In the fourth quarter of 2021 alone, solar developers added 3.2GW of new PV installations in India.
From pv magazine India
India added 3.17GW of solar power in the fourth quarter of 2021, and about 80% (2.5GW) of the total was utility-scale capacity. Around 16% (520MW) was rooftop solar, while just 4% (120MW) was offgrid PV capacity, according to Bridge To India’s latest quarterly report.
The nation’s cumulative installed PV capacity stood at 50.5GW by Dec. 31, 2021. This included 40.4GW of utility-scale, 8.57GW of rooftop solar, and 1.47GW of offgrid capacity. Total project capacity in pipeline (projects allocated to developers and at various stages of development) stood at 63.3GW.
Bridge To India analysts expect the first quarter of 2022 to see PV capacity additions surge to 3.7GW as developers rush their installations before PV module costs go up due to the imposition of a basic customs duty from April 1.
“Total EPC cost for utility-scale solar increased from INR 31.19/Wp to INR 33.14/Wp in Q4 2021 on account of increase in goods and services tax (GST) from 5% to 12%. Cost is expected to further shoot up in Q2 2022 due to imposition of 40% basic customs duty on modules,” according to the report.
“Prices for mono-PERC modules, currently at $0.27/Wp, are likely to remain relatively firm over (the) next two quarters and fall gradually by end of the year due to strong global demand and persistent supply chain constraints in China,” added Bridge To India.