jmk research

India added around 12.2GW of new solar capacity in the first half of the year, according to figures from JMK Research.

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

JMK Research has found that India installed 6.5GW of new utility-scale capacity in 2023, alongside 3GW of new rooftop capacity.

India installed 12.9GW of renewable energy capacity in 2023, over 10GW of which was solar PV capacity. This represents a 28% decline in PV additions and an 18% drop in overall renewables capacity additions year-on-year.

A total of about 8.5GW of solar capacity was added in the first three quarters of 2023 in India, down by 25% year-on-year.

India installed 6,794MW of solar PV in H1 (January – June) 2023, a 19% decrease year-on-year from 2022 according to energy analyst JMK Research.

India added 12.8GW of solar PV in the FY2023, an 8% decrease year-on-year according to JMK Research. 2022 saw the country experience significant module shortages as it strains to build out its domestic manufacturing profile and lessen its dependence on imports from the east.

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

India needs to issue more renewable energy tenders if it is to meet the government’s target of 450GW of installed capacity by 2030, as the changing preferences of distribution companies have seen less uptake and states have been inconsistent in fulfilling purchase obligations.

Despite the headwinds impacting module supply and solar deployment, India’s solar market is expected to emerge from a slow 2023 with significant growth and feel the benefit of the country’s protectionist domestic manufacturing policies.