Adani Renewables, a unit of Adani Group, has broken into the global utility scale top 15 solar photo voltaic (PV) developers which are active in more than one country, according to GTM Research, the market analysis and consulting arm of Greentech Media, said in a December 2017 report.

India is the only Indian conglomerate to figure in the GTM Research global top 15 list of solar developers.

With 788 MW of operational capacity and 1,270 MW of in-development capacity, Adani Renewables is placed in the 12th spot of the top 15 global solar PV developers who cumulatively account for 26.4 GW of operational capacity globally and 20 per cent of installed utility-scale PV worldwide in 2016.

The top 15 companies have an additional 33.5 GW of announced projects in the pipeline.

The majority of the world’s largest utility-scale solar PV developers (by operational capacity) are currently active in only one country, either China or India, according to Tom Heggarty, senior analyst at GTM Research.

State Power Investment Corporation (SPIC) is the world’s largest developer, with over 7 GW installed in the Chinese market.

Tata Power is the largest developer in India (and 13th largest globally), with almost 2 GW installed.

Adani’s solar business is vertically integrated - it manufactures solar PV modules through its subsidiary Mundra Solar PV and developers power plants through Adani Renewables.

Global diversification Adani has entered the Australian solar market, as a first step towards global diversification, with the development of the 140-MW Whyalla and 170 MW Rugby Run plants.

Adani, according to GTM Research, could potentially look at acquisitions to grow overseas — the company had been rumoured to be interested in the acquisition of Equis Energy.

Adani Renewables is targeting 10 GW of installed renewable power by 2022. The company has 12 MW of operational wind assets, and 788 MW of solar PV, GTM Research said.

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