India's Solar Surge: Record 15 GW Installed in 1H 2024

India has achieved a record-breaking 15 GW of solar energy installations during the first half of 2024, significantly surpassing previous years. This surge aims to fulfill delayed projects. As of June 2024, India's cumulative solar capacity stands at 87.2 GW, with solar energy now accounting for 19.5% of India's installed power capacity.

India has registered a historic 15 GW of solar installations in the first half of 2024, according to a report by Mercom Capital. This remarkable achievement was driven by developers' efforts to complete previously delayed projects.

In contrast, the country added 3.89 GW of solar capacity during January-June 2023, indicating a 282% year-on-year increase. The report, titled 'India Solar Market Update,' highlighted that this surge sets a new benchmark, surpassing all prior records.

As of June 2024, India's total installed solar capacity reached 87.2 GW. Utility-scale projects made up nearly 87% of this, while rooftop solar accounted for over 13%. Solar power now comprises 19.5% of India's overall power capacity and more than 44% of its renewable energy capacity. The average cost of large-scale solar projects has decreased by nearly 26% year-on-year.

(With inputs from agencies.)