Rystad Energy’s latest data reveals renewable energy installations in India surged to a record 7.1 gigawatts GW in March, 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.
1 GW of renewable capacity added in March, more than 6.2 GW was new solar additions. To put this into perspective, the entirety of 2023 saw 7.5 GW of new solar capacity installed. Historically, Indian developers heavily relied on Chinese imports due to their competitive pricing over domestic manufacturers.
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