Indian Solar Installations Dropped 19% In H1/2023

JMK Research: India’s Cumulative Installed PV Capacity Grew 6.7 GW+ With 2.3 GW Rooftop Solar

Indian Solar Installations Dropped 19% In H1/2023

JMK forecasts India’s total solar installations in 2023 to grow to around 15 GW, but to reach 2030 cumulative target it would need to double the deployments. (Photo Credit: JMK Research & Analytics)

  • JMK Research counts India to have installed close to 6.79 GW new solar capacity in H1/2023
  • It includes 2.29 of rooftop solar which is higher than all of CY2022 additions put together
  • Annual installations in 2023 are expected to grow to a total of 7 GW to 8 GW, spurred by falling module prices and ALMM extension

Rooftop solar segment is gradually growing in the Indian market with JMK Research & Analytics counting around 2.29 GW installed in H1/2023, higher than the entire rooftop PV capacity in CY2022, even as the overall 6.79 GW added during the period dropped 19% on annual basis.

Last year, in H1/2022 JMK said India installed 8.4 GW solar and expected 20 GW to be installed during the year, but eventually around 14 GW was added in 2022 (see India Installed Close To 14 GW New Solar Capacity In 2022).

Gujarat was the state with largest installations in the first half of this year, adding 1.6 GW solar. Overall, solar claims the largest 54% share with 70.09 GW among operational renewable energy capacity of the country that at the end of June 2023 had reached 129.6 GW. This also includes wind, biopower and small hydro.

Going forward, the solar market is expected to rise as solar module prices come down and developers make most of the time till FY 2024 with the government reprieve of Approved List of Models and Manufacturers (ALMM) implementation (see India Provides Relief From ALMM Obligation).

Analysts forecast around 7 to 8 GW of new solar PV capacity addition in H2/2023, which would mean an annual number of close to 15 GW. JMK says the country needs to double its annual installations to about 30 GW to be able to achieve the targeted 280 GW by 2030.

While the achievement of this goal requires growth in all segments, JMK recommends greater focus on rooftop solar from the government. It adds, “Additionally, to mitigate supply chain risks, it is critical to enhance domestic solar manufacturing capabilities.”

In comparison, India’s wind capacity additions went up 166% to 1.88 GW in H1/2023, again led by Gujarat that alone contributes 1.04 GW to this.

Recently, the Ministry of New and Renewable Energy (MNRE) announced the country to have completed 11 solar parks with 8.52 GW capacity under the Scheme for Development of Solar Parks and Ultra Mega Power Projects. The government has sanctioned 50 such solar parks with 37.99 GW combined capacity to be installed in 12 states by March 31, 2026. Now with 11 parks online, it has 7 more representing 3.98 GW capacity, partially completed.

About The Author

Anu Bhambhani

SENIOR NEWS EDITOR Anu is our solar news whirlwind. At TaiyangNews, she covers everything that is of importance in the world of solar power. In the past 9 years that she has been associated with TaiyangNews, she has covered over thousands of stories, and analysis pieces on markets, technology, financials, and more on a daily basis. She also hosts TaiyangNews Conferences and Webinars. Prior to joining TaiyangNews, Anu reported on sustainability, management, and education for leading print dailies in India. [email protected]

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