![India’s Renewable Energy Capacity Hits 195 GW, Solar Leading At 44%: Report – EQ](https://www.eqmagpro.com/wp-content/uploads/2023/07/AP-bets-on-renewable-energy-to-meet-goals.jpg)
In Short : India’s renewable energy capacity has reached 195 GW, with solar power leading the way, accounting for 44% of the total. This growth highlights the country’s significant progress in expanding its renewable energy infrastructure. Solar energy’s rapid expansion underscores its role as a cornerstone in India’s efforts to achieve its climate and energy goals, reinforcing the country’s commitment to a sustainable future.
In Detail : The wind segment contributed 0.77 GW, down 33 per cent from Q1 2024. The rooftop solar sector added 1.05 GW in Q2 2024
India’s renewable energy sector has achieved a significant milestone, with its total capacity reaching 195 gigawatts (GW) as of 30 June 2024. According to a report by JMK Research, solar energy remains the dominant source, contributing 44 per cent of the total renewable capacity. Wind and large hydro each account for 24 per cent of the renewable mix, highlighting the sector’s ongoing progress.
The report reveals a robust pipeline of renewable energy projects, with 110.6 GW in solar, wind, wind-solar hybrid, and storage initiatives expected to be commissioned over the next 4-5 years. Additionally, 71.4 GW of projects are currently in the bidding phase, with tenders issued but auctions yet to be completed.
In the first half of 2024, India added approximately 9.6 GW of new utility-scale solar capacity, representing a significant 2.3-fold increase compared to the same period in 2023. However, the rooftop solar segment experienced a decline, with only 1.8 GW added, down 19.6 per cent from the first half of 2023. The wind sector saw a slight increase, adding 1.9 GW, up from 1.87 GW in the first half of 2023.
Quarterly data for Q2 2024 shows that 2.1 GW of utility-scale solar capacity was added, a 72 per cent decrease from the previous quarter. The wind segment contributed 0.77 GW, down 33 per cent from Q1 2024. The rooftop solar sector added 1.05 GW in Q2 2024.
Looking ahead, JMK Research projects that India will add around 21.5 GW of new solar capacity in 2024. This includes 16.5 GW from utility-scale projects, 4 GW from rooftop solar, and 1 GW from off-grid components. The wind sector is expected to see an addition of approximately 4.5 GW this year.
In the market for renewable energy components, Sungrow led the inverter market in Q2 2024 with a 29.7 per cent share, while Waaree topped module supply with a 12.9 per cent share. Adani emerged as the leading project developer, with 11.2 GW of operational capacity and an additional 21.95 GW in the pipeline.
The report also noted a decline in new renewable energy tenders in Q2 2024. A total of 39 tenders were issued, amounting to 23.4 GW, a 42.5 per cent drop from Q1 2024. The capacity allotted to developers fell by 67 per cent to 6,700 MW. Avaada Energy secured the highest capacity of 1,910 MW, followed by JSW Energy with 1,180 MW and ReNew with 600 MW.
In terms of tariffs, the lowest-winning solar tariff in Q2 2024 was Rs 2.67 per kWh, up 6 per cent from the previous quarter. For the wind-solar hybrid segment, the lowest tariff was Rs 3.33 per kWh, a 5.7 per cent increase from the last quarter.
Investment in the renewable energy sector surged by 61.8 per cent in Q2 2024, totalling USD 2.088 billion. However, solar module imports and exports saw significant declines, with imports dropping by 73 per cent and exports by 31.3 per cent compared to Q1 2024. This decline is attributed to the reimposition of the ALMM order effective April 1, 2024. Meanwhile, domestic Mono PERC module prices decreased by 4 per cent quarter-on-quarter and 31.7 per cent year-on-year, reflecting a continued downward trend in module costs.