Solar installations in 1H reach 15 GW, increases by 282%

In a significant boost to India’s RE trajectory, solar PV installations in the first half of CY24 touched 15 GW, registering almost a ~3x growth in installations year-on-year. This is India’s best half-year performance for solar so far and matches India’s best annual solar installation figure of ~15 GW in FY24.

Delays in project deployment slowed down solar installations in Q2 CY24 (10 GW in Q1 vs 5 GW in Q2).  Will Q3 reinstate the momentum seen in Q1? The rapid deployment of solar will lead to a steep increase in financing requirements that may not be readily available in the banking sector. Will developers tap into alternative channels of debt financing, such as the corporate bond market?