Q3 2024 INDIA SOLAR MARKET UPDATE - 3.5 GW INSTALLED IN Q3 2024

In the first nine months (9M) of the calendar year (CY) 2024, solar projects totaling 16.4 GW were added in India, an increase of over 167% compared to 9M 2023. According to Mercom’s Q3 2024 India Solar Market Update, installations topped all previous nine months and annual installations.

The commissioning of several previously delayed projects contributed to capacity additions in the first nine months of 2024.

In the third quarter (Q3), 3.5 GW of solar capacity was commissioned. Installations dropped almost 28% quarter-over-quarter (QoQ) compared to 4.9 GW installed in Q2 2024. Capacity additions grew 78% year-over-year (YoY) from about 2 GW.

During the quarter, 2.8 GW of large-scale solar capacity was installed, down 34% QoQ from 4.2 GW.

The installations dropped in the third quarter as several projects were affected by delays in grid connectivity, land acquisition, the impact of monsoon on construction activity, and limited availability of modules complying with domestic content requirements (DCR).

Large-scale solar capacity additions were up 77% from 1.6 GW installed in Q3 2023. Solar open access projects accounted for nearly 39% of large-scale solar installations.

As of September 2024, India’s cumulative installed solar capacity stood at 89.1 GW. Of the total installed capacity, 86% were utility-scale projects, and 14% were rooftop solar. Solar accounted for about 20% of India’s installed power capacity and over 44% of renewable energy capacity.

India’s solar module and cell imports rose by 27% QoQ and dropped 19% YoY. The exports were down 55% QoQ and 62% YoY.

Key Highlights from Mercom India Research’s Q3 2023 India Solar Market Update:

• India added 3.5 GW of solar capacity in Q3 2024, down by 28% QoQ and up 78% YoY
• Solar accounted for more than 73% of new power capacity additions in 9M 2024
• Gujarat, Madhya Pradesh, and Maharashtra led quarterly large-scale solar capacity additions
• In 9M 2024, solar projects totaling 16.4 GW were commissioned, a 167% surge YoY
• India’s cumulative installed solar capacity stood at 89.1 GW as of September 2024
• Rajasthan, Gujarat, and Karnataka led the country’s cumulative large-scale installations
• India’s large-scale solar project pipeline stood at 163 GW, with another 127.2 GW of projects tendered and pending auction
• Average large-scale project costs fell 1% QoQ and almost 23% YoY
• Tender capacity announced in Q3 2024 was up 52% QoQ and 19% YoY
• During the quarter, auction activity fell by 14% QoQ and 17% YoY

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