India is set to add 16-17 GW of solar capacity in FY2024. According to industry experts, this could be the highest-ever solar capacity addition recorded in a single financial year.
“The solar capacity additions have been at 5.2 GW in seven months of FY24. However, with an increase in tendering activities in the past 18-24 months – about 17 GW in FY22 and 31 GW in FY23 – drop in module prices and ease of supply chain pressures, FY24 is expected to add 16-17 GW,” said Pranav Master, senior practice director of consulting, Crisil Market Intelligence and Analytics.
In FY2022 and FY2023, the annual social capacity additions stood at 13.9 GW and 12.8 GW respectively.
Moreover, MNRE has announced that India’s total installed solar capacity has touched 72 GW. This marks a remarkable threefold increase in capacity compared to the 22 GW reported in March 2018.
The ministry has also revealed that over 76% of the total capacity is ground-mounted solar. Further, Rajasthan remains the leading solar state with a total capacity of 18 GW, followed by Gujarat and Karnataka.
As per the experts, the chief reasons for the growth in solar capacity additions include the rise in utility-scale solar projects, and ALMM extension till March 2024, and the falling tariffs.
Moreover, the government’s emphasis on renewable energy generation, the establishment of dedicated power transmission corridors, and the growing adoption of open-access transitions for renewable energy have provided additional momentum to this upward trajectory.
India is making significant strides in the solar sector. A recent report states that the nation is expected to witness a 62% increase in module manufacturing capacity by 2025. Additionally, another IEA report projects that solar will generate 18% of India’s electricity by 2030!
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Resource: ET Energy
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