Q3 2022 INDIA SOLAR MARKET UPDATE – 2.7 GW INSTALLED IN Q3 2022

Q3 2022 INDIA SOLAR MARKET UPDATE – 2.7 GW INSTALLED IN Q3 2022


The cumulative solar installed capacity totaled 60 GW at the end of Q3 2022.

 

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During the first nine months (9M) of 2022, 10 GW of solar was installed in India. Solar capacity additions were 35% higher than the 7.4 GW installed in 9M 2021, according to the newly released Q3 2022 India Solar Market Update. Utility-scale installations during the period totaled 9 GW, a 45% increase compared to 6.1 GW in 9M 2021.

 

In Q3 2022, India added 2.7 GW of solar capacity, a 32% decline compared to Q2 2022. Year-over-year (YoY) installations were down 6.6%. India’s cumulative installed solar capacity now stands at 60 GW. The country has a utility-scale project pipeline of over 58 GW and 46 GW of tendered projects awaiting auction.

Rajasthan’s cumulative large-scale solar PV installations have crossed 14 GW as of September 2022, and the state accounted for over 27% of the installations in the country.

solar installations

Due to the uncertainty of projects impacted by environmental concerns surrounding the Great Indian Bustard (GIB) region, 4.8 GW of solar projects still await clearance from the Technical Expert Committee. The committee also determined that underground transmission lines of 66 kV and above voltage levels for evacuation of bulk power are not technically feasible, but underground powerlines of 33 kV and below are feasible, adding ambiguity to the situation and pushing the commissioning dates to the following year.

The average system cost of large-scale solar projects during Q3 2022 was up slightly (0.4%) QoQ. However, the average system cost was up by 7.5% YoY. Large-scale solar system costs have now risen nine quarters in a row.

In 9M 2022, India added over 12 GW of total power capacity, with most new installations coming from solar power, which accounted for 76%.

Key Highlights from Mercom India Research’s Q3 2022 India Solar Market Update:

  • In 9M 2022, India added over 10 GW of solar capacity, a 35% increase compared to 7.4 GW installed in 9M 2021
  • In Q3 2022, Large-scale solar accounted for 88% of the quarter’s installations, and rooftop solar for the remaining 12%
  • India’s cumulative installed solar capacity now stands at 60 GW
  • Solar accounted for 76% of new power capacity added during the quarter
  • In Q3 2022, Rajasthan and Maharashtra were the top states for solar installations
  • The utility-scale project pipeline is around 58 GW, while projects tendered and awaiting auction are approximately 46 GW

INDIA SOLAR MARKET UPDATE Q3 2022_Approved_16 11 22 (1)

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