Q1 2020 India RE update (Jan-Mar 2020)

Q1 2020 India RE update (Jan-Mar 2020)

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    Report summary

    Installation trends

    • Cumulative: As of March 31, 2020, 35 GW of solar capacity and 38 GW of wind capacity is commissioned. The current pipeline of solar, wind and hybrid projects stands at 37 GW which is likely to be commissioned in the next 2-3 years. Another 34 GW of projects are underbidding phase where tenders are issued but auctions are not completed
    • Yearly: The utility-scale solar segment saw an addition of 5.7 GW in FY2020. In wind, 2.1 GW was added in FY2020.
    • Quarterly: In Q1 2020, 720 MW of solar and 188 MW capacity of wind projects were installed (fall of about 70% from the previous quarter).

    Projections

    • Yearly: In CY2020 (Jan-Mar 2020), about 5.5 GW of new solar capacity and 1.5 GW of wind capacity is expected to be added. In FY2021, about 6.5 GW of solar and 2.2 GW of wind is expected to be added.
    • Quarterly: In the next two quarters i.e. Q2 2020 and Q3 2020 are expected to add about 1.7-2 GW of new solar capacity and 0.8 GW of new wind capacity.

    Quarterly market shares

    • Inverters: In Q1 2020, Kehua and Siungrow were the leading players in the central inverter category while Sungrow shipped the highest number of string inverters.
    • Modules: In Q1 2020, Jinko solar topped the module suppliers category with the highest supplies while Waaree took the second position.
    • Project Developers: In Q1 2020, Acme and Hero Future Energies installed maximum solar capacity, while SITAC RE commissioned the majority of the wind capacity.

    Tenders

    • In Q1 2020, 48 tenders with the aggregate capacity of 16 GW were issued across the solar and wind sector.
    • In the rooftop solar segment, 22 new tenders of 153 MW were issued.
    • In Q1 20120, about 7 GW capacity was auctioned, out of which only 5.7 GW has been allocated (~20% undersubscription).

    Investments

    • In Q1 2020, USD 1.8 billion of investments were done in Indian RE sector

    Module price trends

    • In Indian market, polycrystalline module prices were about 19-20 US cents/ W in Q1 2020. This is about 11% annual decline from Q1 2019 prices.

    Content

    • Installation trends
      • Cumulative installation trends
      • Yearly installation trends and projections
      • Quarterly trends
      • State-wise installations
    • Market shares
      • Inverter suppliers
      • Module suppliers
      • Project Developers
    • Tenders
      • New tenders issued
      • Successful auctions
      • Tariff trends
    • Equipment procurement in the next two quarters
    • Investments
    • Price trends
    • Policy & Regulations
    • Annexure
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    JMK Research & Analytics is a boutique consultancy firm providing research and advisory services to Indian and International clients across three key focus areas – Renewables, Electric mobility and Battery storage market.

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