2018 was the first year to see a dip in RE capacity addition in India. The highest reduction was in wind (-52%), followed by utility scale solar (-29%) but rooftop solar continued to grow healthily (+73%).
Figure 1: RE capacity addition, MW
Source: BRIDGE TO INDIA research
2018 saw a huge surge in new tenders. However, actual project allocation was much less due to multiple instances of tender cancellations.
Figure 2: Tender issuance and auctions, MW
Source: BRIDGE TO INDIA research
Tender issuance was dominated by SECI pan-India tenders (21,300 MW). Maharashtra, Uttar Pradesh, Andhra Pradesh, Gujarat and Karnataka were the top five states to issue new tenders.
Figure 3: Tender issuance in key states, MW
Source: BRIDGE TO INDIA research
Solar PV module prices saw a steep decline in 2018, falling from USD 0.33/ W at the beginning of the year to USD 0.21/ W at the end.
Figure 4: Solar PV module prices, USD cents/ W
Source: BRIDGE TO INDIA research
Note: These prices are for imported modules on a CIF basis (before any local tax or duty). Wind tariffs declined substantially in 2018 and stayed below solar tariffs for most part of the year.
Figure 5: Average solar and wind tariffs, INR/ kWh
Source: BRIDGE TO INDIA research
