India is expected to add 22.4 GW of solar energy capacity and 3.6 GW of wind energy capacity in 2024, according to JMK Research & Analytics. It was reported that 17 GW of the solar additions will come from utility-scale projects, 4 GW from rooftop installations, and 1.4 GW from off-grid systems. As of 30 September 2024, India’s cumulative renewable energy capacity stood at 201.46 GW. Solar energy accounted for 45% of this total, followed by wind and large hydro, each contributing 23%. A pipeline of 111.2 GW in solar, wind, hybrid, and storage projects is anticipated to become operational over the next 4–5 years, with an additional 55.8 GW currently in the bidding stage.

Between January and September 2024, India added 13.2 GW of utility-scale solar capacity, reflecting a 160.9% increase compared to the same period in 2023. Rooftop solar installations reached 3.2 GW during the first nine months, representing a 7.3% year-on-year growth. Wind energy installations stood at 2.6 GW, showing a 14.8% annual increase.

In Q3 2024 alone, 3.6 GW of utility-scale solar capacity was added, a 71.4% rise over Q2 2024. However, wind installations decreased by 7.8% quarter-on-quarter, reaching 0.71 GW. Rooftop solar installations for Q3 2024 amounted to 1.4 GW.

Sungrow emerged as the leading inverter supplier in Q3 2024, holding a 30.6% market share, followed by Sineng and Tbea. Waaree dominated the module shipments segment with a 19.9% share. Adani led as the top project developer, with a cumulative and pipeline capacity of 33.2 GW, followed by ReNew (18.4 GW), Greenko (14.1 GW), NTPC (12.7 GW), and Avaada (11.5 GW). Investments in the renewable energy sector during Q3 2024 amounted to $2.36 billion, a 13% increase from Q2 2024. Prices of domestic Mono PERC modules declined by 10% quarter-on-quarter and 30% year-on-year, reflecting falling costs in the sector.

The lowest solar energy tariff recorded in Q3 2024 was ?2.48/kWh in SECI’s 500 MW ISTS-connected tender, marking a 7% decline from Q2 2024’s lowest tariff. For wind-solar hybrid projects, the lowest tariff was Rs 3.43/kWh, while renewable energy projects with storage had tariffs of ?3.42/kWh.

A total of 7.43 GW of renewable energy capacity was awarded through auctions in Q3 2024. JSW Energy and Avaada secured the largest capacities in renewable energy with storage, winning 730 MW and 470 MW, respectively. In the solar segment, Essar Renewables won the highest capacity at 600 MW, followed by SAEL Industries with 550 MW.

During Q3 2024, 25 renewable energy tenders were issued, totalling 18.32 GW, a slight decline of 3.6% from Q2 2024. These developments highlight the sector’s robust growth, driven by increasing project pipelines, falling tariffs, and sustained investments. The capacity additions in 2024 are poised to significantly contribute to India’s renewable energy targets.