Mercom Capital Group (Mercom), a clean energy communications and research firm, has released its annual global report announcing the ten leading global large-scale solar PV developers.
The report, which includes data from July 2022 to June 2023, used set criteria to compile the rankings and ranked developers with projects in at least two countries. Other key criteria included the operational capacity of projects, projects under-construction, and projects with awarded PPA contracts. Large-scale projects with 1 MW or more were considered.
With a total capacity of 41.3 GW, France-based TotalEnergies emerged as the top solar PV developer in the world based on its operational, under-construction, and awarded (PPA-contracted) projects. Adani Green Energy, an India-based renewable energy developer, ranked second with 18.1 GW, followed by Canada-based Brookfield Renewable Partners with 18 GW.
The ranking table shows the top 10 global large-scale (utility-scale) solar PV developers based on projects in operation, under construction, and awarded (PPA-contracted).
The top 10 developers accounted for 145 GW of operational, under-construction, and awarded (PPA-contracted) solar projects during the reporting period. Of this, 49.5 GW of projects were operational, 29.1 GW were under construction, and 66.2 GW were in pipeline (PPA-contracted).
Among the top global solar developers, six were based in Europe, three in North America, and one was headquartered in South Asia. Project portfolios of the top developers were primarily located in North America, followed by Asia Pacific.
TotalEnergies was also the top company for under-construction and awarded (PPA-contracted) capacities, with 29.3 GW of projects. Brookfield Renewable Partners was the second-largest player, with 13.6 GW, followed by Adani Green Energy with 11.1 GW.
The top developer with the most operational large-scale solar capacity was TotalEnergies, with 12 GW. Enel Green Power was the second-largest player in terms of operational capacity with 9.2 GW, followed by Adani Green Energy with 7 GW.
The top 10 large-scale solar developers accounted for 49.5 GW of operational projects globally. For under-construction and awarded (contracted) projects, the top large-scale solar developers accounted for more than 95 GW.
“This year’s report includes several new companies, primarily led by European developers, but with project portfolios spread around the world. Several leaders on the list are actively transitioning towards solar and other renewable energy sources. This shift aligns with the evolving priorities in the energy sector, focusing on achieving decarbonization goals set by nations and addressing energy security concerns in light of geopolitical developments,” said Raj Prabhu, CEO of Mercom Capital Group.
The landscape of large-scale solar development is dynamic and ever-changing, marked by a constant shift in ownership of project portfolios. The allure of quality solar projects is high, particularly within well-established markets. Numerous companies we researched for this report were active in project M&A. Mercom has tracked over 112 GW of solar projects changing hands between July 2022 and June 2023.
The full report, Leading Global Large-Scale Solar PV Developers, is available here.