Turning Sunshine into Savings: Industries Bet Big on Solar in 2024

India’s solar energy sector has seen unprecedented growth in 2024, with industries increasingly adopting solar power driven by the need for sustainability and long-term cost savings. With government policies promoting renewable energy and rising conventional energy costs, solar has become the smartest, future-proof investment. This trend augurs well with India’s ambitious renewable energy targets, particularly the goal of achieving 500 GW of non-fossil fuel capacity by 2030, as outlined in the National Solar Mission.

India’s solar capacity is expected to grow by 77% in 2024, reaching 23 GW by the end of the year, according to a report by Ember. At 15 GW in the first half of 2024, solar capacity addition witnessed a 282% jump when compared to 3.89GW in the 1H 2023, surpassing all expectations, as per Mercom Capital. By October 2024, the country’s cumulative solar capacity reached 90.76 GW, contributing to an overall renewable energy capacity of 200 GW—accounting for 46.3% of the country’s total installed capacity. This rapid growth is largely driven by the growing awareness of solar energy’s cost-effectiveness and sustainability compared to traditional fossil fuels.

Major Industry Players Driving Growth

Some of India’s largest corporations, including Reliance Industries Limited (RIL) and Adani Group , are leading the charge in solar energy investments. The RIL has ambitious plans to build 100 GW of renewable energy capacity by 2030. In 2024, the company is set to commission the first phase of its 20 GW solar giga-factory in Gujarat, with plans to scale this capacity in a phased manner through 2026.

The Adani Group, already a leader in renewable energy, continues to scale its solar investments in 2024. The group aims to achieve 45 GW of renewable capacity by 2030, with a significant portion coming from solar. Currently, Adani Solar boasts 4 GW of solar cell and module manufacturing capacity and is set to expand it to 10 GW by 2026, ahead of schedule.

TATA Power , another key player, is also increasing its solar investments. The company plans to scale up its solar capacity from about 4 GW in 2024 to 20 GW by 2030. Alongside, other major players in renewables like Renew Power and Azure Power , etc. are collectively driving the expansion of India’s solar energy landscape.

Emerging Players and Broader Market Impact

In addition to the contributions of industry giants, smaller but rapidly growing companies like Sunkind Energy are playing a vital role in shaping India’s solar future. Sunkind is setting up a new 1.5GW solar module manufacturing facility, contributing to India’s self-sufficiency in solar energy production.

The solar sector is poised for exponential growth in 2024, with major industrial players making substantial contributions to expanding India’s solar capacity. These investments not only help the nation meet its renewable energy targets but also provide long-term economic benefits, positioning companies as global leaders in environmental responsibility and energy transition. As solar power becomes an increasingly integral part of India’s energy mix, 2024 is shaping up to be an important year in the country’s renewable energy journey.

#YeDiwaliBachatWali #SolarEnergy2024 #RenewableEnergy #SunkindEnergy #SustainableInvestments