![Pinterest](https://pinterest.com/pin/create/button/?url=https://bollspel.com/indias-solar-power-capacity-set-to-skyrocket-to-104-gw-by-2025/&media=https://bollspel.com/wp-content/uploads/2023/12/6354-indias-solar-power-capacity-set-to-skyrocket-to-104-gw-by-2025.jpg&description="Discover the latest projections for India's solar power capacity, set to surge to 104 GW by 2025. Learn about the country's ambitious renewable energy goals and the potential impact on the global solar industry."){kind=link}
Welcome to the future of solar power in India! According to ICRA, India currently has an installed solar power capacity of around 73 GW. But the exciting news is that new solar capacity additions are expected to be 17 GW in fiscal year 2024 and 20 GW in fiscal year 2025. That’s some serious growth!
ICRA also expects India’s installed renewable energy capacity to increase to about 170 GW by March 2025 from 132 GW as of October 2023, with the largest portion of this capacity addition being driven by solar installations. This means that solar power in India is on track to hit 104 GW by March 2025, a significant increase from 72 GW in October 2023.
There’s no stopping this growth, as renewable energy capacity additions are expected to increase even further after March 2025. With over 16 GW of projects in the pipeline, including 11.2 GW solar, the future of solar power in India looks bright.
Vikram V, vice president & sector head – Corporate Ratings, ICRA, cited the sharp decline in solar PV cell and module prices as the primary drivers for this improvement in renewable energy capacity additions. This, along with the growing project pipeline, is likely to support the scale-up in capacity addition, mainly driven by the solar power segment.
It’s not all smooth sailing, though, as challenges on the execution front could hamper capacity additions. However, the rise in renewable energy capacity over the next six years is estimated to increase the share of renewables plus large hydro in the all-India electricity generation from 23% in fiscal year 2023 to around 40% in fiscal year 2030. That’s a huge leap!