New Delhi: India added one record 3.2 gigawatt open access solar capacity during 2023According to a report, a growth of 6.66 percent was recorded, supported by factors including lower module costs. In its latest report, US-based research firm Mercom Capital said open access solar capacity is projected to increase by 3 gigawatts (GW) through 2022.
Solar energy through open access is an arrangement where an electricity producer installs a solar power plant to supply green energy to consumers.
This is a record high open access solar capacity addition in a calendar year. The ‘Mercom India Solar Open Access Market Report’ said the cumulative installed solar capacity in the open access segment stood at 12.2 GW by December 2023.
Raj Prabhu, CEO, Mercom Capital Group, said open access solar is one of the bright spots in the country’s solar market, attracting commercial enterprises and industrial units towards solar and other clean energy sources.
“It is hard to ignore the potential cost savings for businesses, especially as solar costs continue to decline while retail electricity prices are rising. With a strong pipeline, the outlook for this market segment is very promising, and we look forward to Expect strong growth,” he said. Said.
Karnataka remained the top state in terms of cumulative installations, accounting for 33.1 per cent of the country’s total installations, followed by Maharashtra (13.5 per cent) and Tamil Nadu (11.4 per cent).
At the end of 2023, 13.9 GW of projects in India were under development and in the pre-construction stage.
Mercom Capital specializes in providing market intelligence on energy storage, smart grid technology and solar energy, in addition to providing advisory services on emerging markets and strategic decision making.
Solar energy through open access is an arrangement where an electricity producer installs a solar power plant to supply green energy to consumers.
This is a record high open access solar capacity addition in a calendar year. The ‘Mercom India Solar Open Access Market Report’ said the cumulative installed solar capacity in the open access segment stood at 12.2 GW by December 2023.
Raj Prabhu, CEO, Mercom Capital Group, said open access solar is one of the bright spots in the country’s solar market, attracting commercial enterprises and industrial units towards solar and other clean energy sources.
“It is hard to ignore the potential cost savings for businesses, especially as solar costs continue to decline while retail electricity prices are rising. With a strong pipeline, the outlook for this market segment is very promising, and we look forward to Expect strong growth,” he said. Said.
Karnataka remained the top state in terms of cumulative installations, accounting for 33.1 per cent of the country’s total installations, followed by Maharashtra (13.5 per cent) and Tamil Nadu (11.4 per cent).
At the end of 2023, 13.9 GW of projects in India were under development and in the pre-construction stage.
Mercom Capital specializes in providing market intelligence on energy storage, smart grid technology and solar energy, in addition to providing advisory services on emerging markets and strategic decision making.
(TagstoTranslate)Business News(T)Tamil Nadu(T)Record(T)Open Access Solar Capacity(T)3.2 GW(T)2023