The Rise of India’s Solar Titans: A Global Power Shift in the Making
The solar energy landscape is undergoing a quiet revolution, and at its heart is India—a nation rapidly transforming from a renewable energy adopter to a global powerhouse. What’s particularly striking is how Indian companies are not just keeping pace but are beginning to dominate in sectors like Engineering, Procurement, and Construction (EPC) and Operations & Maintenance (O&M). This isn’t just about numbers; it’s about a strategic shift in the global energy order. Personally, I think this is one of the most underreported stories in the renewable sector today, and it’s worth unpacking why.
India’s EPC and O&M Boom: More Than Just Domestic Growth
While the U.S. still leads the EPC and O&M rankings—with SOLV Energy’s staggering 17.4GW and 19.7GW capacities, respectively—Indian firms are closing the gap faster than anyone anticipated. Larsen & Toubro and Sterling & Wilson, for instance, are now global heavyweights, ranking second and fifth in operational capacity. What makes this particularly fascinating is that their growth isn’t confined to India. Larsen & Toubro has built more solar capacity in Saudi Arabia (around 4GW) than at home, a detail that I find especially interesting. It suggests that Indian companies are leveraging their domestic expertise to become major exporters, a trend that’s reshaping the global solar supply chain.
From my perspective, this isn’t just about market expansion; it’s about India’s ability to compete in a sector long dominated by Western and Chinese firms. The Middle East’s soaring demand for solar projects has been a game-changer, but what many people don’t realize is that Indian companies are winning these contracts not just on price but on proven capability. This raises a deeper question: Could India become the next hub for global solar EPC and O&M services?
The Scale of India’s Solar Ambition
India’s solar PV growth is almost on par with the U.S., adding around 33GW in 2025 compared to the U.S.’s 35GW. But what this really suggests is that India’s growth is more deliberate and policy-driven. The government’s push for Inter-State Transmission System (ISTS)-connected hybrids paired with wind or batteries is a masterstroke. Batteries, in particular, have become central to India’s tender landscape, as the country aims to balance renewable energy’s intermittency with reliability. If you take a step back and think about it, this isn’t just about energy security—it’s about positioning India as a leader in next-gen energy solutions.
One thing that immediately stands out is the scale of projects. Philip Wolfe of Wiki-Solar notes that 70% of India’s operating capacity now comes from projects above 100MW, with 300-600MW plants becoming common. This isn’t just growth; it’s a structural shift toward larger, more efficient projects. In my opinion, this trend will make Indian firms even more competitive globally, as they gain experience in managing complex, large-scale projects.
The Domestic Focus: A Double-Edged Sword
While Indian EPC and O&M firms are going global, the country’s project developers and Independent Power Producers (IPPs) remain overwhelmingly domestic. Adani and NTPC, for example, have 90-100% of their capacity in India. This is both a strength and a limitation. On one hand, it ensures that India’s solar growth is self-sustaining; on the other, it creates barriers for foreign firms looking to enter the market. What many people don’t realize is that India’s regulatory environment, including policies like the Approved List of Modules and Manufacturers (ALMM), is designed to prioritize domestic players. This has kept out Chinese contractors entirely and limited European participation to a handful of firms.
This raises a deeper question: Is India’s solar sector becoming too insular? While domestic dominance ensures energy independence, it could also stifle innovation and competition. Personally, I think India needs to strike a balance—encouraging homegrown growth while remaining open to global best practices.
The Future: India as a Global Solar Hub?
If current trends continue, India could become the world’s solar manufacturing and service hub, rivaling China in some aspects. The sheer scale of its domestic market, combined with its growing export capabilities, positions it uniquely. However, challenges remain. Regulatory complexities and the need for continued policy support will determine whether India can sustain this momentum. One thing is clear: the global solar industry can no longer afford to ignore India’s rise.
In conclusion, India’s solar story is more than just a growth narrative; it’s a strategic pivot with global implications. As someone who’s watched this sector for years, I’m convinced that we’re witnessing the birth of a new energy superpower. The question isn’t whether India will succeed—it’s how quickly the rest of the world will adapt to its rise.
