India Adds 17.4 GW of Solar and 2.6 GW of Wind Capacity in Jan-Sept 2024
India added approximately 17,444 MW of solar and 2,627 MW of wind capacity from January to September 2024, marking significant growth of 105.8 percent for solar and 14.8 percent for wind compared to the same period in 2023, according to JMK Research and Analytics.
November 07, 2024. By Mrinmoy Dey
This represents a significant increase of 105.8 percent for solar installations and 14.8 percent for wind installations compared to the same period in 2023. Notably, the total solar capacity added during the first nine months of 2024 is the highest recorded capacity in any previous year.
“With these additions, India’s total installed renewable energy (RE) capacity reached 201.46 GW as of September 2024. Solar energy accounts for approximately 45 percent of the total RE segment, making it the largest contributor among renewable sources,” noted the report.
It further added that from January to September 2024, India added about 13.2 GW of new utility-scale solar capacity, marking a significant increase of about 160.9 percent compared to the installations during January to September 2023.
“This surge can be attributed to the government’s initiative to issue bids for 50 GW of RE capacity annually over the next five years. This initiative has strengthened the market, providing stability for both public sector undertakings (PSUs) and private companies,” reasoned the report.
In the first nine months of 2024, Rajasthan leads with 4.96 GW capacity, followed by Gujarat with 3.13 GW and Tamil Nadu with 1.57 GW.
In the rooftop solar segment, during the first nine months of 2024, India added about 3.2 GW of capacity, a 7.3 percent increase compared to the first nine months of 2023 installations. According to the consulting firm, the increase can be attributed to the launch of the PM Surya Ghar: Muft Bijli Yojana. This initiative encourages the installation of rooftop solar in the C&I segment, as well as government buildings.
In the offgrid/distributed solar segment, about 1035 MW was added in the first nine months of 2024, which is about 2.5 times higher than the installations in the same period last year.
In the wind sector, about 2.6 GW of new capacity was added in the first nine months of 2024, up by 14.8 percent from the 2.3 GW added in the first nine months of 2023. Gujarat (985 MW), Karnataka (968 MW) and Tamil Nadu (613 MW) accounted for about 97 percent of the new wind capacity added during this period.
As per the estimation of the consulting firm, it is expected that India will surpass record solar installations of over 20 GW in CY 2024, while wind installations are projected to cross the 3 GW mark.
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