India added a record 25.2 GW of solar in 2024, marking a 204% jump compared to the new installations in 2023, driven by the commissioning of previously delayed projects, according to a report by Mercom India.
Large-scale solar projects, including solar open access, made up over 87% of the annual capacity additions, while rooftop solar accounted for almost 13%. At the end of the year India had 98.7 GW of installed solar, while in 2024, solar power accounted for almost 73% of the 34.7 GW of new power capacity added in the country, Mercom India said. Recently, the Ministry of New and Renewable Energy (MNRE) announced that India’s cumulative installed solar power capacity has passed the 100-GW threshold.
In the fourth quarter of 2024, India installed 7.8 GW of solar, after 3.6 GW in the preceding quarter and 1.9 GW in the final quarter of 2023.
"India's solar sector saw record-breaking installations in 2024, but the numbers could have been significantly higher if not for transmission issues and supply chain delays. Rising costs due to import duties and expensive domestic modules remain a concern for the industry. With over 35 GW of annual solar additions needed to meet 2030 goals, the industry requires clear, stable policies that balance local manufacturing with seamless project development," said Raj Prabhu, CEO of Mercom Capital Group.
Mercom India’s Q4 and Annual 2024 India Solar Market Update report also showed acceleration in tender activity. In 2024, a record 79.3 GW of tenders for large-scale solar projects were announced, up 39% from 57 GW in 2023, and auctions for 48.1 GW of projects were held, up from 22.2 GW in 2023.
