Q2 2020 India RE update (Apr-June 2020)
Report summary
Installation trends
- Cumulative: As of June 30, 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 47 GW while 24 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 1 GW in H1 2020. In wind, 0.3 GW was added in H1 2020.
- Quarterly: In Q2 2020, 304 MW of solar (fall of 58% from previous quarter) and 135 MW capacity of wind projects (fall of about 28% from the previous quarter).
Projections
- Yearly: In CY2020 (Jan-Mar 2020), about 3.5 GW of new solar capacity and 1.2 GW of wind capacity is expected to be added.
- Quarterly: In the next two quarters i.e. Q3 2020 and Q4 2020 are expected to add about 2.2-2.5 GW of new solar capacity and 0.8 GW of new wind capacity.
Quarterly market shares
- Inverters: In Q2 2020, Sungrow is the leading player in the central inverter category while Huawei shipped the highest number of string inverters.
- Modules: In Q2 2020, Adani shipped maximum modules in India while amongst Chinese suppliers Jinko Solar shipped maximum modules. 23% of all shipments done in Q2 2020 are of mono PERC modules.
- Project Developers: In Q2 2020, Aditya Birla and Adani commissioned maximum capacity.
Tenders
- In Q2 2020, 27 tenders with the aggregate capacity of 5.23 GW were issued across the solar and wind sector.
- In the rooftop solar segment, 8 new tenders of 79 MW were issued.
- In Q2 2020, about 4.49 GW capacity was auctioned, out of which only 4.48 GW has been allocated.
Investments
The investment flow in the RE sector in Q2 2020 (USD 397 million) was about 79% lower than the investments in previous quarter i.e. Q1 2020 (USD 1,870 million)
Module price trends
In the Indian market, the landed price for Chinese module suppliers (excluding GST and safeguard duty), was about 18 -18.5 US cents/ Wp in Q2 2020 . This is about 21% yoy decline from Q2 2019 prices.
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