India added 3,338 MW of new solar power capacity in the third quarter of 2022, reaching cumulative PV installations of 64,239 MW by the end of September. Of the new additions, 2,602 MW came from utility-scale solar, 485 MW from the rooftop, and 251 MW from off-grid installations, according to Bridge to India’s latest report, India Solar Compass Q3 2022.
Capacity installations in Q3 declined 13% over the preceding quarter as developers postponed projects in anticipation of a fall in module prices next year. Lack of clarity about concessional basic customs duty (BCD) for projects auctioned before March 2021 also slowed progress, said the analysts.
“Prices of both international and domestic modules softened slightly and are expected to continue easing gradually through all of 2023. EPC cost for utility-scale solar saw a 7% QOQ decline to INR 43.3 ($0.53)/Wp,” stated the report.
Module imports picked up marginally during the quarter, but exports too picked up rapidly to record an all-time high.
The total PV capacity in the pipeline stood at 53,405 MW as of September 30. This includes projects allocated to developers and in various stages of development.
The analysts expect the nation to add about 3.2 GW of PV capacity in Q4 2022 and 3 GW in Q1 2023.
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