India installed solar projects totaling 14.9 GW in the first half of the current calendar year 2024, topping all previous half-yearly and annual PV installations. Year-on-year, this is a 282% increase compared to PV installations in 1H 2023, according to Q2 2024 India Solar Market Update by Mercom India Research.
The Mercom analysts said the commissioning of several previously delayed projects contributed to capacity additions in H1 2024.
“2024 is shaping up to be a breakout year for India’s solar industry, with an impressive first half. However, to ensure that the strong pipeline of projects and ramped-up tender activity translate into timely installations, it is critical that we tackle the component supply and grid connectivity challenges with urgency so we can meet the 280 GW target by 2030,” said Raj Prabhu, CEO of Mercom Capital Group.
As of June 2024, India’s cumulative installed solar capacity reached 87.2 GW with utility-scale projects contributing nearly 87% and rooftop solar over 13%. Solar energy accounted for 19.5% of India’s installed power capacity and over 44% of the total installed renewable energy capacity.
Rajasthan, Gujarat, and Karnataka were the top three states in cumulative large-scale solar installations, accounting for 29%, 15%, and 14% of the country’s installed capacity.
Q2 2024
In the second quarter ending June, 5 GW of solar capacity was commissioned. Installations dropped over 49% quarter-over-quarter (QoQ) compared to 9.9 GW installed in Q1 2024.
In Q2 2024, 4.3 GW of large-scale solar projects were commissioned, including nearly 1.8 GW of open access solar projects. Large-scale solar capacity additions fell more than 55% QoQ compared to 9.5 GW in Q1 2024 and rose over 191% YoY compared to 1.5 GW in Q2 2023.
The analysts said project delays due to grid connectivity and transmission infrastructure issues significantly affected quarterly additions for large-scale solar projects. The reimposition of the Approved List of Models and Manufacturers (ALMM) order further impacted the viability and commissioning of several open access projects, contributing to substantial delays during the quarter.
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