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					</table><p>Energy banking enables renewable energy developers to inject surplus power into the grid for withdrawal during periods when needed, thereby optimizing energy utilization. This mechanism ensures flexible energy management for developers and generates additional revenue for DISCOMs through associated banking charges.</p>
<p>According to Mercom&#8217;s <a href="https://www.mercomindia.com/product/q4-2024-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener"><strong>Q4 and Annual India Solar Open Access Market Report</strong></a><strong>, </strong>India&#8217;s cumulative open-access solar installations reached 20.2 GW at the end of Q4 2024. The top ten states contributed to 96% of the country&#8217;s cumulative installed solar open-access capacity.</p>
<p>In 2024, India <a href="https://www.mercomindia.com/india-adds-6-9-gw-of-solar-open-access-capacity-in-2024" target="_blank" rel="noopener">added</a> 6.9 GW of open-access solar power, marking the highest annual installation to date and a 77% YoY increase. Maharashtra, Rajasthan, Karnataka, Gujarat, and Uttar Pradesh led the country&#8217;s solar open-access installations in 2024.</p>
<p>The energy banking policies in the top states:</p>
<p><strong>Maharashtra </strong></p>
<p>Maharashtra Electricity Regulatory Commission (<a href="https://merc.gov.in/" target="_blank" rel="noopener">MERC</a>) levies an 8% charge on banking surplus power from captive and third-party open-access projects with monthly settlement of the banked power.</p>
<p>Renewable energy generators can bank 100% of the surplus generation, though the withdrawal of banked power is subject to specific time-of-day (ToD) constraints. The energy banked during peak ToD hours can be utilized during off-peak hours, while energy stored during off-peak intervals cannot be accessed during peak ToD slots.</p>
<p>MERC stipulates that unused banked energy automatically expires at the end of each monthly billing period. However, the developer can claim an equivalent Renewable Energy Certificates (RECs) capacity against the lapsed power.</p>
<p><strong>Rajasthan</strong></p>
<p>In Rajasthan, energy banking is permitted for captive and third-party sales between April and March, i.e., during the financial year, with an annual settlement of banked energy.</p>
<p>The state&#8217;s energy banking charges are at 10%, but under the <a href="https://www.mercomindia.com/rajasthan-issues-energy-open-access" target="_blank" rel="noopener">draft</a> Green Energy Open Access Regulations, an 8% charge is proposed. Rajasthan restricts the drawal of banked energy during peak hours.</p>
<p><strong>Karnataka</strong></p>
<p>Karnataka&#8217;s energy regulator allows annual energy settlement for renewable energy projects catering to captive and third-party consumers. A banking charge of 8% will be levied on the drawal of off-peak energy during peak hours.</p>
<p>Additionally, 2% of banked energy will be deducted in addition to the 8% charge for withdrawing off-peak power during peak hours. Karnataka allowed the banking of 100% of the surplus generation.</p>
<p>In January 2025, the Karnataka High Court <a href="https://www.mercomindia.com/karnataka-high-court-strikes-down-green-energy-open-access-rules" target="_blank" rel="noopener">struck</a> down the state&#8217;s previous open-access regulations. In the same month, the state electricity regulator <a href="https://www.mercomindia.com/karnataka-draft-open-access-regulations-2025" target="_blank" rel="noopener">issued</a> draft open-access rules in compliance with the High Court&#8217;s order to frame new regulations. The draft regulations propose monthly energy banking.</p>
<p><strong>Gujarat</strong></p>
<p>The state allows daily energy banking between 7 am and 6 pm for solar open-access projects and monthly energy banking for wind-solar hybrid energy projects. The state levies ₹1.5 (~$0.019)/kWh and ₹1.1 (~$0.014)/kWh as energy banking charges on high-tension and low-tension consumers, respectively, for surplus solar power. No banking charges apply to the surplus power from wind-solar hybrid projects.</p>
<p>The state allows 100% energy banking for captive and third-party sales. Gujarat doesn&#8217;t allow energy banking for projects under the REC mechanism. The state enables green energy open-access consumers to bank at least 30% of their total electricity consumption from the distribution licensee during the billing period.</p>
<p><strong>Uttar Pradesh</strong></p>
<p>The state permits captive projects to bank 100% of the surplus generation in lieu of 6% of banked energy. The settlement of banked power is as per the notifications issued by the Uttar Pradesh Electricity Regulatory Commission (<a href="https://www.uperc.org/Default2.aspx" target="_blank" rel="noopener">UPERC</a>) from time to time.</p>
<p>Withdrawal of banked energy during peak and off-peak periods is limited to the energy banked during the respective periods.</p>
<p>The Q4 &amp; Annual 2024 Mercom India Solar Open Access Market Report is 64 pages long and covers vital information and data on the market.</p>
<p>For the complete report, visit: <a href="https://www.mercomindia.com/product/q4-2024-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener">https://www.mercomindia.com/product/q4-2024-mercom-india-solar-open-access-market-report</a></p>


Energy Banking Policies in the Top States for Solar Open-Access in 2024


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					</table><p>Indian solar module and cell exports decreased 16% year-over-year (YoY) to $1.5 billion (~₹129.4 billion) in 2024 from $1.8 billion (~₹152 billion), according to recent data published by the <a href="https://www.commerce.gov.in/" target="_blank" rel="noopener">Department of Commerce</a>.</p>
<p>Indian solar exports in 2024 were dominated by photovoltaic modules, comprising 97.7% of total shipments, while solar cells made up the remaining 2.3%.</p>
<p>The U.S. emerged as the primary destination for the export of Indian solar cells and modules, accounting for 97.5% of the exports in 2024.</p>
<p>Indian module exports declined in 2024 due to heightened shipment scrutiny, including port inspections and barcode verification of individual modules, and concerns over potential Chinese component inclusion.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-77886 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1.png" alt="Solar exports decline" width="969" height="530" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1.png 969w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1-300x164.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1-768x420.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1-650x356.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1-624x341.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1-600x328.png 600w" sizes="(max-width: 969px) 100vw, 969px" /></p>
<p><strong>Solar Imports in 2024</strong></p>
<p>India imported $4.5 billion (~₹375.28 billion) worth of solar cells and modules in 2024, down 10.2% from $5 billion (~₹415.45 billion) in 2023.</p>
<p>Solar modules accounted for of the annual solar imports, while solar cells accounted for the remaining 34.9 %.</p>
<p>The reimposition of the Approved List of Models and Manufacturers order significantly reduced India&#8217;s solar module imports in 2024. Government programs like PM Surya Ghar: Muft Bijli Yojana and Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan, which mandate modules compliant with domestic content requirements, further impacted the decline in solar module imports in 2024.</p>
<p>China remained the dominant supplier of solar products to India, accounting for 86.5% of total imports. Vietnam was the second-largest supplier, with 7.9% of imports, followed by Thailand at 3.2%. Other suppliers include Indonesia, Singapore, and the U.S., holding shares of 1%, 0.7%, and 0.3 %, respectively.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-77887 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2.png" alt="Solar exports decline" width="981" height="614" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2.png 981w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2-300x188.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2-768x481.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2-650x407.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2-624x391.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2-600x376.png 600w" sizes="(max-width: 981px) 100vw, 981px" /></p>
<p><strong>Solar Exports in Q4 2024</strong></p>
<p>India&#8217;s solar exports in the fourth quarter (Q4) 2024 reached $212.2 million (~₹17.9 billion), a modest increase of 1.8% from $208.55 million (~₹17.4 billion) in Q3 2024. However, when compared to YoY, exports witnessed a significant decline of 39.3% from $349.44 million (~₹29 billion) in Q4 2023.</p>
<p>The U.S. remained India&#8217;s primary solar export market, representing 97.5% of total export value, up from 92.3% in Q3 2024.</p>
<p><strong>Solar Imports in Q4 2024</strong></p>
<p>In the fourth quarter of 2024, solar cell and module imports totaled over $723.4 million (~₹61.1 billion), representing a 26.7% QoQ decrease from $986.5 million (~₹82.6 billion). Imports declined by 64.8% YoY from $2 billion (~₹170.9 billion).</p>
<p>Solar cells accounted for 56.4% of the quarter&#8217;s imports compared to 39.7% in Q3 2024, whereas solar modules&#8217; import share decreased to 43.6% from 60.3% in the previous quarter.</p>
<p>China constituted 86.5% of India&#8217;s solar imports in Q4 2024, down from 89.5% in Q3. The total value of these imports from China reached $625.9 million (~₹52.9 billion), representing a 29.1% QoQ decline.</p>
<p>Detailed solar import and export data by component types, suppliers, manufacturers, and developers are available in Mercom&#8217;s <a href="https://www.mercomindia.com/product/india-solar-export-import-tracker" target="_blank" rel="noopener">India Solar Export-Import Tracker</a>.</p>


India’s Solar Exports Decline 16% YoY in 2024, Imports Down 10%


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					</table><p>India&#8217;s solar power generation rose nearly 18% year-over-year (YoY) to 133.8 billion units (BU) in 2024 from 113.4 BU, according to data published by the Central Electricity Authority (<a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">CEA</a>).</p>
<p>In the first nine months (9M) of the calendar year 2024, the country <a href="https://www.mercomindia.com/india-16-gw-solar-capacity-9m-2024" target="_blank" rel="noopener">added</a> 16.4 GW of solar capacity, up 167% YoY from 6.2 GW. The commissioning of several previously delayed projects due to the fall in module prices drove capacity additions in 9M 2024. The installations exceeded the first nine months and annual capacity additions of all previous years, leading to a significant rise in solar generation in 2024.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-76148 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-1.jpg" alt="" width="650" height="480" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-1.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-1-300x222.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-1-624x461.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-1-600x443.jpg 600w" sizes="(max-width: 650px) 100vw, 650px" /></p>
<p>Solar power generation during the fourth quarter (Q4) of 2024 was 34.2 BU, a 28.4% increase YoY from 26.6 BU.</p>
<p>The northern region generated the highest solar power during the quarter, with 13.8 BU, accounting for 40.3%. The southern and western regions followed with 10.9 BU and 9.04 BU, accounting for 32% and 26.4%, respectively. The eastern and northeastern regions generated 362.5 BU and 85.9 BU, accounting for 1.1% and 0.3%, respectively.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-76149 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-2.png" alt="" width="972" height="602" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-2.png 972w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-2-300x186.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-2-768x476.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-2-650x403.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-2-624x386.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-2-600x372.png 600w" sizes="(max-width: 972px) 100vw, 972px" /></p>
<p>Rajasthan remained India&#8217;s leading solar power-producing state, generating 11.8 BU, followed by Gujarat and Karnataka, which generated 4.7 BU and 3.7 BU, respectively.</p>
<p>Solar generation in Rajasthan, Gujarat, and Karnataka rose 3.7%, 20% and 11.1% respectively.</p>
<p>Rajasthan had a cumulative installed solar power capacity of 21.7 GW at the end of Q3 2024, accounting for 24.4% of India&#8217;s total solar capacity. Gujarat followed with 14.8 GW, accounting for 16.6%.</p>
<p>India&#8217;s installed solar capacity <a href="https://www.mercomindia.com/solar-energys-contribution-to-indias-power-mix-surpassed-21-in-q4" target="_blank" rel="noopener">rose</a> 10.5% QoQ and 57.2% YoY at the end of December 2024, according to the data from CEA, Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>), and Mercom&#8217;s <a href="https://www.mercomindia.com/product/india-solar-project-tracker" target="_blank" rel="noopener">India Solar Project Tracker</a>. Solar photovoltaic projects comprised 21.2% of India&#8217;s installed power capacity.</p>
<p>Mercom&#8217;s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Project Tracker</a> provides access to the most comprehensive database of large-scale solar projects covering commissioned and under-development projects.</p>


Capacity Additions Drive India’s Solar Power Generation Up 18% in 2024


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					</table><p>India&#8217;s solar module and cell imports totaled $986.5 million (~₹82.6 billion) in the third quarter (Q3) of the calendar year (CY) 2024, down 19% year-over-year (YoY), according to data from the <a href="https://commerce.gov.in/" target="_blank" rel="noopener">Department of Commerce</a>.</p>
<p>About 60% of the quarter&#8217;s imports were modules, and the rest were cells.</p>
<p>The total solar imports were up 27% quarter-over-quarter (QoQ), while solar module imports increased 39.6% QoQ. The exemption of the Approved List of Models and Manufacturers (ALMM) order on projects with bid submission deadlines before April 10, 2021, and the rising demand for behind-the-meter solar projects drove solar module imports during the quarter.</p>
<p>Solar cell imports in Q3 were up 12.3%, primarily driven by the increased demand for Indian solar modules since the ALMM order&#8217;s reimposition in April 2024.</p>
<p>China continues to dominate the market with 89.5% of the solar module and cell imports, a jump of 68.2% QoQ.</p>
<p>About 5.7% of solar imports were from Vietnam, down 69.5% QoQ.</p>
<p>Thailand, Hong Kong, Cambodia, and Malaysia accounted for 3%, 1.1%, 0.3%, and 0.3% of the quarter&#8217;s imports.</p>
<p>In a QoQ comparison, the imports from Thailand and Cambodia fell by 33.6% and 1,042.3%. Imports from Hong Kong and Malaysia rose by 55.5% and 20.2%, respectively.</p>
<p><strong> <a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/Screenshot-2024-12-11-India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-Million.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-73667 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/Screenshot-2024-12-11-India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-Million.png" alt="India Solar Cell and Module Quarterly Import-Export Activity ($ Million)" width="669" height="421" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/Screenshot-2024-12-11-India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-Million.png 669w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/Screenshot-2024-12-11-India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-Million-300x189.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/Screenshot-2024-12-11-India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-Million-650x409.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/Screenshot-2024-12-11-India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-Million-624x393.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/Screenshot-2024-12-11-India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-Million-600x378.png 600w" sizes="(max-width: 669px) 100vw, 669px" /></a></strong></p>
<p><strong>Exports</strong></p>
<p>During the quarter, India exported solar cells and modules worth $208.6 million (~₹17.5 billion), down 61.6% QoQ. The value of solar exports dropped marginally YoY.</p>
<p>Solar module and cell exports fell 55.2% and 49.9%, respectively QoQ. Solar modules comprised 96.9% of the quarter&#8217;s exports, and solar cells made up the rest. Uncertainty surrounding U.S. import restrictions and growing domestic demand significantly slowed solar module exports to the country in Q3.</p>
<p>The U.S. accounted for 92.3% of the quarter&#8217;s exports and remained the top destination. However, solar module and cell shipments to the U.S. fell 57.5% QoQ as exports are heavily scrutinized at the U.S. ports.</p>
<p>Bangladesh, Canada, Thailand, and Guyana accounted for 5.8%, 0.9%, 0.2%, and 0.2% of the total exports, respectively. The exports to Bangladesh, Canada, and Guyana rose by 59%, 308.7%, and 57.1%, respectively. Indian manufacturers didn&#8217;t export solar modules to Thailand in the previous quarter.</p>
<p><strong>9M 2024</strong></p>
<p>India&#8217;s solar module and cell imports were valued at $3.8 billion (~₹314.2 billion) in 9M 2024, up 27.7% YoY. The significant increase in the first nine months of the year was primarily driven by the import of over 11 GW (the highest to date in a quarter) of solar modules in Q1 of CY24 due to the suspension of the ALMM order in the financial year 2023-24. The exemptions from the ALMM order granted to old projects (those with final bid submission before April 2021) and a few others continued to drive imports in Q2 and Q3.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/India-Solar-Cell-and-Module-Import-Export-Activity-9M-2019-to-9M-2024-.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-73669 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/India-Solar-Cell-and-Module-Import-Export-Activity-9M-2019-to-9M-2024-.png" alt="India Solar Cell and Module Import-Export Activity 9M 2019 to 9M 2024" width="719" height="416" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/India-Solar-Cell-and-Module-Import-Export-Activity-9M-2019-to-9M-2024-.png 719w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/India-Solar-Cell-and-Module-Import-Export-Activity-9M-2019-to-9M-2024--300x174.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/India-Solar-Cell-and-Module-Import-Export-Activity-9M-2019-to-9M-2024--650x376.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/India-Solar-Cell-and-Module-Import-Export-Activity-9M-2019-to-9M-2024--624x361.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/India-Solar-Cell-and-Module-Import-Export-Activity-9M-2019-to-9M-2024--600x347.png 600w" sizes="(max-width: 719px) 100vw, 719px" /></a></p>
<p>India&#8217;s solar exports totaled $1.3 billion (~₹111.5 billion) in 9M 2024, a 9.9% drop YoY.</p>
<p>For an in-depth look at the data, analysis, and charts, subscribe to our quarterly market report – <a href="https://www.mercomindia.com/product/q3-2024-india-solar-market-update" target="_blank" rel="noopener">Mercom India Solar Market Update</a>.</p>
<p>Mercom&#8217;s <a href="https://www.mercomindia.com/product/india-solar-export-import-tracker" target="_blank" rel="noopener">India Solar EXIM Tracker</a> provides detailed solar import and export data by component types, suppliers, manufacturers, and developers.</p>


India’s Solar Cell and Module Imports Drop 19% in Q3 2024


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					</table><p><a href="https://www.jinkosolar.com/en/" target="_blank" rel="noopener">Jinko Solar</a>, <a href="https://www.longi.com/en/" target="_blank" rel="noopener">LONGi Green Energy Technology</a>, <a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Energies</a>, <a href="https://en.gclsi.com/" target="_blank" rel="noopener">GCL Systems Integration New Energy</a>, and <a href="https://www.trinasolar.com/us" target="_blank" rel="noopener">Trina Solar</a> were the top solar module suppliers in 1H 2024, according to Mercom&#8217;s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2024-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2024</a>.</p>
<p>Jinko Solar led the module shipments in the first half of the year, followed by LONGi Green Energy Technology and Waaree Energies. GCL Systems Integration New Energy and Trina Solar made up the top five.</p>
<p>The top five suppliers contributed to 46.1% of module capacities shipped to domestic solar projects.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Module-Suppiers-in-India-1H-2024.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-72986 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Module-Suppiers-in-India-1H-2024.png" alt="Leading Solar Module Suppiers in India 1H 2024" width="774" height="509" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Module-Suppiers-in-India-1H-2024.png 774w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Module-Suppiers-in-India-1H-2024-300x197.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Module-Suppiers-in-India-1H-2024-768x505.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Module-Suppiers-in-India-1H-2024-650x427.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Module-Suppiers-in-India-1H-2024-624x410.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Module-Suppiers-in-India-1H-2024-600x395.png 600w" sizes="(max-width: 774px) 100vw, 774px" /></a></p>
<p>As of June 2024, Jinko Solar had ten production facilities located across the globe. The company expects its monocrystalline silicon wafer, cell, and module production capacity to reach 120 GW,  95 GW, and 130 GW, respectively, by the end of 2024.</p>
<p>LONGi Green Energy Technology has solar cell and module manufacturing facilities in China, Vietnam, and Malaysia, as well as solar ingot and wafer production facilities in China and Malaysia. Over the next three years, the company expects its annual production capacities for solar wafers, cells, and modules to reach 200 GW, 100 GW, and 150 GW.</p>
<p>Waaree Energies had four solar module manufacturing facilities in India with an aggregate annual module production capacity of 12 GW as of June 2024. During the year&#8217;s first half,  the company secured a contract with <a href="https://www.mahindrasusten.com/" target="_blank" rel="noopener">Mahindra Susten</a> to supply 280 MW of N-Type TOPCon 580 Wp solar modules in Bikaner, Rajasthan. It also secured a contract from <a href="https://www.acciona-energia.com/" target="_blank" rel="noopener">ACCIONA Energy</a>&#8216;s subsidiary, Juna Renewable Energy, to supply 335 MW of bifacial solar modules in Rajasthan.</p>
<p>Indian manufacturers accounted for 42% of the modules supplied to domestic solar projects.</p>
<p>Indian module imports in 1H 2024 were primarily from China. The top suppliers exporting to India included Jinko Solar, LONGi Green Energy Technology, GCL Systems Integration New Energy, Trina Solar, and <a href="https://www.jasolar.com/html/en/" target="_blank" rel="noopener">JA Solar</a>.</p>
<p>In 1H 2024, Mono PERC modules comprised 96% of shipments. TOPCon modules accounted for nearly 2.2% of the modules shipped, and polycrystalline modules made up 1.6% of the supply. Over 49% of the modules shipped during 1H 2024 were bifacial.</p>
<p><a href="https://aikosolar.com/en/" target="_blank" rel="noopener">Aiko Solar</a>, <a href="https://en.tw-solar.com/" target="_blank" rel="noopener">Tongwei Solar</a>, <a href="http://www.jietaisolar.com/" target="_blank" rel="noopener">Jetai New Energy</a>, <a href="https://www.solarspace.com/" target="_blank" rel="noopener">SolarSpace</a>, <a href="https://www.yingfa.com/" target="_blank" rel="noopener">Anhui Yingfa Deshseng</a>, and <a href="https://gokinsolar.com/en/" target="_blank" rel="noopener">Guangdong Jinwan Gaojing</a> were the top solar cell suppliers in 1H 2024.</p>
<p>Mercom&#8217;s India Solar Market Leaderboard 1H 2024 report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India&#8217;s solar industry leaders.</p>
<p>For the complete report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2024-market-shares-profiles" target="_blank" rel="noopener">click here</a>.</p>
<p>The leading Indian module suppliers in CY 2023 were Waaree Energies, <a href="https://www.adanisolar.com/" target="_blank" rel="noopener">Adani Solar</a>, <a href="https://premierenergies.com/" target="_blank" rel="noopener">Premier Energies</a>, <a href="https://saatvikgroup.com/" target="_blank" rel="noopener">Saatvik Green Energy</a>, and <a href="https://rayzonsolar.com/" target="_blank" rel="noopener">Rayzon Solar</a>.</p>
<p>The <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Data Tracker</a>, which gives data insights into competitors and their growth rates quarterly, is now available.</p>


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