A recent report from Mercom Capital Group has observed India added 205 megawatts (MW) of solar capacity in Q2 2020, an 81 per cent decline compared to 1090 MW installed in Q1 2020.
Solar installations were down by 86 per cent year-over-year when compared to 1,510 MW added in Q2 2019. Q2 2020 recorded the lowest number in terms of quarterly solar installations since Q3 2014, which saw 197 MW of capacity additions.
Solar installations in the first half of 2020 were 1.3 gigawatts (GW), a 59 per cent decrease compared to 3.2 GW of capacity added in 1H of 2019.
Large-scale installations during the quarter were 120 MW compared to 896 MW installed in Q1 2020. Compared to the same quarter in 2019, large-scale installations decreased by about 90 per cent. However, there are currently 41.7 GW of large-scale projects under development, giving the industry a glimmer of hope for recovery. There are also another 32.4 GW of projects tendered and awaiting auction.
There were about 85 MW of rooftop solar installations, a decline of 56 per cent compared to 194 MW installed in the last quarter. Rooftop installations declined by 71 per cent compared to Q2 2019.
Mercom India Research is forecasting approximately 4 GW of solar to be added in 2020, which was the worst-case scenario laid out in out the previous report.
Overall power capacity additions across power generation sources in the first half of 2020 stood at 2.3 GW. Renewable-based sources accounted for nearly 85 per cent of these installations.
Even during the downturn, almost 70 per cent of the new power capacity additions came from solar and wind in the first half of the year, which is a positive takeaway from the report.
- Solar installations in India in Q2 2020 are 205 MW, a decline of 81 per cent compared to 1,090 MW installed in Q1 2020.
- In Q2 2020, large-scale solar installations added up to 120 MW, while rooftop installations accounted for 85 MW
- Cumulative solar installed capacity in India was approximately 37 GW at the end of Q2 2020
- The large-scale solar project pipeline in India stands at 42 GW, with another 34 GW of tendered capacity pending auction at the end of Q2 2020
- In Q2 2020, investments in the India solar sector equalled $100 million (~Rs 7.5 billion), 90 per cent lower compared to Q1 2020
- Solar accounted for 56 per cent of the new power capacity added in 1H 2020Electricity generated from solar in Q2 2020 crossed 15.7 billion units
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