NEW DELHI: India has registered document photo voltaic installations of about 15 GW through the first half of 2024 as “builders raced” to finish delayed initiatives, a report by Mercom Capital stated. The nation added 3.89 GW of photo voltaic capability throughout January-June 2023, the US-based analysis agency stated in its newest report.
“Within the first half, photo voltaic installations in India reached 15 GW, surpassing all earlier years data, posting a rise of 282 per cent in comparison with 1H 2023,” the report titled ‘India Photo voltaic Market Replace’ stated.
The document installations have been registered as builders raced to fee the beforehand delayed initiatives, it stated.
As of June 2024, India’s cumulative put in photo voltaic capability stood at 87.2 GW, of which the utility-scale initiatives accounted for practically 87 per cent, and rooftop photo voltaic over 13 per cent.
Photo voltaic power accounted for 19.5 per cent of India’s put in energy capability and over 44 per cent of the entire put in renewable power capability.
The common price of large-scale photo voltaic initiatives was down by nearly 26 per cent year-on-year and a couple of per cent quarter-on-quarter.
The yr “2024 is shaping as much as be a breakout yr for India’s photo voltaic business, with a powerful first half.
“Nonetheless, to make sure that the robust pipeline of initiatives and ramped-up tender exercise translate into well timed installations, it’s crucial that we deal with the element provide and grid connectivity challenges with urgency so we are able to meet the 280 GW goal by 2030,” Raj Prabhu, CEO of Mercom Capital Group, stated.
In 1H 2024, a complete of 41.4 GW of tenders have been introduced. The tendered capability issued through the interval elevated 51 per cent from 27.5 GW in 1H 2023.
Within the first half of 2024, about 31.8 GW of initiatives have been auctioned, up 321 per cent from 7.6 GW in 1H 2023.
Mercom Capital specialises in offering market intelligence on power storage, sensible grid know-how and photo voltaic power, along with providing advisory companies on rising markets and strategic decision-making.
“Within the first half, photo voltaic installations in India reached 15 GW, surpassing all earlier years data, posting a rise of 282 per cent in comparison with 1H 2023,” the report titled ‘India Photo voltaic Market Replace’ stated.
The document installations have been registered as builders raced to fee the beforehand delayed initiatives, it stated.
As of June 2024, India’s cumulative put in photo voltaic capability stood at 87.2 GW, of which the utility-scale initiatives accounted for practically 87 per cent, and rooftop photo voltaic over 13 per cent.
Photo voltaic power accounted for 19.5 per cent of India’s put in energy capability and over 44 per cent of the entire put in renewable power capability.
The common price of large-scale photo voltaic initiatives was down by nearly 26 per cent year-on-year and a couple of per cent quarter-on-quarter.
The yr “2024 is shaping as much as be a breakout yr for India’s photo voltaic business, with a powerful first half.
“Nonetheless, to make sure that the robust pipeline of initiatives and ramped-up tender exercise translate into well timed installations, it’s crucial that we deal with the element provide and grid connectivity challenges with urgency so we are able to meet the 280 GW goal by 2030,” Raj Prabhu, CEO of Mercom Capital Group, stated.
In 1H 2024, a complete of 41.4 GW of tenders have been introduced. The tendered capability issued through the interval elevated 51 per cent from 27.5 GW in 1H 2023.
Within the first half of 2024, about 31.8 GW of initiatives have been auctioned, up 321 per cent from 7.6 GW in 1H 2023.
Mercom Capital specialises in offering market intelligence on power storage, sensible grid know-how and photo voltaic power, along with providing advisory companies on rising markets and strategic decision-making.
