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India Solar Compass | Q1 2023


21 May 2023 | BRIDGE TO INDIA

India Solar Compass | Q1 2023

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.

Figure: Total installed capacity by offtake, 31 March 2023

Source: BRIDGE TO INDIA research, MNRE
Note: All project capacity numbers in this report are stated in AC MW, unless noted explicitly otherwise, and include solar share of solar-wind hybrid and other such projects.

India is estimated to have added total solar power capacity of 2,658 MW in Q1 2023, a decline of 4% over preceding quarter, taking total installed capacity to 71,039 MW. Capacity addition was split between utility scale, rooftop solar and off-grid solar at 1,536 MW, 950 MW and 172 MW respectively. Despite module prices coming down by over 26% from the recent peak, installation activity continues to be constrained by limited availability notwithstanding recent ALMM waiver.


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