India’s renewable energy capacity reached 195 GW as of June 30, 2024, with solar energy leading the charge by contributing 44% of this total, according to a report by JMK Research. Wind and large hydro each represent 24% of the renewable energy mix, highlighting the significant progress made in this sector.
The report also pointed to a strong pipeline of 110.6 GW in combined solar, wind, wind-solar hybrid, and storage projects, which are expected to be commissioned within the next 4-5 years. Additionally, there are 71.4 GW of projects currently in the bidding phase, with tenders issued but auctions yet to be finalized.
JMK Research anticipates that India will add approximately 21.5 GW of new solar capacity in 2024, with utility-scale projects accounting for 16.5 GW, rooftop solar for 4 GW, and off-grid components for 1 GW. The wind sector is projected to see an addition of around 4.5 GW this year.
As reported by ETEnergyworld.com, investment in the renewable energy sector witnessed a significant increase of 61.8% in Q2 2024, reaching a total of $2.088 billion.
