Covid singes solar energy business; Q3 capability addition dips 80% year-on-year

2020/11 20 16:11

India added 438 megawatts (MW) of photo voltaic capability in Q3 2020, an 114 per cent enhance in comparison with 205 MW put in in Q2 2020 and down 80 per cent from 2,177 MW in Q3 2019.

Based on Mercom India Analysis’s Q3 2020 India photo voltaic market replace, photo voltaic installations within the first 9 months of 2020 totalled 1.73 gigawatts (GW), a 68% decline in comparison with 5.48 GW added in the identical interval of 2019.

Giant-scale installations totalled 283 MW in comparison with 120 MW within the earlier quarter. Yr on 12 months, large-scale set up decreased 85 per cent in comparison with 1,932 MW put in in Q3 2019.

“The 12 months 2020 will find yourself as one of many worst years for photo voltaic in India as Covid-19 took a heavy toll on the business. Nevertheless, the market is sort of again on its toes because the business heads to 2021 — among the best years forecasted for the sector,” mentioned Raj Prabhu, CEO of Mercom Capital Group.

Based on the report, India nonetheless has a sturdy large-scale photo voltaic mission improvement pipeline of 44.7 GW, with one other 34.6 GW of tasks tendered and pending auctions on the finish of Q3 2020.

Rooftop photo voltaic installations accounted for 155 MW in Q3 2020, a rise of 82 per cent in comparison with 85 MW put in in Q2 2020. YoY, rooftop installations declined 37 per cent in comparison with the 245 MW added in Q3 2019. Mercom India Analysis is forecasting roughly three.three GW of photo voltaic installations in 2020 as a lot of the tasks scheduled for commissioning within the second half of 2020 have been moved to the primary half of 2021.

Whole energy capability additions within the 9M of 2020 stood at four.2 GW from all energy technology sources. Renewable vitality sources accounted for practically 72.5 per cent of installations, with photo voltaic representing 41 per cent of recent capability additions and wind at 15 per cent. Coal accounted for 26 per cent of recent capability added.

Ray of hope

Based on Mercom’s forecast, 2021 and 2022 are on a path to be the very best years for the photo voltaic business, making India one of many world’s most engaging photo voltaic markets. Cumulative photo voltaic put in capability in India was roughly 37.four GW on the finish of Q3 2020. Photo voltaic accounted for 41 per cent of recent energy capability additions in 9M 2020. Electrical energy generated from photo voltaic in Q3 2020 crossed 13 billion models.

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