Loading...

India Solar Compass | Q3 2023


29 November 2023 | BRIDGE TO INDIA

India Solar Compass | Q3 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 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:

  1. 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.
  2. 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.
  3. 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.
  4. Solar module prices plunged to a record low of USD cents 15/ W in September, down 21% down QOQ.
  5. 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.

Recent reports

India Corporate Renewable Brief | Q4 2023

India Corporate Renewable Brief | Q4 2023

This report provides an update on key trends and developments in the corporate renewable market including capacity addition, key players, policy & regulatory issuance, financing, PPA tariffs and other market trends.

India PV Module Intelligence Brief | Q4 2023

India PV Module Intelligence Brief | Q4 2023

This report captures quarterly trends in module demand and supply, import and domestic production volumes, supplier market shares, break-up by technology and rating, global market scenario, pricing trends across the value chain, key policy developments and market outlook.

India Solar Compass | Q4 2023

India Solar Compass | Q4 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.

Inter-state OA — opportunities and challenges

Inter-state OA — opportunities and challenges

Inter-state transmission system (ISTS) open access (OA) renewable market is growing strongly on the back of multiple drivers including a waiver from ISTS charges together with decarbonisation pressure on corporates and streamlined transmission connectivity approval process. However, the ISTS route savings are viable only for projects commissioned by June 2026 (at least 75% ISTS charge waiver).

India Corporate Renewable Brief | Q3 2023

India Corporate Renewable Brief | Q3 2023

This report provides an update on key trends and developments in the corporate renewable market including capacity addition, key players, policy & regulatory issuance, financing, PPA tariffs and other market trends.

India PV Module Intelligence Brief | Q3 2023

India PV Module Intelligence Brief | Q3 2023

This report captures quarterly trends in module demand and supply, import and domestic production volumes, supplier market shares, break-up by technology and rating, global market scenario, pricing trends across the value chain, key policy developments and market outlook.

To top