Q1 2024 MERCOM INDIA SOLAR OPEN ACCESS MARKET REPORT - 1.8 GW INSTALLED IN Q1 2024

In the first quarter (Q1) of the calendar year (CY) 2024, India added over 1.8 gigawatts (GW) of solar open access capacity, a twofold increase from 909.3 megawatts (MW) in Q4 2023, according to the newly released report, Q1 2024 Mercom India Solar Open Access Market Report. Installations increased 152% year-over-year (YoY).

In Q1, solar open access developers benefited from lower Chinese module prices and the suspension of the Approved List of Models and Manufacturers (ALMM) order for projects commissioned through March 2024. Many developers had delayed their module procurements until Q4 2023, anticipating lower prices, and subsequently commissioned their projects in Q1 2024, resulting in a sharp rise in installations. Additionally, lower power purchase agreement (PPA) prices, due to reduced project costs, further incentivized consumers to adopt solar open access.

In Q1 2024, Rajasthan led solar open access capacity additions, accounting for almost 28% of the quarter’s installation. Andhra Pradesh and Maharashtra ranked second and third, accounting for 21% and nearly 12% of capacity additions.

SOLAR OPEN ACCESS MARKET REPORT

As of March 2024, the cumulative installed solar open access capacity stood at 14.3 GW.

Karnataka remained the top state for cumulative installations, accounting for nearly 30% of solar open access capacity added in the country as of March 2024. Maharashtra and Tamil Nadu ranked second and third, accounting for 13% and 11% of cumulative installations.

The pipeline of solar open access projects under development and in the pre-construction phase was over 18 GW as of March 2024. Almost 74% of pipeline projects were in Karnataka, Rajasthan, Maharashtra, Tamil Nadu, and Andhra Pradesh.

A detailed analysis of the solar open access market, retail electricity tariffs, PPA prices, and open access charges and costs for seventeen states has been covered in the report.

Key Highlights from Mercom India Research’s Q1 2024 India Solar Open Access Market Report

  • In Q1, 1.8 GW of solar open access was added, up 100% QoQ and 152% YoY
  • Rajasthan was the leading state, accounting for 28% of capacity additions in Q1
  • Andhra Pradesh and Maharashtra contributed 21% and 12% to the quarter’s installations
  • As of March 2024, cumulative installed solar open access capacity was 14.3 GW
  • The top five states comprised over 71% of cumulative solar open access installations
  • As of March 2024, the pipeline of solar open access projects was 18 GW

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