India added a record 16.4 gigawatts (GW) of solar capacity in the first nine months of 2024, marking a 167% increase compared to the 6.2 GW added during the same period in 2023, according to Mercom Capital’s latest report. The surge was driven by the commissioning of several delayed projects.
Between July and September 2024, solar installations reached 3.5 GW, a 78% increase from the 2 GW added in the same quarter last year. By the end of September, India’s cumulative installed solar capacity stood at 89.1 GW, with utility-scale projects contributing over 86% and rooftop installations making up nearly 14%.
Solar energy now represents 20% of India’s total installed power capacity and over 44% of its renewable energy portfolio. Rajasthan, Gujarat, and Karnataka remained the leading states in large-scale solar installations. The report also highlighted a record 57.6 GW of tenders announced during January-September 2024, a 40% jump from the 41.1 GW announced during the same period in 2023. For the July-September quarter, 16.2 GW of tenders were announced, a 19% rise from the 13.6 GW recorded in Q3 2023.
Mercom Capital, a U.S.-based research firm, specializes in market intelligence and advisory services in solar energy, energy storage, and emerging technologies. Mercom Capital is a leading research and advisory firm specializing in clean energy and emerging technologies.
Based in the United States, the firm provides comprehensive market intelligence and insights into sectors such as solar energy, energy storage, and smart grid technologies. Mercom’s expertise extends to analyzing industry trends, tracking market developments, and offering strategic advisory services to help businesses and stakeholders navigate the evolving clean energy landscape. Renowned for its in-depth reports and data-driven analyses, Mercom plays a crucial role in supporting investment decisions, policy-making, and innovation in the global renewable energy sector.
