In 2022, India installed 11.4GW of public scale solar capacity and 1.9GW of rooftop photovoltaics, totaling 13.3GW.
ICRA predicts that India's renewable energy capacity will rebound, with an expected increase of 20GW in 2024 compared to 15GW in 2023, including 16GW of solar, 2GW of wind, and 2GW of hybrid power projects.
According to ICRA, the extension of solar and hybrid power projects by the Ministry of Electricity until March 2024, as well as the relaxation of ALMM requirements and recent negotiations on the prices of solar photovoltaic cells and components, are expected to drive capacity growth this year.
India predicts that it will add 16.8GW of installed photovoltaic capacity by 2023, including approximately 14GW of public scale projects and 2.8GW of rooftop projects. In 2022, India installed 11.4GW of public scale solar capacity and 1.9GW of rooftop photovoltaics, totaling 13.3GW. As of December 31, 2022, India's cumulative public scale solar capacity is approximately 53.6GW, with 44.6GW still under construction.
