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India installed 5.6 GW of solar capacity in the first nine months of 2023, a slump of almost 47% compared to the installations in the same period of 2022, according to data from Mercom India Research on Thursday.
Utility-scale installations fell by more than 54% year-over-year to 4.2 GW. In the third quarter, solar additions were down 34% from a year ago but climbed almost 6% quarter-over-quarter.
Mercom Capital Group chief executive Raj Prabhu said that despite the weak year for solar in India so far, installations in 2024 are expected to grow exponentially, barring significant negative developments. “Declining prices are now the cause of slower growth (compared to rising prices earlier) as developers and installers push procurement to the last minute. Hopefully, the market can handle the expected rush in Q1 2024 and thrive,” he commented.
According to Mercom’s report, installations in the nine-month period were impacted by extensions granted to several large-scale solar and hybrid power projects and delays due to land and transmission issues.
Solar still accounted for nearly 46% of the over 12 GW of new power capacity that India added in the first nine months of 2023. As of September 2023, the country has more than 69 GW of installed solar capacity, including total rooftop solar.
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