1. Investments Development
From 2021-22 to 2023-24, India's solar energy sector received INR 9003 Crores ($1.04 Billion) across various government schemes. This includes INR 1598 Crores ($184 Million) for the Solar Park Scheme, INR 4098 Crores ($475 Million) for the Solar Rooftop Scheme, and INR 2192 Crores ($254 Million) for the KUSUM scheme.
2. Government Announcements & Achievements
i. Central Government
Budgetary support for Solar under Union Budget 2025-26
The Union Budget 2025-26 allocated INR 24,224 Crores ($ 2.8 Billion approx.) for solar energy which an increase of
61% from the previous year 2023-24. Of this, INR 20,000 Crores($2.3 Billion) is allocated for PM Ghar Muft Bijli
Yojana. While, INR 2600 Crores ($30 Million) for KUSUM scheme & INR 1500 Crores ($17 Million) for solar power grid.
ii. State Government
Andhra Pradesh Integrated Clean Energy Policy – 2024 Under the recently released clean energy policy of Andhra Pradesh, the state aims to add 160 GW of renewable energy capacity by 2029 & attract investments of $119 Billion approx. Of the total targeted capacity addition, solar constitutes 78.5 GW for which around $ 4.7 Billion of CAPEX would be anticipated.
3. Market Insight
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i. Player wise capacity buildup updates
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Alpex Solar expanded solar PV module capacity to 1.2 GW at Greater Noida, with an additional 1.2 GW greenfield project in Mathura expected by 2026.
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Jakson Engineers Ltd is set to establish a 2,500 MW Solar Cell manufacturing facility, developed in two phases, expanding its solar module production to 2,000 MW.
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ii. Merger & Acquisition
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Indian solar manufacturer Waaree Energies Ltd has signed a definitive agreement to acquire 100% of Enel Green Power India (EGP India) from Enel Green Power Development S.R.L. The consideration of the acquisition currently stands at INR 792 crore, subject to customary closing. adjustments.
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iii. Player wise key investment updates
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Group Surya, headquartered in Bhubaneswar, Odisha, is investing INR 1,000 crore to set up a 1.2 GW Solar Module and cell manufacturing plant in Sasaram, Bihar The facility will span 50 acres, transforming the agricultural region.
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iv. Funding Updates
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The International Solar Alliance aims to mobilize $1 trillion in Solar investments by 2030, promoting global Collaboration & Innovation. Saatvik Green Energy Ltd has secured a ₹302 Cr contract with MAHAGENCO Limited to supply 200 MW of advanced N-TOPCon 580Wp Solar Modules across Maharashtra.
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v. Auction updates
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ITI Limited's Naini Unit in Prayagraj, Uttar Pradesh, has issued a tender for establishing a 500 MW automated Solar Module manufacturing line. The Project, valued at ₹65 crore, includes supply, installation, and commissioning. Bidders must meet strict eligibility criteria and submit bids online by January 23, 2025. The project timeline is seven months, with a five-year warranty requirement.
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4. Investment Outlook
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Nearly $84 Bn CAPEX is anticipated to achieve a ground mounted solar capacity of 217 GW by 2030
As of January 2025, India’s total solar power installed capacity has reached 100.3 GW, with approximately 76.9 GW (77%) accounted for by ground-mounted solar systems. Between January 2022 and January 2025, the ground-mounted solar capacity has experienced significant growth, expanding at a Compound Annual Growth Rate (CAGR) of 23%.
Given this growth trend, future capacity additions for ground-mounted solar in India have been projected under a straightforward scenario, assuming a continued CAGR of 23% through 2030. Based on this assumption, it is anticipated that ground-mounted solar capacity could reach 216.6 GW by 2030, with an average annual capacity addition of 28 GW and an average annual capital expenditure (CAPEX) requirement of $16.8 billion
