India could see strong year-on-year growth to 10 GW of solar power installations in 2017, according to Mercom Capital Group. For 2018, the consultancy expects a similar level of new PV capacity. (Source: Mercom Capital Group)
- India can grow 130% to 10 GW in 2017, up from 4.3 GW installed in 2016, according to ‘Q1 2017 India Solar Market Update' from Mercom Capital Group
- The country now has a pipeline of 12.6 GW of utility scale project and around 6.1 GW of tenders to be issued
- Tender activity has slowed down over past two months; the government needs to address issues that can help the industry grow
- For 2018, Mercom expects as similar level of newly installed capacity
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India might report 10 GW of solar power installations in 2017, according to consultancy Mercom Capital Group. It would be a 130% YoY increase over the 4.3 GW installed last year – and lead to total installed capacity of around 20 GW. For 2018, Mercom expects as similar level of newly installed capacity.
At the end of Q1/2017, India’s installed capacity was reported to have crossed 12 GW, with rooftop solar contributing 850 MW (see India Installed Over 5 GW In FY 2016-17).
Going forward, the country has a pipeline of 12.6 GW of utility scale projects and approximately 6.1 GW awaiting auctions, as per Mercom.
Tender activity, however, has slowed down tremendously post the results for the Rewa Ultra Mega Solar Power Project, which were announced in February 2017 (see Record Low Tariff Of 2.97 INR/kWh In India). Only 1.9 GW was tendered in Q1/2017 out of which 1 GW was re-tendered capacity.
“Solar in India has come a long way and 2017 is forecasted to be the best year by far,” commented Raj Prabhu, CEO and co-founder of Mercom Capital Group. Adding, “Rapidly falling tariffs have resulted in solar closing in on parity with coal in recent auctions, which is expected to increase demand in the future.” But he also raised concerns, saying that “tender activity has slowed recently and the government needs to address transmission bottlenecks, finances of distribution companies and slowing demand for continued growth.”
The detailed quarterly report ‘Q1 2017 India Solar Market Update’ can be purchased for $1,500 on Mercom’s website.