India’s solar installations witnesses a huge jump of 210% YoY
According to Mercom India Research’s recently released Q4 and Annual India Solar Market Update report, India installed a record 10 GW of new solar capacity in 2021, a huge jump of 210% year-over-year (YoY) compared to 3.2 GW installed in 2020.In India, this is the highest annual capacity of solar installations ever.Solar capacity installed to date totalled 49.3 GW. In addition, the country has a development pipeline of more than 53 GW.India installed 2.6 GW of solar in Q4 2021, a 7% decrease from the 2.8 GW installed in Q3 2021. When compared to 1.5 GW in Q4 2020, the installations increased by 74% YoY.According to the report, utility-scale projects accounted for 83% of total installations last year, with 8.3 GW added, a 230% increase over the previous year. Rooftop installations made up the remaining 17%, with nearly 1.7 GW of new installations, a 138% increase over 2020.As the country slowly recovered from the Covid-19 pandemic, a large number of projects were pushed from 2020 to 2021, contributing to the year’s increase in installations.In comparison to the 2.4 GW added in Q3 2021, 2.2 GW of utility-scale solar was added in Q4 2021. When compared to 1.2 GW installed in Q4 2020, utility-scale installations grew by 82% YoY. Rooftop solar capacity added fell by about 10% in Q4 2021, from 448 MW in Q3 2021 to 402 MW in Q4 2021.Despite the challenges, including an increase in raw material prices due to supply chain disruptions and Covid-19-induced lockdowns, the industry remained resilient throughout the year, according to the report.Solar accounted for 12.4% of total installed power capacity and 32% of total installed renewable capacity at the end of December 2021, according to the report.The year also saw delays in the signing of power purchase agreements (PPAs) and a lack of clarity about the applicable duties, resulting in a 4.3% YoY decrease in solar tenders and a 2.6% decrease in auctions compared to 2020.Image Source
Also read:India’s solar generation surges by 18% YoY to 68.77 BU in 2021