Renewable energy companies are emerging as key players, driving innovation, sustainability, and economic growth. As we navigate through 2024, India’s renewable energy sector is witnessing significant momentum.
As of 2022, India ranked fourth globally in installed renewable energy capacity, boasting over 100 GW of solar and wind power combined. India is projected to become the largest growth market for energy by 2040, with renewables accounting for 49% of the country's total energy consumption (REN21 Renewables 2022 Global Status Report).
Renewable Energy Industry is propelled by the efforts of companies at the forefront of this transition. Let's dive deeper into the profiles of these top renewable companies to watch in 2024
1. Hartek Group
Hartek Group has firmly established itself as a front-runner in India's renewable energy sector. The company showcase its prowess in solar, wind, and now, green hydrogen solutions. It is renowned for its specialisation in solar and wind energy solutions. The company has left an indelible mark with its successful execution of numerous projects spanning the nation.
At the heart of Hartek Group's success lies its robust portfolio of project engineering, procurement, and construction (EPC) services. Renowned for reliability and expertise, the company excels in delivering renewable energy solutions. They meet the highest standards of quality and efficiency.
Hartek has an unwavering commitment to innovation and sustainability. The EPC company continues to play a pivotal role in driving India's renewable energy revolution. Through its pioneering efforts in solar, wind, and now green hydrogen, the company remains at the forefront of shaping a cleaner, greener, and more prosperous tomorrow.
2. NTPC Ltd
NTPC Ltd, India’s largest power utility, has been actively diversifying its energy mix towards renewables. With a strategic focus on wind and solar power projects, NTPC is making significant strides in clean energy generation.
Leveraging its extensive infrastructure and technological capabilities, the company aims to accelerate the acceptance of renewable energy. It also ensures energy security and affordability for the nation.
3. Tata Power
Tata Power is a subsidiary of the esteemed Tata Group. It has emerged as a key player in India’s renewable energy transition. With a multi-pronged approach encompassing solar, wind, and hydroelectric power projects, Tata Power is committed to sustainable development and environmental stewardship.
The company’s emphasis on innovation and community engagement underscores its dedication to creating a greener future for India.
4. JSW Energy
JSW Energy is actively pursuing opportunities in the renewable energy sector. This is a part of its strategic expansion plans. With a focus on solar and hydroelectric power projects, the company is leveraging its expertise in project development and execution.
It actively contributes to India’s renewable energy goals. JSW Energy’s emphasis on operational efficiency and sustainability aligns with its vision of becoming a leading player in the clean energy space.
5. Indian Renewable Energy Development Agency Ltd (IREDA)
IREDA plays a pivotal role in facilitating the growth of renewable energy projects in India through financial support and advisory services. As a specialised financial institution, IREDA provides a range of financial products tailored to meet the needs of renewable energy developers and investors.
By catalysing investments and promoting technological innovation, IREDA is instrumental in driving the expansion of India’s renewable energy sector.
Conclusion
India’s renewable energy sector is undergoing a paradigm shift. The Indian government has set a target of achieving 450 GW of renewable energy capacity by 2030, comprising 280 GW of solar power and 140 GW of wind power, signalling a significant opportunity for growth and investment in the sector.
Companies are not only driving the transition towards sustainable energy but also fostering economic development, job creation, and environmental conservation. With ambitious targets set by the government and a conducive policy environment, India is poised to emerge as a global leader in renewable energy in the years to come.
