India’s Energy Supply Grows 6% In 2024, Solar Leads With 24.5 GW Additions
POWER & RENEWABLE ENERGY

India’s Energy Supply Grows 6% In 2024, Solar Leads With 24.5 GW Additions

India's energy supply grew by 6% in 2024, bolstered by a 10% rise in the first half due to soaring summer demand, followed by a subdued 2% increase in the second half impacted by an above-normal monsoon, according to SBI Capital Markets' (SBICAPS) report "Utility Beyond Utilities: Harnessing Non-Utility Solar." The report noted that renewable energy capacity surpassed the 200 GW milestone, with solar energy driving the growth. 

Renewables recorded an 8% year-on-year rise in capacity in 2024, with solar contributing 24.5 GW and wind adding 3.2 GW. Solar installations more than doubled compared to 2023, and the sector is expected to add 50 GW across FY25 and FY26. However, thermal capacity additions slowed in the first nine months of FY25, raising concerns about meeting targets. 

Non-utility solar accounted for 25% of total solar installations in 2024. Rooftop solar capacity rose by 4.6 GW, a 53% increase from 2023, while off-grid solar capacity surged by 197%. The C&I sector accounted for 75% of installed rooftop capacity, benefiting from reduced costs and favorable policies in states like Gujarat, Karnataka, Rajasthan, and Tamil Nadu. 

Residential rooftop solar is expected to become the largest segment under the PM Surya Ghar Muft Bijli Yojana, which targets 30 GW capacity and offers subsidies that reduce payback periods to 4-5 years. The scheme could generate a ?1.2 trillion ecosystem, benefiting manufacturers and project developers. 
The report projects annual non-utility solar additions to reach 20 GW by FY27, underscoring its critical role in achieving green energy security and reducing reliance on fossil fuels. 

India's energy supply grew by 6% in 2024, bolstered by a 10% rise in the first half due to soaring summer demand, followed by a subdued 2% increase in the second half impacted by an above-normal monsoon, according to SBI Capital Markets' (SBICAPS) report Utility Beyond Utilities: Harnessing Non-Utility Solar. The report noted that renewable energy capacity surpassed the 200 GW milestone, with solar energy driving the growth. Renewables recorded an 8% year-on-year rise in capacity in 2024, with solar contributing 24.5 GW and wind adding 3.2 GW. Solar installations more than doubled compared to 2023, and the sector is expected to add 50 GW across FY25 and FY26. However, thermal capacity additions slowed in the first nine months of FY25, raising concerns about meeting targets. Non-utility solar accounted for 25% of total solar installations in 2024. Rooftop solar capacity rose by 4.6 GW, a 53% increase from 2023, while off-grid solar capacity surged by 197%. The C&I sector accounted for 75% of installed rooftop capacity, benefiting from reduced costs and favorable policies in states like Gujarat, Karnataka, Rajasthan, and Tamil Nadu. Residential rooftop solar is expected to become the largest segment under the PM Surya Ghar Muft Bijli Yojana, which targets 30 GW capacity and offers subsidies that reduce payback periods to 4-5 years. The scheme could generate a ?1.2 trillion ecosystem, benefiting manufacturers and project developers. The report projects annual non-utility solar additions to reach 20 GW by FY27, underscoring its critical role in achieving green energy security and reducing reliance on fossil fuels. 

Next Story
Building Material

NUVOCO Vistas Sales Volume Grew by 16% YoY for Q3 FY25

Nuvoco Vistas Corp, a leading building materials company in India, announced its unaudited financial results for the quarter ended December 31, 2024. With 25 MMTPA of combined installed capacity, Nuvoco Vistas Corp. Ltd. is the 5th largest cement group in India and amongst the leading cement players in East India. The company is on track to achieve 31 MMTPA cement capacity1 by Q3 FY27 after emerging as the Successful Resolution Applicant for Vadraj Cement (VCL). A Letter of Intent has already been issued. The VCL facility comprises of 3.5 MMTPA clinker unit in Kutch and a 6 MMTPA grinding unit..

Next Story
Infrastructure Urban

WACKER Expands Production Capacity for Specialty Silicones in Asia

Wacker Chemie AG started up two new production facilities for specialty silicones in Japan and South Korea. The expansion strengthens the company’s activities in the Asian growth market. The new plants, located in Tsukuba, Japan and in Jincheon, South Korea, will serve the growing demand from the automotive and construction industries for these products. In total, WACKER has invested an amount in the double digit million Euro range in the capacity expansions. “With the expansion of our production facilities in Japan and South Korea, we are strengthening our position as a market and techno..

Next Story
Infrastructure Urban

Odisha Approves Industrial Projects Worth Rs 327.36 Bn

As the Utkarsh Odisha - Make in Odisha conclave 2025 approaches, scheduled for January 28, the Odisha government has approved several industrial projects worth a total of Rs 327.36 billion. These projects, spanning various sectors, were greenlit during the 39th High-Level Clearance Authority (HLCA) meeting. "The 39th HLCA meeting resulted in approvals for eight transformative industrial projects across key sectors, including Chemicals, Green Energy Equipment, Shipbuilding & Repair, and Steel, with investments totalling Rs 327.36 billion. These investments are expected to create employment for ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000