India is on track to add 22.4 GW of solar and 3.6 GW of wind energy capacity in 2024, as reported by JMK Research & Analytics. Of the solar additions, 17 GW will come from utility-scale projects, 4 GW from rooftop installations, and 1.4 GW from off-grid systems. As of September 30, 2024, India’s total renewable energy capacity stood at 201.46 GW, with solar contributing 45%, followed by wind and large hydro, each at 23%.
A pipeline of 111.2 GW in solar, wind, hybrid, and storage projects is expected to become operational in the next 4-5 years, with an additional 55.8 GW in the bidding stage. From January to September 2024, utility-scale solar capacity increased by 160.9%, reaching 13.2 GW. Rooftop solar saw a 7.3% increase, while wind energy installations rose by 14.8%. In Q3 2024, India added 3.6 GW of solar capacity, a 71.4% increase from Q2 2024, though wind installations dropped by 7.8%.
Sungrow led the inverter supply market in Q3 2024, with a 30.6% market share, while Waaree dominated the module shipment sector with 19.9%. Adani led project development with a combined capacity of 33.2 GW, followed by ReNew, Greenko, NTPC, and Avaada. Investments in the renewable energy sector totaled $2.36 billion in Q3 2024, a 13% increase from the previous quarter, reflecting the sector’s continued growth.
The lowest solar tariff in Q3 2024 was Rs 2.48/kWh, marking a 7% decrease from Q2 2024. Wind-solar hybrid projects had tariffs of Rs 3.43/kWh, while renewable projects with storage were priced at Rs 3.42/kWh. During Q3 2024, 7.43 GW of renewable energy capacity was awarded through auctions, with JSW Energy and Avaada securing the largest capacities in storage projects. The renewable energy sector remains on track to meet India’s ambitious clean energy targets.
