India added 16.4 GW of solar capacity from January to September 2024, marking a 167% year-on-year increase, according to a report by Mercom Capital. This surge was attributed to the commissioning of several previously delayed projects. In the same period in 2023, India had installed only 6.2 GW of solar capacity.
The 'India Solar Market Update' report highlighted that solar installations in the July-September 2024 quarter reached 3.5 GW, a 78% increase compared to 2 GW installed during the third quarter of 2023.
As of September 2024, India's total installed solar capacity stood at 89.1 GW, with utility-scale projects accounting for more than 86% and rooftop solar systems comprising the remaining 14%. Solar power now contributes to nearly 20% of India's total installed power capacity and over 44% of the nation's renewable energy capacity.
Top performing states in terms of large-scale solar capacity were Rajasthan, Gujarat, and Karnataka.
The report also noted a record-breaking number of solar tenders announced in 2024. 57.6 GW of tenders were introduced in the first nine months of 2024, a 40% increase compared to 41.1 GW in 2023. During Q3 2024, 16.2 GW of tenders were announced, reflecting a 19% rise over the 13.6 GW announced in the same quarter of 2023.
This accelerated solar expansion underscores India's commitment to renewable energy development and its efforts to meet ambitious clean energy goals.
