INDIA SOLAR PV MODULE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• On August 14, 2024, Vikram Solar launched the Suryava module, its first Hetero Junction Technology (HJT)
• In 2022, Government of India, along with the Solar Energy Corporation of India Limited (SECI) and the World Bank, signed agreements for significant financial support to enhance the country's power generation capacity through cleaner and renewable energy sources. This includes a USD 150 million loan from the International Bank for Reconstruction and Development (IBRD), a USD 28 million loan from the Clean Technology Fund (CTF), and a USD 22 million CTF grant. The agreements reaffirm India's commitment to achieving its ambitious target of 500 gigawatts (GW) of renewable energy by 2030.
• In 2022, Amazon India announced plans for three solar farm projects in Rajasthan, collectively boasting a clean energy capacity of 420 megawatts (MW). This announcement is part of the company's broader initiative to develop utility-scale renewable energy projects in India. 
• In 2022, SJVN (Satluj Jal Vidyut Nigam Ltd) was awarded a 125-megawatt solar project in Uttar Pradesh, following a competitive bidding process conducted by the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA)