Q2 2018 INDIA SOLAR QUARTERLY MARKET UPDATE – 1.6 GW Installed in Q2 2018
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The cumulative solar installed capacity totaled 24.6 GW at the end of Q2 2018.
Q2 2018 solar installations were at the lowest level since Q1 2017 with 1,599 MW, a 52 percent decrease compared to 3,344 MW installed in Q1 2018. Installations were also down about 21 percent year-over-year (YoY) compared to 2,025 MW installed in Q2 2017. The solar installation decline in Q2 2018 after four consecutive quarters of growth was expected and attributed to uncertainties around trade cases, module price fluctuations, and PPA renegotiations after record low bids which contributed to the tender and auction slowdown in 2017. All of this resulted in a weaker project pipeline for 2018.
In Q2 2018, large-scale installations totaled 1,184 MW compared to 2,954 MW in Q1 2018 and 1,800 MW installed in Q2 2017. Rooftop installations accounted for 415 MW, which was up 6 percent compared to 390 MW installed the previous quarter and up 84 percent compared to 225 MW installed in Q2 2017. In Q2 2018, large-scale solar projects accounted for 74 percent and rooftop solar accounted for the other 26 percent.
The large-scale solar project pipeline for India stands at 11.2 GW with 18.6 GW tendered and pending auctions at the end of Q2 2018.
Mercom is forecasting approximately 8-9 GW of solar photovoltaic (PV) capacity to be added by the end of 2018. The drop in 2018 solar power installations is mostly in large-scale projects due to lack of a strong project pipeline.
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