India added 6,794 MW of solar capacity in the January-June period of 2023. Moreover, the nation added approximately 1.8 GW of wind capacity, revealed a new report published by JMK Research and Analysis.
As per the data from the Ministry of New and Renewable Energy (MNRE), India’s cumulative renewable energy capacity has now reached 129.6 GW (without large hydro). Out of the figure, solar accounts for 54%.
Compared to the first half of 2022, solar capacity additions were 19% lower. However, there was a significant increase in the rooftop solar segment where around 2.2 GW of capacity was added.
Gujarat was the leading state with the highest installations (1.6 GW), followed by Rajasthan and Maharashtra. Wind installations were also the highest in Gujarat.
Image Source: JMK Research and Analysis
The report projects that India will add another 7-8 GW of solar capacity in the remaining months. Reduction in module prices and relaxation of ALMM will likely be the key drivers of growth.
Additionally, India requires about 30 GW of solar capacity additions every year to meet its 280 GW by 2030 target. Towards this goal, India is ramping up its domestic manufacturing capabilities. MNRE has announced that by 2026, the country will have a module manufacturing capacity of 100 GW per annum.
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Resource: JMK Research and Analysis
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