India set a new record for monthly renewable energy installations by deploying 7.1 GW of capacity in March 2024. Monthly renewable additions included more than 6.2 GW of solar.
From pv magazine India
The latest figures from Rystad Energy show that monthly renewable energy installations in India rose to a record 7.1 GW in March 2024, from the previous record of 3.5 GW, set for March 2022. More than 6.2 GW in March 2024 total new solar capacity – a significant solar capacity. amount, as the January-December 2023 period saw 7.5 GW of new solar installations.
The increase in renewables in March helped India reach a peak annual installed capacity of 18.5 GW for the fiscal year to March 31, 2024.
Rystad Energy said that the [annual] The increase in the capacity of renewables was mainly driven by solar installations, which increased by 23% of the level from the 2023 fiscal year, driven by the commissioning of several projects within the India’s inter-state transmission system network and ultra-mega solar park schemes. In particular, states like Gujarat, Rajasthan, Madhya Pradesh and Maharashtra contributed to this expansion.
Adani Green, the renewable energy unit of the Indian conglomerate Adani Group, has taken significant steps in the first quarter of 2024 by installing approximately 1.6 GW of solar capacity in the Kutch district of Gujarat. This initiative is part of a wider hybrid renewable energy park that will see 30 GW of combined solar and wind capacity installed in Khavda in the coming years.
While the recent increase in renewable capacity is encouraging, further growth in annual deployment is key to meeting the country’s goal of achieving 500 GW of non-fossil fuel capacity by 2031-32. To achieve the 500 GW target, India needs to install about 30 GW of non-fossil fuel energy generation capacity per year, including solar, hydropower, onshore wind and nuclear energy.
“With the start of India’s general elections earlier this month, the country’s emphasis on renewable energy is not surprising. Despite ambitious climate goals to reduce carbon dioxide emissions, the achievement This can only be achieved if the country continues the momentum witnessed in recent months,” said Rohit Pradeep Patel, vice president of renewables and electricity research at Rystad Energy. “However, critical challenges remain: ensuring grid stability along with the higher integration costs that come with the introduction of more renewable capacity. A strategic solution lies in balancing the this clean energy embrace of targeted exports, enabling India’s growth visions for the power sector, without compromising national climate goals.
On the supply chain side, the ramp-up of solar installations in India has created a huge demand for solar equipment.
Historically, Indian developers have relied heavily on Chinese imports because of their competitive pricing with domestic manufacturers. In response, the Indian government has introduced initiatives such as the production linked scheme (PLI) to help domestic manufacturers improve their production capabilities.
In addition, government support measures such as the approved List of Models and Manufacturers (ALMM) order and the basic customs duty on imported solar modules have also helped strengthen the domestic solar industry. . Supported by these measures, India’s solar panel production capacity has hit 68 GW by March 2024, and the country has begun expanding its reach by exporting panels.
The US market has emerged as a major export destination, due to its high demand for solar energy and the potential for strong profit margins. The Uyghur Forced Labor Prevention Act (UFLPA) in the United States also played a role in this shift of Indian products.
Although millions of panels are shipped from India to the US market, Indian manufacturers face stiff competition from their Southeast Asian counterparts, who are able to lower their production costs by using material inputs from China.
However, exports from India are expected to increase as the US imposes duties on panels from Southeast Asian manufacturers. They are expected to be as high as 254% and are likely to be implemented from June 2024, making Southeast Asian panels more expensive than those from India.
This content is protected by copyright and may not be reused. If you want to cooperate with us and want to reuse some of our content, please contact: [email protected].
