India’s Renewable Energy Capacity Hits 195 GW With Solar at the Forefront and Investment Growing

According to a report by JMK Research, India’s renewable energy capacity has reached 195 gigawatts (GW) as of June 30, 2024.  

Solar energy greatly contributed to this capacity, contributing to 44% of the total capacity.  

On the other hand, wind and large hydro each contributed 24% to the renewable energy mix, highlighting the sector's considerable progress. 

Tata Power Solar Partners with India’s ICICI Bank to Enhance the Accessibility of Solar Energy

The report highlights a pipeline of 110.6 GW in solar, wind, hybrid, and storage projects slated for commissioning over the next 4-5 years. Additionally, 71.4 GW are in the bidding phase, with tenders issued, but auctions are still pending. 

In the first half of 2024, India added approximately 9.6 GW of new utility-scale solar capacity—a 72% drop from the previous quarter. 

The wind sector saw 0.77 GW of new capacity, down 33%, while rooftop solar contributed 1.05 GW in Q2 2024. Overall, 2.1 GW of capacity was added in Q2, reflecting a 72% decrease from Q1 2024. 

JMK Research predicts India will expand its solar capacity by approximately 21.5 GW in 2024. This includes 16.5 GW from utility-scale installations, 4 GW from rooftop solar, and 1 GW from off-grid systems.  

Additionally, the wind sector is projected to increase by 4.5 GW this year. 

India’s Reliance to become largest developer of renewable energy projects

The report also notes a 42.5% drop in new renewable energy tenders in Q2 2024, with 39 tenders totalling 23.4 GW. Capacity allocated to developers fell 67% to 6,700 megawatts (MW).  

Avaada Energy secured the largest capacity, 1,910 MW, followed by JSW Energy, 1,180 MW, and ReNew, 600 MW. 

Investment in the sector rose by 61.8% in Q2 2024, reaching $2.088 billion. However, solar module imports and exports dropped significantly, with imports down 73% and exports down 31.3%, due to the reimposition of the ALMM order from April 1, 2024.