India’s solar module capacity to reach 72 GW by end of FY24: AISMA

 

All India Solar Manufacturers Association (AISMA) has said that it expects India’s aggregate solar module manufacturing capacity to touch 72 GW by end of the ongoing fiscal year, FY24.

In a statement, AISMA said that India’s current annual solar module manufacturing capacity has crossed 60 GW, comprising high-end solar modules. This marks a significant increase in capacity over the last few years, from less than 10 GW of low-wattage polysilicon modules in FY21, to the current 60 GW of high-wattage and technologically advanced Mono Perc, Topcon and HJT modules.

Currently, India has an estimated 100 solar module manufacturers with the top 25 or so, accounting for nearly 50 GW of the country’s total capacity. (See table). Apart from these, Reliance Group and Tata Group are expected to add 9 GW of module manufacturing capacity by the end of FY24. A further 3 GW is expected from other players, taking the country’s total potential solar module manufacturing capacity to 72 GW by end of FY24.

Hitesh Doshi, President, AISMA, commenting on the 60-GW milestone, said, “This is indeed a phenomenal achievement for the Indian solar manufacturing sector. Solar energy adoption is a critical componentof the clean energy transition, and India’s growing leadership in the space will enable the country to play a predominant role in the global renewable energy market.”

 

Industry gets MNRE boost

Measures taken by the Government of India and the Ministry of New & Renewable Energy (MNRE) have significantly bolstered the Indian solar manufacturing sector. The Production Linked Incentive (PLI) has ensured that the country will add an additional 40 GW of module manufacturing capacity by the end of FY25. This addition also strategically prioritizes backward integration, aiding energy security while ensuring a reliable supply chain for domestic solar installation, pegged upwards of 30 GW per annum.

 

Global supplier of choice

In line with a target to achieve Net Zero by 2070, India aims to build 500 GW of renewable energy capacity by 2030, with solar energy expected to contribute to 300 GW of this capacity, AISMA said.

With solar power installations in the country growing at 30 per cent per annum, India is uniquely placed to become a supplier of choice across the globe. High-quality Indian-manufactured solar modules have become sought after across global markets such as North America and Europe.

In 2023 alone, Indian solar manufacturers have exported 3,900 mw of solar modules – with the potential to expand this to 30 GW per annum, earning $7-8 billion in foreign exchange, and reversing the trend of heavy reliance on fossil fuel imports, AISMA added.

 

Featured photograph (source: Goldi Solar) is for representation only.