Q1 2023 INDIA SOLAR MARKET UPDATE - 1.9 GW INSTALLED IN Q1 2023
India added 1.9 GW of solar capacity in the first quarter (Q1) of calendar year (CY) 2023, a 30% decrease compared to the 2.7 GW installed in Q4 2022. The number represents a 48% decrease year-over-year (YoY) when compared to the 3.6 GW added in Q1 2022, according to the newly released Q1 2023 India Solar Market Update.
India installed 1.4 GW of large-scale solar in Q1 2023, a 37% quarterly decrease and a 56% YoY decline. Large-scale solar accounted for 74% of installations, with rooftop solar making up an additional 26%.
India’s cumulative installed solar capacity now stands at 64.5 GW.
As of March 2023, the country’s utility-scale project development pipeline stood at 58 GW, with an additional 58 GW of projects tendered awaiting auction.
India’s solar industry passed an important milestone in 2022, setting a new record with 13 GW of capacity added. But additions are expected to be lower in 2023 as commissioning deadlines for several projects have been moved to next year. Besides projects stuck in the habitat of the Great Indian Bustard, an increasing number of projects are facing delays due to land and transmission issues.
In Q1 2023, Rajasthan and Karnataka were the top states for solar, accounting for 42% and 21% of installations, respectively. Gujarat came in third with 19%.
Key Highlights from Mercom India Research’s Q1 2023 India Solar Market Update:
- In Q1 2023, India added about 1.9 GW of solar capacity, a 30% decline compared to the 2.7 GW installed in Q4 2022
- Large-scale solar accounted for 74% of the installations, and rooftop solar for the remaining 26%
- India’s cumulative installed solar capacity now stands at 64.5 GW
- In Q1 2023, renewable energy sources accounted for around 41% of the country’s power mix
- Solar accounted for over 45% of new power capacity added during the quarter
- In Q1 2023, Rajasthan and Karnataka were the top states for solar installations
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MERCOM INDIA RESEARCH
Mercom India Research is a leading research and consulting firm at the forefront of India’s clean energy transformation delivering timely, relevant market intelligence and advisory for India’s energy markets.
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