Top Solar Contractors of India 2023 by SolarQuarter

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CONTRACTORS Of India 2023

Honoring India's Visionary Contractors of 2023

Introduction India's commitment in COP27 and its subsequent updated Nationally Determined Contribution (NDC) of 500GW non-fossil fuel based power generation capacity addition, out of which 280GW of solar generation capacity itself, by 2030, have put a major thrust in solar generation capacity installation in the country. As of June 2023, as per the Central Electricity Authority (CEA) data, India has installed 70GW solar generation capacity. Thus, to achieve the mammoth task of 280GW solar generation capacity by 2030, country would need to add a minimum 30GW solar capacity on per annum basis. In India, the average per unit solar tariff came down from 10-12 Rs/Kwh in 2010 to 1.5-2.6 Rs/Kwh in 2023 for utility scale solar. The major reason for this reducing tariff trend is low cost imported solar modules. These two major factors mentioned above have created huge pressure on EPC contractors in India, to execute the projects in scheduled time without compromising on quality of the projects. Acknowledging the major contribution and present challenges faced by India's solar EPC contractor, SolarQuarter is recognising the Top Solar EPC players in the country. In this special publication, we will try to understand recent technology trends, challenges faced by solar contractors and the way forward.

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Methodology In the meticulous process of selecting the Top Contractors of India, several key parameters were considered to ensure a comprehensive evaluation of each nominee. Work experience stood as a foundational criterion, acknowledging the depth and breadth of an individual's professional journey within the solar contracting sector. This parameter provided insights into the nominee's expertise, exposure to various facets of the industry, and their ability to navigate challenges. Key achievements played a pivotal role in the assessment, focusing on tangible outcomes and notable milestones in the nominee's career. Whether it be the successful completion of largescale projects, groundbreaking technological innovations, or impactful contributions to sustainable practices, these achievements showcased the nominees' ability to drive results and make a meaningful impact on the industry. Contribution to the industry was another crucial parameter, recognizing individuals who have gone beyond their professional duties to contribute positively to the broader solar community. This could include knowledge sharing, participation in industry events, advocacy for sustainable practices, or any initiative that fosters the growth and development of the solar sector. The combination of these parameters allowed for a holistic evaluation of each nominee, ensuring that the selected Top Contractors of India not only possess significant work experience but also a track record of key achievements and a noteworthy contribution to the advancement of the solar industry in the country.

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CONTRACTORS Of India 2023

Top Solar Contractors of India Unveiled

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INDIA

Sandeep Vangapalli FOUNDER & CEO

Arcedo Systems (https://arcedo.net/) Service: EPC Market Operating In: C&I

Key Achievements Over the past 7 years, Arcedo Systems has achieved significant milestones in the field of solar energy, energy storage, HVAC pioneering innovative projects that have not only advanced renewable energy but also significantly impacted our commitment to a sustainable future. One of our flagship achievements has been the successful completion of Battery energy storage system. We are one of the pioneers in industry to successfully complete the 3.50MWh Battery energy storage system at Capgemini technology services India limited, Mumbai. In addition to this remarkable accomplishment, We've initiated several solar projects, bringing sustainable energy solutions by “Adopting latest technologies like HJT & String level monitoring based inverters”. One of the key project 2.68 MW rooftop solar project executed on a single roof at Kolhapur, Maharashtra. Furthermore, our commitment & engagement has been a cornerstone of our success. We did Design, Engineering, Supply, Installation, Testing & Commissioning of 612 kWp Rooftop solar project on 6th floor of MLVP Building at Bhubaneswar. One of its kind of solar installations in the Odisha, which withstood for 3 cyclones and running successfully.

“

Offering insight, Sandeep notes..

"Solar industry is gearing up with speed in terms of renewable policies, government initiatives & make in India for solar PV modules."

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INDIA

Raghav Aggarwal PARTNER

ARM RENEWABLES (http://armrenewables.com/) Service: EPC Market Operating In: C&I

Key Achievements ARM Renewables, established in 2018, has swiftly emerged as a leading solar EPC company in India. From a humble inception with no team, we've grown to a workforce of 30, delivering over 70 MWp of solar projects across India. Our expertise spans both CAPEX and RESCO models, highlighted by our significant 5 MWp project for a textile giant. Our success thrives on unparalleled customer satisfaction, fueling a strong referral network among our clientele. This dedication has earned us the honor of being among the Top Solar Contractors in India by SolarQuarter. Our journey underscores a commitment to innovation, quality, and ongoing contributions to India's renewable energy landscape.

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According to Raghav..

"The current solar demand in India is unprecedented, presenting immense growth opportunities. Certain state governments are innovating to boost solar adoption while minimizing impact on DISCOMS. Encouraging greater participation from Commercial & Industrial sectors and investors will be pivotal for furthering solar expansion."

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INDIA

Divyam Shah MANAGING DIRECTOR

Gargee Energies (http://www.gargeeenergies.com/) Service: EPC Market Operating In: Rooftop

Key Achievements In a trailblazing journey within India's solar sector, our accomplishments speak volumes. With a focus on residential installations, we have successfully implemented solar projects exceeding 3 MW, illuminating homes with sustainable energy solutions. Going beyond individual residences, our portfolio boasts the completion of over 22 MW in Industrial and Commercial (I&C) and Engineering, Procurement, and Construction (EPC) projects nationwide. Central to our success is the dedication of our skilled team. With our own Service and Installation & Commissioning (I&C) team and 6+years Experience comprising over 50 highly trained professionals, we ensure a seamless and quality-driven approach to every project. This internal expertise enables us to provide unparalleled support, fostering a reputation for reliability and excellence in the solar industry. Our commitment to quality extends beyond project execution. With a belief that a team of 50+ employees is the cornerstone of delivering superior service, we've established a robust foundation for innovation and customer satisfaction. This dedicated workforce forms the backbone of our operations, ensuring that each installation meets the highest standards. As we continue to illuminate homes, businesses, and industries across India, our focus on quality, innovation, and customer support remains unwavering. Join us on this sustainable journey towards a brighter and cleaner future.

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Additionally, Divyam mentions..

"At Gargee Energies, we envision the solar industry in India as a beacon of sustainable progress. As pioneers in the field, we witness a dynamic shift towards clean energy adoption, driven by technological advancements and a growing environmental consciousness. India's solar landscape is evolving, and we are proud to play a pivotal role in shaping it. With innovation, dedication, and a committed team, we see a radiant future where solar power not only meets energy needs but also propels the nation towards a greener, more resilient tomorrow."

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INDIA

Anirudda Kumar Gupta CEO

Greenwheels Energy Private Limited (https://greenwheels-energy-private-limited.business.site/)

Service: EPC Market Operating In: C&I

Key Achievements Anirudda Kumar Gupta, serving as the CEO of Greenwheels Energy Private Limited, stands at the forefront of pioneering solar initiatives in India. Under his leadership, Greenwheels Energy has recently achieved remarkable milestones, including the installation of a cutting-edge 500 kWp Solar Plant for Brilliant Estate near the globally acclaimed Brilliant Convention Center in Indore. This rooftop solar plant, connected to the grid, boasts the utilization of world-highest-rated BIS certified Solar Panels from Trina, each with a capacity of 665Wp, and Delta Inverters, showcasing the company's commitment to excellence. Further exemplifying Gupta's leadership and the company's expertise, Greenwheels Energy has successfully executed projects such as a 150 kWp installation at Westside Mall in Zanzirwala Square, Indore, equipped with Trina Solar Panels and Delta Inverters. Additionally, the company has implemented a 690 kWp Captive Solar plant at Ralin Polymers in Dewas and a 520 kWp Captive Solar Plant at Ameya Polymers, further solidifying their presence in Madhya Pradesh. Noteworthy ongoing projects include a 450 kWp Netmetering Solar Plant under construction at AP India, Megh Nagar, and a 95 kWp Netmetered Solar Plant for Agrophos in Megh Nagar. Furthermore, Greenwheels Energy is contributing to sustainable energy solutions with a 150 kWp Netmetered Solar Plant for Absolute at Pithampur. These key achievements underscore Anirudda Kumar Gupta's leadership acumen and Greenwheels Energy's commitment to advancing solar infrastructure, positioning the company as a key player in the renewable energy landscape in Madhya Pradesh and beyond.

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In the words of Anirudda..

"Today India is a global leader in Solar Industry and 4th largest country in World. Solar Energy is the most trusted and reliable source of energy. This is the only safest and most reliable technology that has more than 3 decades old data and records available. Solar is also the backbone of any space technology. We in Greenwheels Energy provide the latest and most reliable brands and technology to our customers which keeps us different from our other competitors. We are looking forward to make our future generation more independent and sustainable and India will soon become leader in the world."

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INDIA

Medhir Jain DIRECTOR HFM Solar Power Private Limited (https://www.hfmsolar.com/)

Service: Developer Market Operating In: Rooftop

Key Achievements HFM Solar Power Private Limited, is a solar power developer and an end to end engineering, procurement, and construction (EPC) solutions provider, providing reliable, low carbon solar energy solutions to a diverse customer base of institutional, government, commercial & industrial and residential customers. Our solar solutions are customised to help our customers lower their carbon footprint and meet sustainability targets. HFM Solar's leadership team comprises highly experienced renewable energy, consulting, engineering, and technology professionals who have developed and installed over 500 MW of projects. The diverse backgrounds and extensive experience allows the team to navigate the solar energy industry and guide the company's growth. The company focuses on continuously improving its quality management system, building loyal customer relationships, empowering employees through training and development, embracing technology and upgrading systems. We have currently executed 20 MW+ Solar Rooftop Projects & an additional 15 MW of projects under pipeline. Our clientele spans across sectors such as Government, Education, Construction, Agriculture, Metro Rail, etc. Our customers include Delhi Metro Rail Corporation Limited, Shalimar Corp Limited, Delhi Development Authority, Delhi University, Multiple Government Agencies, and 30+ others across 5 Indian States. We have consistently been awarded by numerous consultancy, agencies and trade associations in the Indian RE Market.

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INDIA

Medhir Jain DIRECTOR HFM Solar Power Private Limited (https://www.hfmsolar.com/)

Service: Developer Market Operating In: Rooftop

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Expressing his perspective..

"India has been one of the champions globally in adopting renewable energy as part of its energy transition. India's energy demand is expected to increase more than that of any other country in the coming decades due to its sheer size and enormous potential for growth and development. Therefore, it is imperative that most of this new energy demand is met by low-carbon, renewable sources. India's announcement of its intension to achieve net zero carbon emissions by 2070 and to meet 50% of its electricity needs from renewable sources by 2030 marks a crucial point in the global effort to combat climate change. India is the market with the fastest growth in renewable electricity, and by 2026, new capacity additions are expected to double. Hence, India is expected to become the hub for renewable energy. Major factors driving the market’s growth are rising electricity demand, falling prices for renewable energy, Govt’s push for domestic manufacturing, government support schemes aimed at boosting Indian manufacturers’ competitiveness and attracting investment (Production Linked Incentive schemes), are some of the drivers of India's renewable energy growth as of now."

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INDIA

Harsh Jondhle MANAGING DIRECTOR

JD Enerbiz Pvt Ltd Service: EPC Market Operating In: Rooftop

Key Achievements With a stellar track record spanning over seven years, Mr. Harsh Jondhle, the Managing Director of JD Enerbiz Pvt Ltd, has played a pivotal role in catapulting the company to the forefront of the solar energy landscape. Under his leadership, JD Enerbiz has successfully executed installations totaling over 10 megawatts, leaving an indelible mark on prestigious institutions such as D Y Patil Institutions Pune, Warana Shikshan Vibhag Kolhapur, Podar Schools, Nirmal Industrial Controls Pvt Ltd Asangaon, and Jondhle Knowledge City, Asangaon. In a remarkable achievement last year, JD Enerbiz secured a significant milestone by receiving a substantial seed investment of 10 lacs from L&T Avishkar. This financial backing speaks volumes about the company's credibility and the confidence it instills in esteemed investors. Mr. Jondhle's commitment to innovation and sustainable energy solutions is evident in the successful implementation of a community microgrid prototype at Adivasi homes in Themba village. Leveraging an indigenous-developed remote monitoring system and a zero-export device, this project showcases JD Enerbiz's dedication to pioneering technology for the betterment of communities. Adding to their list of accomplishments, JD Enerbiz recently clinched a noteworthy order for a 750 kW solar rooftop installation at Kruger Ventilations Industries Pvt Ltd, a multinational corporation. This significant project further underscores Mr. Jondhle's strategic vision and the company's prowess in securing and executing impactful contracts in the solar energy sector. Under Mr. Harsh Jondhle's dynamic leadership, JD Enerbiz Pvt Ltd continues to illuminate the path towards a sustainable and eco-friendly future, making substantial contributions to India's solar energy landscape.

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INDIA

Harsh Jondhle MANAGING DIRECTOR

JD Enerbiz Pvt Ltd Service: EPC Market Operating In: Rooftop

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According to Harsh...

"Energy needs of any country determines its pace of development and India being a fastest growing economy energy needs are going to increase manifold. Further, India being a tropical and conventional energy deficient country, Solar Energy is the most promising option available to us. With recent developments in technology, higher efficient N type modules and pro solar and pro EVGovernment regulations share of solar in total energy production is going to increase which will not only reduce GHGs but also help in reducing Balance of Payments. There is need of hour for the Government to take steps towards development of Vertically integrated solar panels Industry."

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INDIA

Mohammed Fayaz Salam CEO & DIRECTOR MOOPENS ENERGY SOLUTIONS PVT. LTD. (https://www.sunsenz.com/)

Service: EPC Market Operating In: Rooftop

Key Achievements An accomplished CEO and Director of Moopens Energy, the top EPC company in Kerala. With over a decade of experience in the solar industry, Mohammed Fayaz has proven his expertise in leading the company to success despite the intense competition in the market. A graduate of Oxford University with an MBA degree, he has received several accolades for his exceptional leadership and business achievements, including CEO of the Year Award and Best Leadership Award. With a vision of making solar energy accessible to more people and areas, Mohammed is optimistic about the future of the solar industry and the increasing demand for solar power. With an impeccable achievement of 35MWp of overall project track record with prestigious clientele, out of which 10MWp is repeat customer orders, which also includes more than 5000 distinct projects spread across Kerala & other parts of South India. Recently installed 1.25 MW of solar power plant at KUDA VILLINGILI MALDIVES. Leader of the no. 1 solar EPC company in Kerala. Headed major projects like 1.25 MW at Kuda Villingili Maldives, 1MW at Lisie Hospital, 1 MW at MVR cancer centre, 650 kW at Media One, 600 kW at Amala Hospital, 500 kW at Daya Hospital and many more.

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Providing perspective, Mohammed Fayaz says..

"The future of the solar industry in India is incredibly promising.The solar industry in India is witnessing tremendous growth and playing a crucial role in the country's clean energy transition. With ambitious renewable energy targets, supportive policies, and a strong commitment to sustainability, India is on track to emerge as a global leader in solar power generation. As we continue to witness technological advancements and cost reductions, solar energy will become increasingly accessible and affordable for all sections of society. The industry holds immense potential for job creation, economic growth, and environmental stewardship. With a favorable climate and abundant solar resources, India has a unique advantage to harness this clean energy source and pave the way for a greener, more sustainable future."

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INDIA

Kartik Teltia DIRECTOR Solarworld Energy Solutions Private Limited(https://worldsolar.in/)

Service: EPC Market Operating In: Large-Scale

Key Achievements Kartik Teltia, founder of Solarworld, is a Chartered accountant and MBA (ISB). He started Solarworld Energy Solutions in 2013. The Company was initially setup in 2013 as an EPC contractor for Solar Rooftop projects. The company completed some of the largest solar roof top projects in Northern India. They then forayed into Ground mounted projects and have successfully completed several Open access and Ground mounted projects. In 2015, Solarworld commissioned the first ground mounted project in Telangana for Haldiram Group. In 2021, the company bid and successfully won its first 100 MW project from SJVN Limited. Despite several challenges, such as Covid, severe shortage of Solar Panels, extreme land conditions etc, the company successfully commissioned the project on time in November 2022. Today the company has completed almost 40 MW of open access projects, almost 375 MW of Ground mounted projects and more than 20 MW of rooftop projects. Solarworld has several marquee clients such as Haldirams, SJVN, Moon Beverages (coca cola bottler), DS Group amongst others. Today, the company has an order book of more than 500 MW EPC contracts spread over several states in India. The company follows a unique high efficiency model which enables them to deliver the project on time and at the lowest possible cost to its customers. The fact that most of their customers give them repeat order is a testament to their commitment to quality and timelines.

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In the words of Kartik..

"India has a robust solar industry which has started to shine at a global stage. Right from manufacturing of components to installation of solar plants, Indian players are the most competitive and innovative. The solar industry in India is expanding rapidly. The country will see record breaking solar installations for several years to come."

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INDIA

Nitin Gupta DIRECTOR

Solken Powergen Corp(https://solkenpower.com/) Service: EPC Market Operating In: C&I

Key Achievements Nitin Gupta, the Director of Solken Powergen Corp, leads a team of seasoned professionals from IIT Roorkee, demonstrating a commitment to excellence in the solar energy sector. With a collective experience of executing over 100 MWp of solar rooftop projects, Nitin Gupta's leadership has been instrumental in establishing Solken as a prominent player in the industry. Under his guidance, Solken Powergen Corp has successfully delivered impactful solar installations, leaving an indelible mark on the renewable energy landscape. Some noteworthy projects include a 3 MWp solar rooftop installation at Kapoor Industries Ltd in Panipat, a 1.8 MWp system at Aarti International Ltd in Ludhiana, an 800 kWp setup at Ganga Acrowools Ltd in Ludhiana, a 500 kW installation at Pioneer Industries in Pathankot, and an 800 kWp project at Monte Carlo and many more. Nitin Gupta's strategic vision and the team's technical prowess have positioned Solken Powergen Corp as a reliable and innovative player in the solar energy domain. With a proven track record of successful project executions, Nitin Gupta continues to drive Solken towards new heights in the pursuit of a sustainable and energy-efficient future.

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Nitin states that..

"Solken is committed to help their customers to achieve their decarbonisation and sustainability targets by offering best bill of materials/ quality & engineering practics with a dedicated product support team."

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INDIA

Urval Chotalia PROPRIETOR

Soururja Solution Service: Contractor Market Operating In: Rooftop

Key Achievements For us system failure is simply the opportunity to begin again. Our team not only works towards providing solutions for Rural areas(35 Villages) where no electricity is available but also re-start Solar projects which are not working since longer-term (700kw) / Generating committed Output(930KW).

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Urval expressed,

"It's time to bridge the gap between clients demand & our commitments. There's a huge demand for after - sales service( O&M sector). Together we can achieve sustainable development."

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INDIA

Bhavani Suresh Charugundla MANAGING DIRECTOR Suntek Energy Systems Pvt. Ltd(https://www.suntek.co.in/)

Service: EPC Market Operating In: Rooftop

Key Achievements Suntek Solar is dedicated to providing cutting-edge Industrial Rooftop Solar Power solutions that enable industries to harness the power of the sun and transform their energy consumption. With a strong commitment to sustainability and innovation, the company takes pride in delivering reliable, efficient, and cost-effective solar solutions tailored to meet the specific needs of industries. Suntek's mission is to empower homeowners with clean and sustainable energy, enabling them to cut down on electricity bills, contribute to a greener environment, and enjoy energy independence. Ranked No.1 Solar Company by Telangana State Renewable Energy Development Corporation, TSREDCO (Govt of Telangana) & MNRE (Govt of India), Suntek Energy Systems Private Limited has been recognized for relentless commitment to excellence & Sustainability. With 24+ prestigious awards to Suntek , their solar solutions shine bright, empowering homes, industries, and businesses with sustainable power. At Suntek, customer satisfaction is at the core of their mission. Founded by Shri Ch.Bhavani Suresh, Suntek has grown exponentially, driven by a passion for innovation and out-of-the-box thinking For more details contact - 9030032222 | info@suntek.co.in

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Bhavani Suresh shares his thoughts..

"The solar industry in India is poised for a dazzling future, and Suntek is proud to be a key player in this transformative journey. With a passion for innovation and an unwavering commitment to customer satisfaction, we believe in harnessing the power of the sun to create a sustainable and luminous future for generations to come. Together, let's pave the way for a solar-powered India, where brilliance knows no bounds."

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RECENT TECHNOLOGY TRENDS IN SOLAR EPC Acknowledging the reduced tariff rate & several challenges faced by solar EPC players, the solar energy technologies are evolving to achieve highest return on investment (ROI) in shortest possible time without compromising on quality to sustain for minimum 25 years in field condition. The most relevant technology trends are given below. Solar Module: The transition of poly-crystalline module to mono-crystalline solar module has been fully completed in the last two to three years. To achieve the highest possible wattage from a single module, there are several technologies present nowadays, like halfcut cell module, bi-facial module, N-type module, Large format cell type module (LFM). To achieve higher wattage module, the industry has produced different size and bus bar (BB) solar cells. Different sizes of solar cell: M2, M4, M6, M10 & M12. M2 - (156.75X156.75)mm2 , M4 - , M6- (166X166)mm2, M10 - (182X182)mm2, M12 (212X212)mm2. Different Busbar (BB) Solar Cell: 5BB, 6BB, 9BB, 10BB & 12BB. These new sizes of solar cells have created different sizes of large format solar modules like (LXWXD) (Length X Width X Depth)= (2010mmX1050mmX40mm) Bifacial Solar Module: To achieve higher power output, new types of bi-facial solar cells which can generate power from front as well as from backside of the solar module. To achieve maximum possible power generation, the floor or ground of the solar field need to be prepared for higher bifaciliality factor. like white floor, plain ground or sand floor have different bifaciality factor which influence the maximum power generation capacity of a bifacial solar module. N-type Solar Module: To achieve better reliability and higher output power, several solar cell manufacturers are using N-type ingot to produce N-type solar cells. This N-type solar cells have some inherent qualities like PID free, improved module reliability etc.

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RECENT TECHNOLOGY TRENDS IN SOLAR EPC Central Vs String Inverter: Previously, the trend of inverter usages was central inverter for utility scale and string inverter for distributed solar segment. But, nowadays, due to several inherent quality of string inverters, utility scale solar developers are using string inverters in large scale solar power plants. The inherent quality of string inverters are modularity, easy to maintain, easily replaceable, ease in spare in part availability etc. The recent trend in central inverter is liquid cooled central inverter for improved reliability. Solar Tracker & Cleaning Robot: Recent trend in Solar Module Mounting Structure (MMS) is usage of solar tracker where the MMS structure rotate in sync with the Sun's movement to capture maximum possible solar insolation above the solar module. Previously, seasonal inclined MMS structure were being used. Solar tracker comes in different types, like SingleAxis and Dual-Axis tracker. In Single-Axis tracker, the MMS structure rotate in either NorthSouth or East-West direction and in dual-axis solar tracker, it rotates in both North-South and East-West direction.The major part of the solar plant's O&M comes under solar module cleaning with water. Country like India, with limited resources of water, specially in the western parts of the country, usage of water for cleaning becomes uneconomical in view of reduced tariff rate. To overcome this obstacle, nowadays most of the solar developers are using cleaning robots for economical and user-friendly cleaning of the plants without using any water.

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CHALLENGES BEING FACED BY SOLAR CONTRACTORS Due to tight schedule of commissioning date, regulatory uncertainties and low discovered tariff rates, India's top solar EPC players are facing several critical challenges to deliver the projects on time without compromising on quality. Some of the major challenges being faced by solar EPC players are discussed below. Policy Uncertainty & Solar Module Availability: According to IRENA's report named "Renewable Power Generation Cost In 2021", solar module cost constitute 48% of the total capital expenditure (CAPEX) to establish a large scale solar power plant. Also, good quality solar module is critical for the solar plant's sustainability for 25 years. Thus, availability of cost-effective and best quality solar module are the most critical part for a EPC player to complete its project on time Detailed Breakdown Of Utility-Scale Solar PV Total Installed Costs, 2021 Category

Cost Component

$/KW

Module and inverter hardware

Modules

286

Inverters

29.9

Racking and mounting

46.2

Grid connection

Cabling/ wiring

33.3

Safety and security

15.2

Monitoring and control

Mechanical installation

24.5

Electrical installation

19.7

Inspection

5.6

Margin

28.6

Financing costs

38.4

System design

5.9

Permitting

12.7

Incentive Application

10.5

Customer Acquisition

10.5

BoS Hardware

Installation

Soft Cost

Source: IRENA Renew Power Generation Cost Datasheet 2021

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Till FY 2021-22, India used to import more than 80% of its solar modules from China for its solar capacity addition. To mitigate this disproportionate solar module procurement by domestic solar developers, the Gov of India took several regulatory steps from 2012 to 2023 like introduction of MSIPS , implementation of anti-dumping duty, DCR introduction, imposition of safeguard duty, manufacturing linked tender, introduction of ALMM, introduction of BCD etc. Though these regulatory intervention by the Gov, was intended to boost domestic manufacturing capacity and restrict the outflow of national wealth, several times these regulatory intervention created ambiguity and barrier to procure solar module by the domestic solar developers. MSIPS or Modified Special Incentive Package Scheme, 2012: The Modified Special Incentive Package Scheme (MSIPS) was an Indian government initiative aimed at promoting the growth of the electronics manufacturing industry like solar PV manufacturing plant within the country. Introduced in 2012 as a part of the National Policy on Electronics (NPE), the scheme sought to encourage investments in electronics manufacturing by providing financial incentives and support to both domestic and foreign companies. Under the scheme, eligible companies were offered capital subsidies ranging from 20% to 25% of their investment in electronics manufacturing plants. The subsidies were designed to offset the costs of setting up and expanding manufacturing facilities.

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Conclusion As we conclude our report on the Top Solar Contractors of India 2023, it is evident that the solar industry is not merely a sector; it is a force driving transformative change. The winning companies featured in this report among others proudly stand among the leaders, driven by a commitment to excellence and sustainability. The journey so far has been illuminated by innovation, dedication, and a shared vision for a greener, more sustainable future. Let this report serve as a testament to the remarkable strides we've collectively made. As we continue to harness the power of the sun, let us embark on a journey of even greater growth and sustainability, lighting the way for a radiant tomorrow. Together, we have the power to turn sunlight into a legacy that brightens the path for generations to come. We extend our heartfelt gratitude to each and every company that participated, nominated and contributed to the success of this endeavor. Your unwavering commitment to excellence, innovation, and sustainability has not only made this campaign a triumph but has also illuminated the path toward a brighter, cleaner future. Your participation has been instrumental in showcasing the collective strength and potential of the solar industry. Together, we have woven a narrative of progress, growth, and a shared commitment to harnessing the power of the sun for a sustainable tomorrow. Thank you for your dedication, passion, and invaluable contributions. As we move forward, let's continue to collaborate, innovate, and shine a light on the transformative possibilities that lie ahead.

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