India: 10GW of New PV Installed in the First Quarter, Setting A Record for the Highest Quarterly Installation

According to data released by Mercom India Research, in the first quarter of 2024, India's solar photovoltaic installed capacity increased by 10GW, a year-on-year increase of nearly 400% and a quarter-on-quarter increase of 414% from the fourth quarter of 2023, setting a record for the highest single-quarter installation to date. Among them, large-scale solar installed capacity accounted for up to 9.7GW, including 1.8GW from open projects, and the remaining 300MW came from rooftop projects.

Mercom attributed this strong growth to the commissioning of several delayed projects during the reporting period. Last year, these projects chose to postpone due to high component prices. In addition, many projects were commissioned ahead of schedule to take advantage of the window period when the "Approved List of Models and Manufacturers (ALMM)" was suspended.

In the first quarter of 2024, India completed the auction of 25GW photovoltaic projects and announced a tender plan for 30.7GW.

By the end of March 2024, India's total solar photovoltaic installed capacity reached 82GW, accounting for 18.5% of the country's total installed power capacity and 43% of the total installed capacity of renewable energy. India has a reserve of 143GW of large-scale photovoltaic projects, with another 93GW of projects already tendered or awaiting auction.

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