New Delhi, Nov 21 (PTI) India added 16.4 gigawatts (GW) of solar capacity between January and September 2024, showing a 167% year-on-year increase due to commissioning of delayed projects, a said Mercom Capital.

The country installed 6.2 GW of solar capacity during the nine-month period 2023, the US-based research firm said in its latest report.

“In the nine months (9 months) from January to September of calendar year (CY) 2024, solar projects totaling 16.4 GW were added in India, an increase of over 167% from the 6 .2 GW during the 9 months of 2023. The commissioning of several of the previously delayed projects contributed to capacity additions during the first nine months of 2024,” the report titled “ India Solar Market Update”.

According to the report, solar installations during the July-September period increased by 78 percent to 3.5 GW, compared to 2 GW in the third quarter of last year.

As of September 2024, India’s cumulative installed solar capacity stood at 89.1 GW, of which large-scale projects accounted for over 86 percent, and rooftop solar accounted for nearly 14 percent of cumulative installations.

Solar installations accounted for nearly 20 percent of India’s installed electricity capacity and more than 44 percent of the total installed renewable energy capacity.

Rajasthan, Gujarat and Karnataka were the top three states in terms of total large-scale installed solar capacity.

In the first 9 months of 2024, 57.6 GW of tenders were announced, the highest ever in a nine-month period of a year, compared to 41.1 GW in the first 9 months by 2023, an increase of 40 percent.

In the third quarter of 2024, 16.2 GW of tenders were announced, an increase of more than 19% compared to 13.6 GW in the same period of 2023.

Mercom Capital specializes in providing business intelligence on energy storage, smart grid technology and solar energy, in addition to offering advisory services on emerging markets and strategic decision-making.