India adds 1.7 GW solar power capacity in July
- IBEF
- August 14, 2024
In July, India added 1,733.7 MW of solar power capacity, bringing the total installed capacity to 87.2 GW. In the current fiscal year up to July, 5,394 MW of solar power capacity was added. The total solar capacity installed in FY24 was approximately 15 GW.
India aims to add 30-35 GW of renewable energy capacity in FY25, the highest ever if achieved, with increased pace due to more auctions and availability of equipment. Nodal agencies are expected to auction 50 GW of renewable energy capacity this fiscal year, following a trajectory set from FY24. In the previous fiscal year, about 51 GW of capacity was auctioned. To reach its target of 500 GW renewable energy capacity by 2030, India needs to add about 44 GW annually, requiring an investment of US$ 190-215 billion over seven years. Moody's Ratings report states that renewable energy and electricity transmission will drive investments in the power sector for the next six to seven years.
As of July, ground-mounted solar projects accounted for 67.5 GW of the total installed capacity, while rooftop solar capacity was 13.4 GW. In July, 419.06 MW of wind capacity was added, bringing the total installed wind energy capacity to 47.07 GW.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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