India’s solar energy sector has successfully achieved a milestone of 15 GW of new solar installations in the first half of 2024. As of June 2024, India’s solar capacity has reached 87.2 GW, with solar energy representing 19.5% of the country’s installation capacity.

This remarkable increase of 282% compared to the same period of the first half of 2023 has surpassed all the previous records.

Total solar energy accounted for 19.5 % and installed power capacity was over 44 %. The average cost of a large-scale solar energy project has reduced by nearly 26 % as compared to last year and by 2 % in comparison with the previous quarter.

This remarkable growth made an impact by solar energy on all the other sources of electricity. The first half of 2024 has shown a major boost for the solar industry.

CEO of Mercom Capital Group, Raj Prabhu said, “However, to ensure that the strong pipeline of projects and ramped-up tender activity translate into timely installations, we must tackle the component supply and grid connectivity challenges with urgency so we can meet the 280 GW target by 2030.”

Source : Mercom India

A total of 41.4 tenders were announced in the first half, representing a 51 % increase from 27.5 GW in the first half of 2023. The projects of H1 of 2024 reached its auctions up to 31.8 GW, which was a remarkable 321% rise from the previous year.

Rajasthan, Gujarat, and Karnataka were the top three states in solar capacity additions, contributing significantly to the country’s total solar installations. 

Source: Mercom India

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