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					</table>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>.
The capacity addition was about a 26% year-over-year (YoY) increase from the 873 MW installed in 1H 2023.
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.
Rooftop solar accounted for almost 15% of total solar installations in the quarter.
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.
&#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.
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.
The industrial segment contributed over 23% to the total installations, while the commercial and government segments accounted for 4% and 0.7%, respectively.
<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>
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.
<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>
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.
Kerala achieved the highest compounded quarterly growth rate, reaching nearly 9% between Q2 2023 and Q2 2024.
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.
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.
Manufacturers are ramping up their DCR module production capacity, but procuring locally manufactured cells has been a challenge.
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;
The report also includes a comprehensive analysis of net metering policies across all Indian states and Union Territories.
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>

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

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					</table>India added 14.9 GW of solar capacity in the first half (1H) of calendar year 2024, a 282% year-over-year (YoY) increase, according to Mercom India Research&#8217;s latest <a href="https://www.mercomindia.com/product/q2-2024-india-solar-market-update" target="_blank" rel="noopener">Q2 2024 India Solar Market Update</a>. The installations topped all previous half-yearly and annual installations.
The commissioning of several previously delayed projects contributed to capacity additions in the year&#8217;s first half.
Solar capacity added in the second quarter (Q2) of 2024 stood at 5 GW, up 170% YoY from 1.8 GW. However, installations fell 49% quarter-over-quarter (QoQ) from 9.9 GW.
During the quarter, 4.3 GW of large-scale solar projects were commissioned, including nearly 1.8 GW of open access projects. While large-scale solar capacity additions fell 55% QoQ, they rose 191% YoY.
The reimposition of the Approved List of Models and Manufacturers (ALMM) order impacted several open access projects. Grid connectivity and transmission infrastructure delays further affected large-scale solar project additions during the quarter.
Priyadarshini Sanjay, Managing Director, Mercom India, emphasized that the sequential decline does not indicate a trend, as the previous quarter was an outlier due to a surge in installations ahead of the ALMM reimposition from April 2024.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-69385 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW.png" alt="Solar Installations by Quarter (MW)" width="3396" height="1328" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW.png 3396w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW-300x117.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW-2000x782.png 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW-768x300.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW-1536x601.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW-2048x801.png 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW-650x254.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW-624x244.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Solar-Installations-by-Quarter-MW-600x235.png 600w" sizes="(max-width: 3396px) 100vw, 3396px" /></a>
Rajasthan, Gujarat, and Karnataka led large-scale solar capacity additions, contributing 30%, 22%, and 21% of the total quarterly installations.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Q2-2024-Large-Scale-Solar-Installations-MW.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-69387 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Screenshot-2024-08-22-132134.jpg" alt="Q2 2024 Large-Scale Solar Installations (MW)" width="721" height="383" /></a>
In Q2 2024, 10.7 GW of tenders were announced, down 22% from 13.6 GW in Q2 2023 and 65% QoQ from 30.7 GW.
Sanjay noted that the lower tender numbers could have been due to the delay in the Ministry of New and Renewable Energy (MNRE) releasing the bidding trajectory for the year and concerns over tepid response and higher bids after the ALMM reimposition.
During the quarter, 6.7 GW of solar projects were auctioned, consistent with Q2 2023, though auction activity decreased by 73% from 25.1 GW in Q1 2024.
In 1H 2024, India added 20.8 GW of new power capacity, with renewable sources, including large hydro, accounting for 81% and solar alone making up 71% of the capacity additions.<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-69388 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024.png" alt="Share of New Power Capacity Additions in India (2010 - 1H 2024)" width="3105" height="1671" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024.png 3105w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024-300x161.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024-2000x1076.png 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024-768x413.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024-1536x827.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024-2048x1102.png 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024-650x350.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024-624x336.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/Share-of-New-Power-Capacity-Additions-in-India-2010-1H-2024-600x323.png 600w" sizes="(max-width: 3105px) 100vw, 3105px" /></a>
As of June 2024, India&#8217;s cumulative installed solar capacity reached 87.2 GW, with utility-scale projects making up 87% and rooftop solar 13%. Solar energy now constitutes 19.5% of India&#8217;s installed power capacity and 44% of the total installed renewable energy capacity.
Rajasthan, Gujarat, and Karnataka were the leading states for cumulative installed large-scale solar capacity, contributing 29%, 15%, and 14% of the national total, respectively.
The top 10 states accounted for 94% of the cumulative large-scale solar installations as of June 2024.
India&#8217;s large-scale solar project pipeline stood at 146 GW, with another 104 GW of projects tendered and awaiting auction as of June 2024.
The project pipeline looks attractive, but according to Sanjay, significant challenges due to transmission infrastructure constraints, particularly in Rajasthan, remain. Hybrid and energy storage projects may help alleviate this issue by utilizing the same transmission lines.
Solar module and cell imports dropped 61% QoQ and 16% YoY. The exports were down almost 30% QoQ, with only a marginal drop YoY.
The average cost of large-scale solar projects decreased by 2% QoQ and 26% YoY, improving project internal rates of return. However, with the ALMM imposition, this trend may reverse as Indian modules, especially Domestic Content Requirement (DCR) modules, are more expensive, and supply may struggle to meet growing demand.
In 1H 2024, 41.4 GW of tenders were announced, marking the highest half-yearly bid invitations, up 51% from 27.5 GW in 1H 2023.
Additionally, 31.8 GW of projects were auctioned, a 321% increase from 7.6 GW in 1H 2023, setting a new high for half-yearly and annual auction announcements.
With the strong demand from the commercial and industrial (C&amp;I) market, Sanjay expects the demand for open access and rooftop solar to grow significantly.
Mercom&#8217;s Q2 2024 India Solar Market Update report is 85 pages long and covers all facets of India&#8217;s solar market. For the complete report, visit:<a href="https://www.mercomindia.com/product/q2-2024-india-solar-market-update" target="_blank" rel="noopener">https://www.mercomindia.com/product/q2-2024-india-solar-market-update</a>

India Adds Record 15 GW of Solar Capacity in 1H 2024

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					</table><a href="https://www.solidpowerbattery.com/" target="_blank" rel="noopener">Solid Power</a>, an all-solid-state rechargeable battery cells manufacturer, reported revenue of $2.58 million in the second quarter (Q2) of 2022, a 360% year-over-year (YoY) growth compared to $561,000 in Q1 2021.
The company posted a net income of $13.7 million in Q2 2022 compared to a net loss of $9.27 million in the same period last year.
Operating expenses were higher in the second quarter compared to the second quarter of 2021, driven by accelerated product development investments and operations scaling. Operating loss was $14.7 million for the second quarter. Changes in Solid Power&#8217;s warrant liabilities resulted in a non-cash gain of $27.5 million in the second quarter of 2022, driving the company to a net income of $13.7 million.
Capital expenditures during the second quarter and first half of 2022 were $20.4 million and $31.0 million, respectively, representing ongoing investments in the company&#8217;s technical development and operational capabilities.
Solid Power reported revenue of $4.77 million in the first half (1H) of 2022, a 358% YoY growth compared to $1.04 million.
The company posted a net income of $3.32 million in 1H 2022 compared to a net loss of $16.41 million in 1H 2021.
&#8220;First half results reflect continued solid execution by our team as we continue to position the company for long-term success,&#8221; said Doug Campbell, Chief Executive Officer of Solid Power. &#8220;With the recent installation of the EV cell pilot line, we now have the operational capabilities needed to produce EV-scale cells, which is a critical step towards initiating the formal automotive qualification process. During the third quarter, we expect to begin producing EV-scale cells for our internal testing and delivering 20 Ah Silicon EV cells to our joint development partners for their initial testing.&#8221;
Last May, Solid Power <a href="https://mercomindia.com/funding-and-ma-roundup-solid-power/" target="_blank" rel="noopener">raised</a> $130 million in a Series B investment round led by the BMW Group, Ford Motor Company, and Volta Energy Technologies. Ford and the BMW Group had also expanded existing joint development agreements with Solid Power to secure all-solid-state batteries for future electric vehicles.
Previously, Solid Power and Decarbonization Plus Acquisition Corporation III (DCRC), a special purpose acquisition company (SPAC), <a href="https://mercomindia.com/battery-company-solid-power-to-go-public/" target="_blank" rel="noopener">announced</a> a $1.2 billion definitive agreement for a business combination, resulting in Solid Power becoming a publicly listed company.

Battery Company Solid Power Reports 360% YoY Increase in Revenue in Q2 2022

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					</table>India added 430.45 MW of wind power capacity in the second quarter (Q2) of 2022, a 57% quarter-over-quarter (QoQ) increase <a href="https://mercomindia.com/india-adds-wind-capacity-q1-2022/" target="_blank" rel="noopener">compared</a> to 275 MW installed in Q1 2022. The cumulative wind installations in the country stand at 40.8 GW, according to the recent data released by the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>).
The year-over-year (YoY) installations increased by 80% compared to 239.6 MW in Q2 2021.
<img loading="lazy" decoding="async" class="aligncenter wp-image-39100" src="https://mercomindia.com/wp-content/uploads/2022/08/Wind-installations.png" alt="Wind installations" width="600" height="416" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Wind-installations.png 610w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Wind-installations-300x208.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Wind-installations-600x416.png 600w" sizes="(max-width: 600px) 100vw, 600px" />
Tamil Nadu, Gujarat, Karnataka, and Maharashtra continued to be the leading markets for wind, accounting for 72.3% of the cumulative capacity.
In Q2 2022, Gujarat topped the list adding nearly 210.2 MW of wind capacity. The state makes up 23% of the cumulative capacity with 9.41 GW of installations. Karnataka added 51.25 MW of capacity during the quarter. The state is ranked third for cumulative installations with 5.18 GW accounting for 13% of the total wind capacity in the country.
Tamil Nadu, which ranks first in cumulative installations, did not add any new capacity in Q2 2022. The state has 9.87 GW of wind capacity accounting for 24% of India’s total wind installations.
<img loading="lazy" decoding="async" class="aligncenter wp-image-39101" src="https://mercomindia.com/wp-content/uploads/2022/08/wind-power.png" alt="wind power" width="600" height="396" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/wind-power.png 737w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/wind-power-300x198.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/wind-power-650x430.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/wind-power-624x412.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/wind-power-600x396.png 600w" sizes="(max-width: 600px) 100vw, 600px" />
The annual wind capacity additions have plummeted from 5.4 GW in 2016-17 to between 1.2 GW and 2 GW in subsequent years. Wind power tariffs <a href="https://mercomindia.com/wind-breaches-guvnls-auction/" target="_blank" rel="noopener">dropped</a> to a record-low of ₹2.43 (~$0.030)/kWh in the GUVNL 500 MW auction held in December 2017. This was lower than the lowest solar tariff of ₹2.44 (~$0.031)/kWh quoted in the Bhadla Solar auction in May 2017.
The industry believes that the e-reverse auction, introduced to promote competition, led to aggressive and often unsustainable bids leading to lower profit margins. A move is now on to phase out reverse bidding, as <a href="https://mercomindia.com/will-closed-bidding-boost-the-indian-wind-sector/" target="_blank" rel="noopener">announced</a> recently by MNRE Secretary Indu Shekhar Chaturvedi. During the last five years, the Solar Energy Corporation of India has auctioned around 16 GW of wind projects but awarded only around 12.5 GW of capacity.
Recently, the Ministry of Power <a href="https://mercomindia.com/power-ministry-notifies-wind-hydro-and-energy-storage-purchase-obligation/" target="_blank" rel="noopener">issued</a> the wind renewable purchase obligation (RPO) until the financial year 2029- 2030. It specified that wind RPO would be met only by energy produced from wind power projects commissioned after March 31, 2022.

India added 430 MW of Wind Capacity in Q2 2022

Pune-based wind turbine manufacturer <a href="https://www.suzlon.com/" target="_blank" rel="noopener noreferrer">Suzlon Energy Limited</a> reported a net profit of ₹6.75 billion (~$91.6 million), a turnaround from last year’s net loss of ₹7.78 billion (~$104.4 million). The company attributed this to be a result of its debt restructuring process. The company had <a href="https://mercomindia.com/suzlon-net-loss-widens/" target="_blank" rel="noopener noreferrer">reported</a> a net loss of ₹3.99 billion (~$54.5 million) in Q1 of FY 2021.
The net revenue at the end of the second quarter (Q2) of the financial year (FY) 2021 stood at ₹7.25 billion (~$97.6 million). This was a 9.7% drop from the same quarter last year, which saw around ₹8.03 billion (~$108.1 million) in net revenue.
However, the company’s gross profit spiked to ₹3.9 billion (~$52.5 million) during the quarter, up over 193% from Q2 of FY 2020, which saw only ₹1.33 billion (~$17.9 million) primarily due to higher provisions in Q2 of FY 2020.
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22705" src="https://mercomindia.com/wp-content/uploads/2020/11/Q2-FY21-Financial-Metrics.png" alt="Q2 FY21 Financial Metrics" width="428" height="392" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2020/11/Q2-FY21-Financial-Metrics.png 428w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2020/11/Q2-FY21-Financial-Metrics-300x275.png 300w" sizes="(max-width: 428px) 100vw, 428px" />
  Source: Suzlon                                                 In crores
The company also posted that its earnings before income, tax, depreciation, and amortization (EBITDA) stood at ₹1.12 billion (~$15.1 million) during the quarter, up from a loss of ₹3.66 billion (~$49.3 million) in the same quarter last year. It attributed this increase to the higher margins and workforce optimization and operational expenditure (OPEX).
“In the Q2 results, we again see a clear improvement in EBIDTA over last year. Our focus on controlling operating and fixed cost as well as a reduction in finance costs is reflected in our profit and loss performance,” said Swapnil Jain, Chief Financial Officer (CFO), Suzlon Group.
In the first half (1H) of FY 2021, Suzlon’s net revenue stood at ₹12.37 billion (~$166.6 million), down about 24% from 1H of FY 2020, which saw ₹16.36 billion (~$220.3 million) due to lower volumes in wind turbine generator sales and the COVID-19 crisis.
However, its gross profit rose over 30% to ₹7.46 billion (~$100.5 million) in 1H of FY 2021 from ₹5.7 billion (~$76.8 million) in 1H of FY 2020. Gross margins also rose to 60.3% during the half from 34.8% in the same half last year. It attributed these increases to a change in the company’s revenue mix and higher provisions in Q2 of FY 2020. The company’s net profit attributable to shareholders also rose to ₹2.78 billion (~$37.4 million) in the first half of FY 2021, up significantly from a net loss of ₹10.82 billion (~$145.7 million) in the same period last year.
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22706" src="https://mercomindia.com/wp-content/uploads/2020/11/Tariffs-are-firming-up-since-early-Wind-Project-auctions-in-India.png" alt="Tariffs are firming up since early Wind Project auctions in India" width="721" height="348" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2020/11/Tariffs-are-firming-up-since-early-Wind-Project-auctions-in-India.png 721w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2020/11/Tariffs-are-firming-up-since-early-Wind-Project-auctions-in-India-300x145.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2020/11/Tariffs-are-firming-up-since-early-Wind-Project-auctions-in-India-650x314.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2020/11/Tariffs-are-firming-up-since-early-Wind-Project-auctions-in-India-624x301.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2020/11/Tariffs-are-firming-up-since-early-Wind-Project-auctions-in-India-600x290.png 600w" sizes="(max-width: 721px) 100vw, 721px" />
Source: Suzlon
Suzlon’s EBITDA during 1H of FY 2021 was also up at ₹2.03 billion (~$27.3 million), up 162% from last year’s loss of ₹3.24 billion (~$43.6 million) due to higher margins and better-optimized workforce and OPEX costs.
“Q2 of FY 21 was the first quarter post-closure of our debt restructuring process. This quarter marked the restart of our operations and entry back into the market amidst the constraints of COVID 19. I am encouraged by the financial performance of our operations and service business in these challenging times,” said Ashwani Kumar, Chief Executive Officer, Suzlon Group.
“Overall, despite the ongoing challenges, I remain confident of growing momentum in the coming months,” Kumar added.
In the first quarter of FY 2021, Suzlon <a href="https://mercomindia.com/suzlon-net-loss-widens/" target="_blank" rel="noopener noreferrer">posted</a> revenues of ₹5.13 billion (~$70.1 million) in Q1 of FY 20201, a 39% decline compared to ₹8.33 billion (~$113.7 million) during the same period last year. The company registered revenues of ₹5.13 billion (~$70.1 million) in Q1 of FY 20201, a 39% decline compared to ₹8.33 billion (~$113.7 million) during the same period last year.
In July, Suzlon <a href="https://mercomindia.com/suzlon-completes-restructuring-debt/" target="_blank" rel="noopener noreferrer">announced</a> that it has completed restructuring its debt with the unanimous approval from its secured lenders. The company has been in a financially challenging position for the past year. Mercom also <a href="https://mercomindia.com/suzlon-sells-solar-subsidiaries-renew/" target="_blank" rel="noopener noreferrer">reported</a> earlier that Suzlon had announced that it would sell two of its solar subsidiaries to Ostro Energy, a wholly-owned subsidiary of independent power producer ReNew Power.

Suzlon Reports ₹6.75 Billion Net Profit in Q2 After Debt Restructuring

India held on to its position as the third-largest solar photovoltaic (PV) market in the second quarter (Q2) of 2019. The United States was the second-largest market behind China.
<a href="https://mercomindia.com/wp-content/uploads/2019/09/Solar-Installations-in-Q2-2019.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-15555" src="https://mercomindia.com/wp-content/uploads/2019/09/Solar-Installations-in-Q2-2019.png" alt="Solar Installations in Q2 2019" width="858" height="473" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/09/Solar-Installations-in-Q2-2019.png 858w, https://cms.mercomindia.com/wp-content/uploads/2019/09/Solar-Installations-in-Q2-2019-300x165.png 300w, https://cms.mercomindia.com/wp-content/uploads/2019/09/Solar-Installations-in-Q2-2019-768x423.png 768w, https://cms.mercomindia.com/wp-content/uploads/2019/09/Solar-Installations-in-Q2-2019-650x358.png 650w, https://cms.mercomindia.com/wp-content/uploads/2019/09/Solar-Installations-in-Q2-2019-624x344.png 624w, https://cms.mercomindia.com/wp-content/uploads/2019/09/Solar-Installations-in-Q2-2019-600x331.png 600w" sizes="(max-width: 858px) 100vw, 858px" /></a>
According to the Solar Energy Industry Association (SEIA), in the second quarter (Q2) of 2019, the United States witnessed solar installations of nearly 2.1 GW. This was a decline of around 7% when compared to the same quarter in 2018. However, the SEIA also announced that the U.S.  solar pipeline grew to a record 37.9 GW during this period. The U.S. has added 4.7 GW of solar in the first half of the year.
China remained ahead of U.S. and India with 6.2 GW of added solar capacity in Q2 of 2019. According to data released by China’s National Energy Administration. <a href="https://mercomindia.com/china-adds-11-gw-of-solar-added-in-first-half-of-2019/" target="_blank" rel="noopener noreferrer">Last month</a>, China’s National Energy Administration announced that China added a total of 11.4 GW in the first half of 2019.
India, on the other hand, installed a total capacity of 1.5 GW in the same time period, as per Mercom’s <a href="https://mercomindia.com/product/q2-2019-india-solar-market-update/" target="_blank" rel="noopener noreferrer">Q2 2019 India Solar Market Update</a>. Both U.S. and India have seen a slowdown in solar capacity addition on a quarter-on-quarter (QoQ) basis. During the first half of 2019, India added 3.3 GW of solar.
<a href="https://mercomindia.com/wp-content/uploads/2019/09/Solar-Installations-by-Quarter.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-15554" src="https://mercomindia.com/wp-content/uploads/2019/09/Solar-Installations-by-Quarter.png" alt="Solar Installations by Quarter" width="530" height="323" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/09/Solar-Installations-by-Quarter.png 530w, https://cms.mercomindia.com/wp-content/uploads/2019/09/Solar-Installations-by-Quarter-300x183.png 300w" sizes="(max-width: 530px) 100vw, 530px" /></a>
Mercom India Research forecasts that India is likely to install over 8 GW of solar capacity in the calendar year 2019. It estimates solar installations in India to reach 70 GW by the end of 2022 based on current market dynamics.
In <a href="https://mercomindia.com/india-third-largest-solar-market-q1-2019/" target="_blank" rel="noopener noreferrer">June 2019</a>, Mercom reported that in Q1 2019, installations in India were down by 49% year-over-year (YoY) compared to 3.4 GW that was installed in Q1 2018, according to Mercom India Research’s <a href="https://mercomindia.com/product/q1-2019-india-solar-market-update/" target="_blank" rel="noopener noreferrer">Q1 2019 India Solar Market Update</a>.

India Was the Third Largest Solar Market Globally in Q2 2019 Behind China and the US

Solar installations in India in Q2 2018 declined significantly with 1,599 MW, a 52 percent decrease compared to 3,344 MW installed in Q1 2018. Installations were also down by 21 percent year-over-year (YoY) compared to 2,025 MW installed in Q2 2017, according to Mercom India Research’s newly released <a href="https://mercomindia.com/product/solarinstallations-q2-2018/" target="_blank" rel="noopener noreferrer">Q2 2018 India Solar Market Update</a>.
In Q2 2018, large-scale installations totaled 1,184 MW compared to 2,954 MW in <a href="https://mercomindia.com/solar-installations-india-q1-2018/" target="_blank" rel="noopener noreferrer">Q1 2018</a> and 1,800 MW in Q2 2017. Rooftop installations accounted for 415 MW, up 6 percent compared to the 390 MW installed in 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 solar installation decline in Q2 2018 after four consecutive quarters of growth was expected and can be 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,” said Raj Prabhu, CEO and Co-Founder of Mercom Capital Group.
<a href="https://mercomindia.com/wp-content/uploads/2018/08/sq.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-11157" src="https://mercomindia.com/wp-content/uploads/2018/08/sq.png" alt="India’s Solar Installations Decline Quarter-Over-Quarter to 1.6 GW in Q2 2018" width="661" height="322" srcset="https://cms.mercomindia.com/wp-content/uploads/2018/08/sq.png 661w, https://cms.mercomindia.com/wp-content/uploads/2018/08/sq-600x292.png 600w, https://cms.mercomindia.com/wp-content/uploads/2018/08/sq-300x146.png 300w, https://cms.mercomindia.com/wp-content/uploads/2018/08/sq-650x317.png 650w, https://cms.mercomindia.com/wp-content/uploads/2018/08/sq-624x304.png 624w" sizes="(max-width: 661px) 100vw, 661px" /></a>
Cumulative solar installed capacity totaled 24.6 GW at the end of Q2 2018 with large-scale solar projects accounting for 90 percent and rooftop solar making up the remaining 10 percent.
Mercom India Research is forecasting solar installations of approximately 8.3 GW in calendar year (CY) 2018. The forecasted decline for solar installations in 2018 is mostly in large-scale projects due to the lack of a strong project pipeline. Tender activity cratered after the lowest tariffs were reached in the Bhadla auction in May last year as government agencies started expecting other bids to go down to the ₹2.44 (~$0.03499)/kWh tariff level reached in the Bhadla auction.
Chinese module average selling prices (ASPs) fell by approximately 5 percent quarter-over-quarter (QoQ) to $0.33 (~₹22.58)/W in Q2 2018 from $0.346 (~₹23.68)/W in <a href="https://mercomindia.com/product/solarinstallations-q1-2018/">Q1 2018</a>. Indian module prices meanwhile have declined by about 9 percent QoQ.
Along with the drop in module ASPs, project costs also declined QoQ. According to Mercom India Research estimates, large-scale project costs have dropped below ₹40 million (~$572,473)/MW for the first time. Project costs are approximately 10 percent cheaper if they are in a solar park. As higher efficiency mono PERC modules gain traction, the land requirement has also reduced adding to cost savings. Rooftop project costs declined QoQ also due to cheaper modules and balance of systems (BoS).
<a href="https://mercomindia.com/wp-content/uploads/2018/08/sqq.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-11159" src="https://mercomindia.com/wp-content/uploads/2018/08/sqq.png" alt="India’s Solar Installations Decline Quarter-Over-Quarter to 1.6 GW in Q2 2018" width="506" height="355" srcset="https://cms.mercomindia.com/wp-content/uploads/2018/08/sqq.png 506w, https://cms.mercomindia.com/wp-content/uploads/2018/08/sqq-300x210.png 300w" sizes="(max-width: 506px) 100vw, 506px" /></a>
Solar installations in 2019 is forecasted to be flat, largely due to lack of auctions and the new guidelines by MNRE which allows for 24 months to commission a project of 250 MW and above and 21 months to commission a project of 250 MW or below. Over 1 GW of large-scale projects will have their commissioning dates moved from 2019 to 2020.
“Due to uncertainty around the safeguard duty, auction activity in the first half of 2018 was weak, which will result in a smaller large-scale project pipeline for 2019. The market is expected to freeze for 3-6 months following the safeguard duty announcement,” said Prabhu.
Rooftop installations have been growing robustly so far but are expected to slow down until module prices decrease after the safeguard duty impact wears off. Rooftop is extremely cost sensitive and an increase in project costs will slow down the installations. However, the market is expected to start growing again once module prices decline and negate the safeguard duty impact.
Key Highlights from the report:
<ul>
<li>Solar installations in India in Q2 2018 were at its lowest level since Q1 of 2017 with 1,599 MW, a 52 percent decrease compared to 3,344 MW installed in Q1 2018.</li>
<li>In Q2 2018, large-scale installations totaled 1,184 MW (74%), while rooftop installations accounted for 415 MW (26%).</li>
<li>Cumulative solar installed capacity totaled ~24.6 GW at the end of Q2 2018.</li>
<li>Cumulative rooftop solar installed capacity in India reached 2.4 GW as of Q2 2018.</li>
<li>Large-scale project costs declined below ₹4 crore (~$572,473)/MW for the first time.</li>
<li>Solar represented 44 percent of the newly added power capacity with 4.9 GW installed in 1H 2018.</li>
<li>Renewables comprise ~21 percent of India&#8217;s total installed capacity, with solar accounting for ~7 percent.</li>
</ul>
For the complete report, <a href="https://mercomindia.com/product/solarinstallations-q2-2018/" target="_blank" rel="noopener noreferrer">click here</a>
Image credit: Azure Power
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