India installed 2.38 GW of utility-scale solar capacity in the first quarter (January-March period) of 2023. This is about 54% higher than the Q4 2022 installations. About 801 MW of rooftop solar capacity was added during the period, which is 44% higher than the Q4 2022 installations, according to JMK Research & Analytics’ RE Update for Q1 2023.
Over 4 GW of central and string inverters and about 3.1 GW of modules were shipped in India in Q1 2023. Waaree was the largest module supplier, with about 12.8% share of total shipments during the fiscal. Sungrow was the leading inverter supplier, followed by Sineng and Fimer.
About 8 GW of utility-scale solar capacity was added during the twelve months ending March 31, 2023, which is about 22% less year-on-year. In the rooftop solar segment, 2,232 MW of new capacity was added during the fiscal.
JMK analysts expect India to add about 18 GW of new solar capacity (15.5 GW from utility-scale and 2.5 GW from rooftop) in FY2023-24. Quarterly installation activity is likely to pick up further. In the next two quarters, about 6.7 GW of solar and 2.5 GW of hybrid capacities are expected to get installed in the country.
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