Solar capacity installations in India fell marginally by around 3 per cent to 2.7 gigawatt (GW) during July-September 2022, according to Mercom India Research.
There were 2.8 GW installations during the same period in 2021, the research firm said in its report on Wednesday.
However, the 10 GW of solar installations during the first nine months (9M) of 2022 were 35 per cent higher than the 7.4 GW installed in the January-September period last year, the report titled 'Q3 2022 India Solar Market Update' said.
India's cumulative installed solar capacity stands at 60 GW as of September end.
"With over 10 GW of solar added in the first three quarters of 2022, the Indian solar market will surpass last year's installations and is headed towards its best year. However, domestic supply and demand mismatch could hold the sector back in the short term. Until there is a clear resolution in Rajasthan, delays will continue to impede large-scale projects," said Raj Prabhu, CEO of Mercom Capital Group.
As per the report, Rajasthan's cumulative large-scale solar PV installations have crossed 14 GW as of September 2022, and the state accounted for over 27 per cent of the installations in the country.
The government tenders rose to 14 GW in Q3 2022.
In the report, the firm did not share any financial details of the installations.
As per industry estimates, to set up every 1 MW of solar capacity, an investment of over Rs 4.5 crore is required.
Mercom India, a subsidiary of US-based Mercom Capital Group, is a clean energy research and communications firm with expertise in cleantech markets.
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First Published: Nov 23 2022 | 8:26 PM IST