A report by Equirus Securities predicts data centres, green hydrogen and night-time connectivity could add 15-20 GW of incremental solar demand annually from fiscal year 2029, which could lead to annual solar installations in India rising from around 50 GW in fiscal year 2027 to nearly 85 GW three years later.
India’s utility-scale solar sector has a visible project pipeline of around 2.5 years, according to a report by Equirus Securities, the research division of Mumbai-headquartered Equirus Group.
Between fiscal year (FY) 2018 and FY26, developers secured letters of award (LoAs) for 174 GW of utility-scale solar projects. From this total, 118 GW have signed power purchase agreements (PPAs) and 60 GW have been commissioned, leaving 58 GW in the project pipeline.
Equirus’ report estimates that of the solar capacity awaiting PPAs, around 73%, or 42 GW, falls under standard solar and hybrid tenders, where signing probability remains low as distribution companies increasingly prioritize firm power supply during both solar and non-solar hours. The remaining 15 GW comprises round-the-clock (RTC), firm and dispatchable renewable energy (FDRE), and solar-plus-battery energy storage system (BESS) projects, where PPA signing probability is significantly higher.
