India adds record 10 GW of solar capacity in Q1 2024, marking almost 400 pc YoY increase
India achieved a milestone by adding over 10 GW of solar capacity in the first quarter (Q1) of 2024, marking the highest quarterly installation to date.
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This figure represents an almost 400 per cent year-over-year (YoY) increase compared to the over 2 GW installed in Q1 2023, as per the recent Q1 2024 India Solar Market Update from Mercom India Research.
Quarter-over-quarter (QoQ) capacity additions also saw a dramatic surge of 414 per cent, rising from nearly 2 GW in Q4 2023.
In Q1 2024, India installed 9.7 GW of large-scale solar capacity, which included 1.8 GW from open access solar projects. This represents a 524 per cent QoQ increase and a nearly 534 per cent YoY rise.
Priya Sanjay, Managing Director of Mercom India, said, «The surge in installations in Q1 2024 was driven by the commissioning of several delayed projects that had received extensions in previous quarters due to high module prices. Falling module prices and suspending the Approved List of Models and Manufacturers (ALMM) order enabled developers to import modules at lower costs, facilitating project completions.»
Several projects were commissioned early to take advantage of the ALMM order suspension.
Additionally, granting grid connectivity to projects previously stalled in the Great Indian Bustard habitat significantly contributed to the record-breaking installations.
«There is a substantial pipeline of large-scale projects scheduled for 2024, positioning India for a
