India set up solar capacity surpasses 50GW, with an additional 70GW+ in the pipeline or bidding phase

• India's sustainable capacity currently stands at 109.9 GW as of completion of March, with solar accounting for 53.4 GW (47%), while one more 72GW of solar is either in the pipeline or at the bidding phase, according to JMK Research.

Of the 72GW not set up already, 45GW are in the pipeline-- anticipated to be commissioned in the following 4 to five years-- with 27GW at the bidding phase where tenders have actually been provided yet auctions are not yet completed.

India has actually set a target of having 450GW of renewables and acquiring 50% of its energy from clean resources by 2030, which the country's Ministry of New as well as Renewable Resource (MNRE) claimed would certainly be conveniently fulfilled, although experts have cast question over the claim.

The first quarter of this year saw 4.09 GW of utility-scale solar PV mounted in India, according to JMK, which is significantly greater than the figure given by Mercom recently that placed the number at 2.7 GW.

JMK said that the 4.09 GW of large-scale enhancements represented a 71.8% jump on the previous quarter and it is anticipating around 3.5 GW of new utility-scale solar capacity to get commissioned in Q2.

On the other hand, according to the Q1 equipment shipment data received by JMK, greater than 6GW of central as well as string inverters and 7.6 GW of modules were shipped to India.

When it pertains to vendors, Huawei was the leading inverter distributor to India in Q1, followed by Sungrow as well as Sineng, according to JMK.

Jinko was the leading module provider adding a 24% share of all shipments, with almost 85% of all module shipments in India in Q1 being high-efficiency mono PERC modules, according to JMK, in spite of a purported fad in the direction of bifacial modern technology in the nation.

This trend was brought up by Pradeep Kumar, LONGi's taking care of director in India, throughout a JMK webinar recently that analyzed diminishing returns on equity for PV projects in India and steadily increasing tariffs for large-scale projects.

According to JMK, the complimentary on board (FoB) rate for Chinese modules (excluding India's general common tax obligation and also safeguard responsibility), was around US$ 22-24c/ W in Q1 2022, a rise of 2.63% on the previous quarter. Prices for mono modules had to do with US$ 27-28c/ W in Q1, the research company said.

In March 2022, India imported solar cells and also modules worth US$ 592.6 million, which is the greatest regular monthly figure in the past year. This was since many designers stockpiled modules for projects in H2 of this year due to the introduction of a 40% basic customizeds obligation (BCD) on imported modules, which started in April.

The Indian federal government has actually been vocal in its desire to lower its dependence on Chinese module imports-- it has actually carried out various schemes to kickstart domestic PV making such as the BCD and its Production Connected Incentive scheme-- and also one programmer on the above webinar even mooted a potential export ban, mentioning concerns producers can get more in the United States as well as European markets.