In Short : India added 15 GW of solar capacity in the first half of FY24, marking a 282% increase compared to the same period in FY23. This substantial growth reflects the country’s accelerating efforts to expand its solar energy infrastructure. The surge in capacity highlights India’s commitment to renewable energy, driven by favorable policies and increased investment in the sector.
In Detail : India’s solar industry is experiencing significant growth, with record installations of about 15 GW in the first half of 2024, as developers rushed to complete previously delayed projects. This marks a remarkable 282% increase compared to 3.89 GW added in the same period in 2023, according to a report by Mercom Capital. As of June 2024, India’s total installed solar capacity reached 87.2 GW, with utility-scale projects making up nearly 87% and rooftop solar accounting for over 13%. Solar energy now represents 19.5% of India’s total power capacity and more than 44% of its renewable energy capacity.
The average cost of large-scale solar projects has decreased by nearly 26% YoY and 2% QoQ. CEO of Mercom Capital Group Mr. Raj Prabhu, noted that 2024 is likely to be a significant year for India’s solar industry, particularly following a strong first half. He emphasized the importance of urgently addressing challenges related to component supply and grid connectivity to ensure that the robust pipeline of projects and increased tender activity led to timely installations, which is vital for achieving the 280 GW target by 2030.
In the first half of 2024, a total of 41.4 GW of tenders were announced, reflecting a 51% increase from 27.5 GW in H1 23. Additionally, about 31.8 GW of projects were auctioned in H1 24, up 321% from 7.6 GW in H1 23.
