India’s cumulative PV installations have reached 64.2 GW by the end of September.
The Asian country installed 3,338 MW of new solar power capacity alone in the third quarter of 2022.
It has been reported under the new additions, 2.6 GW belongs to utility-scale solar, 485 MW from the rooftop, and 251 MW from off-grid installations, a report mentioned.
Meanwhile, the report further stated that “capacity installations declined 13% quarter on quarter in the July-September period, as developers postponed projects in anticipation of a decline in module prices next year. “
“Prices of both international and domestic modules softened slightly and are expected to continue easing gradually through all of 2023. EPC cost for utility-scale solar saw a 7% QOQ decline to INR 43.3 ($0.53)/Wp,” Bridge to India was quoted in a report.
Furthermore, both module imports and exports grew to an all-time high.
According to the report, the total amount of PV in the national pipeline stands at 53,405 MW within 10 months of this year.
It has been expected that the country could add around 3.2 GW of PV capacity within the end of 2022.