 "Solar power, Solar PV, Adani")
India added a record 3.2 gigawatt of open access solar capacity during 2023, posting a 6.66 per cent rise supported by factors, including reduced module cost, according to a report.
In its latest report, US-based research firm Mercom Capital said the open access solar capacity addition was 3 gigawatt (GW) during 2022.
Solar power through open access is an arrangement where a power producer establishes a solar power plant to supply green energy to consumers.
It is the record high open access solar capacity addition in a calendar year. The cumulative installed solar capacity in the open access segment stood at 12.2 GW as of December 2023, the 'Mercom India Solar Open Access Market Report' said.
Open access solar is one of the bright spots in the country's solar market, attracting commercial enterprises and industrial units to shift towards solar and other clean energy sources, Raj Prabhu, CEO of Mercom Capital Group, said.
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"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 remained the top state for cumulative installations, accounting for 33.1 per cent of the country's installations, followed by Maharashtra (13.5 per cent) and Tamil Nadu (11.4 per cent).
India had 13.9 GW of projects under development and in the pre-construction phase at the end of 2023.
Mercom Capital specialises in providing market intelligence on energy storage, smart grid technology and solar energy, in addition to offering advisory services on emerging markets and strategic decision-making.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
