In terms of YoY growth, PV has been growing big time in India, even if there's quite some commotion regarding implementation of trade barriers.
- MNRE has announced India exited its fiscal year 2017-18 with 9.36 GW of new PV capacity
- Ground mounted solar made up bulk of solar additions; rooftop solar contributed only 352.8 MW
- Comparison of MNRE data as of February 2018 and March 2018 reveals a growth of over 2 GW in a month’s time
- India's cumulative PV capacity as of March 2018 was 21.65 GW
- The total renewable energy capacity reached 69 GW
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India ended its fiscal year 2017-18 with 9,362.64 MW new PV capacity, achieving over 93% of the 10 GW it planned to add. Ground mounted solar additions between April 2017 and March 2018 met the 9 GW target, but rooftop continues to lag behind with paltry 352.8 MW added the entire fiscal year. The original target for rooftop solar was 1 GW.
Even though the country fell a little short of the targeted 10 GW, the figures by the Ministry of New and Renewable Energy (MNRE) showed the typical fiscal year-end run, adding more than 2 GW of capacity in one month. At the end of February 2018, the cumulative PV capacity was 19.58 GW, but within a month, the number increased to 21.65 GW.
Nevertheless, 2017-18 was a record year for PV installations in India, representing more than 69% growth over the 5.5 GW added in the previous fiscal year (see India Installed Over 5 GW In FY 2016-17). Over 2015-16, it is a growth of more than 210%.
India’s solar market seems to have picked up pace with government launching big tenders recently. However, there are so many bidding deadline extensions, postponements and cancellations that it is difficult to see to track progress (see 500 MW PV Auction Scrapped In Gujarat).
However, the different attempts to implement protectionist solar trade measures have been creating uncertainty among investors. The Madras High Court dismissing a petition against the 70% safeguard duty might mean that this massive trade protection tool could soon become real (see Petition Against India’s Safeguard Duty Dismissed).
On a cumulative basis, India’s installed solar power capacity reached 21,651.46 MW by end of March. While ground mounted solar comprised 20.58 GW, rooftop systems added only 1,063 MW. India total renewable energy capacity reached 69 GW.
Consultancy Bridge to India in its India Solar Compass 2017 Q4 issued a forecast for PV activity to slow down in 2018 and add only 6 GW this year (see India To Install Only 6 GW Of PV In 2018).