India Logs Over 6 Per Cent Rise In Open Access Solar Capacity Addition In 2023: Mercom Capital

As of December 2023, the cumulative installed solar capacity in the open access segment reached 12.2 GW, as outlined in the 'Mercom India Solar Open Access Market Report'.

Karnataka continued to remain in its top position for cumulative installations, contributing to 33.1 per cent of the country's total installations

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India witnessed a remarkable surge in its open access solar capacity during the year 2023, adding a record-breaking 3.2 gigawatt (GW) during the period under review. This marked a 6.66 per cent increase, attributed to various factors such as reduced module cost, a latest study by Mercom Capital revealed.

The study found that the open-access solar capacity addition in 2022 was at 3 GW, reported PTI. As of December 2023, the cumulative installed solar capacity in the open access segment reached 12.2 GW, as outlined in the 'Mercom India Solar Open Access Market Report', conducted by the US-based research firm, reported PTI. Solar energy through open access is a system where a power producer installs solar power plants to provide green energy directly to all consumers. This marks the highest-ever addition of open-access solar capacity in a single calendar year. 

Open-Access Solar Depicts Beacon Of Hope: Raj Prabhu

Raj Prabhu, CEO of Mercom Capital Group stated that open-access solar represents a beacon of hope in India's solar market, enticing commercial enterprises and industrial units to transition towards solar and other sustainable 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 noted.

Karnataka continued to remain in its top position for cumulative installations, contributing to 33.1 per cent of the country's total installations, followed by Maharashtra accounting for 13.5 per cent and Tamil Nadu with 11.4 per cent. As of the end of 2023, India boasted 13.9 GW of projects under development and in the pre-construction phase.

Mercom Capital has expertise in providing market intelligence on energy storage, smart grid technology, and solar energy. Additionally, it provides advisory services on emerging markets and strategic decision-making.