India installed 14.7 GW solar in FY 2024

India installed about 14.7 GW of solar capacity in FY 2024. This included 11.7 GW of utility-scale solar installations and 3 GW rooftop solar. The top three states with maximum new additions during the fiscal were Gujarat (4.8 GW), Rajasthan (3.4 GW), and Madhya Pradesh (0.8 GW), according to JMK Research & Analytics’ Annual India Solar Report Card FY2024.

As of March 31, 2024, about 68.2 GW of utility-scale solar capacity has been commissioned in India, while another 65.6 GW is under pipeline (where auctions are completed). Rajasthan has maximum installed solar capacity of 19.9 GW, followed by Gujarat (10.6 GW) and Karnataka (9.2 GW).

JMK analysts expect India to commission about 16.9 GW of new utility-scale solar projects and 4 GW of rooftop/ onsite solar projects in the current fiscal ending March 31, 2025 (FY2025).

Leading players

Jinko, Longi, and Trina were the top three module suppliers in India in FY2024. The Chinese manufacturers’ module shipments to India are anticipated to dip in the April-May-June quarter because of the imposition of the ALMM order for solar PV modules effective from April 1, 2024.

Domestic panel manufacturers Waaree, Adani, and Vikram Solar exported about 50-70% of their total solar module production in FY2024.

Sungrow, FIMER and Sineng topped in inverter shipments in India in FY2024.

Adani, ReNew and O2 Power were the top three project developers with maximum solar projects commissioned in India in FY2024.

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