Consolidation underway in solar EPC market
04 December 2019 | Sai Nandamuri
India’s utility scale solar capacity reached 29.7 GW by September 2019, growing 25% y-o-y. A review of the EPC data shows two interesting trends. Contrary to popular perception, share of third-party EPC contractors is increasing and touched 77%, highest in the last five years. Second, there is increasing consolidation in the EPC market as many regional and smaller players have…
Consolidation underway in solar EPC market
04 December 2019 | Sai Nandamuri
India’s utility scale solar capacity reached 29.7 GW by September 2019, growing 25% y-o-y. A review of the EPC data shows two interesting trends. Contrary to popular perception, share of third-party EPC contractors is increasing and touched 77%, highest in the last five years. Second, there is increasing consolidation in the EPC market as many regional and smaller players have…
Fourth time lucky for the manufacturing-linked tender?
04 December 2019 | BRIDGE TO INDIA
After several cancellations, extensions and modifications, SECI’s solar project development-cum-manufacturing tender finally received a somewhat encouraging response. In its final avatar, the tender was issued for 7,000 MW inter-state transmission system (ISTS) connected project development capacity. Bidders were given an option to bid for 2,000 MW project development capacity along with 500 MW cell and module manufacturing capacity, or 1,500…
Fourth time lucky for the manufacturing-linked tender?
04 December 2019 | BRIDGE TO INDIA
After several cancellations, extensions and modifications, SECI’s solar project development-cum-manufacturing tender finally received a somewhat encouraging response. In its final avatar, the tender was issued for 7,000 MW inter-state transmission system (ISTS) connected project development capacity. Bidders were given an option to bid for 2,000 MW project development capacity along with 500 MW cell and module manufacturing capacity, or 1,500…
States moving away from net metering prematurely
03 December 2019 | Surbhi Singhvi
Indian states are turning their back on rooftop solar. Maharashtra recently signalled its intent to join Uttar Pradesh, Rajasthan and Tamil Nadu in proposing to withdraw net metering benefit from most consumers. These four states together constitute 45% of installed rooftop solar capacity in India.
States moving away from net metering prematurely
03 December 2019 | Surbhi Singhvi
Indian states are turning their back on rooftop solar. Maharashtra recently signalled its intent to join Uttar Pradesh, Rajasthan and Tamil Nadu in proposing to withdraw net metering benefit from most consumers. These four states together constitute 45% of installed rooftop solar capacity in India.
Fall in costs to bring respite to developers
26 November 2019 | BRIDGE TO INDIA
After staying relatively stable in the past year, module prices are on the decline again. Prices of multi-crystalline modules, still the de facto choice for most Indian developers, have fallen from USD 0.23/ W to USD 0.20/ W in the last six months. Cost delta between low efficiency modules and high efficiency mono-PERC has also halved to about USD 0.02/W. Alongside fall…
Fall in costs to bring respite to developers
26 November 2019 | BRIDGE TO INDIA
After staying relatively stable in the past year, module prices are on the decline again. Prices of multi-crystalline modules, still the de facto choice for most Indian developers, have fallen from USD 0.23/ W to USD 0.20/ W in the last six months. Cost delta between low efficiency modules and high efficiency mono-PERC has also halved to about USD 0.02/W. Alongside fall…
Recent reports
India Solar Rooftop Market Analytics
This report presents trends and observations from over 16,000 rooftop solar installations with an aggregate capacity of 2,265 MW in our database. It provides detailed insights into...
Buy Report Download Executive Summary
Forecasting and Scheduling Regulations
India’s central electricity regulator, the Central Electricity Regulatory Commission (CERC), issued an amendment to the Deviation Settlement Mechanism (DSM) regulations in 2015 t...
Buy Report Download Executive Summary
India Solar Compass Q2 2019
Q2 was again a slow quarter for the solar sector with new capacity addition coming in at only 1,104 MW, down 55% over previous quarter and 28% below our estimate. As of 30 June 201...
Buy Report Download Executive SummaryTime for grid tariffs to go up
19 November 2019 | BRIDGE TO INDIA
Last week, a news report suggested that Madhya Pradesh DISCOMs have accumulated losses of INR 250 billion (USD 3.5 billion). The DISCOMs have requested the state regulator to allow increase in grid tariffs for recovery of losses. It is feared that average power tariff may have to rise by INR 2.00/ kWh or more as a result. The situation is similarly grim…
Time for grid tariffs to go up
19 November 2019 | BRIDGE TO INDIA
Last week, a news report suggested that Madhya Pradesh DISCOMs have accumulated losses of INR 250 billion (USD 3.5 billion). The DISCOMs have requested the state regulator to allow increase in grid tariffs for recovery of losses. It is feared that average power tariff may have to rise by INR 2.00/ kWh or more as a result. The situation is similarly grim…
Wind faces slow going
12 November 2019 | BRIDGE TO INDIA
In a major relief to the sector, MNRE has granted project completion deadline extension to wind projects allocated under SECI auction tranches 1-5. More time has been granted to these projects mainly because of delays in land allocation and completion of transmission infrastructure. A total capacity of 7,200 MW was allocated by SECI in these auctions between Feb-2017 and Sep-2018,…
Wind faces slow going
12 November 2019 | BRIDGE TO INDIA
In a major relief to the sector, MNRE has granted project completion deadline extension to wind projects allocated under SECI auction tranches 1-5. More time has been granted to these projects mainly because of delays in land allocation and completion of transmission infrastructure. A total capacity of 7,200 MW was allocated by SECI in these auctions between Feb-2017 and Sep-2018,…
Lack of competitive advantage hurting developers
05 November 2019 | BRIDGE TO INDIA
Last week, SECI conducted auction for a 1,200 MW utility scale solar tender. The tender received bids for full 1,200 MW but the auction was completed for only 960 MW, equivalent to 80% of the bids received, as per the rules in place. ReNew, Avaada and UPC Renewables won 300 MW each at a tariff of INR 2.71/ kWh; Tata Power…
Lack of competitive advantage hurting developers
05 November 2019 | BRIDGE TO INDIA
Last week, SECI conducted auction for a 1,200 MW utility scale solar tender. The tender received bids for full 1,200 MW but the auction was completed for only 960 MW, equivalent to 80% of the bids received, as per the rules in place. ReNew, Avaada and UPC Renewables won 300 MW each at a tariff of INR 2.71/ kWh; Tata Power…
Changes afoot to improve investor risk profile
01 November 2019 | BRIDGE TO INDIA
MNRE has announced various changes to the competitive bidding guidelines for utility scale solar projects. There are broadly two categories of changes – to address offtake risk and improve execution timelines.
Changes afoot to improve investor risk profile
01 November 2019 | BRIDGE TO INDIA
MNRE has announced various changes to the competitive bidding guidelines for utility scale solar projects. There are broadly two categories of changes – to address offtake risk and improve execution timelines.
Developers rushing to issue green bonds
22 October 2019 | BRIDGE TO INDIA
Indian developers have been rushing out to issue green bonds as liquidity in the Indian financial markets continues to stay stretched. An aggregate amount of USD 2.9 billion has been raised by Greenko (USD 1.3 billion), Adani (USD 862 million), ReNew (375) and Azure (350) in the last seven months. The spurt in issuance comes after a lull 2018 when…
Developers rushing to issue green bonds
22 October 2019 | BRIDGE TO INDIA
Indian developers have been rushing out to issue green bonds as liquidity in the Indian financial markets continues to stay stretched. An aggregate amount of USD 2.9 billion has been raised by Greenko (USD 1.3 billion), Adani (USD 862 million), ReNew (375) and Azure (350) in the last seven months. The spurt in issuance comes after a lull 2018 when…
Sector reform essential to build growth momentum
15 October 2019 | BRIDGE TO INDIA
A mini-controversy broke out last week with Indian credit rating and advisory company CRISIL issuing a report claiming that India would under-achieve the 175 GW renewable capacity target for March 2022 by 42%. MNRE immediately issued a prickly rebuttal terming the report as factually incorrect and lacking credibility. It has expressed confidence that capacity target of 175 GW would “…not only be…
Sector reform essential to build growth momentum
15 October 2019 | BRIDGE TO INDIA
A mini-controversy broke out last week with Indian credit rating and advisory company CRISIL issuing a report claiming that India would under-achieve the 175 GW renewable capacity target for March 2022 by 42%. MNRE immediately issued a prickly rebuttal terming the report as factually incorrect and lacking credibility. It has expressed confidence that capacity target of 175 GW would “…not only be…
Improving prospects of residential rooftop solar market
11 October 2019 | BRIDGE TO INDIA
Last week, Amplus Solar announced a foray into the residential rooftop solar market. The company, so far focused only on C&I consumers, plans to offer standard rooftop solar solutions backed by a long-term warranty and integrated financing solution.
Improving prospects of residential rooftop solar market
11 October 2019 | BRIDGE TO INDIA
Last week, Amplus Solar announced a foray into the residential rooftop solar market. The company, so far focused only on C&I consumers, plans to offer standard rooftop solar solutions backed by a long-term warranty and integrated financing solution.
Project execution slowdown to continue
01 October 2019 | BRIDGE TO INDIA
Utility scale renewable capacity addition has been in a slow mode for the past eighteen months. We estimate Q3 2019 capacity addition at only 2,549 MW (solar 2,114, wind 435), about two-thirds of scheduled capacity addition. Since touching a record high of 5,111 MW in Q1 2018, quarterly capacity addition has averaged at less than 2,000 MW, substantially behind the…
Project execution slowdown to continue
01 October 2019 | BRIDGE TO INDIA
Utility scale renewable capacity addition has been in a slow mode for the past eighteen months. We estimate Q3 2019 capacity addition at only 2,549 MW (solar 2,114, wind 435), about two-thirds of scheduled capacity addition. Since touching a record high of 5,111 MW in Q1 2018, quarterly capacity addition has averaged at less than 2,000 MW, substantially behind the…
