India will reach the level of 20 Gw of installed solar capacity by the end of this financial year, consultancy firm Bridge to India said on Tuesday.
India installed 7.5 gigawatts (Gw) in the last four quarters and the total utility-scale solar capacity hit 16.2 gw by September 2017, the firm said in its latest report.
According to the study, an additional 10-Gw capacity has been allocated to developers and is in various stages of development.
Telangana has surpassed Rajasthan, Andhra Pradesh, and Tamil Nadu to become India's top state for solar deployment. Sixty-two per cent of India's solar pipeline remains concentrated in four southern states of Karnataka, Tamil Nadu, Andhra Pradesh and Telangana.
According to its September edition of India Solar Map 2017 report, India's total installed solar capacity has grown over 84 per cent in the last four quarters.
In a statement, Vinay Rustagi, Managing Director, Bridge to India, said: "It is a curious time for solar sector in India. We are coming off a period of exceptional growth of over 80 per cent over the last 3 years. But the future looks more subdued - demand for solar power is slowing down when tariffs have fallen to a low of Rs 2.42 per kWh level, making solar the cheapest new source of power in India."
He further said, "... We expect investors to shift their attention to the secondary market, where some large M&A transactions are in the pipeline."
The report showed that Greenko and ReNew Power have once again retained their top developers position on the basis of capacity commissioned during the last four quarters.
There has been a marginal increase in the market share of Indian manufacturers, but Chinese suppliers continue to hold over 80 per cent, it added.