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India Corporate Renewable Brief | Q3 2023


30 November 2023 | BRIDGE TO INDIA

India Corporate Renewable Brief | Q3 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.

Figure: Total corporate renewable capacity by September 2023, MW

Source: BRIDGE TO INDIA research

India added 922 MW corporate renewable capacity in Q3 2023, down 58% QOQ, accounting for 51% of total renewable capacity addition in the quarter. Total corporate renewable capacity is estimated to have reached 33,225 MW. The subdued capacity addition was mainly a result of the project developers delaying execution to take advantage of falling module prices.

Other key trends from the quarter:

  1. Price declines to record lows across the solar value chain
  2. Marginal reduction in PPA tariffs across OA and rooftop solar segments
  3. Notification of ISTS charge waiver by CERC and adoption of Green Open Access Rules by Maharashtra, Odisha, Chhattisgarh, Telangana and Uttarakhand
  4. Huge increase in REC and I-REC issuance and redemption volumes

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