India's Solar Installations Surge 167% To 16.4 GW In Jan-Sept: Mercom Report
The country had installed 6.2 GW of solar capacities in the nine-month period of 2023, the US-based research firm said in its latest report.
India added 16.4 gigawatt of solar capacity during January-September 2024, posting a 167% year-on-year rise on account of commissioning of delayed projects, Mercom Capital said.
The country had installed 6.2 GW of solar capacities in the nine-month period of 2023, the US-based research firm said in its latest report.
"In the nine months of January-September of the calendar year 2024, solar projects totaling 16.4 GW were added in India, an increase of over 167% compared to 6.2 GW in 9M 2023. The commissioning of several previously delayed projects contributed to capacity additions in the first nine months of 2024," the report titled 'India Solar Market Update' said.
As per the report, the solar installations in the July-September period rose by 78% to 3.5 GW from 2 GW in the third quarter of last year.
As of September 2024, India's cumulative installed solar capacity stood at 89.1 GW, of which utility-scale projects accounted for more than 86%, and rooftop solar accounted for almost 14% of cumulative installations.
Solar installations accounted for nearly 20% of India's installed power capacity and over 44% of the total installed renewable energy capacity.
Rajasthan, Gujarat, and Karnataka were the top three states for total installed large-scale solar capacity.
In 9M of 2024, 57.6 GW of tenders were announced, the highest ever during the nine-month period of any year, compared to 41.1 GW in 9M of 2023, a rise of 40%.
In Q3 2024, 16.2 GW of tenders were announced, up more than 19% over 13.6 GW in the same period 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.
