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Time of India
28-05-2025
- Business
- Time of India
India adds 1.2 GW rooftop solar capacity in Q1 2025, residential segment accounts for 78%
New Delhi: India added 1.2 GW of rooftop solar capacity in the January-March quarter of 2025, marking a 232 per cent increase over the 366.5 MW installed in the corresponding quarter of 2024, according to Mercom India Research. The installations in Q1 2025 were 6 per cent lower than the 1.3 GW added in Q4 2024. The capacity addition during the quarter was the second-highest ever for rooftop solar installations in the country. According to Mercom, the PM Surya Ghar: Muft Bijli Yojana contributed to more than 77 per cent of the installations in the quarter. However, the quarter fell short of a new record due to implementation bottlenecks in the programme, high system costs, and a shortage of Domestic Content Requirement (DCR) compliant modules. The residential segment accounted for nearly 78 per cent of rooftop installations in the quarter. The industrial, commercial and government segments accounted for 16 per cent, 6 per cent, and 0.4 per cent, respectively. Installations under the capital expenditure (CAPEX) model comprised over 91 per cent of the additions, while the operational expenditure (OPEX/RESCO) model accounted for 9 per cent. "Momentum in the residential solar segment has slowed due to implementation hurdles in the Surya Ghar program, persistent component shortages, and high system costs. Consumer expectations are not being met, whether it is cost, quality, or installation timelines. Addressing these issues is critical to unlocking the true potential of the residential solar market," said Raj Prabhu, CEO of Mercom Capital Group. Among states, Gujarat, Maharashtra and Uttar Pradesh led in rooftop solar capacity additions, accounting for over 16 per cent, 14 per cent, and 13 per cent, respectively. Tenders for rooftop solar totalling 494.2 MW were issued in Q1 2025, representing a decline of over 53 per cent quarter-on-quarter and 41 per cent year-on-year. Of this, 82 per cent of the tendered capacity was for government buildings, and 39 per cent of it fell under the PM Surya Ghar programme. At the end of Q1 2025, India's cumulative rooftop solar capacity stood at 14.9 GW. The rooftop segment accounted for over 18 per cent of the total solar installations in the quarter. Uttar Pradesh recorded the highest compounded quarterly growth rate between Q1 2024 and Q1 2025 at more than 15 per cent, followed by Madhya Pradesh and Kerala at 11 per cent and 9 per cent, respectively. The average cost of rooftop solar systems rose by about 1 per cent quarter-on-quarter and nearly 22 per cent year-on-year in Q1 2025. The Mercom report also includes analysis of net metering policies in all states and Union Territories.
Time of India
20-05-2025
- Business
- Time of India
India adds 6.7 GW solar capacity in Q1; installations down 25% YoY
New Delhi: India added 6.7 GW of solar capacity in the first quarter (Q1) of 2025, accounting for 54 per cent of the 12.3 GW of total new power capacity additions during the period, according to Mercom India Research 's Q1 2025 India Solar Market Update. The 6.7 GW addition marks a 25 per cent year-on-year (YoY) decline in solar installations. Large-scale solar projects contributed 82 per cent of Q1 solar installations, while rooftop solar accounted for 18 per cent. Rajasthan and Gujarat led large-scale installations, contributing 35 per cent and 30 per cent, respectively. Maharashtra accounted for 16 per cent. As of March 2025, India's cumulative installed solar capacity stood at 104.6 GW. Solar power accounted for 22 per cent of the country's total installed power capacity and 48 per cent of the total installed renewable energy capacity. Large-scale solar projects made up over 86 per cent of the cumulative capacity, with rooftop solar comprising nearly 14 per cent. At the end of Q1 2025, Rajasthan had the highest cumulative installed large-scale solar capacity, accounting for 29 per cent of the national total. Gujarat and Karnataka followed with 17 per cent and 13 per cent, respectively. India's large-scale solar project pipeline stood at 180.4 GW, with another 127.8 GW of projects tendered and pending auction. Tenders totaling 14.4 GW were announced during the quarter, down 53 per cent YoY but up 5 per cent quarter-on-quarter (QoQ). A total of 6.4 GW of solar projects were auctioned in Q1 2025, representing a decline of 39 per cent QoQ and 74 per cent YoY. The average cost of large-scale solar projects increased 3 per cent QoQ and 1 per cent YoY. Commenting on the sector outlook, Raj Prabhu, CEO of Mercom Capital Group, said: 'Indian solar installations were off to a slow start in Q1. While the project pipeline for 2025 is strong, a shortage of domestic modules and persistently high prices remain key concerns. Unless supply-side challenges are addressed quickly, project execution could stall. PPA and PSA signings continue to lag behind tenders, while land and transmission bottlenecks are slowing progress and delaying project commissionings. The government must act quickly to approve the ISTS waiver extension and end the uncertainty surrounding it. Without an extension, a significant number of projects will become financially unviable, further disrupting the market.'
United News of India
22-04-2025
- Business
- United News of India
Corporate funding in global solar sector declines YoY, but Indian scenario promising: Mercom
Kolkata, Apr 22 (UNI) Total corporate funding in the global solar sector reached $ 4.8 billion across 39 deals in Q1 2025 — a 41 per cent decline year-over-year (YoY) compared to $ 8.2 billion raised through 42 deals in Q1 2024. However, funding was up 20 per cent quarter-over-quarter (QoQ) from the $4 billion raised in 40 deals in Q4 2024, as per the latest report from Mercom Capital Group, a leading clean energy consulting firm "The drop in funding this quarter reflects growing investor caution in response to policy reversals, tariff shocks, and regulatory uncertainties that have forced companies and investors to reassess their strategies. However, the fundamentals remain strong, and the long-term case for solar energy is intact. We need clarity and policy certainty to restore confidence in the markets. Despite headwinds in the broader funding environment, we did see an uptick in project M&A in Q1," said Raj Prabhu, CEO of Mercom Capital Group. Global VC funding for the solar sector in Q1 2025 came to $1.4 billion in 14 deals, a 237 per cent increase YoY compared to $406 million raised in 13 deals in Q1 2024. Funding increased 40 per cent QoQ compared to the $1 billion raised in 21 deals in Q4 2024. Overall funding scenario in the solar sector also looks promising, when it comes to India. Funding deals in India included VC Funding, Public market funding, Debt Funding, M&A, Project M&A. In this period, AMPIN Energy Transition secured a $50 million equity investment from Siemens Financial Services, Amrut Energy secured Rs 1 billion (nearly $11.49 million) in funding from private equity investors, Solarium Green Energy raised Rs 105.04 crore (nearly $12 million) through its IPO. When it comes to 'Debt Funding', BluPine Energy has secured Rs 17.87 billion (close to $210 million), JSW Energy has raised Rs 12 billion (nearly $137.70 million), SWELECT Group secured Rs 2.9 billion (~$33.39 million), Ecozen has raised over $23 million, Ecofy secured a $12.5 million, Credit Fair raised $5 million (nearly Rs 415 million) from the $75 million (close to Rs 6.22 billion) 'Green Basket Bond' issued by Symbiotics Investments. here have been M&A deals of decent size as well. ONGC NTPC Green (ONGPL), for instance, has signed a share purchase agreement to acquire a 100 per cent equity stake in utility-scale renewable energy platform Ayana Renewable Power for Rs 195 billion (nearly $2.3 billion). Waaree Energies has entered into a share purchase agreement with Enel Green Power Development to acquire 100 per cent of the share capital of Enel Green Power India for Rs 7.92 billion (nearly $91.73 million). Besides, Brookfield Asset Management announced the sale of 1.6 GW portfolio of solar and wind assets in India to Gentari Renewables India for an undisclosed amount, Actis has acquired a 100 per cent stake in Stride Cmate Investments from a fund managed by Macquarie Asset Management. UNI XC SSP
