Q3 2021 INDIA SOLAR MARKET UPDATE - 2.8 GW INSTALLED IN Q3 2021

India added 2,835 megawatts (MW) of solar in the third quarter (Q3) of the calendar year (CY) 2021, a 14% increase quarter-over-quarter (QoQ), compared to 2,488 MW installed in Q2 2021. Year-over-Year (YoY), installations in Q3 surged 547%, according to Mercom India Research’s newly released Q3 2021 India Solar Market Update Report.

In 9M 2021, India added over 7.4 gigawatts (GW) of solar, a 335% increase YoY compared to the 1.73 GW installed in 9M 2020.

The quarter also saw the largest QoQ increase in large-scale system costs of over 20% attributed to the increase in raw material and component prices.

Tender announcements as of September increased by 16% and auction activity surged by 181% YoY.

According to the report, India added close to 11.6 GW of power capacity in 9M 2021. Solar dominated the capacity additions accounting for about 60%, followed by thermal power, which contributed to 21%. Renewables (including large hydro) made up 79% of the total power capacity additions in 9M 2021.

Key Highlights from the Mercom India Research’s latest report, Q3 2021 India Solar Market Update:

• In Q3 2021, India added 2,835 MW of solar, an increase of 14% compared to 2,488 MW installed in Q2 2021. YoY installations rose by 547% compared to 439 MW in Q3 2020
• In 9M 2021, India added 7.4 GW of solar, a 335% increase compared to the same period last year
• Project costs increased by over 10% QoQ, the largest increase to date
• Rajasthan is now the top state for solar in India
• Solar dominated power capacity additions by accounting for close to 60% in 9M 2021
• Investments into the solar sector increased by almost 50% QoQ

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