Summary:

According to Mercom Capital, India installed 16.4 GW of solar capacity between January and September 2024, marking a 167% year-over-year increase driven by delayed project completions. This contrasts with 6.2 GW installed during the same period in 2023. Solar installations rose by 78% in Q3 2024, reaching 3.5 GW. By September 2024, India’s total solar capacity stood at 89.1 GW, contributing 20% of total electricity and 44% of renewable energy capacity.

The report also highlighted a surge in solar tender announcements, with 57.6 GW issued during the first nine months of 2024, a 40% increase from 41.1 GW in 2023. In Q3 2024, 16.2 GW of bids were issued, reflecting a 19% rise compared to Q3 2023. Rajasthan, Gujarat, and Karnataka remain the leading states for large-scale solar installations. Mercom Capital, a US-based research organisation, specialises in market intelligence for solar energy, energy storage, smart grids, and advisory services for emerging markets.

Source: IBEF 

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