India's Solar Revolution: Q1 2024 Sees Record-Breaking Surge of 9.5 GW Capacity, More Than Doubling Previous
Over the past seven years, the country had never exceeded an addition of 4 GW in any given quarter, making the 9.5 GW surge in Q1 2024 more than double the previous record.
May 27, 2024. By News Bureau
Over the past seven years, the country had never exceeded an addition of 4 GW in any given quarter, making the 9.5 GW surge in Q1 2024 more than double the previous record.
Rajasthan leads the way among Indian states in terms of cumulative large-scale solar capacity, accounting for 29 percent of the national total, followed by Gujarat and Karnataka at 14 percent each. Notably, solar power installations dominated the energy scene, accounting for 66 percent of all new power additions during the quarter.
As of March 2024, India's cumulative installed solar capacity stands at 82.64 GW, representing 18.5 percent of the nation's total installed power capacity and a significant chunk of its renewable energy capacity, amounting to 43 percent.
Several factors have propelled India towards this remarkable growth trajectory. Experts attribute the surge to the rush to complete projects before the reinstatement of the Approved List of Models and Manufacturers (ALMM) on April 1, 2024.
Additionally, the commissioning of delayed projects and declining module prices have significantly contributed to the surge in solar capacity. Moreover, advancements in module efficiency, battery-based energy storage technology, and the emergence of floating solar installations have further bolstered the expansion of solar power capacity.
India's renewable energy policies, particularly those focused on promoting solar power, have played a pivotal role in fostering sectoral growth. Initiatives such as the annual bidding trajectory of 50 GW by nodal agencies, Green Energy Open Access rules, and innovative tender schemes have facilitated record-breaking solar capacity additions.
Furthermore, a global reduction in module prices has likely contributed to the decline in the average cost of large-scale solar projects. After a slowdown in government tenders for large-scale PV deployment in 2023, the resurgence came with the tendering of 70 GW worth of renewables in the financial year 2024, with half dedicated to solar PV projects.
The Ministry of New and Renewable Energy (MNRE) set an ambitious plan to auction renewable energy capacities of 50 GW annually until FY2028. The government has seen a spike in bidding activity, exceeding the 9 GW milestone set last year, with 47 GW of renewable power already bid out. With momentum growing, India is on track to meet its objective of 500 GW of non-fossil fuel capacity by the end of the decade.
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