New Delhi (Natural Energy News): India is on track to significantly boost its solar capacity with an impressive 21.2 GW slated for installation in fiscal 2025. According to JMK Research, this surge will encompass 16.5 GW of utility-scale PV, 4 GW of rooftop solar, and 700 MW of off-grid systems.
Major Solar Capacity Expansion
JMK Research highlights that by the end of fiscal 2025, which concludes on March 31, 2025, India will see a substantial rise in its solar energy infrastructure. The majority of the new installations, approximately 16.5 GW, will come from utility-scale projects. Rooftop solar installations are expected to contribute an additional 4 GW, while off-grid systems will add 700 MW.
In the previous fiscal year, India saw significant growth in its solar capacity. About 11.5 GW of new utility-scale solar capacity was installed, reflecting an 18% increase from the prior year. The rooftop solar segment grew even more robustly, with a 34% year-on-year increase, adding around 3 GW.
Growing Renewable Energy Footprint
As of March 31, 2024, India's cumulative renewable energy capacity reached 190.57 GW. Solar energy was a major contributor, accounting for 43% of the total capacity, followed by wind and large hydro. This growth underscores India's commitment to expanding its renewable energy footprint.
Adani, a leading player in the Indian renewables sector, reported an operational capacity of approximately 10.4 GW by March 31, 2024. The company also has an ambitious pipeline with another 21.95 GW of renewable projects under development.
Quarterly Insights and Industry Leaders
The first quarter of 2024 saw developers adding about 7.5 GW of utility-scale solar capacity in India. This figure is approximately five times the capacity added in the previous quarter, indicating a rapid acceleration in solar project deployments. Sungrow emerged as the leading inverter supplier during this period, followed by Fimer and Sineng.
JinkoSolar led the pack as the largest PV module supplier in India during the first quarter of 2024. Following JinkoSolar were Longi and Trina Solar, both of which also made significant contributions to the market.
Future Prospects and Industry Dynamics
The projected installation of 21.2 GW of new solar capacity in fiscal 2025 represents a major milestone for India's renewable energy sector. This expansion is part of the nation's broader strategy to increase its reliance on clean energy and reduce carbon emissions. The mix of utility-scale projects, rooftop installations, and off-grid systems ensures a diverse and resilient energy infrastructure.
India's solar industry continues to attract significant investment and technological advancements. The increasing capacity and efficiency of solar installations are driving down costs and making solar energy more accessible across the country. This growth not only supports India's energy security but also creates numerous economic opportunities in the form of jobs and technological innovations.
In summary, India's ambitious plans for solar energy expansion in fiscal 2025 highlight the country's commitment to a sustainable and renewable energy future. With substantial increases in utility-scale, rooftop, and off-grid solar installations, India is poised to solidify its position as a global leader in renewable energy deployment.
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