Compared to Q1/2020, there was a decline of 65% in tender issuance activity in India in Q2/2020 with 5.05 GW tendered, according to Bridge to India. At the end of June 2020, the project pipeline stood at 42.2 GW. (Source: Bridge to India)
- India’s Q2/2020 solar PV capacity addition was 351 MW as per BTI with 211 MW of utility scale solar and 140 MW of rooftop solar
- At the end of Q2/2020, India’s solar power project pipeline was around 42.2 GW
- Module prices fell sharply during the period, but analysts expect prices to recover in the coming quarters
- During H2/2020, BTI expects 4.72 GW to be commissioned during H2/2020 taking total additions for 2020 to 5.62 GW
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Calling Q2/2020 a ‘lost quarter’ for India’s PV market, solar market intelligence firm Bridge to India (BTI) says the country added only 351 MW of new PV capacity, reflecting a decline of 64% from the previous quarter when the additions were a total of 989 MW as per the analysts (see BTI: India Installed 989 MW Solar In Q1/2020).
While the number is low for a solar market like India, it is a wee better than Mercom India Research’s estimates of 205 MW installed in the reporting quarter (see Only 205 MW PV Installed In India During Q2/2020).
According to the BTI report India Solar Compass Q2 2020, utility scale additions contributed 211 MW in the reporting quarter and rooftop solar another 140 MW. The analysts expected 500 MW to be installed at least during the period, factoring in extended lockdown due to COVID-19 pandemic. In all, total installed solar PV capacity of India at the end of June 2020 stood at 38.37 GW divided between 32.5 GW of utility scale solar, 5.88 GW of rooftop solar and 981 MW of off-grid capacity.
There was a major decline in tender issuance, as much as a 65% drop compared to the previous quarter since only 5.05 GW was tendered in the period. At the end of Q2/2020, India’s solar power project pipeline was a total of 42.2 GW, made up of projects allocated to developers and at various stages of development.
“Module prices fell sharply during the quarter to US cents 16.5/ W for multi-crystalline modules and US cents 17.5/ W for mono-PERC modules. However, we expect prices to recover in the coming quarters,” reads the report. “EPC cost for rooftop solar installations remained unchanged at INR 32.5/ Wp because the reduction in module prices was offset by rise in BoS prices.”
BTI analysts guide for 4.72 GW to be commissioned during H2/2020 taking total additions for 2020 to 5.62 GW. However, after this slump they see 2021 installations to pick up spurred by lower equipment prices and lifting of lockdown related restrictions. Mercom has forecast around 4 GW to be installed in the calendar year 2020 in its worst case scenario.
The BTI India Solar Compass Q2 2020 can be purchased on its website.