Q1 2019 INDIA SOLAR MARKET UPDATE - 1,737 MW INSTALLED IN Q1 2019

Solar installations in India in Q1 2019 increased slightly at 1,737 MW, 4% growth compared to 1,638 MW installed in Q4 2018. Installations were down by 49% year-over-year (YoY) compared to 3,377 MW installed in Q1 2018.

 
Rooftop installations fell by 33% (YoY) with capacity additions of over 260 MW in Q1 2019 compared to 390 MW in Q1 2018. The slowdown was largely due to ongoing elections which made it difficult to get government approvals.

The large-scale solar project development pipeline for India stands at 19.4 gigawatts (GW) with 31.7 GW tendered and pending auctions at the end of Q1 2019.

Mercom’s report estimates solar installations in India to reach 71 GW by the end of 2022, almost 30% lower than the 100 GW target set by the government. However, with an aggressive push and supportive policies, the goal is still achievable.

According to the report, India’s cumulative installed capacity reached 30 GW at the end of Q1 2019. However, rooftop installations still only make up 12% of total solar installations and the country has achieved only 9% of its targeted rooftop capacity addition of 40 GW by 2022.

Key Highlights: –

• Solar installations in India in Q1 2019 totaled 1,737 MW, up by 4% compared to 1,638 MW installed in Q4 2018 and down 49% compared to 3,377 MW added in Q1 2018
• In Q1 2019, large-scale installations totaled 1,474 MW (85%), while rooftop installations accounted for 263 MW (15%)
• Cumulative installed solar capacity in India reached 30 GW at the end of March 2019. Of this, cumulative rooftop solar installations amounted to 3.5 GW
• Over 12 GW of solar was tendered and 3 GW was auctioned in Q1
• Solar accounted for 32% of the new power capacity added in Q1 2019
• Renewable energy capacity additions continue to increase at a significant pace in India, accounting for approximately 22% of India’s power capacity mix cumulatively
• In Q1 2019, investments in the Indian solar sector totaled over $2.8 billion, 12% lower compared to investments made in Q1 2018

Contact Mercom for pricing: reports@mercomindia.com or call us at 011-91-802-356-0436.