Indian solar investments increased by 254 percent
Post date: 10/03/2022 - 16:34
Investments in the Indian solar sector increased by 254 percent in the calendar year (CY) 2021 compared to 2020. According to Mercom India Research’s »2021 Q4 and Annual India Solar Market Update«, investments in the large-scale solar segment in 2021 were up by 278 percent compared to 2020. The rooftop solar segment investments rose by 150 percent. »The increase is reflective of the increased project development activity after the Indian solar industry recovered strongly from the disruptions caused by COVID-19 in 2020,« says the consultancy.
In the fourth Quarter of CY 2021, investments in the solar sector declined by 14 percent compared to Q3 2021. However, in a year-over-year comparison, the investments increased by 109 percent. Large-scale solar and rooftop solar segment investments dipped 6 percent and 4 percent, respectively, compared to the previous quarter. Investments through corporate funding in Q4 2021 fell by 46 percent compared to Q3 2021. The decreasing figures are »in line with the lower installations during the quarter, which was down 7 percent compared to Q3 2021,« says the report.
India added 10 GW of solar capacity in CY 2021, a 210 percent increase year-over-year, compared to 3.2 GW installed in CY 2020, according to Mercom. During CY 2021, large-scale solar projects accounted for 83 percent of installations with 8.3 GW and saw a 230 percent increase. Rooftop installations made up the remaining 17 percent adding 1.7 GW (+138 percent).
India’s installed renewable energy capacity, including large hydro projects, stood at 150.9 GW, accounting for a share of 38.4 percent in the overall power mix at the end of December 2021. Solar accounts for 12.4 percent of India’s total installed power capacity and 32 percent of the total installed renewable capacity as of 2021.