Got net-zero news, project updates, or product launches to share? India’s solar power surge
India’s solar industry is buzzing with excitement as the country installed a record-breaking 14.9 gigawatts (GW) of solar projects in the first half of 2024, according to new research by Mercom India Research.
This remarkable achievement marks a significant 282 per cent increase from the same period in 2023, showcasing India’s commitment to accelerating its renewable energy goals.
The second quarter of 2024 saw the commissioning of nearly 4.3GW of large-scale solar projects, including almost 1.8GW of open-access solar projects, highlighting the diverse range of developments in the sector.
Rajasthan, Gujarat, and Karnataka emerged as the frontrunners in terms of large-scale solar capacity additions for the quarter, collectively accounting for 73 per cent of installations.
Not only is solar energy flourishing, but other renewable sources, including large hydro, have also experienced growth, reaching a total capacity of 20.6GW.
With a cumulative installed solar capacity of 87.2GW as of June 2024, India is making substantial strides towards its clean energy targets.
Utility-scale projects dominate the landscape, representing 87 per cent of cumulative installations, while rooftop solar accounts for a commendable 13 per cent.
Solar energy now constitutes 19.5 per cent of India’s installed power capacity and over 44 per cent of the total installed renewable energy capacity, underlining the pivotal role it plays in the country’s energy mix.
Commenting on the industry’s performance, Raj Prabhu, Chief Executive Officer of Mercom Capital Group, remarked, “2024 is shaping up to be a breakout year for India’s solar industry, with an impressive first half. However, to ensure that the strong pipeline of projects and ramped-up tender activity translate into timely installations, it is critical that we tackle the component supply and grid connectivity challenges with urgency so we can meet the 280GW target by 2030.”
As the momentum for renewable energy gathers pace in India, it is evident that the country’s solar sector is on an upward trajectory, poised for continued growth and innovation in the years ahead.
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