Q2 2019 INDIA SOLAR MARKET UPDATE – 1,510 MW INSTALLED IN Q2 2019
The cumulative solar installed capacity totaled 31.5 GW at the end of Q2 2019.
Solar installations in India in Q2 2019 witnessed a slight decline with 1,510 MW, a 14% quarter-over-quarter (QoQ) decrease compared to 1,761 MW installed in Q1 2019. Installations were down by 9% year-over-year (YoY) compared to 1,655 MW installed in Q2 2018.
India added 3.2 GW of solar capacity in the first half of 2019 with large-scale projects making up 83% and rooftop installations accounting for 17%. Installations were down by 35%, compared to the 5.1 GW of capacity added in 1H of 2018.
Rooftop installations grew by 11% QoQ in Q2 2019 with 292 MW compared to 263 MW installed in Q1 2019. The rooftop market picked up slightly after elections. The rooftop installations fell by 30% YoY compared to 415 MW installed in Q2 2018.
According to the report, cumulative large-scale solar installations reached 31.5 GW by the end of Q2 2019 with large-scale solar projects accounting for 88% and rooftop solar making up the remaining 12%.
Mercom India Research forecasts India to install over 8 GW of solar capacity in the calendar year 2019. The report estimates solar installations in India to reach 70 GW by the end of 2022 based on current market dynamics.
Key Highlights from the report:
- Solar installations in India in Q2 2019 totaled 1,510 MW, a 14% decrease compared to 1,761 MW installed in Q1 2019
- In Q2 2019, large-scale installations added up to 1,218 MW (81%), while rooftop installations accounted for 292 MW (19%)
- Cumulative installed solar capacity in India stood at 31.5 GW by the end of June 2019. Of this, cumulative rooftop solar installations amounted to 3,816 MW
- Solar accounted for 41% of the new power capacity added in 1H 2019
- Renewable energy capacity additions continue to increase at a significant pace in India, accounting for approximately 35.4% of India’s power capacity mix cumulatively
- Solar electricity generation crossed 12 billion units (BUs) in Q2 2019
- In Q2 2019, investments in the Indian solar sector totaled over $1.85 billion, 34% lower compared to investments made in Q1 2019
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Utsav Sinha, a senior research analyst covering cleantech markets and has been with Mercom since 2014. Utsav is also an online editor at MercomIndia.com and ensures overall content quality for the site. Utsav earned his bachelor’s degree in Computer Science and Engineering from Dhaneswar Rath Institute of Engineering and Management Studies (DRIEMS) at Biju Patnaik University of Technology, Odisha. More articles from Utsav.