CY 2024: India Adds Record 28.5 GW Of Renewable Energy Capacity

Highlights :

  • India added 24.54 GW of solar capacity between January and December 2024, compared to 10 GW in 2023.
  • The pace of wind energy capacity in 2024 also surpassed the performance in 2023.
  • India’s cumulative renewable energy capacity (excluding large hydro)  by the end of Dec 2024 stands at 162 GW
CY 2024: India Adds Record 28.5 GW Of Renewable Energy Capacity CY 2024: India Adds 28.5 GW Of Renewable Energy Capacity

India added a total of 28.59 GW of new renewable energy capacity in the calendar year 2024, according to the Ministry of New and Renewable Energy (MNRE). The ministry’s latest report provides a detailed breakdown of fuel-wise capacity additions up to December 2024, revealing that solar power played a dominant role in driving this growth.

A year-on-year comparison of government data highlights a significant increase in solar energy installations. India added 24.54 GW of solar capacity between January and December 2024, compared to 10 GW in 2023. In the same period, the country added 3.42 GW of wind energy capacity. By the end of December 2024, India’s total renewable energy capacity (excluding large hydro) stood at 162.47 GW, up from 133.88 GW in December 2023.

Growth Across Renewable Energy Segments

In addition to solar and wind energy, other renewable energy sources also saw modest growth in 2024. Biomass and cogeneration energy added 466 MW, while small hydro power contributed 113 MW of new capacity. Waste-to-energy (WTE) projects added a further 37 MW during the year. The MNRE physical achievement report portrayed an encouraging trend for the Indian renewable energy market.

Key Drivers of Growth in 2024

The sharp rise in renewable energy installations in 2024 can be attributed to several factors, including:

Increased Tender Activity: A higher number of tenders and fixed trajectories for renewable energy auctions issued in recent years.
Pro-Renewable Policies: Evolving government policies that promote clean energy adoption.

Market Expansion: Entry of new companies and increased investments in the sector.

Sectoral Momentum: Greater diversification of energy projects and enhanced execution capabilities.

The robust performance in 2024 signals India’s accelerating transition toward cleaner energy sources, paving the way for achieving its long-term renewable energy targets.

With the record numbers, India could likely reach around 30 GW-35 GW of renewable energy installed capacities in the fiscal year 2024-25. With several projects under construction and with the expected speeding up of the project completion before the fiscal year are likely to spur the addition of new renewable energy capacities as seen during the last quarter of FY24.

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