This report provides a detailed update of all key sector developments and trends in the quarter – capacity addition, leading players, tenders and policy announcements, equipment prices, financial deals and other market developments. It also provides market outlook for the next two quarters.
Figure: Installed and pipeline capacity by offtake (December 31, 2024)
Source: Crisil-Bridge to India, MNRE
Note: All project capacity numbers in this report are stated in AC MW, unless noted explicitly otherwise.
Key highlights from the report:
- India renewable power capacity added 7,135 MW of new capacity in Q4 CY 2024, up 26% on-quarter, taking total installed capacity to 150,238 MW and 166,825 MW of projects in various stages of development.
- New capacity addition for solar was split 51:19:2:21:7 between utility scale (3,257 MW), open access (1,226 MW), merchant (113 MW), rooftop (1,371 MW) and off-grid (450 MW). Wind contributed to 718 MW in the quarter.
- Utility scale tender issuance declined by 53% q-o-q, totaling 10,314 MW.
- Domestic module prices increased to USD cents 13.9/ Wp, owing to imposition of anti-dumping duty on solar glass.
- In 2024, capacity addition in the sector reached a historic high of 27 GW with solar capacity addition leading at 24 GW and wind at 3.4 GW.
