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Between fiscal years 2022 and 2024, India increased its import of solar modules 23-fold, primarily to the US, according to a new report from IEEFA and JMK Research.

The Indian states of Rajasthan and Gujarat need a “concerted effort” to maintain their central roles in the country’s energy transition, according to the Institute for Energy Economics and Financial Analysis (IEEFA).

India has more than trebled utility-scale renewables tender capacity to 69.8GW in fiscal year 2024, 48% of which was from solar PV.

Gujarat and Karnataka are well prepared to continue the electricity transition and have integrated renewables into their power sectors.

Solar PV accounted for 55.8% of the total power generation capacity added to the Indian grid in 2023, including fossil fuel additions which rose considerably over the year in response to growing electricity demand.

India’s accelerated pace with its domestic solar manufacturing capacity is set to reach 110GW of solar PV module capacity per year by 2026.

With a recent wave of policies and renewable reforms, investments are set to be boosted in India with solar-wind hybrid projects and corporate power purchase agreements among key trends.

Seven key Asian countries collectively saved approximately US$34 billion in fossil fuel costs in the first half of 2022 through solar generation, according to research from Ember, the Centre for Research on Energy and Clean Air (CREA) and the Institute for Energy Economics and Financial Analysis (IEEFA).

India’s residential rooftop solar capacity is set to increase 60% by the end of fiscal year 2023, according to a report by the IEEFA and JMK Research.