Loading...

India Solar Compass Q1 2021


27 May 2021 | BRIDGE TO INDIA

India Solar Compass Q1 2021

This report provides a detailed update of all sector trends and developments in the quarter –capacity addition, leading players, tender and policy announcements, equipment prices, financial deals and other market developments. The report also provides market outlook for the next two quarters.

As the first wave of COVID-19 subsided, construction pace picked up gradually and India added 2,105 MW solar power generation capacity in Q1 2021. Total installed capacity stood at 44,241 MW, with utility scale solar installations rising by more than 33% QOQ in Q1 2021.

Figure: Total installed and pipeline capacity by 31 March 2021, MW

Short-term market outlook is murky because of increase in project execution costs and delays arising from second wave of COVID-19. We expect construction progress to slow down considerably in Q2 2021 due to lockdown across states. Reluctance of DISCOMs to sign PPAs also continues to be a major concern with as much as 20,000 MW of auctioned projects yet to be tied-up contractually.

Tender issuance and project auction activity was relatively robust in Q1 at 10,801 MW and 8,560 MW respectively. The quarter was also notable for two major policy announcements – Basic Customs Duty of 25% and 40% on solar cells and modules respectively along with production-linked incentive scheme worth INR 45 billion (USD 602 million) for domestic module manufacturing. Trade barriers and incentives would lead to scaling up of domestic manufacturing capacity in the short-term but we believe that goals of self-sufficiency and making India a global manufacturing hub are unrealistic.

Module and equipment prices were relatively stable in comparison to previous quarter but risk of delays in module shipments is rising. Many international module suppliers are believed to be renegotiating module prices and/ or delaying shipments to India because of local supply chain constraints.

You can purchase the report online or write to us at market.research@bridgetoindia.com.


Recent reports

Net Zero Roadmap for Corporates in India

Net Zero Roadmap for Corporates in India

The role of corporate entities, responsible for around half of India’s total energy consumption, is vital in meeting decarbonisation targets. Corporate entities are increasingly facing pressure from policy makers, consumers and investors to take climate action and define a roadmap for complete decarbonisation. Figure: Different sources of industrial emissions, 2016 Source:...

India Solar Map | December 2022

India Solar Map | December 2022

India Solar Map 2022 is an infographic report providing a state-wise break up of utility scale solar commissioned and pipeline capacity beside many other useful data points including project auction results, leading players, power generation, EPC cost, domestic module availability and power trading prices.

India Corporate Renewable Brief | Q4 2022

India Corporate Renewable Brief | Q4 2022

This report provides a quarterly update on key trends and developments in the corporate renewable market including capacity addition, key players, policy issuances, financing, equipment prices and other market trends. Figure: Total C&I renewable capacity, MW Source: BRIDGE TO INDIA research India added 1,093 MW corporate renewable capacity in Q4 2022, down 14% QOQ. Total...

India PV Module Intelligence Brief | Q4 2022

India PV Module Intelligence Brief | Q4 2022

This report captures quarterly trends in module demand and supply, import and domestic production volumes, supplier market shares, break-up by technology and rating, pricing trends across the value chain and key international developments. Figure: Domestic module shipments, Q4 2022 Q4 saw capacity addition of 2,755 MW, down 17% over the previous quarter. Total module demand in the...

India Solar Compass | Q4 2022

India Solar Compass | Q4 2022

This report provides a detailed update of all key sector developments and trends in the quarter – capacity addition, leading players, tenders and policy announcements, equipment prices, financial deals and other market developments. It also provides market outlook for the next two quarters. Total installed and pipeline capacity by offtake, 31 December 2022, MW Source: BRIDGE TO INDIA...

India Corporate Renewable Market

India Corporate Renewable Market

India’s corporate renewable market is becoming more vibrant with strong demand, policy and technology levers. Driven by net zero targets and investor mandates, corporate consumers are rushing to adopt more renewable power. Despite policy resistance in many states and huge cost pressure, annual installations grew by 125% in 2022. Total installed renewables capacity is expected to grow from...

To top