In calendar year (CY) 2024, India added 6.9 gigawatts (GW) of solar open access capacity, an increase of over 77% compared to the 3.9 GW installed in 2023, a record for annual capacity additions, according to Mercom’s Q4 & Annual 2024 India Solar Open Access Market Report.

The availability of low-cost Chinese modules due to imports before the reimposition of the Approved List of Models and Manufacturers (ALMM) order and for the exempted projects after the order reimposition drove the record capacity additions witnessed in 2024.

In 2024, Maharashtra led the states, accounting for almost 18% of the installations. Rajasthan and Karnataka followed, contributing nearly 15% and 14% to the annual capacity additions.

In Q4, India added the second-highest quarterly solar open access capacity with 2.1 GW, up more than 92% from 1.1 GW in Q3 2024 and a nearly 142% increase from 852.7 MW in Q4 2023.

With the rise in prices for domestic modules during the quarter, projects mandated to use ALMM enlisted modules and projects eligible to import modules in Q4 rushed to add capacities to avoid higher project costs.

Maharashtra, Uttar Pradesh, and Gujarat led the quarter’s installations, contributing almost 24%, 21%, and 20% to the capacity additions.

Cumulative installed solar capacity in the open access segment stood at 20.2 GW as of December 2024.

Karnataka, Maharashtra, and Gujarat had the highest cumulative installed solar open access capacity, accounting for around 25%, 16%, and 12%.

India had 25.7 GW of solar open access projects under development and in the pre-construction phase at the end of Q4 2024.

Adani Green Energy led energy sales in the Green Day-Ahead Market (G-DAM), accounting for almost 34% of electricity traded.

Punjab procured the highest volume of electricity at G-DAM, contributing to nearly 28% of electricity traded.

The cleared volume of renewable energy certificates traded on the Indian Energy Exchange (IEX) fell almost 58% quarter-over-quarter (QoQ).

According to the report, the volume traded in the Green Term Ahead Market (G-TAM) on IEX fell more than 67% QoQ.

A detailed analysis of the solar open access market, retail electricity tariffs, and open access charges and costs for fifteen states has been covered in the report.

Key Highlights from Mercom India Research’s Q4 & Annual 2024 India Solar Open Access Market Report

• India added over 6.9 GW open access solar in CY 2024, up more than 77% from the 3.9 GW installed in 2023
• Maharashtra, Rajasthan, and Karnataka added the highest solar open access capacity in 2024
• India added 2.1 GW of open access solar in Q4 2024, an increase of over 92% QoQ and a rise of almost 142% YoY
• India’s cumulative installed solar open access capacity stood at 20.2 GW as of December 2024
• The country had 25.7 GW of solar open access projects in various stages of development at the end of 2024

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