India’s renewable energy sector is experiencing a meteoric rise. The first half of 2024 witnessed a remarkable surge in solar and wind energy installations. Solar capacity expanded by a staggering 78.9%, adding 12,156 MW.
Wind energy also saw growth, albeit at a more modest 2.3%, with an additional 1,920 MW. These figures are impressive, surpassing the total additions for the entire year of 2023.
Solar energy now dominates India’s renewable energy landscape, accounting for 44% of the total installed capacity. Utility-scale solar projects were the primary drivers of growth. A government decision to relax import restrictions until March 2024, coupled with declining module prices, fueled this expansion.
Rajasthan, Gujarat, and Tamil Nadu led the charge in utility-scale solar installations.
However, the rooftop solar segment encountered challenges. While it added 1.8 GW, this represents a 19.6% decline compared to the same period in 2023. The government’s PM Surya Ghar scheme aims to reverse this trend.
Off-grid solar and wind energy also contributed to the overall growth. The former witnessed a substantial increase of 2.3 times compared to the previous year. Wind energy expanded slightly, with Karnataka and Gujarat as key contributors.
Looking ahead, the second half of 2024 promises to be equally exciting. An additional 8-9 GW of solar and 2.6 GW of wind capacity are expected. This trajectory positions India to achieve a record-breaking year for solar installations.
Reference- JMK Research & Analytics report, Mercom India, MNRE website, Economic Times