According to a report by Mercom Capital, India saw a record 15 gigawatts of solar power installed in the first half of 2024. According to the US research firm’s latest report, the country added 3.89 GW of solar capacity between January and June 2023.
“In the first half of the year, solar installations in India reached 15 GW, surpassing all previous year’s records and recording an increase of 282% compared to the first half of 2023,” the India Solar Market Update report said.
The record installations came as developers accelerated the commissioning of previously delayed projects, the report said.
By June 2024, India’s total installed solar capacity would reach 87.2 GW, of which nearly 87% will be utility-scale projects, while rooftop solar will account for just over 13%.
Solar energy now accounts for 19.5 percent of India’s total installed electricity capacity and more than 44 percent of the country’s total installed renewable energy capacity.
Average costs for large solar projects fell 26 percent year-on-year and 2 percent quarter-on-quarter.
Raj Prabhu, Chairman of Mercom Capital Group, described 2024 as a “breakthrough year for India’s solar industry,” referring to the first half of the year.
“However, to ensure that the strong project pipeline and increased tender activity translate into timely installations, it is critical that we urgently address the challenges of component supply and grid connectivity so that we can achieve the 280 GW target by 2030,” he said.
In the first half of 2024, tenders for a total of 41.4 GW were announced, an increase of 51% compared to the 27.5 GW announced in the same period in 2023.
In the first half of 2024, projects with a capacity of approximately 31.8 GW were auctioned, a significant increase of 321% compared to the 7.6 GW auctioned in the first half of 2023.
Mercom Capital specializes in providing market intelligence on energy storage, smart grid technology and solar energy, and also offers advisory services on emerging markets and strategic decision making.
(With inputs from PTI).
