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: Total installed and pipeline capacity by offtake, 31 March 2024.
Source: CRISIL-BRIDGE TO INDIA research
Note: All project capacity numbers in this report are stated in AC MW, unless explicitly noted otherwise. Details of total solar and wind addition in Q1 2024 are based on a project sample of 7,547 MW, which forms 87% of total addition in the quarter.
Key highlights from the report:
- India is estimated to have added total renewable power capacity of 8,547 MW in Q1 2024, 204% up over previous quarter, taking total installed capacity to 131,641 MW.
- New capacity addition for solar was split 56:31:10:3 between utility scale, open access, rooftop, and off-grid at 4,464 MW, 2,454 MW, 791 MW and 209 MW, respectively. Wind added over 629 MW in the quarter.
- Rajasthan was the largest state by commissioned capacity, followed by Tamil Nadu, Karnataka and Maharashtra.
- Q1 witnessed a 6% q-o-q increase in project tender issuance totaling 40,250 MW across 80 tenders.
- Solar module prices fell to a record low of USD cents 11/ Wp, down 8% q-o-q.
