Is the year 2024 breaking all records in India’s renewable energy sector? In the nine months, solar capacity hits 17.4GW, marking a nearly 106% YoY increase, while wind soars to 2.6GW.
India’s renewable energy sector has grown significantly from January to September 2024, with solar and wind capacity additions reaching year-on-year (YoY) record levels in the last six years, according to a JMK Research report.
During this period, India added 17,444 MW of solar capacity and 2,627 MW of wind capacity, marking a 105.8% increase in solar and a 14.8% rise in wind capacity compared to the same period in 2023. The total solar capacity added in 2024 is the highest ever recorded in a single year.
As of September 2024, India’s total installed renewable energy capacity stands at 201.46 GW, with solar contributing about 45% of the total renewable energy capacity, making it the largest contributor among all renewable sources, while wind stands at 23%.
In specific solar segments, utility-scale solar led the growth, with 13.2 GW added between January and September 2024, a 160.9% YoY increase. This growth is driven by the government’s push to issue 50 GW of renewable energy capacity bids annually over the next five years. Rajasthan, Gujarat, and Tamil Nadu were the leading states in utility-scale solar, contributing 4.96 GW, 3.13 GW, and 1.57 GW, respectively.
Rooftop solar capacity also grew subsequently , with 3.2 GW added, reflecting a 7.3% YoY increase. The rise is partly attributed to the PM Surya Ghar: Muft Bijli Yojana, which incentivises rooftop solar installations for commercial, industrial, and government buildings.
In the off-grid/distributed solar sector, 1,035 MW was added in the first nine months of 2024, more than double the amount from the same period in 2023.
Besides, India added 2.6 GW of new capacity in the wind sector, a 14.8% increase from 2023. Gujarat, Karnataka, and Tamil Nadu contributed to nearly 97% of the new wind installations.
According to the report, India is on track to break records in 2024, with projections suggesting solar installations could surpass 20 GW and wind capacity could exceed 3 GW.
