Q2 2022 INDIA SOLAR MARKET UPDATE - 3.9 GW INSTALLED IN Q2 2022

India added over 3.9 gigawatts (GW) of solar capacity in Q2 2022, an 18% increase compared to 3.3 GW installed in Q1 2022. Year-over-year (YoY) installations rose by 59% compared to the 2.4 GW added in Q2 2021, according to the newly released Q2 2022 India Solar Market Update.

In 1H 2022, India added around 7.2 GW of solar, a 59% increase compared to 4.5 GW installed in 1H 2021. During Q2 2022, 3.5 GW of large-scale solar was installed, a quarter-over-quarter (QoQ) increase of around 23%, and an 82% YoY increase.

India’s cumulative installed solar capacity now stands at 57 GW.

The country has a utility-scale projects development pipeline of over 58 GW. Another 37 GW of projects tendered are awaiting auction.

There is still a lot of ambiguity around projects impacted by the Great Indian Bustard (GIB). To protect the critically endangered bird, the Supreme Court said during the quarter that transmission lines running through the priority areas of the GIB need to have bird diverters installed before July 20, 2022. A Committee formed to review cases has approved only two of the eight applications received, and the remaining are still being scrutinized. This process is taking time and will likely affect project development this year.

In 1H 2022, India added around 9.3 GW of total power capacity, with most new installations coming from solar power. Solar accounted for 77.9% of new power capacity during the quarter, the largest share captured by solar in any given quarter.

Multiple government agencies announced about 9 GW of tenders in Q1 2022, an increase of 8% YoY compared to over 8 GW announced in Q2 2021. Tender activity in Q2 2022 increased by about 80% QoQ compared to over 5 GW released in Q1 2022.

Key Highlights from Mercom India Research’s Q2 2022 India Solar Market Update:

• In 1H 2022, India added 7.2 GW of solar capacity, a 59% increase compared to 4.5 GW installed in 1H 2021
• Large-scale solar accounted for 90% of the installations, and rooftop solar for the remaining 10%
• India’s cumulative installed solar capacity now stands at 57 GW
• In 1H 2022, renewable energy sources (including large hydro) accounted for about 90%
• Solar accounted for 77.9% of new power capacity during the quarter
• In Q2 2022, Rajasthan and Karnataka were the top states for solar installations
• Q2 2022 was the best quarter for solar to date in India

Contact Mercom for pricing: reports@mercomindia.com or call us at +91-080-41211148.