India has achieved a record 15 gigawatts (GW) of solar installations during the first half of 2024, according to a report by US-based research firm Mercom Capital. This significant milestone comes as developers raced to complete previously delayed projects.
The new figure represents a 282% increase compared to the 3.89 GW installed in the same period in 2023. The report, titled "India Solar Market Update," highlights that the country’s solar installations for the first half of 2024 have surpassed all previous records.
As of June 2024, India’s cumulative installed solar capacity reached 87.2 GW, with utility-scale projects accounting for nearly 87% and rooftop solar comprising over 13%. Solar energy now represents 19.5% of India’s total installed power capacity and more than 44% of the country’s total installed renewable energy capacity.
The cost of large-scale solar projects in India has decreased by almost 26% year-on-year and by 2% quarter-on-quarter, the report notes.
Raj Prabhu, CEO of Mercom Capital Group, described 2024 as a "breakout year" for India’s solar industry. However, he cautioned that to meet the target of 280 GW by 2030, it is crucial to address challenges related to component supply and grid connectivity.
During the first half of 2024, a total of 41.4 GW of tenders were announced, marking a 51% increase from the 27.5 GW issued in the first half of 2023. Additionally, about 31.8 GW of projects were auctioned in the same period, up 321% from 7.6 GW in 1H 2023.
Mercom Capital provides market intelligence on energy storage, smart grid technology, and solar energy, alongside advisory services on emerging markets and strategic decision-making.
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