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					</table><p>India added 1.1 GW of rooftop solar capacity in the first half (1H) of calendar year (CY) 2024, the highest half-yearly installations to date, according to Mercom India&#8217;s newly released <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q2-2024" target="_blank" rel="noopener">Q2 2024 India Rooftop Solar Market Report</a>.</p>
<p>The capacity addition was about a 26% year-over-year (YoY) increase from the 873 MW installed in 1H 2023.</p>
<p>Rooftop solar capacity additions in the second quarter (Q2) of 2024 were unprecedented, with 731 MW, up 89% YoY from 388 MW. Sequentially, capacity additions grew by 99% from 367 MW.</p>
<p>Rooftop solar accounted for almost 15% of total solar installations in the quarter.</p>
<p>Residential rooftop solar projects largely drove the installation growth during 1H and Q2 of 2024 under the PM Surya Ghar: Muft Bijli Yojana. Residential installations surged nearly 923% quarter-over-quarter (QoQ), making up over 72% of the projects commissioned during the period.</p>
<p>&#8220;The residential sector&#8217;s contribution, historically overshadowed by the commercial and industrial (C&amp;I) sector, soared, around ten-fold from the previous quarter,&#8221; said Priyadarshini Sanjay, Managing Director of Mercom India. She stressed the critical need to maintain the quality of installations, particularly in the residential sector, where homeowners often lack the expertise to assess the quality of the installations.</p>
<p>Projects under the capital expenditure (CAPEX) model accounted for nearly 84% of the capacity additions in Q2 2024, with the remaining under the operational expenditure or renewable energy service company (OPEX/RESCO) model.</p>
<p>The industrial segment contributed over 23% to the total installations, while the commercial and government segments accounted for 4% and 0.7%, respectively.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Rooftop-Solar-Installations-by-Quarter-MW.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-69574 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Rooftop-Solar-Installations-by-Quarter-MW.png" alt="Rooftop Solar Installations by Quarter (MW)" width="980" height="427" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Rooftop-Solar-Installations-by-Quarter-MW.png 980w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Rooftop-Solar-Installations-by-Quarter-MW-300x131.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Rooftop-Solar-Installations-by-Quarter-MW-768x335.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Rooftop-Solar-Installations-by-Quarter-MW-650x283.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Rooftop-Solar-Installations-by-Quarter-MW-624x272.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Rooftop-Solar-Installations-by-Quarter-MW-600x261.png 600w" sizes="(max-width: 980px) 100vw, 980px" /></a></p>
<p>Gujarat, Maharashtra, Kerala, Uttar Pradesh, and Tamil Nadu were the leading states for rooftop solar capacity additions during the quarter, collectively contributing over 81% of the total installations.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Q2-2024-Rooftop-Solar-Installations-by-States.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-69572 " src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Q2-2024-Rooftop-Solar-Installations-by-States.png" alt="Q2 2024 Rooftop Solar Installations by States" width="401" height="373" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Q2-2024-Rooftop-Solar-Installations-by-States.png 480w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Q2-2024-Rooftop-Solar-Installations-by-States-300x279.png 300w" sizes="(max-width: 401px) 100vw, 401px" /></a></p>
<p>As of June 2024, India&#8217;s cumulative installed rooftop solar capacity reached 11.6 GW. The top 10 states accounted for over 78% of this cumulative capacity, with Gujarat, Maharashtra, Rajasthan, Kerala, and Karnataka maintaining their leadership in installed capacity.</p>
<p>Kerala achieved the highest compounded quarterly growth rate, reaching nearly 9% between Q2 2023 and Q2 2024.</p>
<p>In Q2 2024, rooftop solar tenders totaling 533.6 MW were issued, about a 35% drop from 816.9 MW in Q1 2024 but a 259% increase from 148.6 MW in Q2 2023. Empanelment tenders for installing rooftop solar on government buildings comprised 38% of the quarter&#8217;s announcements.</p>
<p>The average cost of rooftop solar systems rose by over 12% QoQ, ending a six-quarter trend of declining prices, although costs were still down nearly 10% YoY. &#8220;After a year and a half of declining prices, module costs have begun to rise again, with DCR modules remaining more expensive due to high demand and limited supply,&#8221; Sanjay said.</p>
<p>Manufacturers are ramping up their DCR module production capacity, but procuring locally manufactured cells has been a challenge.</p>
<p>Sanjay also expressed concern over the likelihood of future shortages for other critical components, such as inverters and cables, which could impact installations in the coming quarters. &#8220;The implementing agencies have to periodically assess the market to ensure there are no serious demand-supply gaps affecting installations drastically.&#8221;</p>
<p>The report also includes a comprehensive analysis of net metering policies across all Indian states and Union Territories.</p>
<p><strong><em>The Q2 2024 India Rooftop Solar Market Report is 56 pages long and covers all facets of India&#8217;s rooftop solar market. For the complete report, visit: <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q2-2024" target="_blank" rel="noopener">https://www.mercomindia.com/product/rooftop-solar-market-report-q2-2024</a></em></strong></p>


India Adds Record 1 GW Rooftop Solar Capacity in 1H 2024


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					</table><p>Solar module manufacturer <a href="https://www.canadiansolar.com/" target="_blank" rel="noopener">Canadian Solar</a> posted a net income of $12.35 million in the first quarter (Q1) of 2024, an 85.25% year-over-year (YoY) drop from $83.71 million as the company continued to tackle pricing pressures in light of lower module average selling prices (ASP).</p>
<p>The drop in profit was offset by the lower manufacturing costs and higher contribution from battery energy storage solutions (BESS) sales.</p>
<p>The company’s revenue dropped by 21.88% YoY to $1.33 billion from $1.7 billion, primarily driven by the decline in module ASP and offset by BESS sales and an increase in solar module shipment.</p>
<p>Canadian Solar’s operating expenses during the quarter increased to $203.68 million, an 18.15% YoY increase from $172.4 million.</p>
<p>The company shipped 6.3 GW solar module shipments during the quarter, a 4% YoY jump. Of these, 236 MW were shipped to the company’s utility-scale solar power projects.</p>
<p>The company operates two business segments – <a href="https://recurrentenergy.com/" target="_blank" rel="noopener">Recurrent Energy</a>, the clean energy development platform, and <a href="https://www.csisolar.com/" target="_blank" rel="noopener">CSI Solar Inc</a>., the solar module, BESS manufacturing, and the engineering, procurement, and construction platform.</p>
<p>Recurrent Energy recorded a 96.65% YoY revenue increase during Q1 2024 to $39.43 million from $20.05 million.</p>
<p>At the end of March 2024, the company’s total global solar development pipeline stood at 26.3 GWp, including 1.5 GWp under construction, 5 GWp backlog, and 19.8 GWp of projects in advanced and early-stage pipelines.</p>
<p>The company’s BESS development pipeline stood at 55.9 GWh, including 4.3 GWh under construction and backlog and 51.6 GWh of projects in advanced and early stages.</p>
<p>In January 2024, Recurrent Energy also secured a $500 million investment from BlackRock to help the company execute its strategy to move from developer to developer plus long-term owner and operator in U.S. and European markets and also grow its high-value project development pipeline.</p>
<p>The investment represents 20% of the outstanding fully diluted shares of Recurrent Energy on an as-converted basis, with the majority of shares still owned by Canadian Solar.</p>
<p>CSI Solar’s revenue for Q1 2024 was $1.3 billion, a 23.29% YoY drop from $1.68 billion, primarily due to the decreased module ASP, offset by the BESS deployments.</p>
<p>CSI Solar’s revenues from BESS surged 16-fold from $14.81 million to $251.47 million. The quarterly revenue figure topped the total of 2023.</p>
<p>The company’s utility-scale battery energy storage platform, e-STORAGE, had a total project turnkey pipeline of around 56 GWh, including both contracted and in-construction projects and projects at different stages of the negotiation process at the end of March 2024.</p>
<p>The platform has 3.1 GWh of operational project capacity contracted under long-term service agreements. The contracted backlog, including those under long-term service agreements, stood at $2.5 billion.</p>
<p>The company shipped 6.3 GW of solar modules and solar system kits to more than 70 countries in Q1 2024. The top five markets ranked by shipments were China, the U.S., Pakistan, Brazil, and Spain.</p>
<p>Yan Zhuang, President of Canadian Solar&#8217;s CSI Solar subsidiary, attributed the improvement in solar manufacturing costs to the decrease in polysilicon prices and the company’s upscaling of N-type TOPCon capacity.</p>
<p>He said, “With the rapid phaseout of PERC and the narrowing cost differential between these technologies, TOPCon has become the market&#8217;s preferred choice. We are well-positioned as we continue to reduce our manufacturing costs and enhance vertical integration. Additionally, e-STORAGE delivered a record quarter, achieving volume and revenue comparable to the totals for all of 2023.&#8221;</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-66065" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Canadian-Solar-Solar-Manufacturing-Outlook-Q1-2024.png" alt="Canadian Solar Solar Manufacturing Outlook Q1 2024" width="1510" height="742" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Canadian-Solar-Solar-Manufacturing-Outlook-Q1-2024.png 1510w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Canadian-Solar-Solar-Manufacturing-Outlook-Q1-2024-300x147.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Canadian-Solar-Solar-Manufacturing-Outlook-Q1-2024-768x377.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Canadian-Solar-Solar-Manufacturing-Outlook-Q1-2024-650x319.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Canadian-Solar-Solar-Manufacturing-Outlook-Q1-2024-624x307.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Canadian-Solar-Solar-Manufacturing-Outlook-Q1-2024-600x295.png 600w" sizes="(max-width: 1510px) 100vw, 1510px" /></p>
<p>Addressing the concerns about the recently filed anti-dumping and countervailing duty <a href="https://www.mercomindia.com/us-solar-manufacturers-trade-petition" target="_blank" rel="noopener">petitions</a>, Shawn Qu, President, Chairman, and CEO of Canadian Solar, said, “We have been navigating similar cases for over a decade and have time and time again, managed risk effectively on behalf of both of our company and our customers and partners. Furthermore, as Thailand is both a WTO member and a market economy, it likely faces lower AD/CVD risks. All local leadership and professional cross-functional teams are among our key competitive edges.”</p>
<p>Qu also said the company plans to invest over $1 billion in new manufacturing in the U.S. to build a long-term and resilient domestic solar supply chain.</p>
<p>The company announced the setting up of a 5 GW solar wafer production facility in <a href="https://www.mercomindia.com/canadian-solar-wafer-production-thailand" target="_blank" rel="noopener">Thailand</a> in November last year and a 5 GW solar cell production facility in the <a href="https://www.mercomindia.com/canadian-solar-production-facility-in-the-us" target="_blank" rel="noopener">U.S</a>. in October last year.</p>
<p>Canadian Solar also announced that it has won three BESS projects, totaling 193 MW, in Japan&#8217;s first long-term decarbonization power source auction, securing 13.3% of the total awarded project capacity. The projects are expected to start commercial operations between 2027 and 2028 and feature its latest SolBank 3.0 system from e-STORAGE.</p>


Canadian Solar’s Q1 Profits Dip 85% on Lower Module Demand and Prices

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