05 Sep 2023

India generates 70.24 BU of solar power in 9M CY 2022
December 1, 2022
Here is a recap of important headlines from November 2022:
India generated around 70.24 billion units (BU) of solar power in the first nine months (9M) of the calendar year (CY) 2022, a 36% increase compared to 51.67 BU during the same period last year. Solar generation has been on an upward trend since 9M 2018 when it hit 26.45 BU. The increase in overall solar power generation is attributed to the new capacity additions during the first nine months of the year.
Mumbai-based rooftop solar start-up SolarSquare raised ₹1 billion ($12.8 million) as part of its series A funding round led by Elevation Capital and U.S.-based climate-focused fund Lowercarbon Capital. SolarSquare designs, installs, and finances rooftop solar systems for homes and provides rooftop solar solutions for housing societies and commercial establishments. The funds will be used to shore up the company’s presence in the next 18-24 months and deploy the investment to ramp up its installations to build a seamless user experience.
Tata Power Solar, Amplus Solar, Fourth Partner Energy, Roofsol Energy, and Havells India were the top solar rooftop companies in India in the first half (1H) of the calendar year (CY) 2022, according to Mercom’s recently released India Solar Market Leaderboard 1H 2022.
The Ministry of New and Renewable Energy notified the National Bioenergy Program, valid from FY 2021-22 to FY 2025-26. The program has been recommended for implementation in two phases. A budget outlay of ₹8.58 billion (~$104.66 million) has been approved for Phase-I. Out of the total budget, ₹6 billion (~$73.18 million) has been approved for the waste-to-energy program, ₹1.58 billion (~$19.27 million) for the biomass program, and 1 billion (~$12.19 million) for the biogas program.
The Directorate General of Trade Remedies terminated the anti-dumping probe on solar cells imports from China, Vietnam, and Thailand. The probe was terminated after the petitioner, the Indian Solar Manufacturers Association, submitted that basic customs duty (BCD) on solar cells and modules covered the entire scope of the product under investigation and alleviated the price pressure on the domestic industry to a considerable extent.
India installed a record 10 GW of new solar capacity during 9M of 2022, an increase of 35% YoY, according to Mercom India Research’s newly released Q3 2022 India Solar Market Update report. In 9M 2022, India added over 12 GW of total power capacity, with 76% of the new capacity coming from solar power. India’s cumulative installed solar capacity now stands at 60 GW. The country has a utility-scale project pipeline of over 58 GW. Nearly 46 GW of tendered projects await auction.
Jinko Solar, Trina Solar, JA Solar, LONGi Solar, and Adani Solar were the leading module suppliers to the Indian solar market in 1H CY 2022, according to Mercom’s recently released India Solar Market Leaderboard 1H 2022. The top five module suppliers accounted for 52% of the market share. Besides Adani Solar, two other Indian module manufacturers made it to the top 10 module suppliers list.
Sungrow, Sineng Electric, FIMER India, Ginlong (Solis) Technologies, and SOFARSOLAR were the leading solar inverter suppliers in India in 1H CY 2022, according to Mercom’s recently released India Solar Market Leaderboard 1H 2022.
India exported solar cells and modules worth $157 million (~₹12.76 billion) in the third quarter (Q3) of CY 2022, an increase of 642% YoY compared to 21.17 million (~₹1.72 billion), according to the Department of Commerce data. On a QoQ basis, exports went up by 499% from $26.22 million (~₹2.13 billion). Imports of solar cells and modules during the quarter declined by 59% YoY to $394 million (~₹32.02 billion) as a result of BCD and Approved List of Models and Manufacturers (ALMM). On a QoQ basis, imports fell by 34% from $597.48 million (~₹48.55 billion).
Tata Power Solar, Jakson Green, and Voltas were the top utility-scale solar engineering, procurement, and construction (EPC) service providers in 1H CY 2022, according to Mercom’s recently released India Solar Market Leaderboard 1H 2022.
India installed over 1.2 GW of rooftop solar capacity in 9M CY 2022, a decline of 11% YoY, according to Mercom India Research’s newly released Mercom India Rooftop Solar Market Report Q3 2022. In the third quarter (Q3) of CY22, India installed over 320 MW of rooftop solar capacity, a YoY decline of approximately 29%. On a QoQ basis, installed capacity fell by 18%. Cumulative rooftop solar capacity at the end of Q3 CY22 reached 8.3 GW.
Investments in the Indian solar sector in Q3 CY 2022 totaled $2 billion (~₹161.1 billion), a 30% QoQ decrease compared to the $2.9 billion (~$220.6 billion) in Q2 2022. Investments were down 45%  YoY from $3.7 billion (~$271.2 billion). The figures were revealed in Mercom India Research’s latest report, Q3 2022 India Solar Market Update. In Q3 2022, solar installations fell by 32.5% QoQ, with several large projects postponed to future quarters, directly resulting in lower investments.
Arjun Joshi
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