Q2 2023 MERCOM INDIA SOLAR OPEN ACCESS MARKET REPORT – 712 MW INSTALLED IN Q2 2023

In the second quarter (Q2) of the calendar year (CY) 2023, India added 712 megawatts (MW) of solar open access. The installations were up almost 24% quarter-over-quarter (QoQ) compared to 577 MW installed in Q1 2023. Year-over-year (YoY) installations fell by 3.6% compared to 739 MW installed in Q2 2022, according to the newly released Q2 2023 Mercom India Solar Open Access Market Report.

In the first half (1H) of CY 2023, India added 1.3 GW of open access solar, down almost 18% compared to 1.6 GW installed in 1H 2022.

As of June 2023, the country’s cumulative installed open access solar capacity was 9.8 GW.

Karnataka remained the top state, accounting for over 34% of the cumulative solar open access capacity. The top five states contributed almost 73% of the cumulative open access solar installations.

India had 9.2 GW of open access solar projects under various stages of development at the end of Q2 2023.

“The green energy open access regulation has been a major enabler for increased solar capacity addition under open access, even with the lack of uniform rules in states being a challenge. Hybrid power projects with a combination of solar, wind, and even energy storage are proving to be sound investments for corporates” commented Priya Sanjay, Managing Director at Mercom India.

Karnataka was the top energy seller, and Maharashtra was the leading Green Day Ahead Market (G-DAM) procurer.

According to the report, Renewable Energy Certificates (REC) trading in the Indian Energy Exchange (IEX) dropped by almost 47% compared to the previous quarter. The volume traded in the Green Term Ahead Market (G-TAM) on the IEX fell nearly 20% QoQ.

The average PPA prices, net landed costs, and open access policies and regulations released in Q2 2023 are featured in the report, along with a detailed analysis of the solar open access business overview, retail electricity tariffs, and open access charges and costs for seventeen states.

The report also highlights the views and opinions of the top open access installers nationwide during the quarter.

Key Highlights from Mercom India Research’s Q2 2023 India Solar Open Access Market Report

• India added 712 MW of open access solar capacity in Q2 2023, up almost 24% QoQ and down 3.6% YoY
• Gujarat added the highest open access solar capacity in Q2 2023
• The top five states accounted for over 96% of open access solar installations in the quarter
• Open access solar installations in 1H 2023 totaled 1.3 GW, down nearly 18% YoY
• As of June 2023, the cumulative installed open access solar capacity was 9.8 GW
• 2 GW of open access solar projects were in the development pipeline at the end of 1H 2023

Contact Mercom for pricing: reports@mercomindia.com or call us at +91-80-41211148.