India installed 6,794 MW of solar power capacity in the first half (Jan.-June period) of 2023, about 19% lower than the same period of the previous year. Rooftop PV installations saw significant uptake. In H1 2023, around 2,294 MW of rooftop solar capacity was added, which is higher than the entire rooftop PV installations in 2022, according to a new report by JMK Research.
In H1 2023, wind power installations surged 166% y-on-y to 1,878 MW.
“The installed capacity in wind in H1 2023 has already surpassed overall calendar year 2022 installation figures. Removal of reverse auctions and declaration of annual 50 GW tendering trajectory by the government will further reinvigorate the wind sector,” stated JMK Research.
According to the Ministry of New and Renewable Energy (MNRE), India’s cumulative installed capacity of renewable energy generation reached 129.6 GW by June 30, 2023. Solar energy contributes around 54% of the total installed RE capacity.
In terms of state-wise solar installations, Gujarat led with 1.6 GW capacity installed in the first half of 2023. Owing to its attractive Wind Solar Hybrid policy, Gujarat also leads in wind capacity installations with 1.039 GW installed during H1 2023.
JMK analysts expect India to add 7-8 GW of solar and 1.5 GW of wind in H2 2023. “Significant fall in solar module prices over last few months as well as relaxation in ALMM implementation until FY2024 will be the key drivers to augment solar capacity addition in second half of the year,” said the analysts.
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