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India’s solar market looks promising after positive Q3

According to the newly released Q3 2020 India Solar Market Update by Mercom India Research, solar installations in India increased by 114% in Q3 2020 reaching 438MW. This is compared to 205MW in Q2 2020.

Installations were down by 80% year-over-year compared to 2,177MW in Q3 2019. India’s already robust solar project pipeline increased by 7% from the previous quarter. The current pipeline stands at 44.7GW with another 34.6GW of projects tendered and pending auction at the end of Q3 2020.

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“The solar industry in India is glad to see the back of 2020, which will end up as one of the worst years for solar in India as COVID-19 took a heavy toll on the industry. However, the market is almost back on its feet, and the mood is upbeat as the industry heads to 2021 – one of the best years forecasted for the sector,” said Raj Prabhu, CEO of Mercom Capital Group.

Key insights from the report include:

  • In Q3 2020, large-scale solar installations came to 283MW, while rooftop installations accounted for 155MW
  • Cumulative solar installed capacity in India was 37.4GW at the end of Q3 2020
  • The large-scale solar project pipeline in India stands at 44.7GW, with another 34.6GW of tendered capacity pending auction at the end of Q3 2020
  • Mercom India forecasts solar installations of approximately 3.3GW in CY 2020
  • Solar accounted for 41% of new power capacity additions in 9M 2020

The executive summary of the report is available for download.

Source: Power Engineering International