2022 review | Financing a bright spark   
05 December 2022 |

Amongst all the travails including land, transmission, cost pressures, delays in equipment supply and policy uncertainty, financing continued to be somewhat of a bright spot for the renewable sector in 2022. The year saw as many as 18 equity investment deals totalling at least USD 3,873 million, up 79% over 2021...

2022 review | Financing a bright spark   
05 December 2022 |

Amongst all the travails including land, transmission, cost pressures, delays in equipment supply and policy uncertainty, financing continued to be somewhat of a bright spot for the renewable sector in 2022. The year saw as many as 18 equity investment deals totalling at least USD 3,873 million, up 79% over 2021...


India Renewable Sector Update – October 2022
29 November 2022 |

This video presents a summary of major sector developments including tender issuance, auctions, policy and regulatory developments, financial deals and related market trends in October 2022.

India Renewable Sector Update – October 2022
29 November 2022 |

This video presents a summary of major sector developments including tender issuance, auctions, policy and regulatory developments, financial deals and related market trends in October 2022.


2022 review | Lack of home-grown technology a gaping vulnerability   
28 November 2022 |

In a recent note, we identified land, transmission and technology as the most acute supply side challenges for the renewable sector. Dependence on overseas technology is a key risk specifically for the Indian renewable sector. However, technology receives little attention in the discourse on sector dynamics...

2022 review | Lack of home-grown technology a gaping vulnerability   
28 November 2022 |

In a recent note, we identified land, transmission and technology as the most acute supply side challenges for the renewable sector. Dependence on overseas technology is a key risk specifically for the Indian renewable sector. However, technology receives little attention in the discourse on sector dynamics...


2022 review | Policy stability and visibility crucial for growth   
25 November 2022 |

The central government has issued a total of 139 policies and related amendments in the last five years. That number could be multiplied by about 25x to account for multiplicity of bodies including state governments, regulators, nodal agencies and DISCOMs to understand magnitude of policy...

2022 review | Policy stability and visibility crucial for growth   
25 November 2022 |

The central government has issued a total of 139 policies and related amendments in the last five years. That number could be multiplied by about 25x to account for multiplicity of bodies including state governments, regulators, nodal agencies and DISCOMs to understand magnitude of policy...


Recent reports
2022 review | Land and transmission: the permanent Achilles heel   
14 November 2022 |

Of the four main supply side factors for renewables – land, transmission, technology and financing, the first two are the most critical – always in short supply and on critical time path due to long lead times, complex regulations and increasing cost. Despite multiple government initiatives including solar parks, green energy corridors and renewable energy zones...

2022 review | Land and transmission: the permanent Achilles heel   
14 November 2022 |

Of the four main supply side factors for renewables – land, transmission, technology and financing, the first two are the most critical – always in short supply and on critical time path due to long lead times, complex regulations and increasing cost. Despite multiple government initiatives including solar parks, green energy corridors and renewable energy zones...


2022 review | 30% target shortfall offers lessons for future   
07 November 2022 |

As we approach end of the year, we will spend the next few weeks reviewing overall progress of the renewable sector and prospects for the next phase. We estimate total renewable capacity (ex-large hydro) to touch 122 GW by December against Government of India’s 2022 target of 175 GW – a deficit of 30%...

2022 review | 30% target shortfall offers lessons for future   
07 November 2022 |

As we approach end of the year, we will spend the next few weeks reviewing overall progress of the renewable sector and prospects for the next phase. We estimate total renewable capacity (ex-large hydro) to touch 122 GW by December against Government of India’s 2022 target of 175 GW – a deficit of 30%...


Finally, some respite in module prices   
31 October 2022 |

Module prices have finally started softening. After shooting up by 65% over two years to USD 0.30/ W, international prices have eased off to USD 0.26 on CIF basis for delivery in Q2 2023. The price decline has come, as expected, due to massive capacity expansion across the value chain in China.

Finally, some respite in module prices   
31 October 2022 |

Module prices have finally started softening. After shooting up by 65% over two years to USD 0.30/ W, international prices have eased off to USD 0.26 on CIF basis for delivery in Q2 2023. The price decline has come, as expected, due to massive capacity expansion across the value chain in China.


India Renewable Sector Update – September 2022
29 October 2022 |

This video presents a summary of major sector developments including tender issuance, auctions, policy and regulatory developments, financial deals and related market trends in September 2022.

India Renewable Sector Update – September 2022
29 October 2022 |

This video presents a summary of major sector developments including tender issuance, auctions, policy and regulatory developments, financial deals and related market trends in September 2022.


Macro-economic tide turns away   
25 October 2022 |

After more than a decade of exceptionally benign macro-economic environment, the global financial markets are facing greater disturbance and volatility. With natural steady state of the economy shaken first by COVID and now the Ukraine war, a domino effect is in play affecting inflation, cost of capital and exchange rates across countries. Inflation has soared to recent highs due....

Macro-economic tide turns away   
25 October 2022 |

After more than a decade of exceptionally benign macro-economic environment, the global financial markets are facing greater disturbance and volatility. With natural steady state of the economy shaken first by COVID and now the Ukraine war, a domino effect is in play affecting inflation, cost of capital and exchange rates across countries. Inflation has soared to recent highs due....


ALMM policy a fine royal mess   
17 October 2022 |

The Delhi High Court has rejected a petition filed by the Distributed Solar Power Association, an association of C&I market focused project developers and EPC contractors, to delay ALMM implementation for open access and net-metered rooftop solar projects beyond 1 October 2022.

ALMM policy a fine royal mess   
17 October 2022 |

The Delhi High Court has rejected a petition filed by the Distributed Solar Power Association, an association of C&I market focused project developers and EPC contractors, to delay ALMM implementation for open access and net-metered rooftop solar projects beyond 1 October 2022.


Tata Power surges ahead in rooftop solar   
10 October 2022 |

BRIDGE TO INDIA estimates that the country added 2,520 MW rooftop solar capacity in the 12-month period to June 2022, up 44% YOY. Based on the latest data compilation exercise, total rooftop solar capacity is estimated to have reached 10,221 MW, 17% of total solar capacity in the country. But...

Tata Power surges ahead in rooftop solar   
10 October 2022 |

BRIDGE TO INDIA estimates that the country added 2,520 MW rooftop solar capacity in the 12-month period to June 2022, up 44% YOY. Based on the latest data compilation exercise, total rooftop solar capacity is estimated to have reached 10,221 MW, 17% of total solar capacity in the country. But...


Module PLI 2 to benefit fully integrated manufacturers   
06 October 2022 |

MNRE has finally released details of module manufacturing PLI tranche 2 worth INR 195 billion (USD 2.4 billion). The budget has been split into three categories based on backward integration by the bidders. Separate PLI rate, completion time and local value addition requirements have been specified for the three categories...

Module PLI 2 to benefit fully integrated manufacturers   
06 October 2022 |

MNRE has finally released details of module manufacturing PLI tranche 2 worth INR 195 billion (USD 2.4 billion). The budget has been split into three categories based on backward integration by the bidders. Separate PLI rate, completion time and local value addition requirements have been specified for the three categories...


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