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.
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 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.
The Indian government’s “Approved List of Models and Manufacturers” (ALMM) has passed 18GW of capacity and 66 different entities registered, according to consultancy JMK Research & Analytics.
