India has made significant strides in the renewable energy sector, particularly with solar power, marking a remarkable 167% increase in solar capacity in the first nine months of 2024. According to the latest report from Mercom Capital, the country added 16.4 gigawatts (GW) of solar capacity from January to September 2024. This impressive growth comes on the heels of delayed project completions, contributing significantly to India’s solar power capacity expansion. In contrast, the country had installed just 6.2 GW during the same period in 2023.

This leap in solar power installations also reflects a steady acceleration in India’s clean energy transition, with solar now comprising approximately 20% of the country’s total installed power capacity and over 44% of its renewable energy capacity. As of September 2024, India’s cumulative installed solar capacity stands at 89.1 GW, with utility-scale projects accounting for over 86% of this capacity, while rooftop solar installations contribute nearly 14%. The third quarter of 2024 also saw a substantial rise in solar installations, increasing by 78% compared to Q3 2023, with 3.5 GW added in the period, up from 2 GW in the previous year.

India’s surge in solar capacity aligns with the broader global push for sustainable energy solutions, and solar power continues to be one of the cornerstones of the country’s efforts to reduce its carbon footprint and achieve renewable energy targets. Alongside this, the number of solar tender announcements has increased sharply, with 57.6 GW of tenders issued during the first three quarters of 2024. This marks a 40% rise compared to the 41.1 GW of tenders announced in the same period in 2023. Q3 2024 alone saw 16.2 GW of tenders issued, reflecting a 19% increase from the 13.6 GW announced in Q3 2023.

The states of Rajasthan, Gujarat, and Karnataka continue to be the leading hubs for large-scale solar power installations, capitalizing on favorable geographic conditions and supportive state policies. Rajasthan, in particular, remains the top contributor to India’s solar capacity growth, owing to its vast arid landscapes that are ideal for large solar farms. The Indian government’s continued focus on enhancing solar infrastructure and providing incentives for renewable energy projects is expected to maintain this upward trend in the coming years.

The surge in solar capacity is also accompanied by an increasing demand for solar energy tenders, with states and private developers eyeing opportunities to participate in India’s rapidly expanding solar market. These developments come at a time when global demand for solar energy is rising, driven by both environmental concerns and the growing need for energy security. In India, solar power is becoming a critical component of the national grid, contributing to a cleaner, more sustainable energy future.

India’s transition to solar power is supported by various government initiatives aimed at fostering growth in the renewable energy sector, including the National Solar Mission, which seeks to accelerate the deployment of solar power plants across the country. The market also sees increasing participation from private investors, who are keen to capitalize on the growing demand for renewable energy. As India looks toward meeting its climate goals, the solar sector is expected to continue flourishing, driven by government support, technological advancements, and the vast potential for new installations.

In conclusion, India’s solar power growth in 2024 is a testament to the country’s commitment to clean energy. The significant increase in capacity, coupled with a surge in tenders and ongoing state-level initiatives, positions India as one of the global leaders in solar energy production.