India Green Energy — Ecosystem Map
8 listed/major players · 4 government schemes · 6 capital lenses · 2026 update.
Major players
| Company | Listing | Focus | Capacity |
|---|---|---|---|
| Adani Green Energy | NSE/BSE | Solar/wind/hybrid | ~11 GW operational + ~10 GW UC |
| Tata Power Renewables | NSE | Solar/hybrid + module mfg | ~4.5 GW + 4 GW UC |
| ReNew Energy | NASDAQ (RNW) | Solar/wind | ~10 GW operational |
| Greenko Energies | Private | Pumped storage/hybrid | ~7 GW + storage |
| AM Green | Private | Green ammonia/methanol | Kakinada hub planned |
| JinkoSolar India | NYSE (parent) | Module mfg | ~2 GW planned |
| Vikram Solar | IPO planned | Module mfg | ~3.5 GW capacity |
| NTPC Renewables | NSE (parent) | Solar/hybrid | ~3 GW + 6 GW UC |
Government schemes
- PLI Solar — ₹24,000 cr ($2.9B); high-efficiency module mfg; tranche II awarded 2024
- RFNBO — EU-aligned green-H₂ delegated act compliance for export
- SECI — central counterparty for solar/wind/hybrid PPA bidding
- MNRE — rooftop (PM Surya Ghar), wind-solar hybrid, FDR schemes
Capital lenses
- FID timeline — IPP project PPA → COD: 18-30 months typical
- Tariff trajectory — solar ₹2.5-3.5/kWh; hybrid ₹3.5-4.5/kWh
- Capex — solar ₹4-4.5 cr/MW; wind ₹6-7 cr/MW; storage premium 30-50%
- Counterparty risk — DISCOM payment delays a structural variable; SECI mitigates
- Module sourcing — ALMM list constrains imports; ALMM-II expanded 2024
- Land + grid — RE parks accelerate; sub-station bottleneck in Rajasthan, Gujarat