India achieved a record 15 GW of solar installations in the first half of 2024, driven by developers rushing to complete delayed projects, according to a Mercom Capital report. This marks a significant jump from the 3.89 GW added in the same period of 2023.
“In the first half, solar installations in India reached 15 GW, surpassing all previous years records, posting an increase of 282 percent compared to 1H 2023,” the report titled ‘India Solar Market Update’ said.
The record installations were driven by developers racing to commission delayed projects, the report said.
As of June 2024, India’s total installed solar capacity reached 87.2 GW, with nearly 87% contributed by utility-scale projects and over 13% by rooftop solar installations.
Solar energy now makes up 19.5% of India’s total power capacity and over 44% of its renewable energy capacity.
The year “2024 is shaping up to be a breakout year for India’s solar industry, with an impressive first half. However, to ensure that the strong pipeline of projects and ramped-up tender activity translate into timely installations, it is critical that we tackle the component supply and grid connectivity challenges with urgency so we can meet the 280 GW target by 2030,” Raj Prabhu, CEO of Mercom Capital Group, said.
Click Here for more updates.
Resource: Business Standard
*Ornate Solar is now on WhatsApp! Follow us by clicking on this link, and stay updated about the latest solar developments and insights from the industry.
Leave A Comment