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Solar capacity additions are on course to set a record in the calendar year 2022.
During January-November 2022 period, the solar power sector has added a new capacity of 12.6 GW. This is higher than 2021’s new capacity addition of 11.9 GW, the previous highest annual capacity addition, according to official data.
As of November 30, 2022, the total installed capacity of the solar segment stood at 61,966 MW (including utility-scale, rooftop, and off grid), up from 49,357 MW as of December 31, 2021. The total renewable capacity addition to the grid during January-November 2022 period was 14,6 GW (13,73 was the total new addition by all segments in 2021).
“The Indian solar market will surpass last year’s installations and is headed towards its best year. However, domestic supply and demand mismatch could hold the sector back in the short term,” Raj Prabhu, CEO of Mercom Capital Group had pointed out recently.
Rajasthan at the top
Rajasthan remains the top State in terms of total installed solar capacity at 15.6 GW (including ground-mounted, rooftop, off-grid, and hybrid solar), followed by Gujarat (8.4 GW), Karnataka (7.9 GW) and Tamil Nadu (6.3 GW).
Meanwhile, a recent report by Fitch Ratings said renewable capacity addition is likely to soften during the second half of this fiscal and there will be deferment in capacity additions due to high commodity prices, supply chain issues and higher import duties on solar modules and cells from April 2022.
As of November 30, 2022, the total grid-connected renewable power capacity in India stood at 119,512 MW, which included 62 GW of solar power, 42 GW of wind power, 4.9 GW of small hydro and about 10.2 GW of biopower.
The Centre has set a target of achieving 500 GW of installed capacity from non-fossil fuels by 2030.
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