India expected to install 21.2 GW of solar in FY 2025

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JMK Research expects India to install about 21.2 GW of new solar capacity in FY 2025 ending March 31, 2025. Around 16.5 GW of this will come from utility-scale pv installations, 4 GW from rooftop solar, and another 700 MW from off-grid systems.

In FY 2024, India installed about 11.5 GW of new utility-scale solar capacity, around 18% higher than previous fiscal year. There was a substantial installation of around 3 GW in the rooftop solar segment too, representing 34% growth year-on-year.

The nation’s cumulative renewable capacity installation reached 190.57 GW as of March 31, 2024. Solar is the major contributor with a 43% share in the total renewable mix, followed by wind and large hydro with a 24% share each. Around 108 GW of capacity across solar, wind, wind-solar hybrid and storage projects is in the pipeline. These projects are likely to be commissioned in the next 4-5 years. Another 69.2 GW of projects are under the bidding phase, i.e., where tenders have been issued but auctions are not yet completed.

Adani is the leading RE player with about 10.4 GW of cumulative operational capacity across utility-scale solar, wind and hybrid segments as of March 31, 2024. The developer has another 21.95 GW of RE projects under pipeline.

Q1 2024

In Q1 2024 (January-March 2024), about 7.5 GW of utility-scale solar capacity was added in India. This is about five times the previous quarter’s installations.

Sungrow was the leading inverter supplier with a 50.7% share, followed by FIMER (18.7%) and Sineng (12.6%).

In Q1 2024, Jinko was the largest module supplier, contributing around 19.5% share of total shipments in India, followed by Longi (12.1% share) and Trina (10.7% share).

 

 

 

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