The solar installation in India is making a slower-than-expected recovery as Covid-related disruption continues to hurt construction progress. Safeguard duty extension and module price increase have added to the pain.
India added rooftop solar capacity of 399 MW in the second quarter (July-Sept) of FY 2020-21, compared to 188 MW installed in the corresponding period last year.
It has been a rocky year for installers with issues like availability of modules from Chinese suppliers, restricted construction due to local lockdowns, and uncertainty over import duties. Going forward, the market could see a dramatic rebound if net-metering is allowed with a current cap of 1 MW and re-introduced in the states that have shifted to gross-metering.
The global newly installed PV capacity for this year would be around 115 GW–5% more than that of 2019 despite the Covid-19 crisis. India will add just 4.9 GW due to strong Covid measures taken.
With 380 MW of generation capacity, Gujarat accounted for 43% of new rooftop solar installations during the January-to-September period.
The new billion-dollar investment is aimed at scaling distributed renewable energy across developing countries in Africa, Asia and Latin America.
Analysts at Mercom Capital Group have tallied up corporate funding, venture capital and debt and public market investment for battery storage, smart grids and energy efficiency companies. From a financial perspective, the industry appears resilient to the Covid-19 crisis and ready to grow further.
The latest edition of the Global Off-grid Solar Market Report by the World Bank and GOGLA has called for regulatory and financial support to help off-grid distributors create jobs lost to the Covid-19 pandemic.
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