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India Corporate Renewable Brief | Q4 2023


21 February 2024 | BRIDGE TO INDIA

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.

Figure: Total corporate renewable capacity by December 2023, MW

Source: BRIDGE TO INDIA research

India added 1,204 MW corporate renewable capacity in Q4 2023, up 31% QOQ, accounting for 48% of total renewable capacity addition in the quarter. Total corporate renewable capacity is estimated to have reached 34,429 MW. The increase in capacity addition was mainly due to ALMM waiver and low module prices.

Key developments from the quarter:

  1. Prices decline to near lows across the solar value chain
  2. Marginal reduction in PPA tariffs across OA and rooftop solar segments
  3. Supreme court clarification on requirements for captive projects
  4. Neutral and negative policy changes in Gujarat and Rajasthan for corporate consumers
  5. Sharp increase in REC issuance and redemption volumes

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