Oriano, Waaree Renewable Technologies, Prozeal Green Energy, Tata Power Solar, and Gensol Engineering emerged as the top utility-scale solar engineering, procurement, and construction (EPC) service providers in the calendar year (CY) 2023, according to Mercom’s India Solar Market Leaderboard CY 2023.

Oriano was the top EPC player with a market share of 14.8%, followed by Waaree Renewable Technologies and Prozeal Green Energy with 13.7% and 13.6%, respectively.

Tata Power Solar and Gensol Engineering had 11.9% and 7.4% market share, respectively.

The top five utility-scale solar EPC service providers accounted for over 61.4% of the market share.

In CY 2023, there were significant changes in market shares compared to the previous year. Oriano, Waaree RTL, Prozeal Green Energy, and Gensol were new entries into the top ten list in 2023.

 

Oriano led the list of EPC service providers in 2023. During the year, the company has installed captive solar power projects totaling 40 MW in Jharkhand and Bihar for Shree Cement.

Waaree Renewable Technology, the EPC arm of Waaree Energies, ranked second during the year. The company commissioned 87.5 MW as a part of UPC Renewables’ 150 MW ISTS-connected solar project in Khandwa, Madhya Pradesh. It also received letters of award to provide EPC services for solar projects totaling over 1 GWp.

Prozeal Green Energy climbed up the list to third position in 2023 from ninth in the previous year. In April 2023, it raised $4 million (~₹327.6 million) in Series A funding from Alchemie Ventures to scale operations and execute developer-model projects for energy and utility companies across India.

Mercom’s leaderboard report comprehensively covers India’s solar industry leaders, detailing market shares and rankings across the solar supply chain.

For the detailed and comprehensive report, click here.

The Market Share Tracker gives quarterly insights into the solar market competitors and their growth rates.