(MENAFN- KNN India)
New Delhi, Aug 27 (KNN) India has set a new benchmark in solar energy as it added a record 15 gigawatts (GW) of solar capacity in the first half of 2024, marking an unprecedented increase of over 282 per cent compared to the same period in 2023.
This impressive growth underscores the nation's accelerating push towards renewable energy, according to the latest report by Mercom Capital.
In the second quarter of 2024, ending June 30, India commissioned 5 GW of solar capacity. This represents a remarkable 170 per cent rise from the 1.8 GW commissioned in the same quarter last year.
However, the growth was tempered by a significant sequential decline of over 49% from the 9.9 GW installed in the first quarter of 2024.
Mercom Capital highlighted that project delays, particularly related to grid connectivity and transmission infrastructure, have heavily impacted the quarterly solar additions.
Additionally, the reimposition of the Approved List of Models and Manufacturers (ALMM) order has further disrupted the viability and timely commissioning of several open access projects, contributing to delays during the quarter.
Despite these setbacks, the overall solar landscape in India remains robust. As of June 2024, the country's cumulative installed solar capacity reached 87.2 GW. Of this, nearly 87 per cent comprises utility-scale projects, while rooftop solar makes up the remaining 13 per cent.
Solar energy now constitutes 19.5 per cent of India's total installed power capacity and over 44 per cent of its total renewable energy capacity.
In terms of tendering activity, the April-June 2024 quarter saw the announcement of 10.7 GW of tenders, a decrease of 21.6 per cent from the 13.6 GW announced in the same quarter last year.
The tender activity also experienced a notable decline of 65.2 per cent compared to the 30.7 GW announced in the first quarter of 2024.
Looking ahead, India's large-scale solar project pipeline stands at an impressive 146 GW, with an additional 104 GW of projects tendered and pending auction as of June 2024.
This extensive pipeline indicates a continued commitment to expanding the country's solar energy capacity despite current challenges.
The solar sector's rapid growth reflects India's strategic focus on sustainable energy solutions, positioning it as a global leader in renewable energy adoption.
(KNN Bureau)
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