Image: BELECTRIC Photovoltaic India
India installed 7.4 GW of new solar capacity in the first nine months of 2021, putting this year on track to become one of the best 12-month periods on record for new PV installations.
India is recording robust growth in solar installations this year, even though developers face a range of market challenges, according to Mercom India Research’s newly released Q3 2021 India Solar Market Update.
Higher raw material costs, severe volatility in the availability and prices of modules, power curtailment in several states, and high freight charges have all added to the difficulties that developers now face. However, India’s solar additions surpassed 7.4 GW in the first nine months of 2021, up 328% year on year, said Mercom India Research.
India added 2,835 MW of solar in the third quarter of the calendar year, up 14% from the 2,488 MW installed in the second quarter. Third-quarter installations soared by 547% year on year.
“Despite supply challenges, the Indian solar market is headed towards one of best years on record, and a complete turnaround from 2021, which was one of the worst years for solar due to Covid-19,” said Raj Prabhu, CEO of Mercom Capital Group. “We expect a strong 2022 despite the high price of components and uncertainties surrounding the Great Indian Bustard (GIB) related transmission issue in Rajasthan. An increase in GST, curtailment, and payment issues are adding to the challenges facing developers and constraining growth.” PV Magazine India - link - Uma Gupta - link - more like this - link
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