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, 31 December 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 from the report:
- India is estimated to have added total solar power capacity of 2,259 MW in Q4 2023, 40% up over previous quarter, taking total installed capacity to 77,261 MW.
- New capacity addition was split 39:25:31:5 between utility scale, open access, rooftop solar and off-grid solar at 873 MW, 557 MW, 708 MW and 121 MW respectively.
- Q4 witnessed a 11% QOQ increase in project tender issuance totalling 18,320 MW capacity across 49 tenders.
- Solar module prices fell to a record low of USD cents 12/ Wp, down 20% down QOQ.
- Installation activity is expected to pick up strongly over next year due to low module prices and improving module availability.
