solar chargers and solar inverters etc. It sells solar system across India with promised delivery within 3 days. According to the company's website, it has started its manufacturing units and also offering its products on instalments. The company has been recognised as a start-up by the government of India.

• Vikram Solar

Vikram Solar Limited is on the second place in this list. It is a Kolkata-based Indian company and the second-largest solar energy company in India by revenue. It is a globally recognised leading solar energy solutions provider, specializing in high-efficiency PV module manufacturing and comprehensive EPC solutions. According to the company's website, it has an international presence across six continents.

• Tata Solar

Tata Power Solar Systems Limited, formerly known as Tata BP Solar, is an Indian company that specialises in solar energy services. The company is in third place on this list. It has one of the biggest and oldest solar panel manufacturing operations in India. The company manufactures solar modules, solar cells, and other solar products, and provides EPC services for solar power projects. Tata Solar has shipped close to 1.4 GW of solar modules worldwide and installed 1.5 GW of utility-scale and 200 MW of rooftop solar projects in India, in the past 20 years. The company has its own large in-house manufacturing base, spared across India.

• LG India

The company is a market leader in the electronics equipment in India as well as in the world. The company is in fourth place on the list of top 10 solar power companies. According to its official website, it is now LG offers superior solar products that combine high performance with low consumption rates. The company deals in all kinds of industrial and domestic solar products. The company is the winner of 'Intersolar Award 2015'.

• Waaree

Waaree is India's 5th big company in this segment. It is the flagship company of Waaree Group, founded in 1989 with headquarters in Mumbai. With 29 years of industry experience, Waaree Solar is one of India's largest vertically integrated solar companies. It has India's largest solar PV Module manufacturing capacity of 2 GW's at its plants in Surat and Umbergaon in Gujarat. Waaree Energies is amongst the top player in India in providing EPC services, project development, rooftop solutions, and solar water pumps and also as an independent power producer. Waaree has its presence in over 350 locations nationally and 68 countries internationally.

• Luminous

Luminous is a powerful and trustworthy brand with a wide range of innovative products in the power backup. The company manufactures home electrical and residential solar space that covers, inverters batteries, solar solutions to home electricals offerings such as fans, modular switches and LED lighting. In the list of top solar energy companies it on the sixth place. The company sells both grid-tied inverters as well as inverters for off-grid solar applications. Luminous has over 30 years of experience as a leading power solutions provider.

• Panasonic

Newark, NJ-based Panasonic Corporation of North America is a leading technology partner and integrator to businesses, government agencies and consumers across the region. The company is in seventh place on the list of solar power companies. Basically the company deals in the wide variety of products, systems, and services, ranging from consumer electronics products to industrial devices, building products, and housing and in various spaces and areas, such as homes, communities, businesses, journeys and automobiles. In its solar segment, the company deals in all kind of indoor & outdoor and business & personnel rooftops systems. 

• Trina Solar

Trina Solar Co. Ltd., founded in 1997, is the world-leading PV and smart energy total solution provider. Trina Solar is one of the largest Chinese vertically integrated solar photovoltaic manufacturers in the world. In our list, it has 8th place. The company manufactures sells and does research and development on PV products, EPC and O&M. It also develops and sells smart micro-grid and multi-energy complementary systems and energy cloud-platform operations. In 2018 Trina Solar launched Energy IoT brand, established the Trina Energy IoT Industrial Development Alliance together with leading companies and research institutes in China and elsewhere and founded the New Energy IoT Industrial Innovation Center. In June 2020, Trina Solar listed on the STAR market of Shanghai Stock Exchange.

• Canadian Solar

Canadian Solar Inc. is a publicly-traded company that manufactures solar PV modules and runs large scale solar projects. Founded in 2001 in Canada by Shawn Qu, Canadian Solar has subsidiaries in over 24 countries on six continents. The company manufactures solar PV modules, solar equipment installation of solar energy, and number utility-scale power projects. With the company's acquisition of Recurrent Energy, Canadian Solar's total project pipeline reached 20.4 GW, including an increase in the late-stage project pipeline to 2.4 GW. Including two manufacturing facilities in Ontario, Canadian Solar employs nearly 9,000 workers worldwide. This translates to more than 16 GW of panel shipments, or approximately 70 million PV modules, in the past 15 years.

• First Solar

First Solar is a leading thin-film panel company in the US. First Solar is a leading global provider of comprehensive PV solar systems using advanced technology. First Solar, Inc. is an American manufacturer of solar panels, and a provider of utility-scale PV power plants and supporting services that include finance, construction, maintenance and end-of-life panel recycling.  It is also a leading thin-film module supplier in India, as the technology perfectly suits the country's weather conditions. First Solar is also has a wide geographical presence in countries other than the USA and India, selling more than 175 GW of solar modules worldwide.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)