About 10 gigawatt (GW) of new utility-scale solar and 3.5 GW of new wind capacity is estimated to be installed in the financial year 2021-22 (FY22), according to a recent market update by JMK Research. This is about 25 per cent less than its initial estimate made before the second wave of COVID-19 hit India.
The report added that in FY21, about 3.5 GW of new utility-scale solar capacity was added, which is 39 per cent lesser than the FY20 installations. While, despite COVID-induced lockdowns and restrictions, about 2 GW of new rooftop solar capacity was added in FY21.
It estimated that about 2.5 GW to 3 GW of new rooftop solar capacity would be added in FY22.
According to the equipment shipment data received by JMK Research, in the first quarter (Q1) 2021, about 3.8 GW of central and string inverters were supplied in India while more than 3.9 GW of modules were shipped.
On this basis, the firm estimates that in Q2 2021 and Q3 2021, about 6 GW of new solar capacity and 1.8 GW of new wind capacity will be commissioned. It added that installation activity would pick up in Q2 2021, with an estimate of 3 GW of new utility-scale solar capacity and 0.85 GW of new wind capacity addition and 0.6 GW of hybrid capacity.
“As of March 31, 2021, India’s total renewable capacity installation reached 94.4 GW…