Project commissioning remained slow in Q4 2019 with 1,845 MW of capacity addition, 37% below our estimate of 2,919 MW. Land and transmission bottlenecks continue to delay project schedules and a constrained funding environment persist. Normally, Q1 is the busiest part of the year for new installations as developers and contractors rush to complete projects ahead of financial year end. However, this year is likely to be an exception – we expect developers to go slow on project completion over next two quarters in anticipation of safeguard duty expiry at the end of July 2020.
Figure: Total installed and pipeline capacity at the end of December 2019
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