India’s Robust 12.9 GW Solar and Wind Surge in 2023: JMK Research

In a noteworthy update on India’s renewable energy landscape, the latest report from JMK Research reveals that the country added a combined 12.9 gigawatts (GW) of solar and wind capacity in the calendar year 2023, marking an 18% decline compared to the previous year. The comprehensive data covers the period from January to December 2023, indicating a significant contribution to India’s growing renewable energy (RE) portfolio.

According to JMK Research, during this period, India saw the addition of approximately 10,016 megawatts (MW) of solar capacity and 2,806 MW of wind capacity. Interestingly, solar installations experienced a 28% decrease, contrasting with a notable 52% increase in wind installations when compared to the statistics from CY2022.

The cumulative installations in India’s RE sector reached an impressive 133.89 GW by December 2023, as reported by the Ministry of New and Renewable Energy (MNRE). Solar energy emerged as the dominant player, constituting 55% of the total RE segment, followed by wind energy at 33%. BioPower and Small Hydro contributed 8% and 4%, respectively.

Delving into the specifics, the report highlights that utility-scale solar installations added 6.5 GW during the CY2023, reflecting a 42.5% decline from the figures recorded in the same period of the previous year. This dip is attributed to subdued tender issuance activities between 2020 and 2022. However, an optimistic outlook is presented, with expectations of increased utility-scale solar installations in the future following a recent surge in tender activities.

The rooftop solar segment, on the other hand, witnessed a robust growth of 58%, adding 3 GW in the last 12 months. Meanwhile, the off-grid/distributed solar segment experienced a slight contraction of 31%, contributing nearly 500 MW to the overall capacity.

In the wind sector, a substantial 2.84 GW of new capacity was added during January-December 2023, marking a remarkable 53.5% increase compared to the same period in the previous year. This growth is attributed, in part, to the successful resolution of long-pending SECI wind tenders in Gujarat, especially in tranche V-VIII. The rising popularity of hybrid tenders has also played a role in boosting wind installations.

On a state-wise basis, Rajasthan led in solar installations with 2,193 MW, closely followed by Gujarat (1,317 MW) and Maharashtra (979 MW). In the wind sector, Gujarat took the lead by commissioning over 1,300 MW of new wind projects during this period.

This comprehensive analysis by JMK Research sheds light on the dynamics of India’s evolving renewable energy landscape, offering valuable insights into the trends and contributing factors that shaped the country’s solar and wind capacity additions in CY2023.