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					</table>India added 14.9 GW of solar capacity in the first half (1H) of calendar year 2024, a 282% year-over-year (YoY) increase, according to Mercom India Research&#8217;s latest <a href="https://www.mercomindia.com/product/q2-2024-india-solar-market-update" target="_blank" rel="noopener">Q2 2024 India Solar Market Update</a>. The installations topped all previous half-yearly and annual installations.
The commissioning of several previously delayed projects contributed to capacity additions in the year&#8217;s first half.
Solar capacity added in the second quarter (Q2) of 2024 stood at 5 GW, up 170% YoY from 1.8 GW. However, installations fell 49% quarter-over-quarter (QoQ) from 9.9 GW.
During the quarter, 4.3 GW of large-scale solar projects were commissioned, including nearly 1.8 GW of open access projects. While large-scale solar capacity additions fell 55% QoQ, they rose 191% YoY.
The reimposition of the Approved List of Models and Manufacturers (ALMM) order impacted several open access projects. Grid connectivity and transmission infrastructure delays further affected large-scale solar project additions during the quarter.
Priyadarshini Sanjay, Managing Director, Mercom India, emphasized that the sequential decline does not indicate a trend, as the previous quarter was an outlier due to a surge in installations ahead of the ALMM reimposition from April 2024.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-69385 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW.png" alt="Solar Installations by Quarter (MW)" width="3396" height="1328" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW.png 3396w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW-300x117.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW-2000x782.png 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW-768x300.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW-1536x601.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW-2048x801.png 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW-650x254.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW-624x244.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW-600x235.png 600w" sizes="(max-width: 3396px) 100vw, 3396px" /></a>
Rajasthan, Gujarat, and Karnataka led large-scale solar capacity additions, contributing 30%, 22%, and 21% of the total quarterly installations.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Q2-2024-Large-Scale-Solar-Installations-MW.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-69387 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Screenshot-2024-08-22-132134.jpg" alt="Q2 2024 Large-Scale Solar Installations (MW)" width="721" height="383" /></a>
In Q2 2024, 10.7 GW of tenders were announced, down 22% from 13.6 GW in Q2 2023 and 65% QoQ from 30.7 GW.
Sanjay noted that the lower tender numbers could have been due to the delay in the Ministry of New and Renewable Energy (MNRE) releasing the bidding trajectory for the year and concerns over tepid response and higher bids after the ALMM reimposition.
During the quarter, 6.7 GW of solar projects were auctioned, consistent with Q2 2023, though auction activity decreased by 73% from 25.1 GW in Q1 2024.
In 1H 2024, India added 20.8 GW of new power capacity, with renewable sources, including large hydro, accounting for 81% and solar alone making up 71% of the capacity additions.<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-69388 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024.png" alt="Share of New Power Capacity Additions in India (2010 - 1H 2024)" width="3105" height="1671" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024.png 3105w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024-300x161.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024-2000x1076.png 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024-768x413.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024-1536x827.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024-2048x1102.png 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024-650x350.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024-624x336.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024-600x323.png 600w" sizes="(max-width: 3105px) 100vw, 3105px" /></a>
As of June 2024, India&#8217;s cumulative installed solar capacity reached 87.2 GW, with utility-scale projects making up 87% and rooftop solar 13%. Solar energy now constitutes 19.5% of India&#8217;s installed power capacity and 44% of the total installed renewable energy capacity.
Rajasthan, Gujarat, and Karnataka were the leading states for cumulative installed large-scale solar capacity, contributing 29%, 15%, and 14% of the national total, respectively.
The top 10 states accounted for 94% of the cumulative large-scale solar installations as of June 2024.
India&#8217;s large-scale solar project pipeline stood at 146 GW, with another 104 GW of projects tendered and awaiting auction as of June 2024.
The project pipeline looks attractive, but according to Sanjay, significant challenges due to transmission infrastructure constraints, particularly in Rajasthan, remain. Hybrid and energy storage projects may help alleviate this issue by utilizing the same transmission lines.
Solar module and cell imports dropped 61% QoQ and 16% YoY. The exports were down almost 30% QoQ, with only a marginal drop YoY.
The average cost of large-scale solar projects decreased by 2% QoQ and 26% YoY, improving project internal rates of return. However, with the ALMM imposition, this trend may reverse as Indian modules, especially Domestic Content Requirement (DCR) modules, are more expensive, and supply may struggle to meet growing demand.
In 1H 2024, 41.4 GW of tenders were announced, marking the highest half-yearly bid invitations, up 51% from 27.5 GW in 1H 2023.
Additionally, 31.8 GW of projects were auctioned, a 321% increase from 7.6 GW in 1H 2023, setting a new high for half-yearly and annual auction announcements.
With the strong demand from the commercial and industrial (C&amp;I) market, Sanjay expects the demand for open access and rooftop solar to grow significantly.
Mercom&#8217;s Q2 2024 India Solar Market Update report is 85 pages long and covers all facets of India&#8217;s solar market. For the complete report, visit:<a href="https://www.mercomindia.com/product/q2-2024-india-solar-market-update" target="_blank" rel="noopener">https://www.mercomindia.com/product/q2-2024-india-solar-market-update</a>

India Adds Record 15 GW of Solar Capacity in 1H 2024

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					</table>India achieved a milestone by adding over 10 GW of solar capacity in the first quarter (Q1) of 2024, the highest quarterly installation to date. This figure represents an almost 400% year-over-year (YoY) increase compared to the over 2 GW installed in Q1 2023, according to the recent <a href="https://www.mercomindia.com/product/q1-2024-india-solar-market-update" target="_blank" rel="noopener">Q1 2024 India Solar Market Update</a> from Mercom India Research.
Quarter-over-quarter (QoQ) capacity additions also surged 414% from nearly 2 GW in Q4 2023.
In Q1 2024, India installed 9.7 GW of large-scale solar capacity, which included 1.8 GW from open access solar projects. This represents a 524% QoQ increase and a nearly 534% YoY rise.
&#8220;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,&#8221; said Priya Sanjay, Managing Director, Mercom India.
Many projects were commissioned early to take advantage of the ALMM order suspension. Granting grid connectivity to projects previously stalled in the Great Indian Bustard habitat also contributed to the record-breaking installations.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Solar-Installations-by-Quarter-Q1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-66478 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Solar-Installations-by-Quarter-Q1.png" alt="Solar Installations by Quarter Q1" width="1318" height="537" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Solar-Installations-by-Quarter-Q1.png 1318w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Solar-Installations-by-Quarter-Q1-300x122.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Solar-Installations-by-Quarter-Q1-768x313.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Solar-Installations-by-Quarter-Q1-650x265.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Solar-Installations-by-Quarter-Q1-624x254.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Solar-Installations-by-Quarter-Q1-600x244.png 600w" sizes="(max-width: 1318px) 100vw, 1318px" /></a>&#8220;There is a substantial pipeline of large-scale projects scheduled for 2024, positioning India for a record-breaking year by a significant margin. Assuming stability in policy and supply chains, and if government agencies continue to auction projects and meet the set targets, India is poised to be among the top three solar markets globally,&#8221; commented Raj Prabhu, CEO at Mercom Capital Group.
In Q1 2024, India added 15.2 GW of new power capacity, with solar power accounting for 66% of these additions.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Share-of-New-Power-Capacity-Additions-in-India-2010-Q1-2024.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-66479 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Share-of-New-Power-Capacity-Additions-in-India-2010-Q1-2024.png" alt="Share of New Power Capacity Additions in India 2010 - Q1 2024" width="1123" height="602" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Share-of-New-Power-Capacity-Additions-in-India-2010-Q1-2024.png 1123w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Share-of-New-Power-Capacity-Additions-in-India-2010-Q1-2024-300x161.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Share-of-New-Power-Capacity-Additions-in-India-2010-Q1-2024-768x412.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Share-of-New-Power-Capacity-Additions-in-India-2010-Q1-2024-650x348.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Share-of-New-Power-Capacity-Additions-in-India-2010-Q1-2024-624x335.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Share-of-New-Power-Capacity-Additions-in-India-2010-Q1-2024-600x322.png 600w" sizes="(max-width: 1123px) 100vw, 1123px" /></a>
Rajasthan and Gujarat led the large-scale solar installations, contributing 38% and 35% of the capacity additions, respectively, while Madhya Pradesh followed with 8%.
As of March 2024, India&#8217;s cumulative installed solar capacity reached 82 GW. Solar energy represented 18.5% of India&#8217;s total installed power capacity and 43% of the total installed renewable energy capacity.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Q1-2024-large-scale-solar-installations.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-66480 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Q1-2024-large-scale-solar-installations.png" alt="Q1 2024 large scale solar installations" width="733" height="557" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Q1-2024-large-scale-solar-installations.png 733w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Q1-2024-large-scale-solar-installations-300x228.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Q1-2024-large-scale-solar-installations-650x494.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Q1-2024-large-scale-solar-installations-624x474.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Q1-2024-large-scale-solar-installations-600x456.png 600w" sizes="(max-width: 733px) 100vw, 733px" /></a>
Rajasthan had the highest cumulative installed large-scale solar capacity, accounting for 29% of the national total, followed by Gujarat and Karnataka at 14% each.
According to Priya Sanjay, Gujarat&#8217;s proactive approach to renewable energy, especially with residential solar and wind-solar hybrid power projects, enabled it to overtake Karnataka. &#8220;Gujarat&#8217;s foresight and supportive infrastructure and policies have attracted numerous large-scale projects.&#8221;
By the end of Q1 2024, India&#8217;s large-scale solar project pipeline stood at 143.3 GW, with an additional 93.1 GW of projects tendered and pending auction.
Project cost declines
The average cost of large-scale solar projects fell by 7% QoQ and 28% YoY, significantly improving the projects&#8217; internal rate of return.
&#8220;The reduction in the average cost of large-scale solar projects is largely attributed to the falling prices of solar modules,&#8221; Priya Sanjay said.
During the quarter, tenders totaling 30.7 GW were announced, up 122% YoY and 92% QoQ. Additionally, 25 GW of solar projects were auctioned, a 229% QoQ increase and a 2,957% YoY rise.
Priya Sanjay noted that the surge in tendering activity was driven by agencies adhering to defined targets and timelines. Previously, delays in auctions and PPA signings deterred bidders as they led to funds getting locked up. However, streamlined auctions and attractive tariffs have revitalized the process, leading to quicker PPA signings and increased developer interest.
Inadequate transmission infrastructure and land acquisition delays could hinder timely project commissioning. Developers are racing to complete projects before the June 2025 ISTS charges waiver deadline. Rising land costs and scarce prime sites for solar could further complicate the landscape.
Mercom&#8217;s Q1 2024 India Solar Market Update report is 93 pages long and covers all facets of India&#8217;s solar market. For the complete report, visit: <a href="https://www.mercomindia.com/product/q1-2024-india-solar-market-update" target="_blank" rel="noopener">https://www.mercomindia.com/product/q1-2024-india-solar-market-update</a>

India Adds Record 10 GW of Solar Capacity in Q1 2024

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