India added 438 mw of solar capacity in Q3 (July to September) of CY2020, according to Mercom India Research.
This achievement marked a 80 per cent decline when compared with the 2,177 mw added in Q3 of CY2019. However, this was more than twice the 205 mw added in the immediately preceding quarter (Q2, April to June) of CY2020.
Solar installations in the first nine months (January to September) of 2020 totaled 1.73 GW, a 68 per cent decline compared to 5.48 GW added in the same period of 2019.
Large-scale installations totaled 283 mw in Q3 of CY2020 compared to 120 mw in the previous quarter. Large-scale installation levels decreased by 85 per cent compared to 1,932 mw installed in Q3 of CY2019.
“The solar industry in India is glad to see the back of 2020, which will end up as one of the worst years for solar in India as COVID-19 took a heavy toll on the industry. However, the market is almost back on its feet, and the mood is upbeat as the industry heads to 2021 – one of the best years forecasted for the sector,” said Raj Prabhu, CEO of Mercom Capital Group.
The lockdown situation has eased in most parts of the country, and economic activity has resumed steadily. The country’s solar industry is showing signs of recovery with increased activity compared to the previous quarter. However, the industry still has a long way to go. Several project deadlines have moved to Q4 2020, and the commissioning dates for a large number of projects have been postponed to the first half of 2021.
According to Mercom, India still has a robust large-scale solar project development pipeline of 44.7 GW, with another 34.6 GW of projects tendered and pending auction at the end of Q3 2020.
Rooftop solar installations accounted for 155 mw in Q3 of CY2020, an increase of 82 per cent compared to 85 mw installed in Q2 of CY2020. However, rooftop installations declined 37 per cent when compared to the 245 mw added in Q3 of CY2019.
“The worst seems to be over for the rooftop market, and installers are reporting intense competition with multiple companies vying for the same business and pushing prices down,” the report said.
Mercom India Research is forecasting approximately 3.3 GW of solar installations in 2020 as most of the projects scheduled for commissioning in the second half of 2020 were moved to the first half of 2021.
(Note: CY stands for Calendar Year; Featured photograph sourced from Tata Power Solar)