India’s Solar Power Generation Up 21% YoY in Q2 2023
Rajasthan, Karnataka, and Gujarat were the top states in terms of solar power generation
About 30 billion units (BU) of solar energy was generated in the second quarter (Q2) of the calendar year (CY) 2023, a 20.8% year-over-year (YoY) increase.
Solar generation increased 5.5% quarter-over-quarter (QoQ).
Rajasthan, Karnataka, and Gujarat were the top solar energy-generating states.
The country generated 59.79 BU of solar energy in the first half (1H) of 2023, up 25.5% from the 47.64 BU generated in 1H 2022.
During Q1, installations in India fell 48% YoY, as stated in the Q1 2023 India Solar Market Quarterly Update by Mercom India Research. Installations dropped by 30% quarterly.
As per the report, India added more than 4.1 GW of overall power capacity in the quarter, of which 45% came from solar energy sources.
The cumulative solar capacity in India has reached 64.5 GW. Approximately 58 GW of projects have been tendered and are awaiting auction.
At the end of June 2023, India’s total renewable energy capacity, encompassing large hydro projects, reached 173.5 GW. This accounted for 41.4% of the entire power capacity mix.
Solar’s capacity in the overall power mix has been growing steadily. Solar power constituted 15.9% of the total installed power capacity and 38.3% of the total installed renewable capacity in Q2 2023. These figures reflect an increase from the previous year’s numbers of 14% and 35.4%, respectively.
In pursuit of its target to achieve 500 GW of non-fossil fuel-based capacity by 2030, including 280 GW from solar energy, India plans to blend various renewable sources like solar, wind, hydro, and nuclear power.
To attain the 2030 goals, MNRE said it would release bids for renewable projects amounting to 50 GW annually for the financial years 2024-28.