Indian utilities join list of global solar giants

ACME Group and Adani have solar capacities of 2.3GW and 1.94GW respectively.

India’s ACME Group and Adani were ranked as two of the largest owners of solar photovoltaic (PV) assets in the world, excluding China, according to Wood Mackenzie’s inaugural global solar photovoltaic (PV) asset ownership rankings.

ACME and Adani have 2.3GW and 1.94GW of solar capacity in their books respectively. They join eight other solar giants across the globe and make up a total solar capacity of 22GW.

Other companies that led the pack are New York-listed utilities NextEra Energy with 4.37 GW of cumulative solar capacity, and Southern Company with 2.57 GW of solar capacity.

“The global solar market remains highly fragmented, with the top 10 accounting for only 6.9% of global solar capacity. Fragmentation will continue as barriers to entry remain low and annual solar installations continue to grow,” said Wood Mackenzie solar analyst Rishab Shrestha.

In APeC, IPPs unaffiliated with utilities make up 73% of the region’s solar capacity. Rishab Shrestha, Wood Mackenzie analyst, commented, “IPPs were the largest active sellers whilst institutional investors made up the largest buyers. Solar investment is seen as a mature asset class by institutional investors.”