Indian clean energy market intelligence firm Bridge to India (BTI) counts India to have installed over 2.2 GW new solar PV capacity in the country during Q3/2021. But it lowers projection for Q4/2021 to 1.76 GW citing high module prices expected to weaken project construction activity. This means the country could exit 2021 with over 8 GW installed in CY 2021.
Prices for mono-PERC rose further to $ 0.27 per W, according to BTI's report India Solar Compass Q3 2021.
BTI analysts had previously guided for 2.45 GW new capacity additions in Q4/2021 notwithstanding fears of a 3rd COVID-19 wave (see BTI: India Installed 2.11 GW Solar In Q2/2021). For Q1/2022 too, the guidance is pretty conservative at 1.83 GW. Over the next 2 quarters, analysts expect 600 MW rooftop solar capacity to be added.
Of the 2.2 GW additions in Q3/2021, utility scale installations declined sequentially to 1.662 GW compared to 1.785 GW in the previous quarter thanks to increasing cost of project execution and module supply disruption. Rooftop solar additions were a total of 450 MW and off-grid solar contributed another 93 MW. Altogether, the cumulative capacity for all 3 segments added up to 39.18 GW, 8.15 GW and 1.35 GW, respectively.
At the end of September 2021, the country had a total project pipeline of 62.18 GW allocated and at various stages of development.
Even though industry analysts aren't confident about India reaching its targeted 100 GW installed solar capacity target out of 175 GW renewables target by December 31, 2022, the country is already aiming for 500 GW non-fossil fuel target for 2030 as it commits to a net zero target for 2070 (see India Goes For Net Zero By 2070).
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