India’s solar report card for FY 2022-23


India installed 12 GW of solar in the financial year 2022-23. This included 9.8 GW of utility-scale solar and 2.2 GW of rooftop PV capacity, according to JMK Research’s Annual India Solar Report Card FY 2023.

The analysts expect the nation to commission about 14.2 GW of new utility-scale solar projects and 2.8 GW of rooftop/onsite solar projects in the current fiscal FY 2024.

As of March 31, 2023, India commissioned a cumulative utility-scale PV capacity of about 56 GW, with another 51.7 GW under the pipeline (auctions completed). Rajasthan leads with 16.1 GW of cumulative installed capacity followed by Karnataka (8.5 GW) and Gujarat (5.9 GW).

Leading players

In FY 2023, total PV module shipments in India reached 10,320 MW DC. Indian manufacturer Waaree was the biggest supplier with a 10.2% share of the overall shipments, followed by Adani (6.6%), Goldi Solar (6.6%), Vikram Solar (5.8%), and Saatvik (5.6%).

Central inverter shipments during the year stood at 6,407 MW AC. Sungrow accounted for 37.8% of the overall central inverter supplies, followed by Sineng (31%) and Fimer (25%).

String inverter shipments reached 8,832 MW AC. Sungrow (22%), Solis (11.5%), and Sineng (9.5%) were the top three suppliers.

Adani, NTPC, and Avaada were the top three developers of utility-scale solar projects for offtake by state discoms in FY2023.

ReNew, Avaada, and Radiance Renewables topped in open-access PV development.

Tata Power Solar was the preferred EPC partner for utility-scale projects, followed by Larsen & Toubro and Vikram Solar.

Tata Power also topped in rooftop (onsite) PV installations, followed by Amplus and Roofsol.


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