Solar installations in India were up 35% year-on-year (YoY) in Q1-3 2022, but the average system cost went increased 7.5% for the same period, according to consultancy Mercom Capital Group.
The first nine months of 2022 saw India install 10GW of solar PV, 9GW of which were utility-scale installations, a notable increase on the 7.4GW installed in the first three quarters of 2021. Q3 specifically saw 2.7GW of solar installed, a 35% drop compared with the previous quarter and a 6.6% decrease YoY.
The country’s total installed PV capacity now stands at 60GW, with a utility-scale pipeline of over 58GW and a further 46GW of tendered projects awaiting auction.
Mercom said that the state of Rajasthan accounted for over 27% of India’s solar installations, the state having reached 14GW of installed capacity. Some 4.8GW of projects are awaiting approval from authorities due to the ongoing displacement of the state’s emblematic bird – the Great Indian Bustard – bringing environmental concerns around solar and wind installations to the fore. The 7.5% rise in solar project prices was unsurprising, as Mercom said that prices have risen in India for nine consecutive quarters.