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Solar Power Capacity leading the charge in the Renewable Space

ICICIdirect Research 06 Sep 2024 DISCLAIMER

India used to add ~7 GW annually on an average between FY17-FY20. With pick up in new project announcement, favourable government policy and emerging solar equipment ecosystem, the same average has risen to 13.5 GW over FY22-FY24 with 15 GW added in FY24 itself. The share of solar capacity in the overall cumulative renewable capacity has risen from a low 10% in FY24 to 57% in FY24.

To put things in perspective, H1CY2024 has witnessed 282% growth in installations to nearly 15 GW, which is the highest-ever half-yearly installation while tenders issued rose by ~51% YoY from 27.5 GW in H1CY23 to 41.4 GW in H1CY24.

India’s large-scale solar project pipeline stood at 146 GW, with projects totaling another 104 GW tendered and pending auctions as of June 2024.

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