India installed 3.2GW of solar in Q4 2021
The nation’s cumulative solar capacity surpassed 50GW by the end of December last year.
India added 3,166MW of solar power capacity in October-November-December period (Q4) of 2021. Out of this, 80% (2,526MW) came from utility scale, 16% (520MW) from rooftop solar and 4% (120MW) off-grid, according to Bridge To India’s latest quarterly report, India Solar Compass Q4 2021.
The nation reached cumulative installed PV capacity of 50,481MW by December 31, 2021. This included 40,437MW of utility-scale, 8,571MW rooftop solar, and 1,473MW offgrid. Total project capacity in pipeline (projects allocated to developers and at various stages of development) stood at 63,315MW.
Bridge To India analysts expect the first quarter of 2022 to see PV capacity addition surge to 3.7GW as developers rush their installations before the module costs go up due to the onset of basic customs duty from April 1.
“Total EPC cost for utility-scale solar increased from INR 31.19/Wp to INR 33.14/Wp in Q4 2021 on account of increase in goods and services tax (GST) from 5% to 12%. Cost is expected to further shoot up in Q2 2022 due to imposition of 40% basic customs duty on modules,” according to the report.
“Prices for mono-PERC modules, currently at USD 0.27/Wp are likely to remain relatively firm over next two quarters and fall gradually by end of the year due to strong global demand and persistent supply chain constraints in China,” it added.