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 1.1 Total installed and pipeline capacity by offtake, 30 June 2024, MW
Source: CRISIL-BRIDGE TO INDIA research, MNRE
Note: All project capacity numbers in this report are stated in AC MW, unless noted explicitly otherwise.
Key highlights from the report:
- India is estimated to have added total renewable power capacity of 4,213 MW in Q2 2024, 52% down over previous quarter, taking total installed capacity to 135,957 MW.
- New capacity addition for solar was split 25:33:29:13 between utility scale, open access, rooftop, and off-grid at 894 MW, 1,211 MW, 1,053 MW and 479 MW, respectively. Wind added over 576 MW in the quarter.
- Project tender issuance fell by 56% q-o-q, totaling 17,663 MW across 33 tenders.
- China module prices fell to USD cents 9/ Wp by the end of June, down 18% q-o-q.
- Installation capacity is expected to rebound over the next two quarters due to declining domestic module prices and improving policy stability.
