India’s power sector relies on independent power producers (IPPs) to generate electricity and supply it to utilities and businesses through power purchase agreements and other arrangements. These companies operate power plants across technologies, including solar, wind, hydro and thermal energy. However, comparing them can be difficult because some figures cover operational capacity, while others include projects under development or the company’s entire portfolio.
Independent Power Producer (IPP) Companies in India at a Glance
Here is an overview of major independent power producer (IPP) companies in India, focusing on their renewable energy portfolios, operational capacity and project pipelines.
| IPP Company | Type | Operational | Pipeline or under construction | Technology |
|---|---|---|---|---|
| ACME Solar | Listed private | 2,990 MW contracted, plus 3.62 GWh BESS | 5,080 MW contracted | Solar, wind, hybrid, FDRE, storage |
| Adani Green Energy | Listed private | 20,142 MW | 30 GW target at Khavda by 2029 | Solar, wind, hybrid, 3,551 MWh BESS |
| Avaada Group | Private | Over 7.6 GW | About 10.5 GWp | Solar, wind, hybrid, FDRE, solar-plus-storage |
| JSW Energy | Listed private | 8,877 MW renewable of 14,535 MW total | 13 GW under construction | Solar, wind, hybrid, hydro, pumped storage |
| NTPC Green Energy | Public sector, listed | 10,671 MW | 16,318 MW contracted and awarded; 3,424 MW pipeline | Solar, wind, storage |
| ReNew | Private, Nasdaq-listed | About 13.1 GW commissioned | About 20.5 GW gross portfolio | Solar, wind, 1.7 GW BESS, manufacturing |
| Tata Power Renewable | Listed private | 7 GW utility-scale | 5.3 GW under implementation | Solar, wind, rooftop, storage |
Top IPP Companies in India: Leading Independent Power Producers
Renewable energy IPP companies in India operate projects across solar, wind, hydro and hybrid technologies. The companies below have significant renewable energy portfolios, with differences in operational capacity, projects under construction, energy storage and power supply arrangements. Their profiles highlight these areas to help businesses and power buyers identify potential suppliers.
1. ACME Solar
Headquartered in Gurugram, ACME Solar is a listed IPP company focused on renewable energy and firm, dispatchable power supply.
- Operational capacity under contract: 2,990 MW.
- Energy storage: 3.62 GWh of commissioned battery storage.
- Projects under construction: 5,080 MW of contracted capacity.
- Power buyers: SECI, along with central and state government-backed entities.
2. Adani Green Energy
Based in Ahmedabad, Adani Green Energy develops and operates large-scale renewable energy projects across India. Its portfolio includes major solar and wind installations.
- Operational renewable capacity: 20,142 MW, representing 27% year-on-year growth.
- Key project: The Khavda renewable energy project in Gujarat had 10.3 GW operational capacity against a target of 30 GW by 2029.
- Energy storage: 3,551 MWh commissioned at Khavda.
3. Avaada Group
Headquartered in Mumbai, Avaada Group is a privately held renewable energy company with projects spanning solar, wind, hybrid power and energy storage.
- Total renewable energy portfolio: More than 17.7 GWp.
- Operational capacity: Over 7.6 GW.
- Capacity under construction: Approximately 10.5 GWp.
- Recent additions: More than 2 GWp added during FY2025–26.
- Technology mix: Solar, wind, hybrid projects, firm and dispatchable renewable energy (FDRE) and solar-plus-storage solutions.
4. JSW Energy
JSW Energy, headquartered in Mumbai, operates both conventional and renewable power assets. Its total installed capacity therefore includes more than renewable energy alone.
- Total installed capacity: 14,535 MW.
- Renewable capacity: 8,877 MW, comprising:
- Solar: 2,500 MW
- Wind: 3,764 MW
- Hybrid: 832 MW
- Hydro: 1,781 MW
- Capacity under construction: 13 GW.
- Energy storage: 29.6 GWh of storage capacity reported as secured.
5. NTPC Green Energy
NTPC Green Energy, based in New Delhi, is the listed renewable energy arm of NTPC and a major public sector player in India’s renewable power sector.
- Operational capacity: 10,671 MW.
- Solar capacity: 9,891 MW.
- Wind capacity: 780 MW.
- Contracted and awarded projects: 16,318 MW.
- Total portfolio, including operational assets: 30,413 MW.
6. ReNew
Headquartered in Gurugram, ReNew develops and operates renewable energy projects and also manufactures solar modules and cells.
- Commissioned renewable capacity: Approximately 13.1 GW.
- Gross portfolio: Around 20.5 GW.
- Energy storage: The portfolio includes 1.7 GW of storage capacity, as reported by the company.
- Solar manufacturing: 6.4 GW of module capacity and 2.5 GW of cell capacity.
7. Tata Power Renewable Energy
Tata Power Renewable Energy, a renewable energy developer in India, based in Mumbai, develops utility-scale solar and wind projects and supplies renewable electricity to commercial, industrial and group captive buyers.
- Operational utility-scale capacity: 7 GW.
- Solar capacity: 5.7 GW.
- Wind capacity: 1.3 GW.
- Total portfolio: 12.3 GW, including projects at different stages of development.
- Capacity backed by power purchase agreements: 9.7 GW.
- Group captive project: Its 100 MW Kayathar project in Tamil Nadu supplies group captive buyers, including Tata Electronics and TP Solar.
How to Compare Independent Power Producers
When comparing independent power producers (IPPs), it is important to understand what their reported capacity figures represent. Operational capacity refers to plants that are currently generating electricity. Installed capacity may include both renewable and conventional power plants, while total portfolio capacity can include operational projects, projects under construction and projects at earlier stages of development. These differences explain why capacity figures may vary across sources.
Before choosing an IPP company, consider these four factors:
- Power purchase agreements: Check who will buy the electricity and how much capacity is covered by signed agreements. A signed contract provides greater clarity than a project that has only been awarded.
- Financial closure: Find out whether funding has been secured for projects under development. A large project pipeline does not necessarily mean all the projects will be completed.
- Technology mix: Consider whether the IPP offers solar, wind, hybrid power or energy storage. Businesses that need a steady power supply may require a combination of technologies and storage, depending on their energy requirements.
- Operations and maintenance: Power plants need regular maintenance throughout their operating life. Review the company’s maintenance arrangements, performance commitments and generation guarantees, where applicable, rather than comparing tariffs alone.
Also Read: How Independent Power Producers are Revolutionizing Renewable Energy Production
Buying Power from an Independent Power Producer
A business can buy from an independent power producer in three ways:
- Captive means holding an ownership stake in the plant.
- Group captive lets several consumers share one plant, as at Kayathar above.
- Open access lets a consumer contract power and move it over the grid, at sanctioned loads of 100 kW and above under the Green Energy Open Access Rules.
Conclusion
When comparing independent power producers, look beyond total portfolio size. Check their operational capacity, power purchase agreements and ability to meet your energy requirements.
Avaada Group is one of the best renewable energy company that develops solar, wind, hybrid, firm and dispatchable renewable energy (FDRE) and storage-backed projects across India. Connect with our team to discuss renewable power solutions for your business.
FAQs
Which independent power producer (IPP) has the largest operational renewable capacity in India?
Among independent power producers, Adani Green Energy holds the largest operational renewable capacity at 20,142 MW. NTPC Green Energy leads the public sector at 10,671 MW.
Who buys the power that independent power producers generate in India?
Independent power producers sell mainly to central agencies such as SECI and NTPC, to state distribution companies and to businesses through captive, group captive and open access routes. ACME Solar names SECI among its offtakers.
Which independent power producer companies in India supply power to businesses?
Independent power producers serving commercial and industrial buyers include Avaada Group, Tata Power Renewable Energy, which runs group captive projects such as the 100 MW Kayathar plant and others offering open access supply.
What is the difference between an independent power producer and an EPC company?
An independent power producer owns the plant and sells the electricity, earning revenue across a 25-year contract. An EPC company designs and builds the plant for a fee and hands it over. Some groups do both, so check which role a capacity claim refers to.
What is a captive independent power producer?
A captive arrangement is one where the power buyer holds an ownership stake in the generating plant and consumes its output instead of buying from a distribution utility. A group captive extends the structure across several consumers sharing one plant.
