Birds fly at sundown over rooftop photo voltaic panels put in at a authorities maternity hospital to present electrical energy, in Raichur, India.
| Photo Credit: Aijaz Rahi
The photo voltaic capacity addition in India fell by 48% year-on-year to 1.9 GW in January-March interval of 2023, in accordance to Mercom India Research.
The nation had added 3.6 gigawatt (GW) of photo voltaic capacity throughout the identical interval in 2022, the analysis agency mentioned in its newest report.
“India added 1.9 GW of solar capacity in the first quarter of calendar year 2023, a 48 per cent decrease year-over-year (YoY) compared to the 3.6 GW added in Q1 2022,” the report titled ‘Q1 2023 India Solar Market Update’ mentioned.
On a quarter-on-quarter (q-o-q) foundation, the installations have been 30% decrease in contrast to the two.7 GW photo voltaic capacity put in in October-December interval or fourth quarter in 2022.
Out of 1.9 GW, large-scale photo voltaic tasks accounted for 74% of installations, with rooftop photo voltaic making up an extra 26%.
India’s cumulative put in photo voltaic capacity presently stands at 64.5 GW. As of March 2023, the nation’s utility-scale challenge growth pipeline stood at 58 GW, with an extra 58 GW of tasks tendered awaiting public sale.
India’s photo voltaic trade handed an necessary milestone in 2022, setting a brand new file with 13 GW of capacity added. However, in 2023 the additions are anticipated to be decrease as commissioning deadlines for a number of tasks have been moved to subsequent 12 months. Besides, quite a lot of tasks are dealing with delays due to land and transmission points, Mercom India mentioned.
“The market is re-calibrating following the ALMM decision by the government. Project extensions, GIB, and infrastructure issues point to a softer year than predicted.
“On a optimistic observe, module costs are trending in the fitting course, and challenge prices declined for the primary time after rising for ten consecutive quarters, bringing a lot wanted aid to the photo voltaic trade,” Raj Prabhu, CEO of Mercom Capital Group, mentioned.
The authorities earlier prolonged the ALMM by one 12 months until March 2024 amid trade elevating considerations over uncooked materials availability and provide chain.
The Approved List of Models and Manufacturers (ALMM) was launched to enhance home manufacturing.