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Top Utility-Scale Solar EPC Service Providers in 2025

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					</table><p><a href="https://www.tatapowersolar.com/" target="_blank" rel="noopener">Tata Power Solar</a>, <a href="https://jakson-green.com/" target="_blank" rel="noopener">Jakson Green</a>, <a href="https://sterlingandwilson.com/" target="_blank" rel="noopener">Sterling &amp; Wilson</a>, <a href="https://www.amararaja.com/amara-raja-infra-pvt-ltd/" target="_blank" rel="noopener">Amara Raja Infra</a>, and <a href="https://hartek.com/" target="_blank" rel="noopener">HARTEK</a> were the top utility-scale solar engineering, procurement, and construction (EPC) service providers in 2025, according to Mercom’s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-cy-2025-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2026 Report</a>.</p>
<p>Tata Power Solar emerged as the leading utility-scale solar EPC company in 2025 with a 19% market share, followed by Jakson Green with 15%. Sterling &amp; Wilson, Amara Raja Infra, and HARTEK rounded off the top five.</p>
<p>The top five utility-scale solar EPC service providers together accounted for 64% of the market share in 2025, indicating moderate market consolidation and highlighting the importance of execution strength, access to large projects, and timely delivery.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Leading-Utility-Scale-Solar-EPC-Players-in-India-2025.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-93947 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Leading-Utility-Scale-Solar-EPC-Players-in-India-2025.png" alt="Leading Utility-Scale Solar EPC Players in India 2025" width="866" height="532" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Leading-Utility-Scale-Solar-EPC-Players-in-India-2025.png 866w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Leading-Utility-Scale-Solar-EPC-Players-in-India-2025-300x184.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Leading-Utility-Scale-Solar-EPC-Players-in-India-2025-768x472.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Leading-Utility-Scale-Solar-EPC-Players-in-India-2025-650x399.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Leading-Utility-Scale-Solar-EPC-Players-in-India-2025-624x383.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Leading-Utility-Scale-Solar-EPC-Players-in-India-2025-600x369.png 600w" sizes="auto, (max-width: 866px) 100vw, 866px" /></a></p>
<p>In 2025, Tata Power Solar’s growth was driven by the execution of large central government projects, which significantly increased its commissioned capacity. Its major commissioned installations in 2025 include a 1 GW project for SJVN and a 300 MW project for NHPC.</p>
<p>In 2025, Jakson Green secured the second position with a 15% market share, supported by the execution of utility-scale projects. During the year, Jakson Green and Blue Leaf Energy announced a partnership to develop a 1 GW solar project in Rajasthan, representing an investment of ₹34.85 billion (~$400 million).</p>
<p>Coming in third, Sterling &amp; Wilson accounted for 12% of the utility-scale solar EPC installation market share in 2025, supported by improved project conversion and faster execution timelines. The company also <a href="https://www.mercomindia.com/sterling-and-wilson-secures-%E2%82%B913-81-billion-solar-epc-order-from-adani-green" target="_blank" rel="noopener">secured</a> a ₹13.81 billion solar EPC order from Adani Green.</p>
<p>Amara Raja Infra ranked fourth on the utility-scale solar EPC list, entering the top ten in 2025 and expanding its solar EPC presence through its infrastructure execution experience.</p>
<p>HARTEK rounded off the top five EPC service providers in 2025, accounting for almost 9% of the market share. In November 2025, HARTEK <a href="https://www.mercomindia.com/hartek-commissions-300-mw-solar-epc-project-in-rajasthan" target="_blank" rel="noopener">commissioned</a> a 300 MW solar EPC project in Rajasthan.</p>
<p>Project rankings were shaped by execution timelines, grid connectivity availability, and progress in finalizing power purchase and sale agreements. EPC players with strong order pipelines, financial strength, and proven execution track records were better positioned to convert projects into commissioned capacity. The entry of infrastructure-focused companies, along with the presence of integrated players across development, manufacturing, and EPC segments, reflects a gradual shift toward a more execution-focused and diversified EPC landscape.</p>
<p>India’s utility-scale solar EPC market in 2025 was driven by the commissioning of large central and state projects, along with accelerated project execution ahead of the implementation of the Approved List of Models and Manufacturers List-II for solar cells from June 2026. This upcoming policy requirement created a time-bound execution window, leading developers and EPC players to accelerate project timelines to avoid potential supply constraints and compliance requirements in the post-deadline phase. As a result, project commissioning activity was relatively accelerated during the year.</p>
<p>India recorded its highest-ever annual solar capacity addition in the calendar year 2025, installing 36.6 GW, a 43% increase over the 25.6 GW added in 2024, according to Mercom India’s <a href="https://www.mercomindia.com/product/q4-2025-india-solar-market-update" target="_blank" rel="noopener">Q4 &amp; Annual 2025 India Solar Market Update Report</a>.</p>
<p>In 2025, the country installed 29.5 GW of large-scale solar capacity, a 31% increase from the previous year. Open access projects alone accounted for 26% of large-scale additions, reflecting growing demand from commercial and industrial consumers seeking cost savings and energy security. This provides long-term visibility and a steady stream of opportunities for solar EPC contractors.</p>
<p>Mercom’s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-cy-2025-market-shares-profiles" target="_blank" rel="noopener">click here</a>.</p>
<p>The <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Tracker</a>, offering quarterly data insights on your competitors’ growth rates, is also available.</p>



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					</table><p><a href="https://www.mercomindia.com/solar-sector-81-drop-vc-funding-q1-corporate-funding-down/" target="_blank" rel="noopener"><strong>The solar sector secured $8.1 billion in corporate funding through 41 transactions in the first quarter (Q1) of 2024,</strong> <strong>marking a 4% decrease from the $8.4 billion</strong></a> raised in 42 deals during the same period in 2023. However, there was a 47% increase in funding compared to Q4 2023, which saw $5.5 billion raised in 37 deals. The numbers were revealed in Mercom Capital Group’s newly released <a href="https://mercomcapital.com/product/q1-2024-solar-funding-ma-report/">Q1 2024 Solar Funding and M&amp;A Report.</a></p>
<p><a href="https://www.mercomindia.com/premier-energies-drhp-15-billion-ipo/" target="_blank" rel="noopener"><strong>Telangana-based solar cell and module manufacturer Premier Energies has filed the draft red herring prospectus with the Securities and Exchange Board of India</strong></a> to raise over ₹15 billion (~$179.91 million) through an initial public offering (IPO). The IPO would consist of a fresh issue of equity shares with a face value of ₹1 (~$0.012) aggregating up to ₹15 billion (~$179.91 million) and an offer for sale of up to 28.2 million shares by the selling shareholders.</p>
<p><a href="https://www.mercomindia.com/swelect-grew-renew-win-secis-auction-supply-400-mw-solar-modules/" target="_blank" rel="noopener"><strong>Swelect Energy Systems, Grew Energy, and ReNew Photovoltaics (ReNew) were declared winners in Solar Energy Corporation of India’s auction</strong></a> to manufacture, test, package, forward, supply, and transport 400 MW domestically manufactured solar modules. Swelect was awarded 100 MW capacity, Grew Energy won 200 MW, and ReNew won 100 MW at an evaluated bid value of ₹ 22.66 (~$0.272)/Wp. The per MWp evaluated value for all the bidders was ₹22.66 million (~$271,597).</p>
<p><a href="https://www.mercomindia.com/iredas-profits-surge-2024-as-npas-drop/" target="_blank" rel="noopener"><strong>Government-owned lender Indian Renewable Energy Development Agency has reported a 45.9 % year-over-year (YoY) increase in profit after tax for the fourth quarter (Q4) of the financial year (FY) 2024 to ₹373.76 million (~$4.4 million) from ₹256.16 million (~$3.07 million).</strong> </a>The profit growth was primarily driven by the consistent growth in the company’s loan book and a significant reduction in its net non-performing assets.IREDA’s total income in Q4 was recorded at ₹13.92 billion (~$166.9 million), a 34.3% YoY increase from ₹10.36 billion (~$124.2 million).</p>
<p><a href="https://www.mercomindia.com/bluwheelz-raises-1-million/" target="_blank" rel="noopener"><strong>BluWheelz, a tech-enabled logistics firm with an electric vehicle (EV) fleet, received $1 million in a bridge funding round led by Venture Catalysts, an integrated incubator.</strong></a> The other participants in the investment round included FAAD, LetsVenture, and Chakra Growth Fund. The company expects to utilize the funds to expand its EV-fleet offerings for logistics across India. Operating in 18 cities and providing logistic companies with fleet management services, including 2-wheelers, 3-wheelers, and 4-wheelers, BluWheelz plans to integrate 6-wheelers, pioneering EV fleet as a service in India.</p>
<p><a href="https://www.mercomindia.com/amara-raja-bos-contract-greenko/" target="_blank" rel="noopener"><strong>Amara Raja Infra (ARIPL) has secured the balance of system (BoS) supply contract for a 500 MW solar power project in Andhra Pradesh’s Kurnool district</strong></a> from renewable energy company Greenko. The project, spanning over 2,200 acres near Uyyalavada town, would be ARIPL’s largest contracted solar capacity project to date. The scope of work involves engineering, procurement, and construction of the entire BoS for the 500 MW solar project, which comes under Greenko’s integrated solar, wind, and pumped storage project.</p>
<p><a href="https://www.mercomindia.com/sterling-and-wilson-posts-profit/" target="_blank" rel="noopener"><strong>The engineering, procurement, and construction arm of Shapoorji Pallonji Group, Sterling and Wilson Renewable Energy, reported a net profit of ₹10 million (~$120,000)</strong></a> in the fourth quarter (Q4) of the financial year (FY) 2024. The company turned positive after nearly 12 quarters, boosted by strong performance in domestic EPC operations. It had reported a net loss of ₹4.21 billion ($54.9 million) in Q4 of FY 2023. The company’s revenue from operations surged more than 12-fold to ₹11.78 billion (~$154 million) in the quarter, from ₹880 million (~$11.5 million) last year.</p>
<p><a href="https://www.mercomindia.com/high-interest-rates-affect-renewables/" target="_blank" rel="noopener"><strong>The pace of global transition to low-carbon technologies could be adversely impacted with the ‘zero era’ for interest rates ending, a Wood Mackenzie report has said.</strong></a> Higher interest-rate scenarios have increased the cost of capital and raised the cost and pace of the transition to net zero, which will likely require $75 trillion in investments by 2050. The report recommends that policymakers should focus on efficient subsidies (targeted and non-discriminatory) that can minimize nationalistic subsidy battles that are counterproductive to global emissions targets.</p>
<p><a href="https://www.mercomindia.com/us-anti-dumping-duties-indian-solar-module-exports/" target="_blank" rel="noopener"><strong>India’s solar exports success story could run into trouble if the U.S. entertains petitions from domestic manufacturers to impose anti-dumping (AD)</strong></a> and countervailing duties (CVD) on module imports. While the four Southeast Asian countries of Malaysia, Vietnam, Thailand, and Cambodia are more likely the focus for the AD/CVD petitions from U.S. manufacturers, there is a possibility that Indian exports could also be covered, according to investment banking firm ROTH Capital Partners.</p>


Daily News Wrap-Up: Solar Sector Records 81% Drop in VC Funding in Q1

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