PFCL Floats Empanelment Tender for Metering Infrastructure Service Providers

Solarium Green Energy Receives BSE Nod for Initial Public Offering

Power Transmission Company Kalpataru Projects Raises ₹10 Billion in QIP

Himachal Regulator Approves Tariff for 900 MW Hybrid Power Projects

Daily News Wrap-Up: HPERC Allows DISCOM To Procure 550 MW Solar Power

MES Invites Bids for Maintenance of 1.7 MW Solar Project

Exploring Solar Open Access Potential in Odisha and Haryana

Karnataka Floats EPC Tender for 1.2 MW Solar Project

Himachal Regulator Allows DISCOM to Procure 550 MW Solar Power from SECI

Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72919.mp3?version=1733205230">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>India added 16.4 GW of solar capacity in the first nine months (9M) of 2024, a 167% year-over-year (YoY) increase from 6.2 GW in 9M 2023, according to Mercom India Research&#8217;s <a href="https://www.mercomindia.com/product/q3-2024-india-solar-market-update" target="_blank" rel="noopener">Q3 2024 India Solar Market Update</a>.</p>
<p>These installations surpassed all previous nine-month and annual records, driven by the commissioning of several delayed projects.</p>
<p>&#8220;Many developers expedited project completions in Q1 and Q2 to utilize imported modules amid regulatory uncertainties surrounding the ALMM. However, delayed clarity on exemptions, especially for open access and rooftop solar, posed significant challenges​,&#8221; said Priya Sanjay, Managing Director at Mercom India.</p>
<p>In the third quarter (Q3) of 2024, India added 3.5 GW of solar capacity. While this was a 28% drop quarter-over-quarter (QoQ) from 4.9 GW in Q2, it represented a significant 78% YoY jump from the 2 GW installed in the same quarter last year.</p>
<p>Large-scale solar projects dominated installations, contributing 2.8 GW in Q3. However, this was a 34% decline in QoQ from 4.2 GW due to persistent challenges such as grid connectivity delays, land acquisition issues, monsoon disruptions, and limited availability of domestic content requirement (DCR)-compliant modules. Despite these hurdles, large-scale solar installations rose by 77% YoY from 1.6 GW.</p>
<p>Solar open access projects accounted for nearly 39% of large-scale installations during the quarter, reflecting high corporate demand despite tariff revision delays and regulatory roadblocks.​</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Solar-Installations-by-Quarter-MW.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-72923 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Solar-Installations-by-Quarter-MW.png" alt="Solar Installations by Quarter (MW)" width="1158" height="493" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Solar-Installations-by-Quarter-MW.png 1158w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Solar-Installations-by-Quarter-MW-300x128.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Solar-Installations-by-Quarter-MW-768x327.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Solar-Installations-by-Quarter-MW-650x277.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Solar-Installations-by-Quarter-MW-624x266.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Solar-Installations-by-Quarter-MW-600x255.png 600w" sizes="(max-width: 1158px) 100vw, 1158px" /></a></p>
<p>Gujarat, Madhya Pradesh, and Maharashtra emerged as leaders in large-scale solar capacity additions during the quarter. Gujarat accounted for over 22% of the installations, while Madhya Pradesh and Maharashtra contributed over 16% each.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Q3-2024-large-Scale-Installations.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-72925 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Q3-2024-large-Scale-Installations.png" alt="Q3 2024 Large-Scale Installations" width="838" height="601" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Q3-2024-large-Scale-Installations.png 838w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Q3-2024-large-Scale-Installations-300x215.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Q3-2024-large-Scale-Installations-768x551.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Q3-2024-large-Scale-Installations-650x466.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Q3-2024-large-Scale-Installations-624x448.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Q3-2024-large-Scale-Installations-600x430.png 600w" sizes="(max-width: 838px) 100vw, 838px" /></a></p>
<p>Rajasthan, Gujarat, and Karnataka maintained their dominance in cumulative large-scale solar capacity, with Rajasthan contributing over 27%, Gujarat nearly 15%, and Karnataka about 14%.</p>
<p>As of September 2024, the top 10 states accounted for 94% of the country’s cumulative large-scale solar installations.</p>
<p>India added 22.4 GW of new power capacity in 9M 2024, with renewable energy sources, including large hydro, accounting for 83% of the total. Solar energy led the charge, contributing 73% of the new capacity additions.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Share-of-New-Power-Capacity-Additions-in-India-2010-9M-2024.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-72926 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Share-of-New-Power-Capacity-Additions-in-India-2010-9M-2024.png" alt="Share of New Power Capacity Additions in India (2010 - 9M 2024)" width="1095" height="602" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Share-of-New-Power-Capacity-Additions-in-India-2010-9M-2024.png 1095w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Share-of-New-Power-Capacity-Additions-in-India-2010-9M-2024-300x165.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Share-of-New-Power-Capacity-Additions-in-India-2010-9M-2024-768x422.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Share-of-New-Power-Capacity-Additions-in-India-2010-9M-2024-650x357.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Share-of-New-Power-Capacity-Additions-in-India-2010-9M-2024-624x343.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Share-of-New-Power-Capacity-Additions-in-India-2010-9M-2024-600x330.png 600w" sizes="(max-width: 1095px) 100vw, 1095px" /></a></p>
<p>As of September 2024, India&#8217;s cumulative installed solar capacity stood at 89.1 GW, with utility-scale projects accounting for 86% and rooftop solar comprising 14%.</p>
<p>Solar energy now constitutes 20% of India&#8217;s total installed power capacity and 44% of its renewable energy capacity.</p>
<p>India&#8217;s large-scale solar project pipeline reached 163 GW by September 2024, with an additional 127.2 GW of projects tendered and awaiting auction. The third quarter saw 16.2 GW of tenders announced, up 19% YoY and 52% QoQ.</p>
<p>Auction activity in Q3 declined, with 5.8 GW of projects auctioned — down 14% QoQ and 17% YoY. However, the cumulative tendering and auction figures for 9M 2024 set new records, with 57.6 GW of tenders announced and 37.6 GW of projects auctioned, an increase of 40% and 158% YoY, respectively.</p>
<p>India&#8217;s solar module and cell imports rose by over 27% QoQ but fell by 19% YoY. Exports declined sharply, dropping 55% QoQ and 62% YoY.</p>
<p>&#8220;While the average cost of large-scale solar projects declined, making solar power more competitive, transmission infrastructure and technical clearances remain bottlenecks. Developers also faced delays in securing connectivity approvals, impacting the viability of planned projects,&#8221; Sanjay noted.</p>
<p><strong>Mercom&#8217;s Q3 2024 India Solar Market Update report is 86 pages long and covers all facets of India&#8217;s solar market. For the complete report, visit: </strong><a href="https://www.mercomindia.com/product/q3-2024-india-solar-market-update" target="_blank" rel="noopener"> https://www.mercomindia.com/product/q3-2024-india-solar-market-update</a></p>


India Adds an Unprecedented 16 GW Solar Capacity in 9M 2024

solar-market-update

Get the most relevant India solar and clean energy news.

RECENT POSTS