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, India’s RE installed capacity reached 190.6 GW.

Figure 1: RE installation trends in India

Source: CEA, MNRE, JMK Research

Note: Solar capacity includes utility scale solar, rooftop solar and off grid solar capacity

In FY2024, about 11.5 GW of new utility-scale solar is added in India which is 18% higher than FY2023.

In the rooftop solar segment, about 2,992 MW was added during FY2024, this is about 34% higher than FY2023 installations. The surge in rooftop solar capacity this fiscal year may be attributed to the exemption of the Approved List of Models and Manufacturers (ALMM) by the government till March 2024. The other reason could be the decrease in module prices in the second half of 2023 due to the decline in cell prices in China.

While in the off grid/ distributed solar segment, about 564 MW was added which is about 48% less than FY2023 installations.

Figure 2: Annual Solar Capacity Addition Trends in India

Source: MNRE, JMK Research

In the wind sector, about 3.25 GW of new capacity was added in FY2024, 42.9% higher than the 2.23 GW capacity added during FY2023 due to the successful resolution of the long pending SECI wind tenders in Gujarat.

In terms of state-wise solar installations, Rajasthan (3929 MW), Gujarat (3320 MW), and Tamil Nadu (1261 MW) were the leading states with maximum large-scale solar installations in FY2024. In wind, Gujarat obtained the first position with 1,744 MW in wind installations in FY2024, which is followed by Karnataka (725 MW) and Tamil Nadu (586 MW).

Gujarat also installed the maximum rooftop solar capacity of 964 MW during the April 2023 to March 2024 period followed by Maharashtra (583 MW) and Rajasthan (267 MW).

Figure 3: State-wise utility-scale solar and wind capacity addition in India in FY2024

Source: MNRE, JMK Research