India Solar Handbook 2016

India is set to become the fourth largest solar market in the world with expected capacity addition of 6 GW in 2016

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BRIDGE TO INDIA is the leading consultancy and knowledge services provider in the Indian renewable market. We work with all industry stakeholders including technology companies and contractors, project developers and investors, government agencies and developmental institutions. We have a unique vantage point on the market dynamics, combining the 360 degree view from our market intelligence capability with the in-depth analysis performed as part of our consulting and transaction advisory businesses. Our goal is to enable innovative cleantech solutions in India.

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Chinese module suppliers increased their share of the Indian solar PV market, which added a total capacity of 3.6 GW in the past 12 months (refer), to 75%, up from around 50% in the previous 12 months. In contrast, the share of Chinese suppliers in the US market is believed to be less than 30%. Other international and domestic suppliers increased their overall sales volume in India but saw their market share halve from 24% to 12% and from 26% to 13% respectively.

  • Existing Chinese majors have maintained their market share but the new Chinese companies have taken a significant share away from Indian and other international suppliers
  • Module supply glut in China may lead to even more Chinese suppliers focussing on the Indian market with aggressive pricing
  • It is a buyer’s market for Indian project developers despite major increase in demand

FULL STORY

India’s total installed solar capacity has grown by over 80% in the last 12 months to reach 8.1 GW. Out of the 3.6 GW capacity added in this period, 2.7 GW has come from four southern states with Tamil Nadu alone adding over 1.2 GW on the back of a generous feed-in-tariff of INR 7.01/kWh (US¢ 10.4/kWh). Tamil Nadu now ranks number 1 for commissioned capacity in both wind and solar.

  • Six states account for 80% of the capacity added in India
  • Including the current pipeline of 14 GW, 55% of total current and planned capacity will be located in four southern states; fresh demand from these states is expected to be muted
  • Market growth beyond 2018 will depend on fresh demand coming from states such as Maharashtra, Gujarat and Uttar Pradesh

FULL STORY

As the Indian solar sector grows in size and prominence, equity raising and portfolio sales are also gathering pace. Three major deals were announced last week – Azure Power is selling a minority stake to Canadian asset manager Brookfield to raise USD 75 million (refer),  Acme Solar is raising USD 120 million though the mezzanine route from Piramal Enterprises’ Structured Investment Group (refer) and SunEdison has finally agreed to sell its commissioned and pipeline capacity of 1,300 MW to Greenko (refer). While Azure Power has a commissioned plus pipeline capacity of over 1,000 MW, Acme Solar’s commissioned plus pipeline capacity stands at over 1,800 MW. With developer portfolios growing at a rapid pace over the past few quarters – 6 Indian developers have now got total commissioned plus pipeline capacity of over 1,000 MW – raising capital has become urgent priority for the sector.

  • Access to capital including scale and cost of capital is the most important strength and differentiating factor for project developers
  • In the face of falling bid tariffs, portfolio and minority stake sales instill much needed confidence in the market and help kick-start a secondary market for solar transactions
  • Debt capital market transactions by Greenko and Tata Power show new financing avenues and signal maturing of the sector

FULL STORY

International Solar Alliance (ISA) was launched at the climate summit in Paris on 30th November 2015 amid much fanfare with membership from the solar resource rich countries lying between the Tropic of Cancer and the Tropic of Capricorn. ISA has set out lofty ambitions to accelerate development and deployment of existing clean solar energy technologies in these countries. A total of 121 countries agreed to join the alliance and India took up the chair, showcasing itself in a leadership role (refer) along with France as the founding partner.

  • India has offered funding for off-grid demonstration projects and some administrative support, but as a founding member and a leading proponent in the sector, it needs to put in more effort to create a practical roadmap for ISA
  • Progress so far is underwhelming and it appears that ISA is lacking clear thrust and definition of its organisational objectives
  • To gain a voice in the fight against climate change and become a meaningful partner for developing countries, ISA should aggressively garner more funding, build a competent organization and consolidate other international initiatives under its unified umbrella

FULL STORY

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