India reached a significant milestone in the first quarter (Q1) of 2024, surpassing 10 GW of added solar capacity, marking the highest quarterly installation ever recorded.
The latest Q1 2024 India Solar Market Update from Mercom India Research reveals an almost 400 percent year-over-year surge, contrasting sharply with the over 2 GW installed in Q1 2023.
In Q1 2024, India installed 9.7 GW of large-scale solar capacity, which included 1.8 GW from open access solar projects.
Priya Sanjay, Managing Director of Mercom India, said, “The surge in installations in Q1 2024 was driven by the commissioning of several delayed projects that had received extensions in previous quarters due to high module prices. Falling module prices and suspending the Approved List of Models and Manufacturers (ALMM) order enabled developers to import modules at lower costs, facilitating project completions.”
Several projects were commissioned early to take advantage of the ALMM order suspension.
Moreover, providing grid connectivity to projects previously halted in the Great Indian Bustard habitat played a significant role in achieving record-breaking installations.
In Q1 2024, India added 15.2 GW of new power capacity, with solar power accounting for 66 percent of these additions.
Rajasthan and Gujarat spearheaded the large-scale solar installations, accounting for 38% and 35% of the capacity additions, respectively, with Madhya Pradesh closely following at 8%.”
Rajasthan held the top position in cumulative installed large-scale solar capacity, comprising 29% of the national total, followed by Gujarat and Karnataka, each at 14%.
According to Priya Sanjay, Gujarat’s proactive initiatives in renewable energy, particularly with residential solar and wind-solar hybrid power projects, allowed it to overtake Karnataka. “Gujarat’s foresight and supportive infrastructure and policies have attracted numerous large-scale projects.”, she added.
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Resource: The Economic Times
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