Solar Power Generation in India Rises 31% YoY to 29 BU in Q1 2023
Solar accounted for 59% of the total renewable generation
India generated approximately 29 billion units (BU) of solar power in the first quarter (Q1) of the calendar year 2023, a 31% year-over-year (YoY) increase. The country’s solar energy generation has steadily increased over the years, reflecting the rise in installations.
India produced about 95.2 BU of solar power in 2022, up 38% YoY from the 68.8 BU generated in 2021.
Solar accounted for 59% of the total renewable generation and 7% of the total power generation during the quarter.
Rajasthan, Karnataka, and Gujarat were the top states for solar power generation.
India added 13 GW of solar capacity in 2022, a 27% YoY increase from 2021, when 10.2 GW was installed. The country’s cumulative installed solar capacity stood at 63 GW, according to Mercom India Research’s 2022 Q4 & Annual India Solar Market Update.
Solar power accounted for 15% of India’s total installed power capacity and nearly 38% of the total installed renewable capacity as of 2022.
India’s installed renewable energy capacity, including large hydro projects, stood at 167 GW, representing a 41% share of the overall power capacity mix, according to data from the Central Electricity Authority, Ministry of New and Renewable Energy, and Mercom’s India Solar Project Tracker.
India has set ambitious goals for renewable energy to combat climate change and reduce reliance on fossil fuels.
The government has committed to achieving 50% of its installed power capacity from non-fossil fuel-based energy resources by 2030 and reducing the emissions intensity of its GDP by 45% compared to 2005 levels.
Further, the Ministry of New and Renewable Energy (MNRE) has been working to achieve 500 GW of installed electricity capacity from non-fossil sources by 2030, which includes 280 GW of solar.
To this effort, MNRE issued an agency-wise bidding calendar for 50 GW of renewable energy projects for the current financial year. The calendar entails a schedule of 30 GW of renewable capacity for the first two quarters and 20 GW in the last two quarters.