Summary:

According to Mercom Capital, India's solar sector expanded rapidly in early 2024, with around 15 GW installed in the first half of the year—a 282% increase from 3.89 GW in the same period of 2023. By June 2024, India's total solar capacity reached 87.2 GW, with utility-scale projects making up over 87% and rooftop solar accounting for more than 13%. Solar now represents 19.5% of India's total power capacity and 44% of its renewable energy capacity.

The average cost of large-scale solar projects has decreased by roughly 26% year-on-year and 2% quarter-on-quarter. Raj Prabhu, CEO of Mercom Capital Group, noted that 2024 will be a pivotal year for India's solar industry. He emphasized the importance of addressing component supply and grid connectivity issues to ensure timely project completion and meet the 280 GW target by 2030.

In H1 2024, 41.4 GW of tenders were announced, with 31.8 GW auctioned—representing 51% and 321% growth, respectively.

Source: IBEF

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