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Solar capacity installations in the country rose by 59 percent to record 7.2 gigawatt (GW) during first half of 2022, according to Mercom India Research.
In January-June or H1 of 2021, the country had added 4.5 GW solar capacity, the research firm’s ‘Q2 2022 India Solar Market Update’ released on Thursday said.
The solar installations in April-June period of 2022 also increased by 59 percent to over 3.9 GW compared to 2.4 GW installed in second quarter of 2021. “The sector has witnessed the highest ever quarterly and half-yearly solar capacity additions,” it said.
India’s cumulative installed solar capacity now stands at 57 GW.
“Even with mounting challenges from supply constraints and rising costs, India had its best quarter and first half ever for solar,” said Raj Prabhu, CEO of Mercom Capital Group.
Cumulative large-scale solar PV installations in Rajasthan reached almost 13 GW as of June 2022, and the state accounted for almost 27 per cent of the total installations in the country.
In the first half of 2022, Rajasthan and Gujarat were the top states for large-scale solar, accounting for 53 per cent and 14 per cent of installations, respectively, followed by Maharashtra with 9 per cent.
Multiple government agencies announced tenders for about 9 GW in Q2 2022, which was 8 per cent higher year-on-year.
Project costs have now risen for eight straight quarters, the report said, adding with the BCD applicable from April 2022 on solar cells and modules, this quarter saw a significant increase in solar module prices.
In 2021, the government had announced imposing a 40 per cent BCD (Basic Customs Duty) on solar modules and 25 per cent on solar cells with effect from April 1, 2022.
A subsidiary of US-based Mercom Capital Group, Mercom Communications India is a clean energy research and communications firm with expertise in clean-tech markets.