Q2 2023 INDIA SOLAR MARKET UPDATE - 1.7 GW INSTALLED IN Q2 2023

India added 1.7 gigawatts (GW) of solar capacity in the second quarter of Q2 2023. Installations dropped nearly 10% quarter-over-quarter (QoQ) compared to 1.9 GW installed in Q1 2023. Capacity additions fell almost 58% year-over-year (YoY) compared to 4 GW in Q2 2022, according to the newly released Q2 2023 India Solar Market Update.

In 1H 2023, 3.6 GW of solar was added, down nearly 53% compared to 7.6 GW installed in 1H 2022. Large-scale solar projects accounted for around 77% of the capacity added in Q2 2023, and rooftop solar 23%. About 1.3 GW of large-scale solar was added in the quarter, down 7% QoQ and 64% YoY.

India’s cumulative installed solar capacity, including total rooftop solar installations, has surpassed 66 GW as of June 2023.

The country’s utility-scale project development pipeline stood at over 67 GW as of June 2023, with an additional 62 GW of projects tendered awaiting auction.

Following a weak first quarter, capacity additions slowed further in the second quarter. Extensions granted to several large-scale solar projects and those facing delays due to land and transmission issues affected installations in 1H 2023. Several projects stuck in the habitat of the Great Indian Bustard (GIB) still await the Supreme Court order to receive transmission connectivity. During the quarter, the Ministry of New and Renewable Energy (MNRE) revoked the blanket extension applicable to projects in the GIB area.

In 1H 2023, India added 8.4 GW of new power capacity, with solar accounting for over 43% of the total.

Multiple central and state agencies issued 14.5 GW of tenders in Q2 2023, up 5% QoQ compared to 13.8 GW. The tender activity rose 59% YoY from 9.1 GW in Q2 2022.

Key Highlights from Mercom India Research’s Q2 2023 India Solar Market Update:

• In 1H 2023, India added 3.6 GW of solar capacity, a 53% fall from the 7.6 GW in 1H 2022.
• India added 1.7 GW of solar capacity in Q2 2023, down nearly 10% QoQ and 58% YoY.
• Large-scale solar accounted for 77% of the capacity additions, and rooftop solar for 23%.
• In Q2 2023, Gujarat and Rajasthan were the top states for large-scale solar installations.
• India’s cumulative installed solar capacity surpassed 66 GW as of June 2023.
• The country’s utility-scale project development pipeline stood at over 67 GW as of June 2023.
• Solar accounted for over 43% of new power capacity added in 1H 2023.

Contact Mercom for pricing: reports@mercomindia.com or call us at +91-080-41211148 or +91-080-23560436.