India Sees 2-Fold Surge In Open-Access Solar Installations In Q1 This Year
Date
6/11/2024 5:15:12 AM
(MENAFN- IANS) New Delhi, June 11 (IANS) As the adoption of renewable energy gains steam in India to offset the negative impact of climate change, India saw a two-fold surge in open-access solar installations to 1.8 gigawatts (GW) in the first quarter this year.
According to US-based research firm Mercom Capital, this translates to a two-fold increase, from 909.3 megawatts (MW) in Q4 2023.
Open-access solar solutions allow businesses and consumers to access renewable energy generated by solar projects from their premises.
The cumulative installed solar open access capacity stood at 14.3 GW (as of March), according to the report, titled 'Mercom India Solar Open Access Market'.
According to Priya Sanjay, Managing Director at Mercom India, the demand for green energy open access, especially solar, has been mounting, driven by financial savings and initiatives to add renewable energy to the power procurement mix.
The report mentioned that in the first quarter this year, Rajasthan led solar open access capacity additions (almost 28 per cent), followed by Andhra Pradesh and Maharashtra at 21 per cent and 12 per cent, respectively.
In line with Prime Minister Narendra Modi's announcement at the 2021 United Nations Climate Change Conference, (COP26), the Ministry of New and Renewable Energy is working towards achieving 500 GW non-fossil-based electricity generation capacity by 2030.
India stands 4th globally in renewable energy installed capacity, fourth in wind power capacity and fifth in solar power capacity.
The government is implementing the National Green Hydrogen Mission, approved by the Union Cabinet, with an outlay of Rs 19,744 crore.
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