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Still searching for a firm power solution

08 April 2024 | BRIDGE TO INDIA

SECI recently completed the first ever auction for a “firm and dispatchable renewable energy” (FDRE) tender. The 1,500 MW tender was undersubscribed with only 600 MW of bids received and 480 MW awarded to JSW (180 MW), Hero (120), Serentica (100) and ReNew (80) at tariffs of INR 5.59-5.60/ kWh…

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Lack of traceability hurting the Indian REC market

31 March 2024 | BRIDGE TO INDIA

India’s national power sector regulator, CERC, has made a series of amendments to the REC market framework over the last couple of years. After introduction of bilateral trading, removal of price bands and extending instrument validity forever from December 2022 onwards, it made RECs technology agnostic from October 2023 onwards. Buyers on exchanges can no longer trace RECs…

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ALMM chaos

26 March 2024 | BRIDGE TO INDIA

MNRE’s last ALMM order had exempted projects commissioned by March 2024 from ALMM requirement. The government issued an amendment in February providing further relaxation bowing to project developer concerns around insufficient availability of high efficiency domestic modules. The amendment sought to waive the requirement completely for open access projects and for other projects…

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BESS cost reduction improving adoption outlook

18 March 2024 | BRIDGE TO INDIA

GUVNL has concluded an auction for a 250 MW/ 500 MWh standalone battery storage tender. The batteries will be deployed at a state transmission sub-station for providing energy arbitrage, load shifting and other applications. Bidders were required to quote a flat capacity charge for providing two operational cycles per day over twelve years. Gensol and Indigrid have won 70 MW and 180 MW capacities with bids of INR 4.48 and 4.49 million/ MW/ month respectively. JSW, Hero, NTPC, ACME, SJVN and EDF were the other bidders with bids ranging…

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Recent reports

India Solar Rooftop Map | December 2023

India Solar Rooftop Map | December 2023

India Solar Rooftop Map is an info-graphic report providing a snapshot of rooftop solar market in India – capacity addition across states and consumer segments, market share of leading players and other key trends. Total rooftop solar capacity is estimated to have reached 14,484 MW by end of 2023. Total new installations in 2023 are estimated at 2,856 MW, up only 8% over previous year.

India Solar Map | December 2023

India Solar Map | December 2023

India Solar Map 2023 is an info-graphic report covering growth of utility scale solar sector – national and state-wise commissioned and pipeline capacity, leading market players and portfolio details of top 16 project developers. Capacity addition in 2023 fell 51% YOY to 5,924 MW taking total utility scale solar capacity to 59,840 MW. Total project pipeline stands at a record 74,161 MW.

India Corporate Renewable Brief | Q4 2023

India Corporate Renewable Brief | Q4 2023

This report provides an update on key trends and developments in the corporate renewable market including capacity addition, key players, policy & regulatory issuance, financing, PPA tariffs and other market trends.

Project developers facing equity crunch

11 March 2024 | BRIDGE TO INDIA

India’s buoyant public equity market is eagerly lapping up renewable energy stocks. Alpex Solar, a relatively small module manufacturer with total capacity of only 450 MW per annum, completed an INR 744 million (USD 9 million) IPO in February 2024 with over 300x response to its issue. The stock is now trading at a stupendous 3x offer price and over 200x annual earnings. IREDA’s INR 6.4 billion (USD 77 million) IPO in November 2023 was oversubscribed by 39x and the stock now trades at 4.6x its offer…

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DISCOMs scramble for green attributes

05 March 2024 | BRIDGE TO INDIA

Gujarat has opened a new front against open access projects. As per the recently issued tariff framework guidelines for solar-wind hybrid projects, if such projects want to bank power with the grid, they would need to forego all green attributes in favour of the DISCOMs. The provision is expected to be extended to standalone solar and wind projects in the near future…

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Module PLI scheme to fall well short of target

26 February 2024 | BRIDGE TO INDIA

First Solar has become the first company, awarded capacity in the module manufacturing PLI scheme, to announce full commercial operations ahead of time. The company’s 3.3 GW integrated thin-film module manufacturing plant commenced production in January 2024. It has already tied up bulk of its first year…

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Financially strong wind OEMs a positive for the sector

19 February 2024 | BRIDGE TO INDIA

Suzlon and Inox Wind, the two biggest Indian wind turbine manufacturers, have announced much improved financial results for Q4 2023. Suzlon reported revenues of INR 43 billion in 9M FY 2024 largely in line with the previous year but EBITDA was up to INR 6.8 billion from INR 6.1 billion, while PAT witnessed 43x growth YOY to INR 4.3 billion…

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Bridge To India

Surge in auctions hard to sustain

12 February 2024 | BRIDGE TO INDIA

There has been a surge in project auctions in the last three months. Since November 2023, total capacity of 12,142 MW has been awarded under 13 auctions. Notable auctions include a 1,184 MW peak power award by SJVN, 3,000 MW solar power by NHPC, 750 MW RTC power by REMCL, and three solar-wind hybrid awards by SECI (900 MW), NTPC (1,104) and GUVNL (200)….

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Government throwing it all at residential rooftop solar

05 February 2024 | BRIDGE TO INDIA

The Indian government has unveiled a highly ambitious new scheme with a target of installing 10 million residential rooftop solar systems. Few details are available yet, but the government seems to be planning to develop these systems in RESCO mode with the help of DISCOMs (demand aggregation) and central PSUs like NTPC, NHPC, EESL, SECI and SJVN (execution). The scheme is likely to be earmarked for smaller consumers with a maximum installation size of 3 kW and enhanced capital subsidy of up to 60%. ..

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Encouraging progress on green hydrogen

29 January 2024 | BRIDGE TO INDIA

SECI has announced winners for the first subsidy scheme for green hydrogen production. Ten companies have been awarded a total subsidy of INR 31 billion (USD 373 million) for aggregate capacity of 412,000 MT per annum against total budget of INR 54 billion (USD 659 million) for 450,000 MT capacity.

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COP 28, another year of failed discussions

22 January 2024 | BRIDGE TO INDIA

Another round of COP discussions concluded in December 2023 marked by limited progress and overall disappointment. It included the first ever Global Stocktake to assess progress against the Paris Climate Change Agreement targets. The conclusion is glaringly obvious – the world is falling behind climate goals with global warming close to breaching the 1.5 oC threshold. Indeed, based on…

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