Q3 2023 MERCOM INDIA SOLAR OPEN ACCESS MARKET REPORT – 907 MW INSTALLED IN Q3 2023

In the third quarter (Q3) of the calendar year (CY) 2023, India added 907 megawatts (MW) of solar open access. The installations rose 36.1% quarter-over-quarter (QoQ) compared to 666 MW in Q2 2023. Installations were up 20.6% year-over-year (YoY) compared to 752 MW installed in Q3 2022, according to the newly released Q3 2023 Mercom India Solar Open Access Market Report.

In the first nine months (9M) of CY 2023, India added 2.2 GW of open access solar, down 7.3% compared to 2.3 GW installed in 9M 2022.

As of September 2023, the country’s cumulative installed open access solar capacity was 11 GW. The top five states contributed 72.8% of the cumulative open access solar installations.

India had 12.5 GW of open access solar projects under various stages of development at the end of Q3 2023.

“The drop in solar project costs attracted consumer attention this quarter. Power purchase agreements that were on the back burner are now being signed. Emphasis on greening products and services has gained momentum in large and medium-scale enterprises and is pushing the growth of green energy open access market,” commented Priya Sanjay, Managing Director at Mercom India.

Maharashtra led the open access solar capacity additions in Q3 2023, with 26.5%, followed by Karnataka (20.3%) and Tamil Nadu (19.5%). The top five states accounted for 88.5% of the quarter’s installations.

Karnataka remained the top state, accounting for 33.3% of the cumulative solar open access capacity at the end of 9M 2023. The top five states contributed 72.8% of the cumulative open access solar installations.

According to the report, Renewable Energy Certificates (REC) trading in the Indian Energy Exchange (IEX) was up 59% compared to the previous quarter. The volume traded in the Green Term Ahead Market (G-TAM) on IEX increased 55% QoQ.

A detailed analysis of the solar open access business overview, retail electricity tariffs, and open access charges and costs for seventeen states has been covered in the report.

The report also highlights the views and opinions of the top open access installers nationwide during the quarter.

Key Highlights from Mercom India Research’s Q3 2023 India Solar Open Access Market Report

• India added 907 MW of open access solar capacity in Q3 2023, up 36.1% QoQ and 20.6% YoY
• Maharashtra added the highest open access solar capacity in Q3 2023
• The top five states accounted for 88.5% of open access solar installations in the quarter
• Open access solar installations in 9M 2023 totaled 2.2 GW, down nearly 7.3% YoY
• As of September 2023, the cumulative installed open access solar capacity was 11 GW
• 12.5 GW of open access solar projects were in the development pipeline at the end of 9M 2023

Contact Mercom for pricing: reports@mercomindia.com or call us at +91-80-41211148.