India installed solar projects totaling 16.4 GW in the first nine months (9M) of the calendar year (CY) 2024, an increase of over 167% compared to 6.2 GW in 9M 2023. The installations topped all prior nine months and annual installations, according to the Q3 2024 India Solar Market Update by Mercom India Research.
The report stated that commissioning of several previously delayed projects contributed to capacity additions in the first nine months of 2024.
In the third quarter of 2024, 3.5 GW of solar capacity was commissioned, 78% up year-over-year (YoY) compared to 2 GW in Q3 2023. This included 2.8 GW of large-scale PV installations (including about 39% from open access/off-site commercial and industrial projects).
As of Sep. 2024, India’s cumulative installed solar capacity stood at 89.1 GW. Utility-scale projects accounted for more than 86%, and rooftop solar accounted for almost 14% of cumulative installations. Solar accounted for nearly 20% 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 for total installed large-scale solar capacity. Over 27% of the country’s large-scale solar capacity is installed in Rajasthan, 15% in Gujarat and 14% in Karnataka.
“India is on track for its best year in solar, but significant challenges threaten to slow progress. Grid connectivity issues, land availability, and supply constraints are already impacting momentum. Without urgent improvements in transmission infrastructure and land access, solar growth risks falling short of targets,” said Raj Prabhu, CEO of Mercom Capital Group.
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