India’s Energy Supply Grows 6% In 2024, Solar Leads With 24.5 GW Additions

23 Jan 2025 CW Team

India's energy supply grew by 6% in 2024, bolstered by a 10% rise in the first half due to soaring summer demand, followed by a subdued 2% increase in the second half impacted by an above-normal monsoon, according to SBI Capital Markets' (SBICAPS) report "Utility Beyond Utilities: Harnessing Non-Utility Solar." The report noted that renewable energy capacity surpassed the 200 GW milestone, with solar energy driving the growth.

Renewables recorded an 8% year-on-year rise in capacity in 2024, with solar contributing 24.5 GW and wind adding 3.2 GW. Solar installations more than doubled compared to 2023, and the sector is expected to add 50 GW across FY25 and FY26. However, thermal capacity additions slowed in the first nine months of FY25, raising concerns about meeting targets.

Non-utility solar accounted for 25% of total solar installations in 2024. Rooftop solar capacity rose by 4.6 GW, a 53% increase from 2023, while off-grid solar capacity surged by 197%. The C&I sector accounted for 75% of installed rooftop capacity, benefiting from reduced costs and favorable policies in states like Gujarat, Karnataka, Rajasthan, and Tamil Nadu.

Residential rooftop solar is expected to become the largest segment under the PM Surya Ghar Muft Bijli Yojana, which targets 30 GW capacity and offers subsidies that reduce payback periods to 4-5 years. The scheme could generate a ?1.2 trillion ecosystem, benefiting manufacturers and project developers.

The report projects annual non-utility solar additions to reach 20 GW by FY27, underscoring its critical role in achieving green energy security and reducing reliance on fossil fuels.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..