SOLAR PROJECT PERFORMANCE IN INDIA RENEWABLE ENERGY FINANCE IN INDIA

NOW AVAILABLE SOLAR PROJECT PERFORMANCE IN INDIA Data Analysis, Trends and Insight RENEWABLE ENERGY FINANCE IN INDIA Needs and Requirements, Sources...
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SOLAR PROJECT PERFORMANCE IN INDIA Data Analysis, Trends and Insight

RENEWABLE ENERGY FINANCE IN INDIA Needs and Requirements, Sources and Options

About us India Infrastructure Research is a division of India Infrastructure Publishing Private Limited, a company dedicated to providing information on the infrastructure sectors through magazines, conferences, newsletters and research reports. It publishes five magazines – Indian Infrastructure, Renewable Watch, Power Line, tele.net and Gujarat Infrastructure. India Infrastructure Research publishes research reports in the areas of power, oil & gas, ports & shipping, roads & bridges, telecommunications, aviation and water. Our reports are acknowledged as high-quality, user-friendly, up-to-date, accurate and comprehensive sources of information. Our clients include most organisations involved in the infrastructure sectors – multinationals, top Indian corporates, commercial and investment banks, consulting companies, public sector companies, government agencies, multilateral agencies and legal firms.

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Solar Project Performance in India Table of Contents 1. Solar Power Overview

6. Project Performance by Developer Type

z

Introduction

z

Introduction

z

Size and Growth

z

Share of Capacity by Developer Type

z

Key Trends and Developments

z

Performance of Projects Developed by Integrated Solar Project

z

Investment Requirements and Opportunities

z

Issues and the Way Forward

2. Review of Solar Project Performance

Developers z

Performance of Projects Developed by Independent Power Producers

z

Performance of Projects Developed by Power Generation Companies

z

Performance of Projects Developed by Diversified Players

z

Introduction

z

Comparative Performance Analysis

z

Generation/Net Exported Power

z

Summing up

z

Capacity Utilisation Factor

z

Seasonality

z

Issues and Challenges

3. Project Performance by Location

7. Performance of Solar Tracker-bbased Projects z

Introduction

z

Level of Adoption of Solar Tracker Technology

z

Economics of using Solar Trackers

z

Introduction

z

Performance Analysis of Tracker-based Projects

z

Inter-state Comparison

z

Conclusion

z

Intra-state Comparison

z

Impact of Location on Project Performance

z

Summing Up

4. Project Performance by Size

8. Case Studies z

Introduction

z

Narmada Canal-top Project

z

Azure Solar, Nagaur

z

Introduction

z

SunEdison, Patan

z

Project Size 1-5 MW

z

Tata Power, Mithapur

z

Project Size over 5 MW

z

Mahagenco, Sakri Project

z

Impact of Project Size on Performance

z

Adani Power, Kutch

z

Summing Up

z

Acme Solar, Khambat

z

Reliance Power, Dhursar

z

Green Infra, Rajkot

5. Project Performance by Technology z

Introduction

z

M and B Switchgears' Rajgarh Project

z

Level of Adoption

z

C&S Electric's Bhiwani Project

z

Technology Providers

z

Mahindra Solar One, Rajasthan

z

Inverter Providers

z

Projects using Crystalline Silicon Technology

z

Projects using Thin-Film Technology

z

Projects using Crystalline and Thin-film Technology

z

Impact of Technology on Project Performance

z

Summing up

9. Database

Solar Project Performance in India List of Tables and Figures List of Tables Installed Capacity of Off-Grid Applications (as of December 2012) JNNSM Phase I Status Summary of Key State Solar Policies Current Status of Solar PV Projects Tendered Recently Year-wise Trend in Net Levellised Tariff (Rs per kWh) Lowest and Average Solar Power Tariffs Determined under Various Solar Programmes Recent Solar Rooftop Initiatives Investment Estimates in Solar Power Segment (Rs million) State-wise Classification of Solar Power Projects in the Present Study Average Generation in Solar Projects of 1 MW Size Average Generation in Solar Projects of 5 MW Size Average Generation in Solar Projects of Various Sizes Average Monthly Generation of Andhra Pradesh's Solar Projects Comparing the CUF of Solar Projects across Key Districts (per cent) Technology-wise Key Inverter Providers Performance of Crystalline Silicon Modules Provided by the Key Players Performance of Thin-Film Modules Provided by the Key Players Average Generation, CUF and Module Providers of Projects using both Technologies Average CUF of all the Projects in Various States Key Diversified Players having Solar Power Capacity Average Capacity Utilisation Factor (%) of Projects Developed by Integrated Solar Power Players Average CUF of Projects Developed by Key IPPs Average CUF of Projects Developed by Power Generating Companies Average CUF of Projects Developed by Diversified Players Select Solar Projects Equipped with Tracker Systems Results of Study on Gain in Energy Yield due to Trackers at Select Locations Technology-wise Variation in Yield and CUF Compared to a Fixed-Tilt System Comparison of Financial Parameters for Solar PV Projects Estimated Solar Power Generation from Select Tracker-Based Projects (kWh)

List of Figures Year-wise Growth of Grid-connected Solar Power Capacity in India Average Monthly Generation of 1 MW Projects Average Monthly Generation of 5 MW Projects Generation per MW in Solar Projects Deviation in Average Monthly Generation against Designed Levels Average Capacity Utilisation Factor in Solar Projects Distribution of Projects by Capacity Utilisation Factor Deviation in Average CUF against Designed Levels 20-Month Generation Trend in 25-MW Projects 20-Month Generation Trend in 15-MW Projects 20-Month Generation Trend in 5-MW Projects Inter-state Comparison of Solar Power Projects' Generation Inter-state Comparison of Capacity Utilisation Factor in Solar Power Projects Average Monthly Generation of Gujarat' Solar Projects Average Monthly Generation per MW in Gujarat's Solar Power Projects Capacity Utilisation Factor in Gujarat's Solar Projects Average Monthly Generation of Rajasthan's Solar Projects Average Monthly Generation per MW for Rajasthan's Solar Power Projects Capacity Utilisation Factor in Rajasthan's Solar Power Projects Average Monthly Generation per MW for Andhra Pradesh's Solar Power Projects Capacity Utilisation Factor in Andhra Pradesh's Solar Power Projects Average Monthly Generation of Madhya Pradesh's Solar Projects Average Monthly Generation per MW in Madhya Pradesh Solar Power Projects Capacity Utilisation Factor of Madhya Pradesh's Solar Power Projects Average Monthly Generation of 1 MW Solar Projects Average CUF of 1 MW Solar Projects Average Monthly Generation of 2 MW Solar Projects

Average CUF of 2 MW Solar Projects Average Monthly Generation of 5 MW Solar Projects Average CUF of 5 MW Solar Projects Average Monthly Generation of 10 MW Solar Projects Average CUF of 10 MW Solar Projects Average CUF of Solar Projects Over 10 MW Average Monthly Generation of Solar Projects Over 10 MW Capacity Utilisation Factor in Major Project Sizes Share of various Technologies in Total Installed Capacity (%) Scheme-wise Technology Share (MW and %) State-wise Share of Technologies (MW) Market Share of various Solar Module Providers in India Market Share of Key c-Si Modules Providers (%) Market Share of Key Thin-Film Modules Providers (%) Market Share of Key Thin-Film and c-Si Modules Providers (%) Market Share of various Inverter Providers in India Average Net Monthly Generation of Crystalline Technology-based Solar Projects Average CUF of Crystalline Silicon Technology Projects Average Net Monthly Generation (KWh) of Thin-Film Technology based Projects Average CUF of Thin-Film Technology Based Solar Projects Average Net Generation per MW Project CUF across Technologies (%) Share of Various Players in the Solar Power Capacity (%) Market Share of Key Integrated Solar Power Project Developers(%) Market Share of Key Independent Power Producers having Solar Power Capacities(%) Market Share of Key Power Generating Companies having Solar Power Capacities (%) Scheme-wise Share of various Developers in Installed Solar Capacity State-wise Presence of Various Developers in different States Average Monthly Net Generation of Projects Developed by Integrated Solar Project Developers Monthly Net Average Generation of Projects Developed by IPPs Monthly Net Average Generation of Projects Developed by Diversified Players Comparison of Generation across Players (kWh/MW) Comparison of Average CUF across Players Monthly Generation per MW of Capacity for Select Solar Tracker-Based Projects Monthly CUF for Select Solar Tracker-Based Projects Comparison of Tracker-based Projects with the Country Average (for 5 MW projects) Power Generation at the Narmada Canal-top Project Power Generation at Azure Solar's Nagaur Project Net Exported Power at SunEdison's Patan Project Capacity Utilisation Factor at SunEdison's Patan Project Net Exported Power at Tata Power's Mithapur Project Capacity Utilisation Factor Tata Power's Mithapur Project Net Generation at Mahagenco's Sakri Project Capacity Utilisation Factor at Mahagenco's Sakri Project Net Generation at Adani Power's Kutch Project Capacity Utilisation Factor at Adani Power's Kutch Project Net Generation and Capacity Utilisation at Acme Solar's Khambat Project Net Generation and Capacity Utilisation at Reliance Power's Dhursar Project Net Generation at Green Infra's Rajkot Project Capacity Utilisation at Green Infra's Rajkot Project Monthly Generation Performance of M and B Switchgears' Rajgarh Project Monthly Generation Performance of C&S Electric's Bhiwani Project Power Generation at the Mahindra Solar One Project Capacity Utlisation Factor of Mahindra Solar One Project (%)

The reports will be available along with a presentation in PDF format.

Release Date: January 17, 2013 No. of pages: 147

Renewable Energy Finance in India Table of Contents SECTION I: OVERALL ANALYSIS 1. Overview

6. Future Outlook z

Introduction

z

Segment-wise Financing Requirement

z

Introduction

z

Emerging Financing Trends

z

Cross-segment Comparison

z

Financing Transmission Infrastructure

z

Investment Trends

z

Conclusion

z

Financing Trends

z

Growth Drivers

z

Risks and Mitigation Strategies

z

Conclusion

2. Government Initiatives

SECTION II: SEGMENT ANALYSIS 7. Wind Power z

Introduction

z

Size and Growth

z

Introduction

z

Key Trends and Developments

z

Preferential Tariffs

z

Investment Requirements and Opportunities

z

Capital Subsidies

z

Rates of Return

z

AD and GBI

z

Recent Financings

z

Viability Gap Funding

z

The Way Forward

z

Renewable Energy Certificates

z

Renewable Purchase Obligations

z

Conclusion and the Way Forward

3. Debt Finance

8. Solar Power z

Introduction

z

Size and Growth

z

Key Trends and Developments

z

Introduction

z

Investment Requirements and Opportunities

z

Types of Debt Finance

z

Rates of Return

z

Sources of Debt Finance

z

Recent Financings

z

Renewable Energy Portfolio of Select Domestic Financial Institutions

z

Issues and the Way Forward

z

Renewable Energy Portfolio of Select International Funding Institutions

z

Risks and Challenges

z

Conclusion

4. Private Equity and Venture Capital

9. Small Hydro z

Introduction

z

Size and Growth

z

Key Players

z

Introduction

z

Key Trends and Developments

z

Size and Growth

z

Investment Requirements and Opportunities

z

Recent Deals

z

Recent Financings

z

Key Players

z

Issues and the Way Forward

z

Risk Factors

z

The Way Forward

5. Emerging Financing Instruments

10. Biomass z

Introduction

z

Size and Growth

z

Introduction

z

Key Trends and Developments

z

Bridge Financing

z

Investment Requirements and Opportunities

z

Mezzanine Financing

z

Rates of Return

z

Takeout Financing

z

Recent Financings

z

Pooled Financing

z

The Way Forward

z

Other Financing Instruments

z

Conclusion

11. Appendix

Renewable Energy Finance in India List of Tables and Figures List of Tables

State-wise Wind Capacity Addition during 2013

Estimated Potential and Plan-wise Capacity Addition in Grid-Interactive Renewable

State-wise Break-Up of the Available Potential for Repowering

Power in India (MW)

State-wise Wind Power Tariffs

Trends in Renewable Energy Investment

Future Plans of Select IPPs

Segment-wise Renewable Capacity Addition and Corresponding Investments in 2012

Fixed Cost Components Considered for Analysis of Project Returns

and 2013

Project Returns at Various PLF Points (per cent)

Key Debt Funding Deals Signed by Domestic Financial Institutions in the Renewable

Net Benefits Realised under the REC Mechanism

Energy Sector

Recent Equity Deals in the Wind Power Segment

Key Debt Funding Deals Signed by International Financial Institutions in the Past One

Installed Capacity of Off-Grid Applications (as of December 2012)

Year

JNNSM Phase I Status

Key PE Deals in the Indian Renewable Energy Sector

Summary of Key State Solar Policies

Tax Incentives for Renewable Energy Projects

Status of Solar PV Projects Tendered Recently

Change in Wind Power Tariff in Key States

Year-wise Trend in Net Levellised Tariff (Rs per kWh)

Tender-wise Lowest and Average Solar Photovoltaic (PV) Tariffs Achieved (Rs per kWh)

Lowest and Average Solar Power Tariffs Determined under Various Solar Programmes

Biomass Power Tariffs across Key States

Recent Solar Rooftop Initiatives

Bagasse-based Cogeneration Power Tariffs Across Key States

Investment Estimates in Solar Power Segment (Rs million)

Capital Subsidies for Biomass Projects

State-wise Investment Requirement in the Next Five Years

Capital Subsidies for SHP Projects

Levellised Tariff for PV Projects for Various Scenarios

Comparison of AD and GBI Schemes (Re per unit of electricity)

Unviable JNNSM Phase I Batch II Bids under Various Scenarios

Benefits from AD from April 1, 2012 onwards (Rs per unit of electricity)

Summary of Recent Financial Deals in Solar Power

Project Implementation Schedule for JNNSM Batch I Phase II

MNRE's Classification of SHP Projects

CERC-determined Floor and Forbearance Prices for RECs till March 2017

Private Sector SHP Capacity in Selected States (As of October 2013)

State-wise Non-Solar RPO Targets (%)

Capital Cost and Tariff Norms for SHP Projects

State-wise SPO targets (%)

Investment Estimates in Renewable Energy (Rs million)

Key Convertible Debentures Deals in the Renewable Energy Sector

Incentives for SHP Projects under MNRE Schemes

Key Features of Debt from Foreign Sources

Year-wise Investment in SHP segment

IREDA'S Sanctions between 2007-08 and 2012-2013 (Rs billion)

Year-wise Sanctions and Disbursements by IREDA for SHP Projects

IREDA's Disbursements between 2007-08 and 2012-2013 (Rs billion)

Capacity Addition in the Biomass Energy Segment

Key Debt Transactions Undertaken by PFS

Investment in Grid-Connected Biomass Energy Segment (Rs million)

Key Debt Transactions by SBI in the Renewable Energy Sector

State-wise Potential and Installed Biomass Power Capacity (as of February 2012)

Key Debt Deals by Axis Bank in the Renewable Energy Sector

Project Portfolio of Key Biomass Developers

Key Debt Transactions by IFC in the Indian Renewable Energy Space

Estimated Investment Requirements in the Biomass Segment in the Twelfth Five-Year

Key Debt Funding by ADB in the Indian Renewable Energy Sector

Plan

Key Debt Funding by OPIC in the Indian Renewable Energy Sector

Expected Benefits from APPC+REC Model for Biomass Projects

Key Debt Funding by the US Ex-Im Bank in the Indian Renewable Energy Sector

Key PE Deals in the Biomass Power Segment

Growth in PE Investments in the Renewable Energy Sector Key PE and VC Deals in Diversified Renewables Segment (April 2011-November

List of Figures

2013)

Sources of Finance in India

Key PE and VC Deals in Wind Power Segment (April 2011-November 2013)

Volume of Solar RECs Traded

Key PE and VC Deals in the Solar Power Segment (April 2011-November 2013)

Price of Solar RECs Traded

Key PE and VC Deals in the Biomass and SHP Segment (April 2011-November 2013)

Volume of Non-Solar RECs Traded

Annual Renewable Energy Targets during the Twelfth Five-Year Plan (MW

Price of Non-Solar RECs Traded

Investments Made during the Twelfth Five-Year Plan (on capacity added up to October

Sources of Debt Funding in India

2013)

Segment-wise Break-up of PE Deals (by value) during April 2011-November 2013

Investment Requirement during the Twelfth Five-Year Plan (for capacity addition post

Year-wise Growth of Grid-connected Solar Power Capacity in India

October 2013)

SHP Installed Capacity Growth

Indicative Financing Requirement for JNNSM Phase II (Central Scheme)

Year-wise SHP Capacity Addition: Targets vs Achievement

State Programme-wise Investment Requirements in Solar Power Segment State-wise Wind Power Capacity Addition Targets

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Future Plans of Select IPPs in Wind Power Segment Year-wise Wind Capacity Addition in the Country

Release Date: January 6, 2013 No. of pages: 165

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