Q3 2021 India RE update

Q3 2021 India RE update (Jul-Sep 2021)

Report Summary

Installation trends

  • Cumulative: As of September 30, 2021, India’s renewable capacity installation reached 101.5 GW. Solar is the major contributor with 46% share in total renewable mix, followed by wind with 39% share. The current pipeline of solar, wind and hybrid projects is around 66 GW which is likely to be commissioned in the next 4-5 years. Another 26 GW of projects are under bidding phase i.e. where tenders are issued but auctions are not completed.
  • Yearly: From Jan-Sep 2021, about 5.4 GW of new utility-scale solar capacity was added in the country, which is about five times higher as compared to Jan-Sep 2020 period. Rajasthan, Gujarat, Uttar Pradesh and Andhra Pradesh were the leading states with most of the large-scale solar installations during this period.
  • Quarterly: In Q3 2021 (Jul-Sep 2021), 2 GW of utility scale solar capacity was installed. This is about 33% higher than the previous quarter installations. In wind, about 385 MW were added, which is 19% lesser than the Q2 2021 installations. In rooftop solar, about 580 MW were added, which is 41% higher than the previous quarter. The distributed /off grid solar installed 1.35 GW capacity during the third quarter of 2021.

Projections

  • Yearly: Approximately 11 GW of new utility scale solar capacity and 2.8 GW of new wind capacity is expected to be installed in the country.
  • Quarterly: In Q4 2021 installation activity is likely to further pick up with an estimate of around 3.5 GW of new utility scale solar capacity, 1.2 GW of new wind capacity addition and 1 GW of hybrid capacity addition.

Quarterly market shares

  • Inverters: In Q3 2021, Sineng was the leading supplier in the central inverter category and Huawei is the leader in the string inverter category. 
  • Modules: In this quarter, Longi is the leading supplier contributing 33% share of total shipments. Nearly 66% of the module shipments in India in Q3 2021 are high-efficiency mono PERC modules.

Tenders

  • In Q3 2021, 36 new tenders aggregating to a total capacity of 6.96 GW were issued across renewable segment.
  • About 762 MW tenders were issued under component – A of KUSUM scheme in Q3 2021.
  • Auction was completed for 10.37 GW of tenders’, out of which about 10.24 GW capacity was allocated. Amongst the project development tenders, NTPC has won the maximum capacity of 2765 MW followed by SJVN (1200 MW) and NHPC (1000 MW).
  • In Q3 2021, India witnessed lowest winning solar tariff of INR 2.14/kWh for RUMSL 500 MW Neemuch Solar tender.

Investments

The investment flow in RE sector in Q3 2021 was more than $4,745 million. During the third quarter of 2021, ReNew Power got listed on NASDAQ by completing its business combination with RMG Acquisition Corporation II wherein ReNew has received $610 million in net proceeds as part of this transaction.

Module price trends

In the Indian market, the price for Chinese module suppliers (excluding GST and safeguard duty), was about 22-23 cents/ Wp in Q3 2021 for multi-crystalline modules. This has decreased by 6% on QoQ basis. Prices for mono PERC modules is about 24-26 US cents/ Wp in Q3 2021.

Import Exports trends

In Q3 2021,  solar cells and modules export activities have decreased by 89% and 55% respectively while solar modules import activity has increased by 40% and solar cells import has declined by nearly 11%.

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