India remains the leader in renewable energy, having added 20,146 gigawatts (GW) of solar PV and wind capacity in the first nine months of the year (9M 2024).
According to JMK Research, solar PV accounted for the largest share of new capacity, at 17,444 megawatts (MW), while wind added 2,627 MW. Both represent a significant increase of 105.8% and 14.8%, respectively.
The report noted that the total solar PV capacity added during 9M 2024 is the highest capacity recorded in any previous year. Solar PV also accounts for about 45% of the total renewable energy segment, making it the largest contributor among renewable sources.
In terms of rooftop and rooftop solar capacity, India added around 13.2 GW of new utility-scale solar capacity in 9M, up 160.9% compared to last year. This increase was attributed to the government’s initiative to issue bids for 50 GW of renewable energy capacity annually for the next five years.
Rajasthan led the Indian states during the period with a capacity of 4.96 GW, followed by Gujarat with 3.13 GW and Tamil Nadu with 1.57 GW.
In terms of rooftop solar PV, India added around 3.2 GW, which was a 7.3% increase compared to the first nine months of 2023. The increase was attributed to the launch of the PM Surya Ghar: Muft Bijli Yojana.
The off-grid/distributed PV segment also reported improvements, with 1,035 MW added in 9M 2024, which is about 2.5 times more than the installations in the same period last year.
In the wind sector, around 2.6 GW of new capacity was added in the first nine months of 2024, up 14.8% from 2.3 GW last year. Gujarat (985 MW), Karnataka (968 MW) and Tamil Nadu (613 MW) accounted for around 97% of the new wind capacity added during this period.
JMK Research expects India to surpass the record for solar PV installations of over 20 GW by 2024, while wind power installations are projected to cross the 3 GW mark.
