September 9 (Renewables Now) - Solar photovoltaic (PV) capacity additions in India totalled 1.51 GW in the second quarter (Q2) of 2019, experiencing a drop of 9% year-on-year and 14% quarter-on-quarter, data by Mercom India Research show.
In the first half of 2019, India added 3.2 GW of solar capacity, the bulk of which, or 83%, came from large-scale projects. The total was down 35% on the year from 5.1 GW in the first half of 2018. Solar accounted for 41% of India‘s new power generation capacity in the period.
“It has been a rough couple of quarters for the Indian solar market, exacerbated by tough lending conditions,“ said Raj Prabhu, CEO, and co-founder of Mercom Capital Group. He added that the second half of the year is seen to be “slightly better,” through liquidity issues still need to be resolved so that the market revives.
According to Mercom’s latest solar market update, India’s cumulative installed PV capacity at the end of June stood at 31.5 GW. The market research firm forecasts that the country will add over 8 GW of solar in 2019, while its total solar capacity will grow to 70 GW by end-2022, based on current market dynamics.