Indian solar sector investments dropped by 30% QoQ in Q1 2021

29 May 2021 CW Team

The investments made in the solar sectors of India fell by 30% and stood at $1.04 billion in the first quarter (Q1) of the calendar year (CY) 2021 in comparison to $1.49 in Q4 2020.

In YoY comparison, the investments increased by 7% compared to the $0.97 invested around the same period the previous year.

The second wave of Covid-19 is severe in the country, affecting the overall investments in the solar sector.

From the total investments made, the utility-scale solar project received investments of around $875 million, which is 48% greater as compared to $591 million in the last quarter. Rooftop solar projects faced an investment of $159 million in Q1 2021, up by 11% compared to $143 million in Q4 2020.

No investments were made in the solar manufacturing sector in the first quarter (Q1) of 2021. However, with the approval of the production-linked incentive (PLI) scheme, there is an expectation of a significant increase in investments in solar manufacturing. The tender under this program has been released, and the deadline to submit the bids is 30 June 2021.

Previously, the investments in the solar sector of India had fallen by 66% and stood at $2.8 billion in the calendar year (CY) 2020, as compared to the year 2019, where it stood at $8.2 billion.

Also read: Solar power: India third most attractive country for solar investment

Also read: JSW Energy plans to add 2,600 MW RE capacity by 2023

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