2022 Q4 AND ANNUAL MERCOM INDIA SOLAR OPEN ACCESS MARKET REPORT – 2.5 GW INSTALLED IN 2022
India added 2.5 gigawatts (GW) of open access solar in calendar year (CY) 2022, an increase of around 92% compared to the 1.3 GW installed in 2021, the highest ever annual installations, according to the newly released report 2022 Q4 & Annual Mercom India Solar Open Access Market Report.
India added 293 MW of solar open access capacity in Q4 2022, down 52% quarter-over-quarter (QoQ) compared to 615 MW installed in Q3 2022. Quarterly installations were down almost 10% year-over-year (YoY).
Installations reached an all-time high in 2022 as various organizations and developers rushed to finish projects before Basic Customs Duty (BCD) and Approved List of Models and Manufacturers (ALMM) regulations were enacted. Commissioning of projects delayed during the COVID-19 pandemic also added to the total.
In 2022, Karnataka added the most open access capacity, followed by Maharashtra and Tamil Nadu. The top five states comprised 77% of total installations during the year.
The top five states contributed over 96% of all open access installations in Q4 2022. As of December 2022, Karnataka remained the top state, accounting for almost 36% of cumulative solar open access capacity. Maharashtra followed, making up over 12% of the total installations.
The report offers a detailed analysis of the solar open access segment in seventeen states, including open access charges, retail supply tariffs, and market size.
The average PPA prices, net landed costs, banking regulations, short-term transactions, and open access policies and regulations released in Q4 2022 are also featured in the report.
The report also highlights the views and opinions of the top open access installers nationwide during the quarter.
Key Highlights from Mercom India Research’s 2022 Q4 & Annual India Solar Open Access Market Report
- In 2022, India added about 2.5 GW of solar open access, a YoY increase of 92%
- In Q4, 293 MW of solar open access was added, down 52% QoQ and almost 10% YoY
- Karnataka was the leading state, with 94 MW added in Q4 2022
- Tamil Nadu and Maharashtra ranked second and third making up around 22% and 21% of total installations in Q4 of 2022
- As of December 2022, the total installed solar open access capacity was over 7.7 GW
- The top five states account for 73% of cumulative solar open access installations
- The pipeline of solar open access projects was over 6.6 GW
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