Q1 2022 INDIA SOLAR MARKET UPDATE - 3 GW INSTALLED IN Q1 2022
India added over 3 gigawatts (GW) of solar capacity, a 21% increase compared to 2.6 GW installed in Q4 2021. Year-over-year (YoY) installations rose by 50% compared to the 2 GW added in Q1 2021, according to the newly released Q1 2022 India Solar Market Update.
During Q1 2022, 2.7 GW of large-scale solar was installed, a quarter-over-quarter (QoQ) increase of 23% and a 53% YoY increase. Large-scale solar accounted for 85% of the installations, and rooftop accounted for the remaining 15% during the reporting period.
With the BCD applicable from the second quarter (Q2) of 2022 on solar cells and modules, this quarter saw a significant increase in solar module imports, noted the report. In Q1 2022, developers procured almost 10 GW of solar modules and stockpiled them ahead of the advent of Basic Customs Duty (BCD), which took effect on April 1, 2022.
Rajasthan became the first state to cross 10 GW of cumulative large-scale solar PV installations, with over 10 GW installed as of March 2022, and accounts for 24% of the total installations in the country.
Multiple implementing agencies announced about 5 GW of tenders in Q1 2022, a decrease of 52% YoY compared to over 10 GW announced in Q1 2021. Tender activity in Q1 2022 declined by about 18% QoQ compared to nearly 6 GW released in Q4 2021.
Key Highlights from Mercom India Research’s Q1 2022 India Solar Market Update:
- In Q1 2022, India added over 3 GW of solar capacity, a 21% increase compared to 2.6 GW installed in Q4 2021.
- Cumulatively, large-scale solar accounted for 86% of the installations, and rooftop solar for the remaining 14%.
- India’s cumulative installed solar capacity now stands at 52 GW.
- In Q1 2022, renewable energy sources accounted for about 81% of the new power capacity additions and solar 68%.
- In Q1 2022, Rajasthan and Gujarat were the top states for solar installations.
- Rajasthan became the first state to cross 10 GW of cumulative large-scale solar PV installations.
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