India’s Solar Energy Boom: Top 5 Stocks to Watch in 2024 for Massive Growth
Hello friends,
India’s solar energy market isn’t just growing it’s skyrocketing. With the country’s economy surging and renewable energy capacity expected to exceed 450 GW by 2030, solar power is set to dominate India’s energy landscape. In this article, we’ll explore why solar energy is booming, the government’s initiatives, and the top solar energy stocks you should keep an eye on.
Why Solar Energy is the Future of India
India is the fastest-growing major economy, and solar energy is playing a key role in this growth. As part of Budget 2024, the Finance Minister announced a groundbreaking initiative: 1 crore households will receive 300 units of free electricity every month through the rooftop solar scheme. This move is expected to save households between ₹15,000 to ₹18,000 annually, thanks to free solar electricity and the ability to sell surplus power to distribution companies.
Solar energy is set to account for over 60% of India’s renewable energy capacity by 2030. With declining costs, technological advancements, and energy storage solutions, solar power is becoming more accessible and affordable than ever before.
Government Initiatives Boosting Solar Energy
1. PM Surya Ghar Yojana:
This initiative aims to install rooftop solar panels on middle- and lower-class households, providing free electricity and reducing energy bills.
2. Production Linked Incentive (PLI) Scheme:
Designed to boost domestic manufacturing, the PLI scheme is attracting massive investments in solar power development.
3. Solar Park Scheme:
This program is creating large-scale solar parks across the country, further accelerating solar energy adoption.
The solar energy market, valued at $38 billion in 2021, is projected to reach $238 billion by 2030, growing at a staggering 40% CAGR.
Top Solar Energy Stocks to Watch
Here are five solar energy companies making waves in India’s renewable energy sector:
1. KPI Green Energy
Market Cap : ₹9,270 crore
Stock Price : ₹1,647
Key Highlights:
Operates as an independent power producer (IPP) and provides engineering, procurement, and construction (EPC) services.
Has a 100 MW solar portfolio under the IP segment and over 100 MW in EPCC projects.
Notable clients include Cadila Healthcare, ColorTex, and Make Money Organics.
Venturing into wind-solar hybrid projects for better grid stability.
2. Tata Power
Market Cap : ₹1,24,840 crore
Stock Price : ₹410
Key Highlights:
Aims to generate 100% electricity from renewable sources.
Plans to set up 1 lakh EV charging stations by 2025.
Current energy capacity: 14,381 MW (62% thermal, 38% renewables).
Expanding globally with projects in Georgia, Zambia, and Bhutan.
3. Waaree Renewables
Market Cap : ₹15,360 crore
Stock Price : ₹1,793
Key Highlights:
India’s largest solar panel manufacturer with a 12 GW capacity.
Focuses on solar pumps, parks, rooftop solar, and floating solar projects.
Venturing into green hydrogen with a 1 MW plant.
Clients include Adani, Reliance Industries**, and ArcelorMittal.
4. Swelect Energy Systems
Market Cap : ₹1,594 crore
Stock Price : ₹1,065
Key Highlights:
Specializes in crystalline silicon technology and solar PV modules.
Revenue split: 73% solar energy systems, 27% foundry division.
Expanding with a 500 MW solar PV module manufacturing unit.
5. Servotech Power Systems
Market Cap : ₹1,946 crore
Stock Price : ₹92
Key Highlights:
Leading provider of EV charging stations and solar inverters.
Installed over 2,400 EV chargersacross India.
Expanding into the Middle East and Africa with partnerships like Al Ansari Motors.
Plans to invest ₹300 crore in an EV charger manufacturing facility in Uttar Pradesh.
The Road Ahead for Solar Energy in India
India’s solar energy sector is on an unstoppable rise, driven by government support, technological advancements, and increasing investments. With initiatives like PM Surya Ghar Yojana and the PLI scheme, the country is well on its way to becoming a global leader in renewable energy.
For investors, solar energy stocks like KPI Green Energy, Tata Power, and Waaree Renewables offer exciting opportunities to be part of this green revolution.
What do you think about India’s solar energy boom? Are you considering investing in solar stocks? Share your thoughts in the comments below!
