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					</table><p>The average cost of large-scale solar projects in the second quarter (Q2) of the calendar year (CY) 2022 was ₹45.4 million (~$568,536)/MW, according to Mercom&#8217;s recently released <a href="https://mercomindia.com/product/q2-2022-india-solar-market-update/" target="_blank" rel="noopener">Q2 2022 India Solar Market Update</a>.</p>
<p>The average cost increased by 18% compared to the same period. The cost rose 4.4% from the <a href="https://mercomindia.com/average-cost-large-scale-solar-projects/" target="_blank" rel="noopener">previous quarter</a>.</p>
<p>India installed over 3.5 GW of large-scale solar capacity in Q2 CY 2022, an increase of 23% compared to 2.9 GW installed in the previous quarter. On a year-over-year (YoY) basis, installations rose by 82% from 1.9 GW. Large-scale solar accounted for 90% of the installations during the quarter.</p>
<p>Project costs varied, depending on the modules used. The costs on the higher were with the use the Chinese mono PERC modules with basic customs duty (BCD).</p>
<p>Project costs have now risen for eight straight quarters. Pandemic-driven raw material shortages, increased freight charges, Balance of System (BoS) rates, rupee depreciation, increased duties and taxes, and worldwide commodity inflation have led to the continued cost escalation.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-40707" src="https://mercomindia.com/wp-content/uploads/2022/08/System-cost.png" alt="Q2 2022 Average Large-scale Solar Project Cost in ₹ Million/MW" width="600" height="388" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/System-cost.png 626w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/System-cost-300x194.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/System-cost-624x404.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/System-cost-600x388.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<p>With the BCD applicable from April 2022 on solar cells and modules, this quarter saw a significant increase in solar module prices. Indian mono PERC module Average Selling Prices (ASPs) rose 15.2% QoQ and 28% YoY.</p>
<p>Chinese mono PERC module ASPs increased 49.8% QoQ and by a whopping 75.1% YoY amid the 40% BCD application, rupee depreciation, and continued polysilicon shortages.</p>
<p>Polysilicon shortages and increased prices of commodities such as aluminum, copper, and silver have significantly driven module prices. Additionally, duties on components such as glass, EVA encapsulant, and backsheets have added to the costs of domestic module manufacturing. Increasing commodity prices have also impacted the project&#8217;s power evacuation infrastructure cost.</p>
<p>Recently, the Ministry of Finance <a href="https://mercomindia.com/anti-dumping-duty-fluoro-backsheets-modules-china/" target="_blank" rel="noopener">imposed</a> anti-dumping duty on the import of fluoro backsheets (excluding transparent backsheets) from China to offset the harm caused to the domestic market.</p>
<p><strong>Mercom&#8217;s India Solar Q2 2022 report covers all facets of India&#8217;s solar market. For the complete report, visit: </strong> <a href="https://mercomindia.com/product/q2-2022-india-solar-market-update" target="_blank" rel="noopener">https://mercomindia.com/product/q2-2022-india-solar-market-update</a></p>


Average Cost of Large-Scale Solar Projects Up 18% Year-over-Year


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					</table><p>India installed over 3.9 GW of solar capacity in the second quarter (Q2) of the calendar year (CY) 2022, an increase of 18% <a href="https://mercomindia.com/india-solar-installations-rise-q1-2022/" target="_blank" rel="noopener">compared</a> to 3.3 GW installed in the previous quarter. On a year-over-year (YoY) basis, installations rose by 59% from the 2.4 GW installed in the same period last year.</p>
<p>The latest installation data was revealed in Mercom&#8217;s newly released report – <a href="https://mercomindia.com/product/q2-2022-india-solar-market-update" target="_blank" rel="noopener">Q2 2022 India Solar Market Update</a>.</p>
<p>Large-scale solar accounted for 90% of the installations, and rooftop accounted for the remaining 10% during the reporting period.</p>
<p>In Q2 2022, India installed 3.5 GW of large-scale solar, a quarter-over-quarter (QoQ) increase of around 23% and an 82% YoY increase.</p>
<p>In the first half (1H) of 2022, India added around 7.2 GW of solar, a record 59% increase compared to 4.5 GW installed during the same period last year.</p>
<p>India&#8217;s cumulative installed solar capacity now stands at 57 GW.</p>
<p>The country has a utility-scale projects development pipeline of over 57 GW, with another 37 GW of tendered projects awaiting auction.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-40108" src="https://mercomindia.com/wp-content/uploads/2022/08/Solar-installations-QoQ-Q2-2022-1.png" alt="Solar installations QoQ Q2 2022" width="700" height="331" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Solar-installations-QoQ-Q2-2022-1.png 923w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Solar-installations-QoQ-Q2-2022-1-300x142.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Solar-installations-QoQ-Q2-2022-1-768x364.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Solar-installations-QoQ-Q2-2022-1-650x308.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Solar-installations-QoQ-Q2-2022-1-624x295.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Solar-installations-QoQ-Q2-2022-1-600x284.png 600w" sizes="(max-width: 700px) 100vw, 700px" /></p>
<p>Rajasthan <a href="https://mercomindia.com/rajasthan-first-10-gw-solar-state/" target="_blank" rel="noopener">became</a> the first state to cross 10 GW of cumulative large-scale solar installations at the end of March 2022. Cumulative large-scale solar installations in Rajasthan reached almost 13 GW as of June 2022. The state accounts for almost 27% of the total installations in the country.</p>
<p>Rajasthan and Gujarat were the top states for large-scale solar installations during the quarter, accounting for 53% and 14% of installations, respectively, followed by Maharashtra with 9%.</p>
<p>There is still a lot of ambiguity around projects impacted by the Great Indian Bustard (GIB). To protect the critically endangered bird, the Supreme Court said during the quarter that transmission lines running through the priority areas of the GIB need to have bird diverters installed before July 20, 2022.</p>
<p>A Committee formed to review cases has approved only two of the eight applications received, and the remaining are still being scrutinized. This process is taking time and will likely affect project development this year.</p>
<p>&#8220;Even with mounting challenges from supply constraints and rising costs, India had its best quarter and first half ever for solar. Unfortunately, what could have been a spectacular year is now filled with uncertainty and possible delays due to the Supreme Court Ruling in the Great Indian Bustard case in Rajasthan. Still, India is on a path to its best year in solar,&#8221; said Raj Prabhu, CEO of Mercom Capital Group.</p>
<p>According to the report, while 2021 was the most significant year for the Indian solar industry, with over 10 GW of installations, 2022 is slated to be an even stronger year.</p>
<p><strong><img loading="lazy" decoding="async" class="aligncenter wp-image-40111" src="https://mercomindia.com/wp-content/uploads/2022/08/New-Installed-Power-Capacity-India-1H2022.png" alt="New Installed Power Capacity India 1H2022" width="550" height="390" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/New-Installed-Power-Capacity-India-1H2022.png 540w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/New-Installed-Power-Capacity-India-1H2022-300x213.png 300w" sizes="(max-width: 550px) 100vw, 550px" /></strong></p>
<p><strong>Key Highlights from Mercom India Research&#8217;s Q2 2022 India Solar Market Update:</strong></p>
<ul>
<li>In 1H 2022, India added 7.2 GW of solar capacity, a 59% increase compared to 4.5 GW installed in 1H 2021.</li>
<li>Large-scale solar accounted for 90% of the installations, and rooftop solar for the remaining 10%.</li>
<li>India&#8217;s cumulative installed solar capacity now stands at 57 GW.</li>
<li>In 1H 2022, renewable energy sources (including large hydro) accounted for about 90% of the new power capacity additions.</li>
<li>Solar accounted for 77.9% of the new power capacity added during the quarter.</li>
<li>In Q2 2022, Rajasthan and Maharashtra were the top states for solar installations.</li>
<li>Q2 2022 was the best quarter for solar to date in India</li>
</ul>
<p><strong>Mercom&#8217;s India Solar Q2 2022 report is 126 pages and covers all facets of India&#8217;s solar market. For the complete report, visit: </strong> <a href="https://mercomindia.com/product/q2-2022-india-solar-market-update" target="_blank" rel="noopener">https://mercomindia.com/product/q2-2022-india-solar-market-update</a></p>
<p>&nbsp;</p>


India Adds Over 7 GW of Solar in a Record First Half of 2022

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