COVID-19: Impact on Indian Renewables

This report examines operational and financial impact of the COVID-19 pandemic on the Indian renewable power sector. It assesses delays in construction progress, capacity addition outlook and impact on players across the sector value chain.

With number of infections in India still rising rapidly, considerable uncertainty remains over economic outlook. Short-term impact on the renewable power sector has been relatively mild but outlook over the next few years appears gloomier due to weakening power demand growth, deteriorating financial condition of DISCOMs and further constraints in debt financing. We have accordingly revised our base case solar and wind power capacity addition estimate over 2020-2024 to 35 and 12 GW, down from our previous estimate of 43 GW and 15 GW respectively.

Figure: Overall impact of COVID-19 on renewable sector

On a positive note, there remains huge optimism about long-term prospects of renewable power. The crisis has refocused attention of governments and policy makers worldwide to fight climate change and localise energy supply. Both these priorities play to renewable power’s advantage.


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