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					</table><p><a href="https://www.inoxgreen.com/" target="_blank" rel="noopener">Inox Green Energy Services</a>, <a href="https://www.mitarsh.com/" target="_blank" rel="noopener">Mitarsh Energy</a>, <a href="https://jakson-green.com/" target="_blank" rel="noopener">Jakson Green</a>, <a href="https://inspire-ce.com/" target="_blank" rel="noopener">Inspire Clean Energy</a>, and <a href="https://sterlingandwilson.com/" target="_blank" rel="noopener">Sterling &amp; Wilson</a> emerged as the top solar project operations and maintenance (O&amp;M) service providers in India for 2025, according to <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-cy-2025-market-shares-profiles" target="_blank" rel="noopener">Mercom’s India Solar Market Leaderboard 2026</a> Report.</p>
<p>Together, these companies accounted for approximately 86% of O&amp;M capacity contracted in 2025, reflecting high market consolidation among leading players and highlighting the growing preference for experienced service providers capable of managing large, complex renewable energy projects.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-5.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-93736 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-5.png" alt="Leading Solar O&amp;M Service Providers in India 2025" width="876" height="515" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-5.png 876w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-5-300x176.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-5-768x452.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-5-650x382.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-5-624x367.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-5-600x353.png 600w" sizes="auto, (max-width: 876px) 100vw, 876px" /></a></p>
<p>Inox Green led the market in 2025, accounting for about 27% of the total contracted solar O&amp;M capacity. The company’s growth was supported by its ability to secure long-term service agreements for utility-scale projects and maintain scale-driven operational efficiency.</p>
<p>Mitarsh Energy followed closely, accounting for roughly 25% of O&amp;M capacity additions in 2025. The company expanded its operations in the solar and hybrid power project segment, building a diversified O&amp;M portfolio aligned with growth in utility-scale installations.</p>
<p>Jakson Green ranked third, adding approximately 14% of the contracted capacity in 2025. Its integrated engineering, procurement, and construction (EPC) and O&amp;M capabilities supported contract wins by offering end-to-end solutions, particularly for large-scale projects transitioning into long-term operations.</p>
<p>Inspire Clean Energy secured the fourth position with over 12% share. The company focuses on solar asset management and performance optimization, with services spanning utility-scale and distributed projects. The growth reflects rising demand from independent power producers and rooftop asset owners seeking specialized O&amp;M solutions to enhance efficiency and extend asset lifecycles.</p>
<p>Sterling and Wilson came in fifth, accounting for more than 8% of the market share in 2025. Leveraging its global EPC experience and large installed project base, the company continued to expand its portfolio by converting executed projects into long-term O&amp;M service contracts across domestic markets.</p>
<p>India’s solar O&amp;M services market continued to expand in 2025, supported by a rapidly growing installed base of utility-scale and open access projects. As more projects transition from commissioning to the operational phase, the focus has shifted toward ensuring high project performance, minimizing downtime, and improving generation efficiency.</p>
<p>This trend has led to greater reliance on specialized O&amp;M providers, with developers and asset owners increasingly outsourcing operations to optimize long-term asset performance.</p>
<p>In 2025, several entities floated tenders for comprehensive O&amp;M services totaling over 1.6 GW across ground-mounted and rooftop solar projects, according to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a>.</p>
<p>In May 2025, Inox Green signed agreements to provide O&amp;M services for 285 MWdc of solar projects. In September 2025, the company received another order covering 96.6 MWdc of projects in Maharashtra and 92.5 MWdc in Gujarat and Madhya Pradesh.</p>
<p>Mitarsh Energy signed O&amp;M agreements for 375 MWdc with <a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">Hero Future Energies</a> in May 2025 and 190 MWdc with Reliance New Energy, a wholly owned subsidiary of <a href="https://www.ril.com/" target="_blank" rel="noopener">Reliance Industries</a>, in June 2025.</p>
<p>Jakson Green secured 1 GWdc of O&amp;M projects across Rajasthan, Chhattisgarh, and Tamil Nadu during the year, reflecting strong execution capability and sustained demand for third-party O&amp;M services.</p>
<p>The market is also witnessing a gradual shift toward data-driven maintenance practices, including remote monitoring, predictive analytics, and performance optimization tools. At the same time, rising competition is exerting pressure on service pricing, while scale, execution capability, and long-term contract visibility are emerging as key differentiators.</p>
<p>Overall, the expansion of O&amp;M portfolios is closely linked to the rapid pace of solar installations in India. As more capacity comes online, demand for structured, technology-driven maintenance is expected to increase, driving greater outsourcing and longer-term service agreements. Installation growth will remain a key driver for the O&amp;M services market.</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.inoxgreen.com/" target="_blank" rel="noopener">Inox Green Energy Services</a>, a subsidiary of Inox Wind, has acquired a majority stake in an undisclosed independent wind power operations and maintenance (O&amp;M) company with above 230 MW of operating capacity, primarily in South India.</p>
<p>Inox Green’s first acquisition is expected to help the company expand its O&amp;M fleet through an inorganic route.</p>
<p>Inox Green did not disclose the financial details of the acquisition.</p>
<p>The target company has experience in the wind industry and specializes in O&amp;M of multi-brand wind filings to the turbine original equipment manufacturers and corrective maintenance services, Inox said in BSE and National Stock Exchange of India filings.</p>
<p>The company has a successful track record with several customers for O&amp;M services, with maintenance contracts running up to five years.</p>
<p>The technical and financial strengths of Inox Green are expected to aid the target company in growing at a faster pace.</p>
<p>The transaction is subject to regulatory, and other customary closing conditions and is expected to conclude by the end of January 2023.</p>
<p>Inox Green, through acquisitions, aims to grow its business rapidly by bringing together small players, mainly from the unorganized sector, to provide the much-necessary boost to India’s wind energy market.</p>
<p>The announcement comes at a time when the country is working towards augmenting its wind power capacity.</p>
<p>According to recent data, India had <a href="https://mercomindia.com/wind-installations-india-grew-129-with-878-mw-added-in-q3/" target="_blank" rel="noopener">installed</a> 878 MW of wind capacity in the third quarter (Q3) of 2022, a 129% year-over-year increase.</p>
<p>Inox Green’s shares were listed on the BSE and the National Stock Exchange of India on November 23. The company’s IPO comprised of fresh issuance of equity shares worth ₹3.7 billion (~$44.75 million) and an offer-for-sale of ₹3.7 billion Inox Wind equity shares.</p>
<p>Recently, after the listing, Inox Wind and Inox Green Energy Services <a href="https://mercomindia.com/inox-wind-inox-green-energy-repay-4-billion-debts/" target="_blank" rel="noopener">repaid</a> debts of ₹1.61 billion (~$19.47 million) and ₹2.5 billion (~$30.24 million), respectively, as part of the strategic initiative to deleverage their balance sheets.</p>
<p>Earlier this month, the promoters Inox Wind <a href="https://mercomindia.com/promoters-infuse-%e2%82%b96-2-billion-to-help-cut-debt/" target="_blank" rel="noopener">infused</a> ₹6.2 billion (~$74.99 million) into the company to clear the advances it received from its parent company Gujarat Fluorochemicals, to set up wind power capacity.</p>


Inox Green Acquires Wind O&M Firm With 230 MW Portfolio in South India


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					</table><p><a href="https://www.inoxwind.com/" target="_blank" rel="noopener">Inox Wind</a> and its subsidiary <a href="https://www.inoxgreen.com/" target="_blank" rel="noopener">Inox Green Energy Services</a> repaid debts of ₹1.61 billion (~$19.73 million) and ₹2.5 billion (~$30.63 million), respectively, as part of the strategic initiative to deleverage their balance sheets.</p>
<p>As a result, corporate guarantees given by <a href="https://www.gfl.co.in/Inox_Group.php" target="_blank" rel="noopener">Gujarat Fluorochemicals</a>, Inox’s parent company, have been reduced to that extent, the company said in its BSE (Bombay Stock Exchange) filing.</p>
<p>Both companies are in the process of further reducing their debt. Inox’s stated near-term goal is to deleverage all its operating entities, and this repayment is considered a significant step toward achieving that goal.</p>
<p>Inox Green’s shares were listed on the BSE and National Stock Exchange of India on November 23. The company’s IPO comprised of fresh issuance of equity shares worth ₹3.7 billion (~$45.47 million) and an offer-for-sale of ₹3.7 billion (~$45.47 million) Inox Wind equity shares.</p>
<p>Inox Green’s board had approved the allotment of 113,846,152 equity shares at an offer price of ₹65 (~$0.80) per equity share, including a share premium of ₹55 (~$0.68) per share. Of this, 56,923,076 equity shares have been allotted under the fresh issue portion of the offer.</p>
<p>Inox Green was initially incorporated as a public limited company in May 2012 as Inox Wind Infrastructure Services. The name was changed to Inox Green Energy Services in October 2021.</p>
<p>In September this year, Inox Wind <a href="https://mercomindia.com/daily-news-wrap-up-kp-energy-wind-projects/" target="_blank" rel="noopener">received</a> approval to raise funds of ₹8 billion (~$98.06 million) by issuing 0.01% non-convertible non-cumulative participating redeemable preference shares of the face value of ₹10 (~$0.12) each.</p>
<p>Inox Green Energy’s subsidiary Wind Two Renergy was recently <a href="https://mercomindia.com/torrent-power-acquires-50-mw-wind-inox-green/" target="_blank" rel="noopener">acquired</a> by Torrent Power for ₹325.1 million (~$4.09 million). Torrent Power had acquired 32.51 million equity shares of Wind Two Renergy, which had previously executed a 50 MW wind power project at Dayapar village in the Kutch district of Gujarat.</p>


Inox Wind, Inox Green Energy Repay ₹4.11 Billion in Debts

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