India installed more than 12GW of solar PV in the financial year 2022 (FY2022) but this is expected to soar to more than 20GW in FY2023 as the country looks to accelerate its solar deployment, according to JMK Research.
In FY2022, India added roughly 10.1GW of utility-scale solar capacity and another 2.2GW of rooftop capacity, with the top three performing states being the stalwarts of Rajasthan (6GW), Gujarat (1.9GW) and Uttar Pradesh (0.5GW).
For the FY2023, however, about 16.5GW of new utility-scale solar projects and 3.5GW of rooftop solar projects are expected to be commissioned, JMK said in its Annual India Solar Report Card FY2022.
Moreover, at the end of March, India had commissioned around 46GW of utility-scale solar capacity and an additional 43.6GW was also sat in project pipelines, with the now retired reverse auctions also completed for those projects, according to JMK.
Despite the Indian government’s attempt to reduce the country’s reliance on Chinese module imports via its basic customs duty on solar cells and modules, Chinese suppliers still accounted for the vast majority of modules to the country.
In total, more than 21GW of PV modules were shipped to India in FY2022, with the top five module suppliers being Chinese, accounting for nearly three-quarters of all shipments.