IEEFA – Indian Solar PV Exports Surging, Nov 2024

The Institute for Energy Economics and Financial Analysis (IEEFA) reports a significant surge in India's solar photovoltaic (PV) exports, increasing over 23 times between FY2022 and FY2024, reaching approximately US$2 billion. This growth is primarily driven by exports to the United States, which accounted for more than 97% of India's PV exports in both FY2023 and FY2024. The report highlights factors such as reduced domestic demand due to policy delays, India's emergence as a viable alternative in the "China Plus One" strategy, and higher profit margins in developed markets. It also discusses potential challenges, including domestic supply shortages that could impact India's renewable energy targets.