Q2 2024 MERCOM INDIA SOLAR OPEN ACCESS MARKET REPORT - 3.6 GW INSTALLED IN 1H 2024
In the first half (1H) of 2024, the country added 3.6 gigawatts (GW) of solar open access capacity, a 153% increase from the 1.4 GW installed in 1H 2023, according to the Q2 2024 Mercom India Solar Open Access Market Report. The capacity added in the first half of this year surpassed the total annual installations of any previous year.
In the second quarter (Q2) of calendar year (CY) 2024, India added nearly 1.8 GW of solar open access capacity, down 2.5% from over 1.8 GW in Q1 2024. The installations in Q2 2024 were up 152% year-over-year (YoY) compared to 712.8 megawatts (MW) in Q2 2023.
In Q2 2024, Karnataka led solar open access capacity additions, accounting for over 40% of the quarter’s installation. The top five states accounted for over 85% of the quarter’s installations.
The cumulative installed solar open access capacity stood at 16.3 GW as of June 2024.
Karnataka remained the top state for cumulative installations, accounting for over 30% of solar open access capacity added in the country at the end of 1H 2024. Maharashtra and Tamil Nadu ranked second and third, accounting for almost 14% and 11% of cumulative installations.
The pipeline of solar open access projects under development and in the pre-construction phase was almost 23 GW as of June 2024. More than 81% of pipeline projects were located in Rajasthan, Karnataka, Andhra Pradesh, Maharashtra, and Tamil Nadu.
A detailed analysis of the solar open access market, retail electricity tariffs, PPA prices, and open access charges and costs for fifteen states have been covered in the report.
Key Highlights from Mercom’s Q2 2024 India Solar Open Access Market Report
- In 1H 2024, India added 3.6 GW of solar open access capacity, up over 153% YoY
- In Q2 2024, 1.8 GW of solar open access was added, a 2.5% QoQ fall and up about 152% YoY
- Karnataka was the leading state, accounting for over 40% of capacity additions in Q2
- The top five states accounted for more than 85% of the quarter’s installations
- As of June 2024, the cumulative installed solar open access capacity was 16.3 GW
- The top five states comprised over 72% of cumulative solar open access installations as of June 2024
- As of June 2024, the pipeline of solar open access projects was almost 23 GW
Contact Mercom for pricing: reports@mercomindia.com or call us at +91-80-41211148.
