By the end of June 2024, India's cumulative installed PV capacity reached 87.2GW. At present, photovoltaic capacity accounts for 19.5% of the total installed electricity capacity and more than 44% of the total installed renewable energy capacity.

Following a record 10GW of PV installed capacity in the first quarter, India added 5GW in the second quarter of 2024, up from 1.7GW in the second quarter of 2023. As the chart below shows, new PV installations in the second quarter of 2024, while down by half from the first quarter, are still the second highest quarter in this decade.

In addition, PV accounted for 71% of new power capacity added in the second quarter of 2024. Rajasthan (where a 400MW PV project was recently commissioned), Gujarat and Karnataka are the states with the highest new PV capacity added in the second quarter of 2024.

The quarterly decline was due to delays in large-scale terrestrial PV projects, which were affected by grid-connection and transmission issues. Following the suspension in March 2023, India re-implemented the Approved Models and Manufacturers List in April, which also affected the feasibility and start-up of several wall electricity sales projects.

Despite the decline in PV quarterly installed capacity, new installed capacity in the second quarter of 2024 increased by 170% compared to the second quarter of 2023.

Mercom expects India to add 15GW of PV capacity in the first half of 2024, slightly more than market research firm JMK

Research India's new installed capacity (12.2GW) forecast for the same period. JMK

Research believes that the growth of PV is mainly due to the large terrestrial PV market.

Before the second half of the year is over, India has already added more new capacity than in the past five years. According to Mercom

According to India's data, India's large terrestrial PV projects reached 146GW, and another 104GW of projects are waiting for tenders.

Decline in bidding activity

The tender capacity for fiscal year 2024 (April 1, 2023 - March 31, 2024) more than tripled, but tender activity slowed in the second quarter of 2024.

The capacity tendered in the second quarter of 2024 was 10.7GW, down 21.6% from 13.6GW in the second quarter of 2023. Pv tenders for the second quarter of 2024 remained unchanged compared to the same period last year at 6.7GW.

Earlier this month, SECI issued a request for purchase of 2GW PV and 1GW/4GWh energy storage system technology.

In addition, the average cost of large surface projects in the second quarter of 2024 decreased by 2% sequentially and by nearly 26% year-over-year.trina solar panels