[Insight] U.S. Solar Assets: Top 50 PV Operators Control 112 GW

1. Market Overview: Sustained Growth Amid Turbulence

Despite facing significant policy headwinds, the U.S. solar industry continued its strong growth trajectory in 2025. As of the end of Q2 2025, cumulative U.S. solar capacity reached 255.5 GW. In the first half of 2025 alone, the country added 18.3 GW of new solar capacity, of which 14.7 GW came from utility-scale projects.

Solar remained the dominant source of new electricity generation capacity in the United States. In H1 2025, solar accounted for 56% of all new capacity additions; when combined with battery storage, the share rose to an impressive 82%.

State-level highlights:

• Texas led with 3.9 GW of new additions, though Q2 growth slowed after average electricity prices in 2024 fell ~50% year-over-year.

• California (1.7 GW), Indiana (1.6 GW), and Arizona (1.5 GW) followed.

  
  

Major Policy Shift The passage of the One Big Beautiful Bill Act (OBBBA) dramatically altered the legislative landscape:

• Utility-scale and C&I projects will lose access to Sections 48E and 45Y tax credits after 2027.

• Residential customer-owned systems will lose the Section 25D credit after 2025.

Despite the looming subsidy cliff, SEIA still forecasts 246 GW of solar additions between 2025 and 2030, driven by robust project pipelines, pre-2027 rush installations, rising natural gas prices, and strong electricity demand growth.

2. Top 50 Portfolio Analysis – Concentration Continues to Rise

The Top 50 solar asset owners now operate a combined 112 GW in North America — up 20 GW from the previous edition (92 GW). Market concentration has intensified further:

• Top 10 owners hold 50.4 GW → nearly half of the entire Top 50 portfolio.

• Companies with ≥1 GW: increased from 23 → 35

• Companies with ≥2 GW: increased from 15 → 26

• Companies with ≥3 GW: surged from 3 → 11

  
  

Leading Players (selected)

1. NextEra Energy – 11.6 GW (+~2 GW YoY, still unchallenged #1)

2. TotalEnergies – 5.4 GW

3. AES – 5.2 GW

4. Arevon – 4.3 GW D.E. Shaw remains the only pure investor in the top 10 and strengthened its position with +1.4 GW.

   
   

Ownership Structure (Top 50)

• Independent Power Producers (IPPs): 83.4 GW → 74.5%

• Institutional Investors: 20.0 GW → 18% (significantly under-reported due to limited disclosure)

• Utilities: 8.5 GW → 7.5%

  
  

Geographic Breakdown

Company headquarters: North America 73.8%, Europe 19.3%, Canada 5.4%, Asia 1.5%.

Portfolio by state (Top 5):

1. California – 17.4 GW

2. Florida – 13.3 GW

3. New York – 7.5 GW

4. Illinois – 6.6 GW

5. Texas – 5.8 GW

3. North America Top 50 Solar Asset Owners Ranking (2026 Edition)

Data sourced and compiled from the latest Solarplaza Top 50 report, ranked by operating North American solar portfolio size.

(The full ranked list with all 50 companies and exact MW figures is available in the complete Solarplaza report.)

4. Outlook 2026 & Beyond

The post-2025 era will be shaped by the OBBBA subsidy phase-out that takes full effect in 2027–2028. While this creates medium-term headwinds, the underlying fundamentals remain exceptionally strong: falling module and balance-of-system costs, explosive corporate and utility clean energy demand, and massive project backlogs.

Key forecasts:

• Annual U.S. additions expected to remain above 35 GW through 2030 even without major federal tax credits.

• With improved transmission development and financing conditions, solar is on track to become North America's largest single source of new generation capacity in the early 2030s.

  
  

---

For the most detailed, up-to-date Top 50 ranking, exclusive regional deep-dives, pipeline intelligence, M&A advisory, and project finance support in the North American solar market, partner with Kada Energy — your trusted strategic advisor in utility-scale solar and storage.

Contact us today at by visiting https://www.kada-tech.com/ to unlock premium market intelligence and investment opportunities.