JMK Research as part of its latest series, has introduced two quarterly reports with more in-depth details on Open Access C&I Market Trends in India and PV Manufacturing Trends in India. These quarterly updates will give detailed analysis on new market updates and trends witnessed across these segments.
Domestic PV Manufacturing Trends- Q4 2024
The domestic PV manufacturing sector is experiencing significant growth driven by government initiatives marking a substantial expansion in PV manufacturing capacities. The key insights for Q4 CY2024 (October - December) are summarized below:
Module and Cell Manufacturing Capacity Addition: Players have added 9.3 GW and 0.2 GW of solar module and cell capacity, respectively.
Module and Cell Prices: Module prices for TopCon and Monoperc have increased by INR 2.5/Wp to INR 3/Wp (29 - 35 US cents/Wp).
Imports and Exports: In Q4 2024 (until November), India remained a net importer with US$222.41 million of solar PV module imports. India exported modules worth US$130 million, with the USA holding a 99% share.
ALMM enlisted capacity: As of December 2024, ALMM has a total enlisted capacity of 63.03 GW by 95 manufacturers. Technology share of ALMM enlisted capacity: As of December 2024, 1,127 number of modules were registered under ALMM in which Monoperc, Bifacial Monoperc, and TopCon held a share of 86% and the remaining14% share comes from Multi-C-si modules.
Investment: Solar Energy world has raised an investment of INR 113 crores (US$12.9 million) from ValueQuest to establish solar module manufacturing capacity.
Table Of Contents
PV manufacturing capacity addition trends
Player-wise Solar PV module manufacturing capacity as of December 2024
Player-wise Solar PV cell manufacturing capacity as of December 2024
Capacity addition in Q4 CY2024
Domestic solar module & cell price trend
Solar PV Import & export trend in India
ALMM enlistment – Technology wise and capacity wise share as of December 2024
Investments
Key market updates
Policy and regulatory updates (specific to PV manufacturing)
Open Access India Market - Q4 2024
The introduction of the Green Energy Open Access Rules (GOAR) in 2022 has significantly impacted India's Commercial and Industrial (C&I) sector by promoting policies that favor renewable energy, reducing landed costs, and encouraging nationwide adoption. The key detailed insights for Q4 2024 are mentioned below:
Widespread Adoption of GOAR 2022: In Q4 2024, Delhi, Himachal Pradesh and Nagaland released regulations on Green Energy Open Access. Kerala remains the only state yet to implement the Green Energy Open Access (GEOA) policy, in either draft or final form.
Cost Advantage: In many states, the open access landed cost for captive consumption has become more favourable than grid tariffs, making open access more financially viable for industries. The five southern states offer substantial opportunities for third-party open access projects, as the landed cost for third party consumers are lower than the grid tariff.
Increased Investment: In Q4 2024, more than $2955 million in investments (in acquisition and equity) was allocated to players involved in expanding open-access infrastructure.
Capacity Expansion: Developers added around 1.66 GW of renewable energy open access capacity in Q4 2024, indicating substantial growth in green energy projects.
New Agreements: Around 1,421 MW of open access agreements were signed between developers and consumers during this quarter, showcasing rising interest from businesses seeking sustainable energy solutions.
Table of Contents:
C&I Open Access Installations
Quarterly installations
Player wise installations
State wise installations
New Projects signed by developers in Q4 2024
Investment and Deals in Q4 2024
Green Open Access Rules adoption status across states
