Q2 2021 INDIA SOLAR MARKET UPDATE – 2.5 GW INSTALLED IN Q2 2021
India added 2,488 megawatts (MW) of solar in the second quarter (Q2) of the calendar year (CY) 2021, a 19% increase quarter-over-quarter (QoQ), compared to 2,090 MW installed in Q1 2021, according to Mercom India Research’s newly released Q2 2021 India Solar Market Update Report.
In the first half (1H) of 2021, India added 4,578 MW of solar capacity, growing 251% over the same period last year, surpassing installations in all of 2020.
According to the report, the large-scale solar project development pipeline stood at 52.8 GW, with 28 GW of projects tendered and pending auction at the end of Q2 2021.
The report forecasts solar installations in the range of 8-9 GW in the calendar year (CY) 2021, as the industry fared much better during the second wave of the Covid-19 pandemic. The report provides detailed analyses and forecasts for the best, medium, and worst-case scenarios.
The report also adds that the new solar capacity additions in 1H 2021 were the highest ever for any year at 53% of the total power capacity additions. Renewables, including solar, wind, and hydro, made up 71% of total capacity additions in 1H 2021.
Key Highlights from the Mercom India Research’s latest report, Q2 2021 India Solar Market Update:
- In Q2 2021, India added 2,448 MW of solar, increasing 19% compared to 2,090 MW in Q1 2021. YoY installations rose by 1,114% compared to 205 MW in Q2 2020
- In 1H 2021, India added 4,578 MW of solar, a 251% increase compared to the same period last year
- The cumulative installed capacity was around 43.6 GW at the end of Q2 2021
- The large-scale solar project pipeline in India stood at 52.8 GW, with 28 GW tendered and pending auction at the end of Q2 2021
- Mercom forecasts installations of approximately 8-9 GW for CY 2021
- Solar’s share of new power capacity additions was the highest ever in 1H of any year
- Investments in the solar sector were up by 120% compared to Q1 2021
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