Spring 2023 Solar Industry Update

2 0 64 20 220 18 16 14 12 10 8 2007-2014 Indian Market Update India's Annual PV Capacity Additions (GWdc) ... 2015 2016 2017 2018 2019 2020 2021 2022 Sources: BNEF, 1Q 2023 Global PV Market Outlook, 2/28/23; BNEF, 1H 2023 India Renewables Market Outlook, 2/28/23; Mercom India Research, Q4 & Annual 2022 India Solar Market Update, 2/20/23; Mercom (2/28/23). - - India's annual PV additions achieved a record in 2022 at 13 GWac (18 GWdc), up 27% from 2021. Large-scale projects increased 33% from 2021 and made up 87% of new 2022 PV capacity. Rooftop projects decreased 4% from 2021 and made up 13% of new 2022 PV capacity. PV made up a record 82% of total capacity additions and totaled 63 GWac at year end. Large project costs increased 7.3% in 2022. Costs increased for 10 consecutive quarters mainly owing to higher module prices and supply constraints. PV auction tariffs rose for the first time in 2022, primarily because of the higher equipment costs and higher financing costs. At year end, 58 GWac of large projects were in the pipeline, with another 51 GWac pending auction. NREL 11

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