Market trends

India installed 15 GW solar and 3.3 GW wind capacity in FY2024 In Financial Year 2024 (FY) i.e., from April 2023 till March 2024, approximately 15,033 MW solar capacity and 3,253 MW of wind capacity was added in India. Solar and wind installations increased by 17.6% and 42.9% respectively as compared to the same period the previous year. In terms of cumulative installations, according to the data released by the Ministry of New and Renewable Energy (MNRE) till March 2024,…

Uttar Pradesh Green Hydrogen Policy 2024 On 4th January 2023, The National Green Hydrogen Mission (NGHM) was launched with an initial outlay of Rs 19,744 crore from FY2023-24 to FY2029-30. This initiative supports the green hydrogen policy, aiming to make India a global hub for the production, usage, and export of green hydrogen and its derivatives. The mission targets developing a green hydrogen production capacity of at least 5 million metric tonnes per annum by 2030, alongside adding approximately 125…

Pump Hydro Storage and FDRE tenders accounted for 91% of the entire ESS tender issuance in 2023 Akin to the rise of renewables, large-scale tendering is playing a crucial role in the growth of the Energy Storage Systems (ESS) market in India. Over the past few years, grid-scale ESS tendering in India has had unprecedented growth. Remarkably, tender issuance for grid-scale ESS in India (including pump hydro storage) has shot up by >35 GW in 2023 alone. Over the years,…

India added 12.9 GW of solar and wind capacity in CY2023, a decline of 18% In the calendar year (CY) from January 2023 to December 2023, India added solar wind power capacity of 12,822 MW with approximately 10,016 MW of solar capacity and 2,806 MW of wind capacity. Although solar installations decreased by 28%, the overall solar power growth in India remains a key focus in the renewable energy sector. Meanwhile, wind installations increased by 52% compared to CY2022. In…