Latest news with #Mercom
Time of India
08-07-2025
- Business
- Time of India
Battery storage addition rises sixfold to 341 MWh in 2024; cumulative capacity reaches 442 MWh: Report
New Delhi: India added 341 megawatt-hours (MWh) of battery energy storage capacity in 2024, marking a more than sixfold increase from the 51 MWh added in 2023, according to the 'India's Energy Storage Landscape 2024' report released by Mercom India Research. With this, the country's cumulative installed battery energy storage capacity stood at nearly 442 MWh as of December 2024. The report noted that solar-plus-storage systems accounted for nearly 60 per cent of the cumulative installed battery storage capacity. This was followed by approximately 36 per cent from other renewable energy combinations with round-the-clock capability, and about 4 per cent from standalone battery energy storage systems. The remaining share came from floating solar with storage projects. India has also added 4.7 gigawatts (GW) of pumped storage capacity to date. As of December 2024, Karnataka accounted for 36 per cent of the cumulative installed energy storage capacity, followed by Chhattisgarh with 27 per cent and Gujarat with 17 per cent. 'India's energy storage sector made significant progress in 2024, but it still has a long way to go to catch up with its global peers. The government's mandate to co-locate storage with solar projects is a major catalyst. Requiring a two-hour system covering 10 per cent of installed capacity is a strong, clear directive that has energized the market. It's already translating into market activity, with tenders and auctions gaining traction, along with a growing pipeline of projects. What we're seeing now is the beginning of a market shift with storage becoming central to India's renewable energy strategy,' said Raj Prabhu, CEO of Mercom Capital Group. According to the report, as of December 2024, India had nearly 4 gigawatt-hours (GWh) of standalone battery storage, over 2 GW of solar-plus-storage, and more than 16 GW of renewable energy-plus-storage projects in various stages of development. The pipeline for pumped storage exceeded 51 GW, with over 37 GW in the survey and investigation phase and more than 14 GW under active development. Gujarat had the largest pipeline of standalone battery storage capacity under development, followed by Maharashtra and Rajasthan. Mercom stated that favourable provisions in the renewable energy policies of these states, along with annual energy storage obligations in place through FY30, were key factors driving demand. In 2024, various government agencies issued energy storage tenders totalling nearly 27 GW and auctioned approximately 17 GW of projects, with or without associated renewable energy capacity. Solar-plus-storage tenders recorded a 118 per cent year-on-year increase during the year.
Time of India
28-05-2025
- Business
- Time of India
India adds 1.2 GW rooftop solar capacity in Q1 2025, residential segment accounts for 78%
New Delhi: India added 1.2 GW of rooftop solar capacity in the January-March quarter of 2025, marking a 232 per cent increase over the 366.5 MW installed in the corresponding quarter of 2024, according to Mercom India Research. The installations in Q1 2025 were 6 per cent lower than the 1.3 GW added in Q4 2024. The capacity addition during the quarter was the second-highest ever for rooftop solar installations in the country. According to Mercom, the PM Surya Ghar: Muft Bijli Yojana contributed to more than 77 per cent of the installations in the quarter. However, the quarter fell short of a new record due to implementation bottlenecks in the programme, high system costs, and a shortage of Domestic Content Requirement (DCR) compliant modules. The residential segment accounted for nearly 78 per cent of rooftop installations in the quarter. The industrial, commercial and government segments accounted for 16 per cent, 6 per cent, and 0.4 per cent, respectively. Installations under the capital expenditure (CAPEX) model comprised over 91 per cent of the additions, while the operational expenditure (OPEX/RESCO) model accounted for 9 per cent. "Momentum in the residential solar segment has slowed due to implementation hurdles in the Surya Ghar program, persistent component shortages, and high system costs. Consumer expectations are not being met, whether it is cost, quality, or installation timelines. Addressing these issues is critical to unlocking the true potential of the residential solar market," said Raj Prabhu, CEO of Mercom Capital Group. Among states, Gujarat, Maharashtra and Uttar Pradesh led in rooftop solar capacity additions, accounting for over 16 per cent, 14 per cent, and 13 per cent, respectively. Tenders for rooftop solar totalling 494.2 MW were issued in Q1 2025, representing a decline of over 53 per cent quarter-on-quarter and 41 per cent year-on-year. Of this, 82 per cent of the tendered capacity was for government buildings, and 39 per cent of it fell under the PM Surya Ghar programme. At the end of Q1 2025, India's cumulative rooftop solar capacity stood at 14.9 GW. The rooftop segment accounted for over 18 per cent of the total solar installations in the quarter. Uttar Pradesh recorded the highest compounded quarterly growth rate between Q1 2024 and Q1 2025 at more than 15 per cent, followed by Madhya Pradesh and Kerala at 11 per cent and 9 per cent, respectively. The average cost of rooftop solar systems rose by about 1 per cent quarter-on-quarter and nearly 22 per cent year-on-year in Q1 2025. The Mercom report also includes analysis of net metering policies in all states and Union Territories.
