India open a record 16.4-GW of solar potential in the first 9 months of 2024, taking a soar of 167% compared to the same period of 2023
Aided by way of the commissioning of numerous delayed ventures, consistent with an analysis by Mercom India Research.
About 3.5-GW of solar capability brought online in the third quarter of 2024, up 78% year after year, however down 28% quarter over quarter, as consistent with Mercom’s Q3 2024 India Solar Market Update. Large scale solar accounted for 2.8 GW of the quarterly additions.
The organization explained the decline compared to the second quarter to delays in grid connectivity, challenges with land acquisition, create disruptions effects by monsoon conditions, in addition to a shortage of modules meeting domestic content requirement (DCR) standards.
“India is on the right track for its prime year in solar, however many situations threaten to gradual development. Grid connectivity problems, land availability, and deliver constraints are already impacting momentum. Without urgent improvements in transmission infrastructure and land entry, solar development dangers falling short of goals; the gentle trajectory will not be sufficient to satisfy 2030 aims,” stated Mr. Raj Prabhu, CEO of Mercom Capital Group.
As of September 2024, India had 89.1 GW of solar capability, accounting for almost 20% of the country’s in stalled power capability. In the first nine months of 2024, solar represents 73% of recent power capability additions. As of September, India additionally had a big scale solar ventures pipeline totaling 163 GW and an extra 127.2 GW of ventures tendered and awaiting public sale.
In the third quarter, 16.2 GW of tenders had been declared, up by 19% year after year and by 52% quarter after quarter. Auctioned ventures fell 14% and 17% from quarter and a year ago, respectively, to 5.8 GW.
