According to Mercom India Research’s estimates Q2/2020 investments in the Indian solar industry were at the lowest level since Q1/2017. (Source: Mercom India Research)
- COVID-19 pandemic cuts short investments to the Indian solar industry to a historic low during Q2/2020
- Close to $100 million was raised by the industry in the reporting period, down 90% sequentially and 96% compared to last year
- Mercom India Research says this decline was due to the pandemic related supply chain disruptions and lack of labor force for project completion
COVID-19 Impact Led To Shuffling Of Solar Market Leaders In India During H1/2020; Indian Players Dominated Development & Installation Side While Chinese Companies Still Claim Technological Dominance: Mercom India Research
(07. November 2020)
COVID-19 Continues To Cast Its Shadow Over Indian Solar PV Industry As Solar Imports Into India During Q3/2020 Declined 77% & Exports 75% On Annual Basis, Says Mercom India Research
(30. October 2020)
Global Solar PV Financing Activity In Q3/2020—8% Higher YoY & 43% QoQ—Sign Of Market Bouncing Back, Says Mercom Capital Group
(15. October 2020)
The extent of the COVID-19 pandemic on the Indian solar sector has been severe, as Mercom India Research pointed out in its Q2 2020 India Solar Market Update. Quarterly installations during Q2/2020 in India declined to a historic low of 205 MW (see Only 205 MW PV Installed In India During Q2/2020).
In the same report, Mercom states that investments in the Indian solar sector declined 90% sequentially to around $100 million, and as much as 96% less than Q2/2019. This was the lowest investments ever recorded since Q1/2017, the analysts pointed out while attributing the reasons to supply chain disruptions and lack of labor force for project development. At the same time, there were no manufacturing projects in the quarter.
Cumulative global corporate funding for solar was also down 25% annually during H1/2020 (see $4.5 Billion Total Corporate Solar Funding In H1/2020).
India’s Ministry of New and Renewable Energy (MNRE) recently granted 5-month extension to commission renewable energy projects disrupted due to the pandemic (see 5-Month Extension For RE Project Commissioning In India).