According to Markom India Research, India installed a record 10 gigawatts (GW) of solar power in the calendar year 2021, registering 212 per cent year-on-year growth. The country has installed 3.2 gigawatts of solar power by 2020, the research firm said in its latest report. The report titled ‘Annual 2021 India Solar Market Update’ states that by the end of December 2021, the growing solar installation capacity in India was around 49GW.
“India has added a record 10GW of solar power in 2021, the highest in a single year. In 2021, 62 per cent of solar power has been added, which is the largest share of power generation ever.”
During the year, large-scale solar projects accounted for 83 percent of installations and increased by 230 percent (YoY) per year. Roof installations in 2021 grew 138 percent year-over-year.
Rajasthan, Karnataka and Andhra Pradesh were the top three states for increasing large-scale solar power for 50 per cent of the country’s installations by December 2021.
In 2021, Rajasthan led the way in adding power with 4.5 gigawatt solar power installations, the report further said.
The demand outlook for 2022 is strong, but significant tariffs, import restrictions, and significant challenges await the industry, ranging from goods and services taxes and high material prices to global supply chain problems, said Raj Prabhu, CEO of Markom Capital Group.
According to the report, the average project cost in 2021 was also higher due to higher modules, raw material prices and freight charges.
“In 2021, solar tenders decreased by 4.3 per cent YoY and auctions decreased by 2.6 per cent compared to 2020. Delays in signing the power sales agreement (PSA) and lack of clarity on applicable tariffs were some of the reasons for slowdown in tenders and auction activities,” the report said.
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