Solar capacity addition in India declines 58 per cent to 1.7 GW in Apr-Jun: Mercom India
Solar capacity addition in the country declined 58 per cent to 1.7 gigawatt in the April-June period, mainly due to land and transmission-related issues, Mercom India said on Monday. The country added 4 GW of solar capacity in the year-ago quarter, the research firm said in 'Q2 2023 India Solar Market Update'.
«India added 1.7 GW solar capacity in Q2 of 2023.
(New) installations dropped more than 10 per cent quarter-on-quarter (q-o-q) compared to 1.9 GW in the January-March period,» it said.
Capacity additions fell almost 58 per cent year-on-year (y-o-y) compared to 4 GW in the year-ago period.
Large-scale solar projects accounted for 77 per cent of the capacity added during the quarter, and rooftop solar installations contributed 23 per cent. Over 1.3 GW of large-scale solar capacity was added in the quarter, down 64 per cent y-o-y, and 7 per cent q-o-q.
During January-June, new installations were at 3.6 GW, down 53 per cent from 7.6 GW during the same period last year.
India's cumulative installed solar capacity surpassed the 66 GW-mark in June.
«Delays, extensions, and postponements have led to a substantial number of solar projects being deferred to next year, making 2023 a year of setbacks for solar in India,» Raj Prabhu, Chief Executive Officer of Mercom Capital Group, said.
«Consequently, 2024 looks extremely robust. Rapidly declining solar component and project costs will be a catalyst for additional growth,» he said.
Following a weak first quarter, capacity additions slowed further in the second.
