In Short : India witnessed a remarkable 167% surge in solar energy capacity additions during the first nine months of 2024, with 16.4 GW of projects installed compared to 6.2 GW during the same period in 2023. This growth was driven by the commissioning of delayed projects. As of September 2024, India’s total installed solar capacity reached 89.1 GW, representing 20% of the country’s total power capacity and 44% of its renewable energy portfolio. Major contributors included Rajasthan, Gujarat, and Karnataka.
In Detail : India added 16.4 GW of solar capacity in the first nine months of 2024, a 167% increase compared to the same period in 2023, according to Mercom’s Q3 2024 India Solar Market Update.
The spike in installations was largely driven by the commissioning of several delayed projects. In the third quarter (Q3) alone, 3.5 GW of solar capacity was installed, a 28% quarter-over-quarter (QoQ) decline from the 4.9 GW installed in Q2 2024.
In Q3 2024, 3.5 GW of solar capacity was installed, a 28% drop from 4.9 GW in Q2 2024 but a 78% increase from 2 GW in Q3 2023. Large-scale projects contributed 2.8 GW, down 34% from Q2 2024 due to delays in grid connectivity, land acquisition issues, monsoon disruptions, and limited availability of domestic content-compliant modules. Solar open access projects made up 39% of large-scale installations.
By September 2024, India’s total solar capacity reached 89.1 GW, with utility-scale projects accounting for 86% and rooftop installations 14%.
Solar now represents 20% of India’s total installed power capacity and 44% of its renewable energy capacity.
Meanwhile, solar module and cell imports increased 27% QoQ but fell 19% YoY. Exports dropped 55% QoQ and 62% YoY.
