Q3 2019 INDIA SOLAR MARKET UPDATE – 2,170 MW INSTALLED IN Q3 2019

Solar installations in India increased by 44% in Q3 2019 reaching 2,170 MW, compared to 1,510 MW in Q2 2019. Installations were up by 36% year-over-year (YoY) compared to 1,592 MW in Q3 2018.

Solar installations in the first nine months (9M) of 2019 reached 5.4 gigawatts (GW), a decline of 19%, compared to 6.7 GW of capacity added in 9M of 2018. Of the added capacity in 9M 2019, large-scale projects made up 85% and rooftop installations accounted for 15%.

Rooftop solar installations declined by just 16% quarter-over-quarter (QoQ) in Q3 2019, totaling 245 MW compared to 292 MW installed in Q2 2019. Rooftop solar installations fell by 44% YoY compared to 435 MW installed in Q3 2018.

According to the report, cumulative installed solar capacity stood at 33.8 GW by the end of Q3 2019. Of the total installed solar capacity to date, large-scale projects accounted for 88% and rooftop installations with 4,061 MW (12%).

Mercom India Research revised its forecast down to ~7.3 GW of solar capacity additions in CY 2019 from the previous estimate of approx 8 GW. This is an annual 12% decrease from 2018 installations of 8.3 GW. Mercom also estimates that for the first time, India will mark 10 GW of annual installations in CY 2020 assuming stable market conditions.

The report attributed the revision in solar estimates for 2019 to a slowdown in rooftop solar installations, partial commissioning of large-scale solar projects and over a gigawatt of projects that were scheduled to be commissioned in the third and fourth quarters have been postponed to 2020 for various reasons.

Key Highlights from Q3 2019 India Solar Market Update: –

• Solar installations in India in Q3 2019 totaled 2,170 MW, a 44% increase compared to 1,510 MW installed in Q2 2019
• In Q3 2019, large-scale installations added up to 1,925 MW (89%), while rooftop installations accounted for 245 MW (11%)
• Cumulative installed solar capacity in India stood at 33.8 GW by the end of Sep 2019. Of this, cumulative rooftop solar installations crossed 4 GW.
• Solar accounted for 41.4% of the new power capacity additions in 9M 2019
• Renewable energy capacity additions continue to increase at a significant pace in India, accounting for approximately 35.7% of India’s power capacity mix cumulatively
• Solar electricity generation crossed 10 billion units (BUs) in Q3 2019
• In Q3 2019, investments in the Indian solar sector were 11% lower compared to investments made in Q2 2019

Contact Mercom for pricing: reports@mercomindia.com or call us at 011-91-802-356-0436.