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.
“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.