India Hits Record 15-GW Solar Capacity Expansion In First Half Of 2024: Report
By June 2024, India's total installed solar capacity reached 87.2 GW.
India had solar installations of a record 15 gigawatts during the first half of 2024, according to a report by Mercom Capital. The country had added 3.89 GW of solar capacity during January–June 2023, according to the US-based research firm's latest report.
"In the first half, solar installations in India reached 15 GW, surpassing all previous year's records, posting an increase of 282% compared to 1H 2023," the 'India Solar Market Update' report said.
The record installations occurred as developers sped up the commissioning of previously delayed projects, according to the report.
By June 2024, India's total installed solar capacity would have reached 87.2 GW. Of this total, utility-scale projects comprised nearly 87%, while rooftop solar made up just over 13%.
Solar energy now represents 19.5% of India's total installed power capacity and more than 44% of the country's total installed renewable energy capacity.
The average cost of large-scale solar projects decreased to 26% year-on-year and 2% quarter-on-quarter.
Raj Prabhu, chief executive officer of Mercom Capital Group, termed the year 2024 a "breakout year for India's solar industry," citing its first half.
"However, to ensure that the strong pipeline of projects and ramped-up tender activity translate into timely installations, it is critical that we tackle the component supply and grid connectivity challenges with urgency, so we can meet the 280 GW target by 2030," he said.
In the first half of 2024, a total of 41.4 GW in tenders were announced. This represents a 51% increase from the 27.5 GW announced during the same period in 2023.
Approximately 31.8 GW of projects were auctioned in the first half of 2024, marking a substantial 321% rise from the 7.6 GW auctioned in the first half of 2023.
Mercom Capital specialises in providing market intelligence on energy storage, smart grid technology and solar energy, in addition to offering advisory services on emerging markets and strategic decision-making.
(With inputs from PTI).
