India Solar Market Update – Q3 2018

Executive Summary

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 India Solar Demand Forecast

India Solar Demand Forecast (MW) • Cumulative solar installations in India have reached
~26 GW as of September 2018.
14,000 80,000
Annual Rooftop Solar Installations (MW) • In the Q3 2018, solar installations totaled 1,589
Annual Utility-scale Solar Installations (MW) 70,000
MW, a 4 percent decline when compared to 1,659
12,000 MWs installed in Q2 2018.
Cumulative Solar Installations (MW)

Cumulative Installations (MW)

60,000
•
Annual Installations (MW)

10,000 The pipeline of under-construction large-scale

projects stood at 16 GW, with 9.7 GW tendered and
50,000 pending auctions at the end of Q3 2018.
8,000
40,000 • Cumulative solar rooftop installations in India
6,000 totaled around 2.8 GW at the end of Q3 2018.
30,000
• In the Q3 2018, approximately 4 GW of solar
4,000 projects was tendered and over 7.1 GW was
20,000
auctioned.
2,000 10,000
• The lowest bid in Q3 2018 was ₹2.44
(~$0.0338)/kWh quoted by Avaada Power and
0 0 Aditya Birla Renewables in the 500 MW auction
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F 2019F 2020F 2021F 2022F held by GUVNL.

Source: Mercom India Research (Sep 2018) • Mercom forecasts India to install approximately 8
GW of solar capacity in the calendar year 2018.

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 Quarterly Solar Installations

Solar Installations by Quarter (MW) • Q3 2018 solar installations levels were flat quarter-over-
Rooftop Solar Utility-Scale
4,000
quarter (QoQ).
3,500 • Large-scale solar installations declined by 7 percent
QoQ in Q3 2018.
3,000
• Installed rooftop solar in the Q3 2018 was up by 5
2,500 percent compared to the previous quarter of 2018.
• Karnataka was the leading solar state with over 5.2 GW
2,000
of cumulative installed capacity as of Q3 2018, followed
1,500
by Telangana.

1,000 • Solar module average selling prices (ASPs) declined by

approximately 21 percent in Q3 2018.
500

0
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Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18F Q1'19F Q2'19F Q3'19F
*Forecast of large-scale projects announced
Source: Mercom India Research (Sep 2018) and commissioned

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All India Cumulative Utility-Scale Solar Installations by States

India Utility-scale Cumulative Solar Installations by States (MW)

Karnataka
Telangana
Rajasthan
Andhra Pradesh
Tamil Nadu
Gujarat
Maharashtra
Madhya Pradesh
Uttar Pradesh
Punjab
Uttarakhand
Odisha
Chhattisgarh
Bihar
Kerala Cumulative installed
West Bengal
Haryana
large-scale solar capacity
Jharkhand now stands at ~23.5 GW
New Delhi
Daman and Diu
Chandigarh
Dadra and Nagar Haveli
Andaman & Nicobar <20 MW
Tripura
Himachal Pradesh 20-100 MW
Arunachal Pradesh
Goa 100-1,000 MW
Jammu & Kashmir
1,000-2,500 MW
Lakshadweep
Assam 2,500-5,000 MW
Puducherry

0 1,000 2,000 3,000 4,000 5,000 6,000

Source: Mercom India Research (Sep 2018)

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India Solar Market Update – Q3 2018 Report

Mercom India’s India Solar Market Update provides you with the most
comprehensive report on the Indian solar sector. The report, delivers high-quality The report includes:
research and analysis, facts and figures, and forecasts for global solar professionals.
Primary data for the report is directly collected from government agencies, • Quarterly and YTD Installations
developers, investors, manufacturers, installers and other industry stakeholders. The • Forecasts
• Updates on Tenders and Auctions
report offers details on prevailing market conditions, issues and challenges, • Policy Updates and Analysis
opportunities, and the outlook for India’s solar industry. • State-by-State Installations and
Module Prices
• Tariffs
• Project Costs
• Imports/Export Activity
• Solar Power Generation
Click here to purchase a copy of • Quarterly Survey of Solar Supply
India Solar Market Update – Q3 2018 Report Chain
• Other Important Updates

Who Needs to Purchase this Report?

• Project Developers • EPC Provider • Investors, Banks and Financial Institutions
• Component Manufacturers • BOS Suppliers • Installers
• Utility/IPPs • Investment Firms/Funds • Foreign Entrants

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