India’s Solar Power Capacity Surges in July 2024

India’s renewable energy sector continues to witness rapid growth, with a significant addition of solar power capacity in July 2024. The Ministry of New and Renewable Energy reported that 1,733.7 MW of solar power capacity was added during the month, bringing the cumulative installed capacity to 87.2 GW at the end of July.

In the current fiscal year (FY25), India added 5,394 MW of solar power capacity until July. This surpasses the 15 GW achieved in FY24, indicating a significant acceleration in the pace of renewable energy adoption.

The government has set an ambitious target of adding 30-35 GW of renewable energy capacity in FY25, which, if achieved, would be the highest annual addition ever. This growth is fueled by factors such as increased auction activity, improved availability of solar modules, cells, and wind turbines, and favourable government policies.

Nodal agencies responsible for renewable energy auctions are expected to bid out 50 GW of capacity in FY25, aligning with the planned trajectory for the next five years starting from FY24. In FY24, these agencies successfully auctioned around 51 GW of renewable energy capacity.

The ongoing expansion of renewable energy and electricity transmission infrastructure is poised to drive significant investments in the power sector over the next six to seven years, according to Moody’s.

As of July end, ground-mounted solar projects accounted for 67.5 GW of the total installed capacity, while rooftop solar installations totaled 13.4 GW. Wind power capacity also saw a notable increase of 419.06 MW in July, bringing the cumulative installed wind energy capacity to 47.07 GW.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.