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According to Mercom India Research, India’s solar capacity fell by 3% to 2.7 gigawatts (GW) between July and September 2022. As per the report, there were 2.8 GW installations in the same time period in 2021.
The 10 GW of solar panels installed during the first nine month of 2022 was 35% higher than the 7.4 GW installed in the January-September last year, stated the report titled ‘Q3 2022 India Solar Market Update’.
India’s cumulative solar capacity is 60 GW at September end.
“The Indian solar market is on track to surpass last year’s solar installations, with over 10 GW added in the first three quarter of 2022. In the short-term, however, the sector could be held back by a mismatch in demand and supply. Until there is a clear resolution in Rajasthan, delays will continue to impede large-scale projects, said Raj Prabhu, CEO of Mercom Capital Group.
According to the report, Rajasthan’s cumulative large scale solar PV installations had exceeded 14 GW by September 2022. The state was responsible for more than 27 % of all installations in the country.
In Q3 2022, the government tenders rose to 14 GW. The report did not include financial details about the installations.
According to industry estimates, it takes more than Rs 4.5 crore to set up 1 MW of solar power.