In Q2 2021 (Apr-Jun 2021), about 1.5 GW of utility-scale solar capacity was commissioned which is 30% lesser than the previous quarter installations. In the rooftop solar category, about 417 MW were added in this quarter, which is 55% lesser than the previous quarter. Installations declined because of lockdown in various states in April and May 2021 due to the second wave of COVID-19.
As of June 30, 2021, the total renewable capacity installation of India reached 96.95 GW. Solar is the major contributor with a 44% share in the total renewable mix, followed by wind with a 41% share. The current pipeline of solar, wind, and hybrid projects stands at around 56 GW which is likely to be commissioned in the next 3-4 years. Another 25 GW of projects are underbidding phase where tenders are issued but auctions are not completed.
In Q2 2021, the solar export and import activity declined by 32% and 10% respectively on a QoQ basis. In H12021, about 3.5 GW of new utility-scale solar capacity was added in the country, which is 63% higher than the H12020 installations. Rajasthan, Uttar Pradesh, Gujarat, and Andhra Pradesh were the leading states with most of the large-scale solar installations during this period.
The next six months are set to witness a substantial surge in installations, with the likely
addition of more than 7 GW of solar capacity in the Jul-Dec 2021 period. As per our estimates, about 10.3 GW of new utility-scale solar capacity is now expected to be installed in 2021.
Despite COVID-19, rooftop solar is able to still make some strides and added
substantial capacity (1.5 GW) in H1 2021. We estimate the capacity addition of
about 2.5-3 GW in the rooftop solar segment in 2021. In addition, with safeguard duty
expiration and a 9-months duty-free period from August 2021 to March 2022, the
rooftop solar market is going to grow significantly during this period.
Further, according to the Q2 2021 equipment shipment data received by JMK
Research, about 3.9 GW of central and string inverters and 3.7 GW of modules
were shipped in India.
In Q2 2021, Sineng was the leading supplier in the central inverter category and
Huawei was the leader in the string inverter category. While in the module supplier
category, Longi is the leading player contributing nearly 58% share of total
shipments of Q2 2021. As per the market players’ data, the high-efficiency mono
PERC modules are now the most preferred type contributing more than 70%
share of India’s total shipments in Q2 2021.
In terms of tender activity, in Q2 2021, 33 new tenders aggregating to a total
capacity of 10.74 GW were issued across solar and wind segments which is 4.5%
higher than the previous quarter. Amongst the auction completed in Q2 2021,
Tata Power has won the maximum solar capacity (250 MW) followed by SJVN (175
MW) and Rural Electrification Corporation Ltd (REC) (125 MW).
During this quarter, the acquisition of the entire RE portfolio of SB Energy by Adani
Green Energy was the biggest deal during this quarter with a valuation of nearly
In Q3 2021, installation activity is likely to further pick up with an estimate of 3.1 GW of new solar capacity and 1 GW of new wind capacity addition.