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India installed 3.6 GW of solar capacity in the first half of 2023, down 53% year on year, due to project extensions for numerous large-scale initiatives.
From pv magazine India
India installed 3.6 GW of solar capacity in the first six months of 2023, down 53% from the 7.6 GW installed in the corresponding period last year. Additions reached 1.7 GW in the second quarter alone, down 58% from 4 GW installed in the second quarter of 2022, according to new data from Mercom India Research.
Large-scale solar projects accounted for 77% (more than 1.3 GW) of the capacity added in the second quarter of 2023, with rooftop solar making up the rest.
India’s cumulative installed solar capacity, including total rooftop solar installations, surpassed 66 GW at the end of June 2023.
The country’s utility-scale project development pipeline stood at more than 67 GW on June 30.
“Delays, extensions, and postponements have led to a substantial number of solar projects being deferred to the next year, making 2023 a year of setbacks for solar in India,” said Raj Prabhu, the CEO of Mercom Capital Group. “Consequently, 2024 looks extremely robust. Rapidly declining solar component and project costs will be a catalyst for additional growth.”