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 and pipeline capacity by offtake, 30 September 2023, MW
Source: BRIDGE TO INDIA research, MNRE
Note: All project capacity numbers in this report are stated in AC MW, unless noted explicitly otherwise.
Key highlights:
- India is estimated to have added total solar power capacity of 1,608 MW in Q3 2023, 31% drop over previous quarter, taking total installed capacity to 74,896 MW.
- New capacity addition was split 22:26:44:7 between utility scale, open access, rooftop solar and off-grid solar at 361 MW, 420 MW, 708 MW and 119 MW respectively.
- Q3 witnessed a 26% QOQ increase in solar tender issuance totalling 16,494 MW but the pace of auctions was down 10% over previous quarter.
- Solar module prices plunged to a record low of USD cents 15/ W in September, down 21% down QOQ.
- Project commissioning pace is expected to pick up strongly in the next six months as ALMM waiver is expected to run out after March 2024.
