India installed 2.2 GW of PV in Q3 2019
Post date: 27/11/2019 - 12:32
According to Mercom India Research’s newly released Q3 2019 »India Solar Market Update«, solar installations in India increased 44 percent in Q3 2019 reaching 2,170 MW, compared to 1,510 MW in Q2 2019. Installations were up by 36 percent year-over-year (YoY) compared to 1,592 MW in Q3 2018. Solar installations in the first nine months (9M) of 2019 reached 5.4 GW, a decline of 19 percent, compared to 6.7 GW of added capacity in 9M of 2018, says Mercom.
In Q3 2019, large-scale installations totaled 1,925 MW compared to 1,218 MW in Q2 2019 and 1,157 MW installed in Q3 2018. The large-scale solar project development pipeline in India has increased to 22.6 GW. About 37.3 GW of solar have been tendered and were pending auction at the end of the quarter.
Rooftop solar installations declined by just 16 percent quarter-over-quarter (QoQ) in Q3 2019, totaling 245 MW compared to 292 MW in Q2 2019. Rooftop solar installations fell by 44 percent YoY compared to 435 MW installed in Q3 2018.
Total power capacity additions in 9M 2019 were 13 GW in India from all power generation sources. Of this, renewable energy sources accounted for nearly 56 percent of installations, with solar representing 41.4 percent. According to the report, India’s cumulative solar installations stood at 33.8 GW at the end of Q3 2019. The country has crossed 4 GW of cumulative rooftop solar installations and achieved only 10 percent of its target of 40 GW by 2022.
»Solar installations in Q3 2019 beat the downward trend seen over the past five quarters; however, we are revising our forecast down for 2019 as over 1 GW of projects have been delayed,« said Raj Prabhu, CEO and co-founder of Mercom Capital Group.»The rooftop market continues to be weak amid a lack of financing and consistent regulatory issues.« The consultancy expects 7.3 GW of capacity additions in CY 2019 from the previous estimate of 8 GW. Mercom also estimates that for the first time, India will mark 10 GW of annual installations in CY 2020.