BUSINESS
India added record solar installations at 15 gigawatt (GW) in the first half of the calendar year 2024, an increase of over 282% compared to the first half of 2023, according to Mercom Capital’s latest report on the Indian solar market. In the second quarter of 2024 ending June 30, the country commissioned 5 GW of solar capacity, up 170% from 1.8 GW commissioned in the same period last year. Installations however dropped over 49% on a sequential basis from 9.9 GW in the first quarter of 2024. “Project delays due to grid connectivity and transmission infrastructure issues significantly affected quarterly additions for large scale solar projects. The reimposition of Approved List of Models and Manufacturers (ALMM) order further impacted the viability and commissioning of several open access projects, contributing to substantial delays during the quarter,” the report said. As of June 2024, the country’s cumulative installed solar capacity stood at 87.2 GW of which the utility-scale projects accounted for nearly 87%, and rooftop solar accounted for 13%. Solar energy accounted for 19.5% of the country’s total installed power capacity and over 44% of the total installed renewable energy capacity. In the Apr-Jun quarter of 2024, 10.7 GW of tenders were announced , down 21.6% from 13.6 GW announced in Q2 2023. Tender activity dropped 65.2% on quarter compared to 30.7 GW in Q1 2024. The country’s large scale solar project pipeline stood at 146 GW, with another 104 GW of projects tendered and pending auction as of June 2024, Mercom said. None
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