India’s Renewable Energy Installations Surge to Record High, Unlocking Export Opportunities
India’s renewable energy installations surged to a record 7.1 gigawatts (GW) in March 2024, more than doubling the previous record of 3.5 GW set in March 2022. The increase in installations helped India reach its highest-ever annual installed capacity of 18.5 GW for the fiscal year ending on 31 March 2024.
The growth was primarily driven by solar installations, up 23% on levels from the 2023 financial year, driven by the commissioning of numerous projects within India’s inter-state transmission system network and ultra-mega solar park schemes. In particular, states such as Gujarat, Rajasthan, Madhya Pradesh and Maharashtra have contributed to this expansion. Notably, Adani Green, the renewable energy arm of Indian conglomerate Adani Group, made significant strides in the first quarter of 2024 by installing approximately 1.6 GW of solar capacity in the Kutch district of Gujarat. This initiative is part of a wider hybrid renewable energy park that will see up to 30 GW of combined solar and wind capacity installed in Khavda in the coming years.
India’s renewable focus until 2032 will likely revolve around meeting ambitious domestic targets, with minimal short-term impact on accelerating energy transition beyond its borders.
