India Achieves 167% Growth In Solar Power Installations In 2024: Mercom

(MENAFN- KNN India) New Delhi, Nov 22 (KNN)
India has achieved a remarkable milestone in its renewable energy sector, installing 16.4 gigawatts (GW) of solar capacity between January and September 2024, marking a 167 percent increase compared to the same period in 2023, according to a new report by Mercom Capital.

The substantial growth is largely attributed to the completion of previously delayed projects, with the third quarter alone witnessing a 78 percent year-on-year increase as installations rose to 3.5 GW from 2 GW in the corresponding period of 2023.

The country's cumulative solar installations reached 89.1 GW by September 2024, with utility-scale projects dominating the landscape at 86 percent of total installations, while rooftop solar installations accounted for the remaining 14 percent.

Solar power now represents approximately 20 percent of India's total installed power capacity and contributes to over 44 percent of the nation's renewable energy portfolio.

Rajasthan, Gujarat, and Karnataka have emerged as the leading states in large-scale solar installations, highlighting the regional distribution of India's solar infrastructure development.

The sector has also witnessed unprecedented growth in tender announcements, with 57.6 GW of tenders issued in the first nine months of 2024, representing a 40 percent increase from the 41.1 GW announced during the same period in 2023.

The third quarter of 2024 alone saw 16.2 GW of new tenders, marking a 19 percent increase compared to the 13.6 GW announced in the third quarter of 2023.

These findings were reported in Mercom Capital's 'India Solar Market Update,' authored by the research firm known for its expertise in energy storage, smart grid technology, and solar energy market intelligence.

(KNN Bureau)

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