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India’s Solar Capacity Installation Sees YoY Decline of 58% in Q2 2023

During the second quarter (Q2) of 2023, India saw a notable decline of 58% year-over-year (YoY) in the installation of solar capacity, amounting to 1.7 GW, as reported in Mercom India Research’s Q2 2023 India Solar Market Update. Quarter-over-quarter (QoQ), installations also dropped by 10%. Priya Sanjay, Managing Director at Mercom India, attributed this decline to several factors affecting capacity additions during the quarter.

One significant factor was the Ministry of New and Renewable Energy (MNRE) extending commissioning deadlines for various solar and solar-wind hybrid projects until March 2024, a decision made three times between December 2022 and June 2023. Additionally, fluctuations in module prices, supply constraints, and uncertainties surrounding the Approved List of Models and Manufacturers (ALMM) contributed to project delays in both Q2 and the first half (1H) of 2023.

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