Solar power project | Image:Freepik
Solar energy: India affixed 3.2 gigawatt of open access solar capacity during 2023, recording a 6.66 per cent jump backed by factors such as reduced module cost, as per a recent report.
In 2022, the open access solar capacity addition was at 3 gigawatt (GW), US-based research firm Mercom Capital said.Â
In the arrangement of solar power through open access, a power producer sets up a solar power plant for the supply of green energy to consumers.
The 3.2 gigawatt addition is at a record high in a calendar year.
If the ‘Mercom India Solar Open Access Market Report’ is to be believed, the collective installation for solar capacity in the open access segment was at 12.2 GW as of December 2023.
Raj Prabhu, CEO of Mercom Capital Group said open access solar is among the the country’s bright spots in the solar market, which attract commercial enterprises and industrial units to shift towards solar and other clean energy sources.
“The potential cost savings for businesses are hard to ignore, especially as solar costs continue to decrease while retail electricity prices rise. With a strong pipeline, the outlook is very promising for this market segment, and we anticipate strong growth in 2024,” he said.
Karnataka was again at the top in terms of cumulative installations, comprising of 33.1 per cent of the country’s installations. This was followed by Maharashtra at 13.5 per cent and Tamil Nadu at 11.4 per cent.
By the end of 2023, India had 13.9 GW of projects which were under progress and in the pre-construction stage.Â
Mercom Capital provides market intelligence on energy storage, smart grid technology and solar energy, as well as offering advisory services on emerging markets and strategic decision-making.
(With PTI Inputs)
