New Delhi, Mar 12 (KNN) India witnessed a remarkable surge in solar power capacity addition in 2024, more than doubling to 25.2 gigawatts (GW) compared to 8.3 GW in 2023, according to a report by US-based research firm Mercom Capital.
The sharp increase was primarily driven by the commissioning of delayed projects, the report noted.
Large-scale solar projects, including solar open access, contributed over 87 per cent of the total capacity additions, while rooftop solar accounted for nearly 13 per cent. Within the large-scale segment, installations under the open access model made up over 31 per cent of the new capacity.
Rajasthan, Gujarat, and Maharashtra led the way in large-scale solar installations, contributing approximately 32 per cent, 27 per cent, and 8 per cent of the total additions, respectively.
“India’s solar sector witnessed record-breaking installations in 2024, but the numbers could have been even higher if not for transmission constraints and supply chain delays,” said Raj Prabhu, CEO of Mercom Capital Group.
He also highlighted the challenges posed by rising costs due to import duties and expensive domestic modules, which continue to be a concern for the industry.
India added a total of 34.7 GW of new power capacity in 2024, with solar power accounting for nearly 73 per cent of the additions. However, to achieve its 2030 renewable energy targets, the country needs to install over 35 GW of solar power annually.
Industry experts stress the need for stable policies that encourage local manufacturing while ensuring smooth project execution.
Despite the challenges, India’s solar sector remains on a strong growth trajectory, with increasing investments and policy support driving the transition towards clean energy.
(KNN Bureau)
