India's Adani Green Energy Limited (AGEL), an Ahmedabad, Gujarat based renewable energy solutions company, has attained the position of the 2nd-largest global solar PV developer, in Mercom Capital Group's latest Annual Global Report.
According to the report, Adani Green's performance and contribution to the renewable energy landscape have earned it the second rank among the world's foremost solar PV developers. With an impressive total solar capacity of 18.1 GW encompassing operational, under-construction, and awarded (PPA-contracted) projects, Adani Green solidifies its significant position in the global solar energy sector. With a total capacity of 41.3 GW, France-based TotalEnergies emerged at the top.
Adani Green has solar PV projects in Vietnam and India. Some of the large-scale solar PV projects:
- Kamuthi Solar Park, India (648 MW)
- Jaisalmer, Rajasthan India (600 MW)
- Karnataka, India (350 MW)
- Bhadla Phase III Solar Park, India (300 MW)
- Rajasthan NTPC ISTS Project, India (300 MW)
Adani’s solar pipeline includes 9,239 MW projects under construction and 1,899 MW in preconstruction phase as of June 2023. The company’s solar project pipeline is entirely located in India. Under the manufacturing-linked project development tender floated by the Solar Energy Corporation of India, Adani is set to develop 8 GW of solar projects (four tranches of 2 GW each) between October 2023 and October 2026.
Mercom analysts utilized both primary and secondary research to compile this report. The key component of Mercom’s analysis is primary research gained from phone and e-mail interviews with company representatives. Additional analysis includes secondary research conducted by Mercom analysts. For the two companies that chose not to provide their data directly to Mercom, Mercom relied on the company’s latest public information.
Top-10 Global Large-Scale Solar PV Developers 2022-23
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Global Market Overview
- The global solar photovoltaics (PV) market had a banner year in 2022 with an estimated 191 gigawatts (GW) installed, a 22.1% increase year-over-year (YoY).
- China led capacity additions, with 86 GW installed. Installations were up 62.4% compared to nearly 53 GW in 2021 and added significantly to the worldwide growth in solar installations.
- The U.S. installed the second-highest solar energy capacity in 2022 with 17.6 GW. Installations fell 8.3% compared to over 19 GW in the prior year due to module supply uncertainty caused by the Anti-Circumvention Investigation and the Uyghur Forced Labor Protection Act. The Inflation Reduction Act, expected to provide an industry boost, was enacted in August 2022, though the effects weren't immediately evident.
- India witnessed the third-highest capacity additions with over 13 GW in 2022. Installations were up 29% YoY Much of the increase can be attributed to delayed projects with supply chain issues due to COVID-19 in the prior year Brazil and Germany rounded out the top five with 9.9 GW and 7.3 GW of capacity additions respectively, in 2022
- The top five markets combined accounted for over 70% of solar capacity installed in 2022
- The war in Ukraine compelled countries in Europe to develop aggressive solar energy goals and move quickly toward energy independence. In July 2022, Germany set a target of 215 GW by 2030; France set a new target of 100 GW by 2050, and the U.K. increased its solar target to 70 GW by 2035
- At the end of 2022, cumulative installed solar PV capacity surpassed 1 TW to reach an estimated 1,054 GW. China, the U.S., and Japan accounted for nearly 56% of capacity.
Note: Annual installation numbers are based on available data as of December 2022, considering that IRENA and most other global solar associations have released data only until 2022
The top 10 developers accounted for 145 GW of operational, under-construction, and awarded (PPA-contracted) solar projects during the reporting period. Of this, 49.5 GW of projects were operational, 29.1MW were under construction, and 66.2 GW were in pipeline (PPA-contracted).
Full Report – Here
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