Investments in Indian solar sector significantly declined
Post date: 28/05/2021 - 10:58
The investments in the Indian solar sector declined by 30 percent in the first Quarter of 2021 compared to Q4 2020 and stood at $1.04 billion at the end of March compared to $1.49 billion at the end of December 2020. In a year-over-year comparison, the investments increased by 7 percent compared to $0.97 billion during the same period last year, according to Mercom India Research’s latest Q1 2021 India Solar Market Update.
Utility-scale solar projects attracted investments of nearly $875 million, up by 48 percent compared to $591 million in the last quarter. Rooftop projects saw investments of $159 million in Q1 2021, increasing by 11 percent, compared to $143 million in Q4 2020.
There were no investments announced in the solar manufacturing sector in the first quarter of 2021. »However, with the approval of the production-linked incentive program, investments are expected to increase substantially in solar manufacturing,« says the consultancy. The tender under the program has been released, and the last date to submit the bids is June 30. Regarding calendar year 2020, investments in the Indian solar sector had declined by 66 percent and stood at approximately $2.8 billion compared to $8.2 billion in 2019.