Pushing India’s total renewable energy capacity to 195 GW, the first half of 2024 saw the addition of 12.15 GW of solar and 1.92 GW of wind capacity, marking a 78.9% increase in the solar sector compared to 2023.
From January to June 2024, India increased its solar capacity by about 12,156 MW and wind capacity by 1,920 MW, according to a report published by JMK Research. This represents a significant 78.9% rise in solar installations and a 2.3% increase in wind installations compared to the same period in 2023.
As a result of this, India’s total installed renewable energy capacity reached 195 GW by June 2024. Solar energy now constitutes around 44% of this total, making it the largest segment of India’s renewable energy portfolio.
The report also highlighted that the capacity added in the first half of 2024 has already exceeded the total additions for the entire year of 2023. For the second half of 2024, an additional 2.6 GW of wind capacity is projected, alongside an anticipated 8-9 GW increase in solar capacity.
In the first half of CY24, India expanded its utility-scale solar capacity, adding around 9.6 GW, which is 2.3 times higher than the installations during the same period in 2023. This increase is largely due to the Indian government’s extension of the Approved List of Models and Manufacturers (ALMM) exemption until March 2024.
As a result, the country witnessed around 7.5 GW of solar installations in H124, with 5.3 GW installed in March alone. The rise in installations was further supported by a decrease in module prices, driven by lower cell prices from China in the latter half of 2023 and the commissioning of long-pending tenders from organisations such as SECI, RUMSL, and NHPC.
Regionally, Rajasthan led with 3.2 GW, followed by Gujarat with 2.9 GW and Tamil Nadu with 1 GW.
In the rooftop solar sector, the country added approximately 1.8 GW of new capacity in the first half of 2024, representing a 19.6% decrease compared to the same period in 2023.
The Government of India introduced PM Surya Ghar: Muft Bijli Yojana to address this decline and boost rooftop solar adoption in February 2024. With an allocation of Rs 750.2 billion, this scheme aims to add over 2 GW of new rooftop solar capacity in the latter half of the year.
For the off-grid or distributed solar segment, about 688 MW was added in H12024.
In the wind sector, approximately 1.9 GW of new capacity was added in the first half of 2024, a slight increase from the 1.87 GW added in the first half of 2023.
Karnataka and Gujarat led this growth, contributing 874 MW and 629 MW, respectively, which together account for about 80% of the new wind capacity added during this period.
According to JMK Research, the solar sector is poised to achieve its highest annual installation figures ever in India, with the calendar year 2024 playing a pivotal role in this landmark achievement.
