Q3 2019 RE update (Jul-Sep 2019)


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wind solar hybrid
wind solar hybrid

Q3 2019 RE update (Jul-Sep 2019)

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Report summary

Installation trends

  • Cumulative: As of September 30, 2019, 32 GW of utility scale solar capacity and 37 GW of wind capacity is commissioned. Current pipeline of solar and wind projects stands at 34 GW which is likely to be commissioned in next 2-3 years.
  • Yearly: The utility scale solar segment saw an addition of 4 GW in the first three quarters of 2019 and is expected to add another 4 GW in the last quarter. In wind, 1.9 GW was added in first three quarters while 0.8 GW would be complete by the end of 2019.
  • Quarterly: In Q3 2019, 1,670 MW of solar and 658 MW capacity of wind projects were installed (increase of 85% from the previous quarter).

Projections

  • Yearly: In CY2020, about 15 GW of new capacity is expected to be added including 4 GW of wind sector installations and 11 GW of utility-scale solar installations.
  • Quarterly: In the next two quarters i.e. Q4 2019 and Q1 2020 are expected to add about 7 GW of new solar capacity and 2.3 GW of new wind capacity.

Quarterly market shares

  • Inverters: In Q3 2019, TBEA and Sungrow were the leading players in the central inverter category while Huawei and Growatt shipped the highest number of string inverters.
  • Modules: In Q3 2019, Znshine topped the module suppliers category with the highest supplies while Risen took the second position. Amongst the domestic suppliers, Waaree led the market with about 270 MW of shipment.
  • Project Developers: In Q3 2019, NLC and Fortum installed maximum solar capacity, while Sembcorp, Mytrah and ReNew commissioned majority of the wind capacity.

Tenders

  • In Q3 2019, 24 tenders with the aggregate capacity of 12 GW were issued across the utility scale solar and wind sector.
  • In the rooftop solar segment, eight new tenders under CAPEX (96 MW) and RESCO (111 MW) models were announced in Q3 2019.
  • In Q3 2019, about 6 GW capacity was auctioned, out of which only 2.1 GW has been allocated (~65% under subscription).

Financing

  • In Q3 2019, USD 4.3 billion of investments were done in Indian RE sector.
  • Two major M&A deals with the total investment of USD 394 million were also signed in this quarter.
  • The quarter saw two major IPO's by S&W and Bajaj Energy.

Module price trends

  • In Indian market, module prices were 18-20 US cents/ W in Q3 2019. This is a 17% decline compared to the previous quarter.

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
  • Financing
  • Price trends
  • Quarterly import-export statistics
  • Policy & Regulations
  • Market trends
    • Regressive net metering guidelines
    • Widening DISCOM dues to RE developers
    • Government initiatives to safeguard IPP's investments
    • Slump in wind sector
    • Residential rooftop solar segment to pick up pace
    • Push for domestic manufacturing
  • Annexure

List of figures

Figure 1.1: RE installation trends, as of September 30, 2019

Figure 1.2: Year-wise RE installation trends in India

Figure 1.3: Quarter-wise utility scale solar and wind installations

Figure 1.4: State-wise RE capacity addition in Q3 2019

Figure 1.5: Cumulative solar and wind commissioned and pipeline capacity, GW

Figure 2.1: Leading central inverter suppliers in solar sector in India in Q3 2019

Figure 2.2: Leading string inverter suppliers in the solar sector in India in Q3 2019

Figure 2.3: Leading module suppliers in solar segment in India in Q3 2019

Figure 2.4: Leading project developers in utility solar and wind segment

Figure 2.5: Top 15 project developers, as of September 30, 2019

Figure 3.1: Details of tenders issued in Q3 2019

Figure 3.2: State wise details of tenders issued in Q3 2019

Figure 3.3: Rooftop solar tenders issued in Q3 2019

Figure 3.4: Quarter-wise utility-scale solar, wind, and hybrid tender issuance and allocations

Figure 3.5: Solar and Wind tenders allotted in Q3 2019

Figure 3.6: Capacity allotted under various tenders in Q3 2019

Figure 3.7: Tariff trend in auctioned solar, wind and hybrid tenders

Figure 4.1: Top developers likely to procure inverters and modules in Q4 2019 and Q1 2020

Figure 5.1: Quarter-wise investment flow in Indian RE sector, USD million

Figure 5.2: Investment flow raised in Indian RE sector in Q3 2019

Figure 6.1: Global price trends of solar cells and modules in Q3 2019

Figure 6.2: India price trends of solar modules in Q3 2019

Figure 7.1: Quarter-wise import and export data for solar modules

Figure 9.1: State-wise RE dues, as of September 30, 2019

Figure 9.2: Wind capacity allotted through tenders

List of tables

Table 10.1: List of new tenders issued in Q3 2019

Table 10.2: Technology-wise capacity tendered and allocated

Table 10.3: List of tenders auctioned in Q3 2019

Table 10.4: Summary of financial deals in Q3 2019

Table 10.5: List of major solar and wind projects commissioned in Q3 2019

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