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India's solar surge: Q1 2024 sees record 10 GW expansion
POWER & RENEWABLE ENERGY

India's solar surge: Q1 2024 sees record 10 GW expansion

24 May 2024 2 Min Read CW Team
The Indian solar segment reportedly achieved a record capacity addition of 10 GW during the first quarter of 2024, equivalent to the total addition made in the entire calendar year 2023.

It was stated that the 10 GW addition marked the highest-ever quarterly increase to date, with only 2 GW added in Q1 of 2023.

In Q1 2024, a total of 15.2 GW of new power capacity was reported to have been added, with solar power contributing two-thirds (66 per cent) of this. It was mentioned that large-scale solar projects accounted for 9.7 GW, including 1.8 GW from open-access solar projects.

The surge in solar installations during Q1 2024 was attributed to various factors, including the commissioning of delayed projects that had received extensions due to high module prices in previous quarters.

Developers were said to have benefited from falling module prices, the suspension of the approved list of models and manufacturers (ALMM) order, and the approval of grid connectivity for projects previously stalled by habitat concerns for the Great Indian Bustard (GIB), which facilitated project completions.

Rajasthan and Gujarat were reported to have led in large-scale solar installations in Q1 2024, accounting for 38 per cent and 35 per cent of the capacity additions, respectively, while Madhya Pradesh ranked third with 8 per cent.

As of March 2024, it was indicated that India?s total installed solar capacity stood at 82 GW, representing 18.5 per cent of the country?s total installed power capacity and 43 per cent of its total installed renewable energy capacity.

Rajasthan was mentioned to have had the highest cumulative installed large-scale solar capacity, making up 29 per cent of the country?s total installations as of March 2024, followed by Gujarat and Karnataka with 14 per cent each.

It was also reported that India?s pipeline for large-scale solar projects stood at 143 GW, with an additional 93 GW of projects tendered and pending auction at the end of Q1 2024.

The Indian solar segment reportedly achieved a record capacity addition of 10 GW during the first quarter of 2024, equivalent to the total addition made in the entire calendar year 2023. It was stated that the 10 GW addition marked the highest-ever quarterly increase to date, with only 2 GW added in Q1 of 2023. In Q1 2024, a total of 15.2 GW of new power capacity was reported to have been added, with solar power contributing two-thirds (66 per cent) of this. It was mentioned that large-scale solar projects accounted for 9.7 GW, including 1.8 GW from open-access solar projects. The surge in solar installations during Q1 2024 was attributed to various factors, including the commissioning of delayed projects that had received extensions due to high module prices in previous quarters. Developers were said to have benefited from falling module prices, the suspension of the approved list of models and manufacturers (ALMM) order, and the approval of grid connectivity for projects previously stalled by habitat concerns for the Great Indian Bustard (GIB), which facilitated project completions. Rajasthan and Gujarat were reported to have led in large-scale solar installations in Q1 2024, accounting for 38 per cent and 35 per cent of the capacity additions, respectively, while Madhya Pradesh ranked third with 8 per cent. As of March 2024, it was indicated that India?s total installed solar capacity stood at 82 GW, representing 18.5 per cent of the country?s total installed power capacity and 43 per cent of its total installed renewable energy capacity. Rajasthan was mentioned to have had the highest cumulative installed large-scale solar capacity, making up 29 per cent of the country?s total installations as of March 2024, followed by Gujarat and Karnataka with 14 per cent each. It was also reported that India?s pipeline for large-scale solar projects stood at 143 GW, with an additional 93 GW of projects tendered and pending auction at the end of Q1 2024.

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