A new report by JMK Research & Analytics states that India installed about 12,156 MW of new solar capacity and 1,920 MW of wind capacity from January to June in 2024. This marks a 78.9% increase for solar installations and 2.3% for wind installations compared to the same period in 2023. The total solar and wind capacity additions in the first half of 2024 has already surpassed the total installations in CY2023.
With these new additions, India’s total installed renewable energy (RE) capacity reached 195 GW as of June 2024. Solar energy accounts for around 44% of the total installed RE capacity, making it the largest contributor.
The 12,156 MW solar addition in H1 comprises about 9.6 GW of new utility-scale solar, 1.8 GW rooftop, and about 688 MW off-grid installations.
The utility-scale PV addition in H1 2024 is about 2.3 times more than the installations during January-June 2023. JMK analysts attribute the significant increase to the Indian government’s exemption of the Approved List of Models and Manufacturers (ALMM) until March 2024. As a result, India witnessed around 7.5 GW utility-scale solar installations in Q1 2024 (Jan-Mar), with 5.3 GW installed in March 2024 alone.
Additionally, the reduction in module prices, driven by lower cell prices in China in the latter half of 2023, along with the commissioning of long-pending capacities awarded in SECI, RUMSL, NHPC, and other tenders contributed to the increase in solar installations in H12024.
Rooftop solar addition of about 1.8 GW in H1 2024 is about 19.6% less than the H1 2023 installations. However, with the launch of government subsidy scheme PM Surya Ghar: Muft Bijli Yojana, India is expected to add more than 2 GW of new rooftop solar capacity in the second half of 2024.
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