Adani Group, an infrastructure and power conglomerate, which entered the solar sector just over two years ago now has the largest overall solar project pipeline in India with almost 2 GW, it said.
With approximately 11 per cent market share, it has the most projects under development in India followed by ReNew Power, a wind and solar company backed by Goldman Sachs with 10 per cent market share.
"Soon to be acquired SunEdison has 8.5 per cent, ACME has 8 per cent, Azure has five per cent, Tata Power has 3.8 per cent, Suzlon and Hero Future Energies have 3.7 per cent of the large-scale solar market each," it said.
In a tough market driven by hyper-competitive reverse auctions and low margins, large conglomerates with deep pockets and strong balance sheets that can access financing at much lower rates, private equity-backed firms and global companies with access to cheaper funding abroad are well-positioned to dominate the sector.
Other than one-off projects, smaller developers will struggle to grow as financing, low bids, and the policy push towards larger projects will make growth challenging.