India’s Solar Sector Needs Clear, Stable Policies To Achieve 2030 Target: Mercom Report
Mercom Capital Group’s Raj Prabhu said “the numbers could have been significantly higher if not for transmission issues and supply chain delays”.
In 2024, India has added 25.2 gigawatts of solar capacity, thereby tripling the country's production from that of the previous year.
According to Mercom Capital, the country had added 8.3 GW of solar capacity in 2023.
However, the Mercom India Solar Market Update study highlighted that “the commissioning of a significant capacity of previously delayed projects drove capacity additions in 2024.”.
Meanwhile, Mercom Capital Group Chief Executive Officer Raj Prabhu said, “India's solar sector saw record-breaking installations in 2024, but the numbers could have been significantly higher if not for transmission issues and supply chain delays.”
According to him, rising costs due to import duties and expensive domestic modules remain a concern for the industry.
India needs to add over 35 GW of annual solar additions if it is to meet the 2030 goals. The country is targeting to achieve a total of 500 GW in renewable energy capacity by 2030, including solar energy, to meet its renewable energy targets.
So, the industry requires clear and stable policies that balance local manufacturing with seamless project development.
India added 34.7 GW of new power capacity in 2024. Of this, 73% of capacity additions were in solar power.
The research firm reported that large-scale solar projects—including solar open access—account for more than 87% of the total capacity additions, while rooftop solar contributed nearly 13%.
Three states—Rajasthan, Gujarat, and Maharashtra—led large-scale solar installations in 2024. While Rajasthan accounted for about 32% of installations, Gujarat and Maharashtra followed with 27% and 8% of the capacity additions, respectively.
Installations under the open access model comprised over 31% of the large-scale solar capacity additions.
—With PTI inputs
