India's RE installations surge to record high in March 2024

It more than doubled its previous record in March 2022.

India’s renewable energy installations increased by 7.1 gigawatts (GW) in March 2024, contributing to the highest-ever annual deployment capacity of 18.5 GW for the fiscal year ending on 31 March.

In a report, Rystad Energy said the new capacity in March more than doubled compared to its previous record of 3.5 GW in March 2024, mainly driven by solar power which rose by 23% year-on-year.

The growth in solar capacity is due to the launch of an inter-state transmission system network and ultra-mega solar park schemes.

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Despite this development, Rystad Energy said India could only achieve its goal to reach 500 GW of nono-fossil fuel capacity by 2031-2032 if it “maintains the fervour witnessed in recent months,” said Rohit Pradeep Patel, Vice President of Renewables and Power Research at Rystad Energy.

“However, critical challenges persist: ensuring grid stability alongside the higher integration costs that come with introducing more renewable capacity,” Patel said.

“A strategic solution lies in balancing this clean energy embrace with targeted exports, enabling India’s growth visions for the power sector, without compromising national climate goals,” he added.