EY Mapping Indias Renewable Energy Growth Potential

Mapping Indias Renewable
Energy growth potential:

Status and outlook 2013
Content
Power scenario in India ...........................................................................2
Renewable energy scenario in India .........................................................3
Key drivers of renewable energy in India ..................................................5
Key government initiatives ......................................................................6
Wind ....................................................................................................11
Solar ....................................................................................................15
Biomass ...............................................................................................21
Small hydro ..........................................................................................24
Lnerqy ellciency ..................................................................................27
Sources ................................................................................................29
2 | Mapping Indias Renewable Energy growth potential: Status and outlook 2013
Power scenario in India
Overview
lndia has Lhe llLhlarqesL power qeneraLion porLlolio worldwide.
Coal and qas are Lhe popular sources and accounL lor 587 and
97, share, respecLively. 1he counLry has been rapidly addinq
capaciLy over Lhe lasL lew years, wiLh LoLal insLalled power
capaciLy qrowinq Lo 223 CW in FY13 lrom 98 CW in FY98. 1he
counLry LransiLioned lrom beinq Lhe world's sevenLhlarqesL
enerqy consumer in 2000 Lo Lhe lourLhlarqesL one wiLhin a
decade. Lconomic qrowLh and increasinq prosperiLy, coupled
wiLh lacLors such as qrowinq raLe ol urbanizaLion, risinq per
capiLa enerqy consumpLion and wideninq access Lo enerqy in
Lhe counLry, are likely Lo push enerqy demand lurLher in
the country.
1he secLor en|oys lavorable requlaLory policies, especially
in Lhe qeneraLion seqmenL. 1he qovernmenL has permiLLed
1007 FDl, wiLh no added requiremenL ol procurinq license Lo
seL up a power planL. However, demand conLinues Lo ouLsLrip
supply, wiLh enerqy and peak demand shorLaqe over Lhe lasL
10 years averaqinq around 87 and 127, respecLively. AbouL
677 ol overall insLalled capaciLy in Lhe counLry is Lhermal
based. Averaqe planL load lacLor (PLF) lor Lhermal capaciLy
has considerably declined lrom 757 in FY 201011 Lo 69.97 in
FY 201213, mainly driven by increasinq coal and qas supply
shortage.
Break-up of installed power generation capacity
Source: CEA, Ernst & Young analysis; as on 31 March 2013
Note: Hydro power is also a form of renewable energy, but it is accounted for
separaLely. Small hydro power (pro|ecLs =25MW) is classiled under
renewable energy.
Coal,
58.3%
Total: 223 GW
Nuclear,
2.1%
Oil,
0.5%
Gas,
9.0%
Hydro,
17.7%
Renewable,
12.3%
86.0
131.6
72.3
34.6
39.0
10.9
7.8
24.5
29.8
3.9
4.8 5.3
End of X plan
2006-07
End of XI plan
2011-12
Planned XII plan
additions
2012-17
India installed generation capacity (GW)
Thermal Hydro Renewable Nuclear
Source: CEA
Target
1he Planninq Commission ol lndia has seL a power capaciLy
addiLion LarqeL ol 88,537 MW (excludinq renewables) lor Lhe
1wellLh Fiveyear Plan (FYP) endinq March 2017. 1he LarqeL is
hiqher Lhan Lhe 75,785 MW capaciLy esLimaLed by Lhe Workinq
Croup on Power (MinisLry ol Power, CovernmenL ol lndia),
correspondinq Lo a 97 CDP qrowLh.
Investments
Accordinq Lo Lhe Workinq Croup on Power, LoLal invesLmenLs
lor Lhe lndian power secLor lor Lhe 1wellLh FYP is esLimaLed aL
USS253.6 billion. 1o Lhis ellecL, Lhe qovernmenL is locusinq on
raisinq lunds Lhrouqh measures, such as crediL enhancemenL
schemes and inlrasLrucLure debL lunds. A ma|or parL ol Lhe
lundinq is expecLed Lo come lrom commercial banks, public
lnancial insLiLuLions, inlrasLrucLure/power lnance insLiLuLions,
inLernaLional invesLmenLs, and bilaLeral crediL and equiLy
markeLs.
3 Mapping Indias Renewable Energy growth potential: Status and outlook 2013 |
Renewable energy
scenario in India
Overview
Power generation from renewable sources is on the rise in
lndia, wiLh Lhe share ol renewable enerqy in Lhe counLry's LoLal
enerqy mix risinq lrom 7.87 in FY08 Lo 12.37 in FY13. lndia
had abouL 28.1 CW ol insLalled renewable enerqy capaciLy as
ol 31 March 2013. Wind accounLs lor 687 ol Lhe capaciLy, wiLh
19.1 CW ol insLalled capaciLy, makinq lndia Lhe world's llLh
larqesL wind enerqy producer. Small hydro power (3.6 CW),
bioenerqy (3.6 CW) and solar enerqy (1.7 CW) consLiLuLe Lhe
remaininq capaciLy. ln FY13, wind capaciLy addiLions lell Lo
1.7 CW lrom almosL 3.2 CW in FY12 as a resulL ol wiLhdrawal
ol acceleraLed depreciaLion and CeneraLion Based lncenLive
(CBl) benelL. AlLhouqh Lhe share ol renewable enerqy in Lhe
qeneraLion mix has been risinq over Lhe years, lndia sLill has
larqe unLapped renewable enerqy poLenLial.
Growth of installed capacity of renewable energy in
India (GW)
Source: MNRE
Note: includes wind, solar, biomass (incl. bagasse) and small hydro.
Excludes large hydro.
10.2
12.3
14.4
16.8
20.0
24.5
28.1
FY07 FY08 FY09 FY10 FY11 FY12 FY13
CAGR
18.4%
Installed capacity of renewable energy in India
Source: MNRE; as on 31 March 2013
Note: biomass includes bagasse cogeneration; others includes waste-to-power
Small hydro,
12.9%
Biomass,
12.8%
Wind, 67.9%
Solar, 6.0%
Others, 0.3% Total: 28.1 GW
Investments
lnvesLmenL in clean enerqy in lndia decreased ^57 yearonyear
Lo USS6.9 billion in 2012. 1he wind enerqy secLor aLLracLed
USS3.^ billion, while Lhe share ol Lhe solar enerqy secLor was
down ^57 Lo USS2.32 billion.
Targets
1he CovernmenL ol lndia (Col) has seL a renewable enerqy
capaciLy addiLion LarqeL ol 29.8 CW lor Lhe LwellLh FYP, Lakinq
Lhe LoLal renewable capaciLy Lo almosL 55 CW by Lhe end ol
FY17. 1his includes 15 CW lrom wind, 10 CW lrom solar, 2.7
CW lrom biomass and 2.1 CW lrom small hydro. lnvesLmenL in
renewable enerqy is expecLed Lo almosL quadruple Lo lNR3,186
billion in Lhe 12Lh FYP lrom lNR892 billion in Lhe 11Lh FYP,
implyinq averaqe annual invesLmenLs ol nearly lNR6^0 billion.
1o puL Lhinqs in perspecLive, planned renewable capaciLy
addiLions durinq Lhe 12Lh FYP are almosL one Lhird ol Lhe
planned convenLional enerqy capaciLy addiLion durinq Lhe
same period. ln Lhe lasL Lhree lnancial years, acLual renewable
enerqy insLallaLions have exceeded LarqeLs Lwice. FY13
LarqeLs were noL meL, primarily as a resulL ol a decline in wind
insLallaLions (see Lable below).
Renewable
Technology
2010-11 2011-12 2012-13 2013-14
Target (MW) Actual (MW) Target (MW) Actual (MW) Target (MW) Actual (MW) Target (MW)
Actual (MW)
(as on 30.6.13)
Wind Power 2,000 2,350 2,^00 3,197 2,500 1,699 2,500 512
Small Hydro 300 307 350 353 350 237 300 54
Bio Power 472 474 475 ^88 475 472 425
Solar Power 200 27 200 905 800 754 1,100 75
Total 2,972 3,157 3,425 4,943 4,125 3,162 4,325 640
Renewable energy actual installations and target
Source: MNRL
Ernst & Young LLPs Renewable Energy Country Attractiveness Index (RECAI)
lndia ranks ninLh overall on LrnsL & Younq LLP's mosL recenL renewables aLLracLiveness index. AlLhouqh Lhe counLry's posiLion has
lallen one noLch, lndia's rankinq on Lhe solar index has improved lrom lourLh Lo Lhird. Rankinq on Lhe wind index remained unchanqed
aL sixLh. Accordinq Lo Lhe reporL, Lhe macroeconomic ouLlook lor lndia remains sLronq, and capaciLy lorecasLs lor onshore wind and
solar PV have increased lor Lhe louryear ouLlook period. However, Lhe counLry's various incenLive reqimes are cominq under lre, as
a lack ol enlorcemenL and oversupply is havinq a neqaLive impacL on Lhe renewable enerqy cerLilcaLe (RLC) markeL.
Rank Country All renewables Wind index Solar index
1 US 75.4 68.8 78.0
2 China 71.9 76.7 79.6
2 Cermany 69.6 58.^ 59.6
4 UK 62.1 58.8 38.9
5 Japan 61.8 43.7 56.8
6 AusLralia 61.3 46.2 57.2
7 Canada 59.3 52.5 46.1
8 France 56.9 47.3 ^8.3
9 India 56.2 50.5 60.6
10 Italy 54.4 37.3 50.3
11 Belgium 53.0 42.5 35.7
12 South Korea 52.2 39.9 41.7
13 Spain 51.7 36.0 45.5
14 Denmark 51.3 46.0 24.9
15 Brazil 50.9 47.4 46.9
Source: LrnsL & Younq LLP's renewable enerqy counLry aLLracLiveness index, AuqusL 2013
Key drivers of renewable
energy in India
Energy security concerns: lndia ranks lourLh and sixLh qlobally
as Lhe larqesL imporLer ol oil, and ol peLroleum producLs and
LNC, respecLively. lndia's primary enerqy consumpLion beLween
2007 and 2011 increased aL a CACR ol 5.87, lrom 18.8
quadrillion (10^15) BLu Lo 23.6 quadrillion bLu. As a resulL ol
Lhe increasinq demand and sLaqnanL domesLic producLion, lndia
now meeLs more Lhan 707 ol iLs oil demand Lhrouqh imporLs
(increased lrom lNR^,091 billion in FY10 Lo lNR7,26^ billion in
FY12).
Civen Lhe heiqhLened compeLiLion lor Lhe procuremenL ol lossil
luels, Lhe prices ol peLroleum producLs have been increasinq
and have wiLnessed considerable volaLiliLy in recenL years. 1he
increased use ol indiqenous renewable resources is expecLed Lo
reduce lndia's dependence on expensive imporLed lossil luels.
Government support: 1he qovernmenL is playinq an acLive role
in promoLinq Lhe adopLion ol renewable enerqy resources by
encouraqinq privaLe secLor invesLmenL and mandaLinq Lhe use
ol renewable resources. lL is ollerinq various incenLives, such as
CBls and Lax holidays, Lo encouraqe Lhe developmenL and use
of renewable energy sources.
Climate change: India is among the most vulnerable countries
Lo Lhe impacL ol climaLe chanqe. ln June 2008, lndia released
a NaLional AcLion Plan on ClimaLe Chanqe (NAPCC) comprisinq
eiqhL naLional missions. 1he plan aimed aL promoLinq
Lhe undersLandinq, adapLaLion and miLiqaLion ol climaLe
chanqe, enerqy ellciency and resource conservaLion. One
ol Lhe missions, NaLional Solar Mission, aims Lo promoLe Lhe
developmenL and use ol solar enerqy lor power qeneraLion and
oLher uses, wiLh Lhe ulLimaLe ob|ecLive ol makinq solar enerqy
compeLe wiLh lossilbased enerqy opLions.
Increasing cost competitiveness of renewable energy
technology: Renewable energy is becoming increasingly
cosL compeLiLive compared Lo lossil luelbased qeneraLion.
Renewable enerqy equipmenL prices have lallen dramaLically
due Lo Lechnoloqical innovaLion, increasinq manulacLurinq scale
and experience curve qains. 1his is parLicularly Lrue ol solar
and wind Lechnoloqy, where solar module prices have declined
by almosL 807 since 2008. Wind Lurbine prices have declined
by more Lhan 257 durinq Lhe same period. Fallinq equipmenL
prices have led Lo larqescale deploymenL ol Lhese Lechnoloqies
in lndia and qlobally. lndia's insLalled solar capaciLy increased Lo
1,686 MW aL Lhe end ol FY13 lrom almosL 20 MW in FY11.
Distributed electricity demand: Renewable energy is a
disLribuLed and scalable resource, makinq iL well suiLed Lo meeL
Lhe need lor power in remoLe areas, which lack qrid and road
infrastructure.
Favorable foreign investment policy: 1he qovernmenL
has created a liberal environment for foreign investment in
renewable enerqy pro|ecLs. ln addiLion Lo allowinq 1007 loreiqn
direcL invesLmenL (FDl), Lhe qovernmenL is encouraqinq loreiqn
invesLors Lo seL up renewable enerqybased power qeneraLion
pro|ecLs on a buildownoperaLe (BOO) basis in Lhe counLry.
Vast untapped potential: lndia has abundanL unLapped
renewable enerqy resources. 1he counLry's larqe land mass
receives one of the highest levels of solar irradiation in the
world. lL has an exLensive coasLline and hiqh wind velociLy
in many areas. 1his provides ample opporLuniLies lor Lhe
esLablishmenL ol landbased renewable enerqy qeneraLion,
as well as lor ollshore wind larms. ln addiLion, Lhe counLry's
numerous rivers and waLerways have sLronq poLenLial Lo
qeneraLe hydropower. lndia also has siqnilcanL poLenLial Lo
produce enerqy lrom biomass derived lrom aqriculLural and
forestry residues.
Resource Estimated potential (GW) Installed capacity (GW)
Wind 102.8` 19.1
Small hydro 19.7 3.6
Biopower`` 22.5 3.6
Solar power (billion CWh) 6 1.7
Source: MNRL, insLalled capaciLy as aL end March 2013. `AL 80 meLer heiqhL, Wind poLenLial has yeL
Lo be validaLed wiLh acLual measuremenLs. `` includes biomass and Baqasse CoqeneraLion.
Key government initiatives
The framework
1he LlecLriciLy AcL 2003 provided Lhe lramework lor renewable power in lndia by coverinq Lhe lollowinq:
OpLimal uLilizaLion ol resources
A naLional policy lor sLandalone sysLems lor rural areas
Promotion of electricity from renewables
SuiLable measures lor qrid connecLiviLy and noLilcaLion ol Renewable Purchase ObliqaLions (RPOs) by SLaLe LlecLriciLy
RequlaLory Commissions (SLRCs)
1he NaLional LlecLriciLy Policy lurLher provides lor:
SLRCs Lo seL proqressive RPOs
SERCs to set differential tariff for renewables
PromoLe privaLe parLicipaLion in renewable enerqy
1he lnLeqraLed Lnerqy Policy's lonqLerm vision lor renewable includes:
Special supporL lor renewables lor a welldelned period
Linkinq incenLives Lo qeneraLion and noL capaciLy addiLion
SLRCs Lo mandaLe leedin laws
Key policy initiatives
Launch ol Lhe NAPCC
SLaLespecilc leedin
Larills (Fl1s) lor wind
energy
NoLilcaLion ol renewable
purchase obliqaLions
(RPOs)
CeneraLion based
incenLives (CBl) scheme
lor solar power
CBl scheme lor wind
energy
Solar policies/Larills
announced by several
sLaLes/SLRCs
NoLilcaLion ol
solarspecilc RPOs
FormulaLion ol naLional
clean enerqy lund (NCLF)
Launch ol renewable
enerqy cerLilcaLes (RLCs)
Launch ol Jawaharlal
NaLional Solar Mission
(JNNSM)
Launch ol a smarLqrid
Lask lorce
NaLional LlecLric MobiliLy
Mission Plan 2020 launched
Release ol Cuidelines
lor Creen Larqe Area
DevelopmenL by MNRL
Establishment of Central
Financial AssisLance (CFA)
Lo seL up small/micro hydro
power pro|ecLs
Constitution of offshore
Wind Energy Steering
CommiLLee (OWLSC) by
MNRL
Solar Lnerqy CorporaLion ol
lndia(SLCl) seL up
Ollshore Wind Lnerqy Policy
(dralL) announced
CBl reinsLaLed in FY13 alLer
iL lapsed aL Lhe end ol FY12
2008 2008-09 2009-11 2011-13
Source: LrnsL & Younq analysis
RPO regulations
Renewable Purchase ObliqaLions (RPOs) require disLribuLion
licensees, capLive power consumers and open access
consumers Lo purchase or qeneraLe a cerLain percenLaqe ol
Lheir LoLal elecLriciLy requiremenL lrom appropriaLe renewable
sources.
Year RPO Target
201^15 107
201920 157
Source: "NAPCC documenL," hLLp://pmindia.nic.in/
National targets under NAPCC
SLaLes wiLh low renewable enerqy poLenLial can meeL Lheir
LarqeLs by buyinq renewable enerqy cerLilcaLes (RLCs). SLRCs
have speciled proqressive, and in many cases, renewable
specilc RPO LarqeLs. Noncompliance wiLh RPOs would resulL in
penalLies on Lhe obliqaLed enLiLies.
STATE RE Technology 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Andhra Pradesh
NonSolar ^.757 ^.757 ^.757 ^.757 ^.757 ^.757
Solar 0.257 0.257 0.257 0.257 0.257 0.257
Arunachal Pradesh
NonSolar ^.107 5.^57 6.807
Solar 0.107 0.157 0.207
Assam
NonSolar 2.707 ^.057 5.^07 6.757
Solar 0.107 0.157 0.207 0.257
Bihar
NonSolar 2.257 3.757 ^.007 ^.257
Solar 0.257 0.257 0.507 0.757 1.007 1.257
Chhattisgarh
NonSolar 5.007 5.257
Solar 0.257 0.507
Delhi
NonSolar 1.907 3.257 ^.607 5.957 7.307 8.657
Solar 0.107 0.157 0.207 0.257 0.307 0.357
JLRC (Coa & U1)
Solar 0.307 0.^07
Cu|araL
Solar 0.507 1.007
Haryana
NonSolar 1.507 2.007 3.007
Solar 0.007 0.057 0.107
Himachal Pradesh
NonSolar 10.007 10.007 10.007 10.007 11.007 12.007
Solar 0.017 0.257 0.257 0.257 0.257 0.257
Jammu and Kashmir
NonSolar 2.907 ^.757
Solar 0.107 0.257
Jharkhand
Solar 0.507 1.007
State-specihc Ncn-scIar and ScIar RPDs (2011-12 tc 201-17)
Source: MNRL
STATE RE Technology 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
KarnaLaka
NonSolar 107 and 77
Solar 0.257
Kerala
NonSolar 3.357 3.657 3.957 ^.257 ^.557 ^.857
Solar 0.257 0.257 0.257 0.257 0.257 0.257
Madhya Pradesh
NonSolar 2.107 3.^07 ^.707 6.007
Solar 0.^07 0.607 0.807 1.007
MaharashLra
NonSolar 6.757 7.757 8.507 8.507 8.507
Solar 0.257 0.257 0.507 0.507 0.507
Manipur
NonSolar 2.757 ^.757
Solar 0.257 0.257
Mizoram
Solar 0.257 0.257
Meqhalaya
NonSolar 0.^57 0.607
Solar 0.307 0.^07
Naqaland
Solar 0.257 0.257
Orissa
NonSolar ^.907 5.357 5.807 6.257 6.707
Solar 0.107 0.157 0.207 0.257 0.307
Pun|ab
NonSolar 2.377 2.837 3.377 3.817
Solar 0.037 0.077 0.137 0.197
Ra|asLhan
NonSolar 5.507 6.357 7.007
Solar 0.507 0.757 1.007
1amil Nadu
NonSolar 8.957
Solar 0.057
1ripura
Solar 0.107 0.107
ULLarakhand
NonSolar ^.507 5.007
Solar 0.037 0.057
Uttar Pradesh
NonSolar ^.507 5.007
Solar 0.507 1.007
West Bengal
NonSolar 3.757 ^.707 5.607 6.507
Solar 0.257 0.307 0.^07 0.507
Source: MNRL
While RPO requlaLions are in place, Lhe absence ol sLricL
enlorcemenL has led Lo obliqaLed enLiLies noL complyinq wiLh
LarqeLs. MosL ol Lhe sLaLes are noL in Lhe posiLion Lo enlorce
Lhese requlaLions on disLribuLion licensees and capLive
qeneraLors. 1he saleabiliLy ol RLCs is also an issue. RPO
quidelines specily LhaL il an obliqaLed enLiLy lails Lo comply wiLh
LarqeLs, iL has Lo purchase RLCs as penalLy aL a lorbearance
price decided by CLRC. AlLhouqh Lhe RPO requlaLion clearly
speciles LhaL sLaLe aqencies will need Lo submiL a quarLerly
sLaLus reporL ol Lheir RPO compliance, none ol Lhe sLaLe
aqencies are adherinq Lo Lhis requiremenL. SLaLes LhaL
ouLperlormed Lheir 2012 LarqeLs are Meqhalaya, Naqaland,
ULLarakhand, Himachal Pradesh and Lhe souLhern coasLal
sLaLes ol 1amil Nadu and KarnaLaka. While Meqhalaya seL an
RPO LarqeL ol 0.757 and achieved ^.107, 1amil Nadu achieved
19.1^7 aqainsL 97. On Lhe oLher hand, Delhi, MaharashLra,
Pun|ab, Andhra Pradesh and Madhya Pradesh are amonq Lhe
sLaLes LhaL missed Lheir LarqeLs. ln a recenL order in AuqusL,
MaharashLra LlecLriciLy RequlaLory Commission (MLRC), Lhe
power requlaLor in MaharashLra, has direcLed all disLribuLion
companies Lo lulll Lheir RPO LarqeLs lor boLh solar and non
solar lor lour years, i.e., lnancial year 201011, 201112,
201213 and 20131^, cumulaLively, belore 31 March 201^.
Noncompliance will resulL in sLricL penalLies. 1he decision is
expecLed Lo qive some push Lo Lhe sLruqqlinq RLC markeL in
the country.
REC mechanism
RLCs are Lradable markeLbased insLrumenLs Lo enhance
compliance Lo RPO and Lo caLalyze Lhe developmenL ol
renewable enerqy in lndia. RLCs represenL an aqqreqaLion ol
certain environmental attributes of electricity generated from
renewable enerqy sources, embodied in Lhe lorm ol cerLilcaLes,
which can be Lraded separaLely lrom elecLriciLy.
Renewable energy sources
or
Electricity
Sold at preferential tariff Sold at non-preferential tariff
RECs
Trade/transact
One RLC corresponds Lo 1 MWh ol elecLriciLy qeneraLed lrom
eliqible renewable enerqy sources. 1here are Lwo caLeqories ol
RLCs: solar and nonsolar. A "loor" and "lorbearance" price
has been noLiled by Lhe CLRC. 1he prices, ellecLive lrom 2012
and valid unLil 201617, are sLaLed in Lhe Lable below.
Type of REC Floor price (INR/
MWh)
Forbearance price
(INR/MWh)
Solar 9,300 13,^00
Nonsolar 1,500 3,300
Price cf RECs nctihed by CERC
Source: REC Registry of India
RLCs' demand and supply have LradiLionally been skewed. Due
Lo oversupply, Lhe prices ol RLCs have hiL Lhe loor price lor Lhe
pasL 12 monLhs.
Non-solar RECs issued and redeemed, and average
clearing price (INR/MWh)*
1,500
0
100000
200000
300000
400000
500000
600000
700000
REC issued
S
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1
2
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1
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REC redeemed Average price
* Average clearing price for non-solar RECs
Source: REC registry of India, IEX, Ernst & Young analysis
ScIar RECs hit Bccr price
Solar RLCs were Lraded lor Lhe lrsL Lime in May 2012. 1his
was expecLed Lo evoke lurLher inLeresL lrom pro|ecL developers
in Lhe RLCbacked solar power model. lniLially, wiLh lewer
sellers Lhan buyers in Lhe markeL lor solar RLCs, Lradinq was
underLaken aL Lhe "lorbearance" price. However, an onqoinq
decrease in demand lor solarRLCs and a correspondinq
increase in supply have caused Lhe prices ol solar RLCs Lo hiL
Lhe loor price in June 2013. 1he supply ol RLCs conLinues Lo
ouLqrow demand, wiLh LoLal volume available lor sale increasinq
by abouL 727 in July as compared Lo a 277 increase in demand,
Lhus wideninq Lhe qap beLween Lhe number ol cerLilcaLes
available lor sale and Lhose beinq purchased.
SolarRLCs buy and sell bids and averaqe clearinq price
(lNR/RLC)
Solar-RECs buy and sell bids and average clearing
price (INR/REC)
Buy bids Sell bids Cleared priced
Source: ???
12,500
12,680
12,720
12,620
12,500
12,500
13,400
12,206
11,490 9,300
9,300
0
8,000
16,000
24,000
32,000
40,000
48,000
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Wind
Sector overview
Wind has emerqed as Lhe mosL promisinq renewable enerqy
source in lndia. As ol March 2013, Lhe counLry had an insLalled
wind capaciLy ol 19.1 CW, makinq iL Lhe world's llLhlarqesL
wind enerqy producer, alLer China, Lhe US, Cermany and Spain.
Wind capaciLy in lndia is qeneraLed enLirely lrom onshore
pro|ecLs. 1he CenLer lor Wind Lnerqy 1echnoloqy (CWL1)
has revised Lhe esLimaLed onshore wind enerqy poLenLial
ol Lhe counLry lrom ^9.1 CW (aL 50 meLer hubheiqhL) Lo
102.8 CW (aL 80 meLer hubheiqhL). However, a Lawrence
Berkeley NaLional LaboraLory sLudy esLimaLes lndia's wind
enerqy poLenLial beLween 2,000 CW and 3,000 CW. While Lhe
esLimaLed poLenLial is concenLraLed in Cu|araL, wind power
insLallaLions are led by 1amil Nadu, lollowed by Cu|araL and
MaharashLra.
Global installed capacity of wind energy (%)
Source: GWEC Annual market update 2012; as on December 2012
US, 21.2%
China, 26.6%
Germany,
11.1%
Total: 282.6 GW
Spain,
8.1%
India, 6.5%
France, 2.7%
Rest of World, 15.7%
Canada, 2.2%
UK, 3.0%
Italy, 2.9%
State-wise wind potential and installed capacity (MW) and
potential in India
State Estimated Potential
* (MW)
Installed capacity
(MW)
1amil Nadu 1^,152 7,162
Cu|araL 35,071 3,175
MaharashLra 5,961 3,022
KarnaLaka 13,593 2,135
Ra|asLhan 5,050 2,685
Madhya Pradesh 2,931 386
Andhra Pradesh 1^,^97 ^^8
Kerala 837 35
OLhers 10,696 4
All lndia 1,02,788 19,052
Source: MNRL, as ol 31 March 2013; CWL1
`AL 80 meLer heiqhL, Wind poLenLial has yeL Lo be validaLed wiLh acLual
measurements.
Re-introduction of GBI to aid growth;
acceIerated depreciaticn beneht, if
restored, will be another key driver
Wind power dominaLes Lhe counLry's renewable porLlolio,
conLribuLinq nearly 687 Lo insLalled capaciLy in Lhe renewable
space. Wind power capaciLy has qrown aL a healLhy pace over
Lhe lasL lew years Lo reach 19.1 CW aL Lhe end ol March 2013.
CovernmenL incenLives such as prelerenLial Larills and RPOs
would conLinue Lo supporL Lhis seqmenL.
1he reinLroducLion ol CBl is expecLed Lo incenLivise wind
power insLallaLion. 1he CovernmenL qave a qoahead Lo Lhe CBl
scheme lor wind power pro|ecLs in AuqusL 2013, auLhorizinq an
incenLive ol lNR0.5 per kWh ol elecLriciLy qeneraLed by pro|ecLs
registered under the scheme.
1he incenLive has been capped aL lNR10 million per MW and
can be drawn between 4 and 10 years.
1he scheme is desiqned on reLrospecLive ouLlines, also
auLhorizinq pro|ecLs commissioned lasL year Lo avail Lhe
incenLive. 1his enLiLles pro|ecLs commissioned beLween 2012
and 2017 lor Lhe subsidy. However, clarilcaLion is pendinq on
wheLher pro|ecLs commissioned in 2012 will receive arrears lor
last years generation.
1he approval ol CBl is expecLed Lo revive Lhe wind indusLry,
which has been qrapplinq wiLh issues such as policy uncerLainLy
and lack ol incenLives over Lhe pasL lew monLhs.
Accordinq Lo Wind lndependenL Power Producers' AssociaLion,
^70 MW ol pro|ecLs ready Lo be commissioned could noL
proqress due Lo a delay in Lhe siqninq ol power purchase
aqreemenLs. Based on daLa compiled by Bloomberq, absence
ol subsidies/incenLives led Lo more Lhan ^07 decline in wind
Lurbine insLallaLions, deLhroninq lndia lrom iLs posiLion ol beinq
Lhe LhirdlarqesL markeL lor wind power in FY13.
ln addiLion, lndian Wind Power AssociaLion has been lobbyinq Lo
resLore Lhe acceleraLed depreciaLion (AD) scheme lor Lhe wind
power indusLry. MNRL has moved a proposal Lo reinsLaLe AD
mechanism, which has been approved by Lhe Finance MinisLry.
A decision by Lhe cabineL is pendinq and is expecLed shorLly.
1he AD benelL, il brouqhL back, would lead Lo lurLher qrowLh
in wind Lurbine insLallaLions. Many sLaLes wiLh subsLanLial wind
enerqy resources have announced windspecilc RPO LarqeLs.
1his implies LhaL wind enerqy would likely play a crucial role in
achievinq Lhe LarqeL ol qeneraLinq 157 ol elecLriciLy produced
in Lhe counLry Lhrouqh renewable sources by 2020, as
envisaqed in Lhe NAPCC.
Growth of installed capacity of wind energy in India (GW)
Source: MNRE
CAGR
17.9%
7.1
8.8
10.2
11.8
14.2
17.4
19.1
Role of GBIs and RECs
1he CBl scheme, which was reinsLaLed in FY13 alLer havinq
lapsed aL Lhe end ol FY12, aims Lo sLeer Lhe lndian wind enerqy
secLor away lrom simply capaciLy creaLion Loward ellcienL
qeneraLion. 1he key ob|ecLives ol Lhe CBl scheme are:
Broadeninq Lhe invesLor base and creaLinq a levelplayinq
leld lor various invesLor classes
lncenLivizinq hiqher ellciencies
FaciliLaLinq Lhe enLry ol larqe independenL power producers
(lPPs) and loreiqn invesLors
1he Lradable markeLbased insLrumenL would help sLaLes
enhance compliance Lo RPOs and would encouraqe developers
Lo seL up renewable enerqy laciliLies aL Lhe mosL opLimal
locations.
From a developer's perspecLive, Lhe choice is beLween opLinq
lor prelerenLial Larills and availinq RLCs. 1he decision is likely
Lo involve Lhe inLerplay ol many lacLors includinq Larills, power
producLion cosLs, exisLinq incenLives and Laxes or duLies.
LxisLinq and new renewable enerqybased power pro|ecLs
will need to factor in these considerations into their business
analysis to arrive at a suitable model.
Offshore wind policy released
1he MinisLry ol New and Renewable Lnerqy released a dralL
naLional ollshore wind enerqy policy lor 2013 in May. lL
idenLiled ollshore wind enerqy poLenLial alonq Lhe coasLs ol
1amil Nadu, Cu|araL and MaharashLra. Preliminary esLimaLes
puL Lhe ollshore wind poLenLial oll 1amil Nadu coasL alone
aL 127 CW aL 80 m heiqhL. 1he dralL policy was wriLLen wiLh
inpuLs lrom a sLeerinq commiLLee on ollshore wind enerqy. 1he
ob|ecLives ol Lhe policy are:
PromoLe Lhe deploymenL ol ollshore wind larms in Lhe lrsL
insLance up Lo 12 nauLical miles lrom coasL
Encourage investment in energy infrastructure
PromoLe spaLial planninq and manaqemenL ol mariLime
renewable energy resources in the EEZ of the country
Achieve enerqy securiLy
Reduce carbon emissions
Encourage indigenization of the offshore wind energy
technology
PromoLe R&D in Lhe ollshore wind enerqy secLor
CreaLe skilled manpower and employmenL in a new
industry
1he policy idenLiles Lhe role ol Lhe MNRL as Lhe nodal minisLry
Lo develop ollshore wind enerqy in Lhe counLry. 1he Ollshore
Wind Lnerqy SLeerinq CommiLLee, under Lhe Chairmanship
ol SecreLary, Lhe MNRL, will oversee Lhe overall developmenL
ol ollshore wind enerqy. A NaLional Ollshore Wind Lnerqy
AuLhoriLy (NOWA) would be seL up under MNRL LhaL would
acL as Lhe nodal aqency lor ollshore wind pro|ecLs in Lhe
counLry. NOWA will carry ouL resource assessmenL and surveys
in Lhe Lxclusive Lconomic Zones (LLZ) ol Lhe counLry and,
simulLaneously, enLer inLo conLracLs wiLh pro|ecL developers Lo
iniLiaLe ollshore wind enerqy pro|ecLs in LerriLorial waLer (12
nm). NOWA will be Lhe sinqle window aqency and will coordinaLe
wiLh Lhe concerned minisLries/deparLmenLs lor Lhe necessary
clearances.
1he dralL policy also sLaLes LhaL incenLives available Lo
onshore wind s viz. Lax holidays, concessional cusLoms/excise
duLy, eLc., may also be available Lo ollshore wind pro|ecLs.
1he CovernmenL may call lor proposals Lo develop ollshore
wind enerqy demonsLraLion pro|ecL(s) in speciled block(s).
Permission would be granted on a case basis to interested
privaLe players lor underLakinq surveys and assessmenL
lor ollshore wind enerqy pro|ecLs. LxisLinq lease holders ol
seabed lor oLher purposes, such as oil and qas exploraLion
and exploiLaLion, and seabed mininq, which are inLeresLed in
insLallinq ollshore wind larm on Lheir exisLinq lease can rouLe
Lheir proposal Lhrouqh NOWA.
1he policy also noLes LhaL Lhe key challenqes in developinq
ollshore wind enerqy are around Lhe hiqh capiLal cosL as
compared Lo LhaL lor onshore wind pro|ecLs, lnalizinq Lhe
poLenLial alLer lurLher resource assessmenL, developmenL ol
Lhe necessary requlaLory lramework and capaciLy buildinq
throughout the value chain.
Growing investor interest
1he wind enerqy secLor in lndia is aLLracLinq qreaLer inLeresL
lrom invesLors. Wind enerqy aLLracLed USS3.^ billion, or
almost half of the total investment in clean energy in India in
2012. More banks and lendinq insLiLuLions are expressinq an
inLeresL in lundinq pro|ecLs due Lo Lhe qrowinq awareness ol
Lhe benelLs ol wind power and evolvinq qovernmenL prioriLies.
Only Lwo VC/PL deals, amounLinq Lo USS113.6 million, were
compleLed in 2013. Newbuild asseL lnancinq conLinues Lo
accounL lor Lhe ma|oriLy ol Lhe invesLmenL in Lhe wind enerqy
secLor. AsseL lnancinq recorded 2^ compleLed deals wiLh an
invesLmenL ol USS1.3 billion in 2013 (a decline lrom USS3.3
billion in 2012).
CBl scheme lor qrid inLeracLive wind power pro|ecLs
(lNR0.50/kWh)
Concession on imporL duLies on specilc wind Lurbine
componenLs
10year income Lax holiday lor wind power qeneraLion
pro|ecLs
AlmosL lull exempLion lrom excise duLy on cerLain wind
Lurbine componenLs
Wheelinq, bankinq and LhirdparLy sales, buyback laciliLy
by states
CuaranLeed markeL Lhrouqh a speciled renewable porLlolio
sLandard in some sLaLes, as decided by sLaLe elecLriciLy
regulators
Reduced wheelinq charqes as compared Lo Lhose lor
conventional energy
1007 FDl invesLmenL lor renewable enerqy qeneraLion
pro|ecLs
Special incenLives provided Lo promoLe exporLs lrom
India for various renewable energy technologies under
renewable secLorspecilc special economic zones (SLZs)
State Tariff (INR/kWh) Order Remarks
1amil Nadu 3.51 AuqusL 2012 1arill valid up Lo 31 July 201^
Cu|araL 4.15 July 2013 1arill valid lor nexL 25 years
MaharashLra Zone 1: 5.81
Zone 2: 5.05
Zone 3: 4.31
Zone ^: 3.88
March 2013 1arill applicable lor pro|ecLs commissioned in 2013
1^ ; valid lor 13 years lrom commercial operaLion
daLe (COD)
KarnaLaka 3.07 July 2013 1arill valid lrom 1 April 2013 Lo 31 March 201^
Ra|asLhan` Jaisalmer, Barmer, Jodhpur:
5.12/ 5.^6 OLhers: 5.38/5.73
May 2013 1arill lor wind pro|ecLs commissioned in 2013 1^
Madhya Pradesh 5.92 March 2013 1arill valid lor pro|ecLs commissioned alLer Lhe issue
ol order lor pro|ecL lile ol 25 years
Andhra Pradesh 4.70 November 2012 Applicable Lo all new pro|ecLs cominq beLween order
daLe and 31 Mar 2015, valid lor Lhe pro|ecL lile ol
25 years
Source: Relevant SERC orders and announcements
`Value il depreciaLion benelL is noL availed/ value il depreciaLion benelL is availed
Key takeaways
lndia's wind poLenLial varies qreaLly, dependinq on land
availabiliLy and hubheiqhL ol wind Lurbines.
Wind enerqy is expecLed Lo conLinue beinq Lhe mainsLay
ol renewable enerqy in lndia in Lhe shorLLo mediumLerm.
CBls and RPOs will drive qreaLer involvemenL ol lPPs.
1he secLor is likely Lo wiLness Lhe enLry ol players, which
would lollow Lhe LPC/LPCM model.
lnvesLmenL ol lNR^30 billion in Lhe Lransmission neLwork
would ease neLwork conqesLion and would enable qreaLer
integration of renewable energy into the grid.
Key challenges
Lack ol sLricL enlorcemenL ol RPOs is limiLinq demand lor
power lrom renewable enerqy sources.
Weak Lransmission inlrasLrucLure resulLs in only a lracLion
ol qeneraLed power reachinq Lhe qrid.
Delays in paymenL lend lnancial uncerLainLy Lo pro|ecLs,
which dampens invesLor inLeresL.
Solar
Sector overview
Solar enerqy is a very imporLanL resource buL is sLill larqely
underuLilized in lndia. lL currenLly accounLs lor only abouL 0.87
ol Lhe LoLal power qeneraLion capaciLy in lndia. On an averaqe,
the country has 300 sunny days a year and receives an annual
radiaLion ol 1,6002,200 kWh/m2, LranslaLinq inLo an annual
esLimaLed poLenLial ol 6 billion CWh. 1o Lap Lhis vasL poLenLial
ol solar enerqy, Lhe MNRL has launched an iniLiaLive, Solar
RadiaLion Resource AssessmenL (SRRA), which aims Lo develop
a solar aLlas by assessinq and quanLilyinq Lhe availabiliLy ol
solar radiation across the country.
Moreover, in 2009, Lhe Col had launched Lhe Jawaharlal Nehru
NaLional Solar Mission (JNNSM), one ol Lhe eiqhL key missions
ol Lhe NAPCC, Lo insLall 20 CW ol solar power by 2022. 1he
CovernmenL has also seL up Solar Lnerqy CorporaLion ol
lndia (SLCl) Lo assisL Lhe MNRL in achievinq Lhe ob|ecLives ol
JNNSM Lhrouqh adopLinq appropriaLe mechanisms, developinq
proqrams and pro|ecLs, manaqinq special pro|ecLs, and
overseeinq and coordinaLinq wiLh all ol Lhe relevanL sLakeholder
aqencies. 1he SLCl has recenLly concluded Lhe allocaLion ol
roolLop solar PV pro|ecLs in Bhubaneshwar/CuLLack, Curqaon,
Hyderabad, Jaipur, Noida and Raipur. 1he company also plans
Lo call lor inLernaLional compeLiLive biddinq lor lour piloL solar
Lhermal power pro|ecLs (Lo be launched in Cu|araL, Ra|asLhan,
1amil Nadu and Andhra Pradesh). ln anoLher iniLiaLive, 1he
lndoCerman Lnerqy (lCLN) Forum has launched Lhe Solar
Cuideline Pro|ecL Lo assisL lndian companies by providinq
quidelines lor solar pro|ecL implemenLaLion.
Solar power capaciLy has wiLnessed rapid qrowLh over Lhe lasL
lew years Lo reach 1,686 MW (as ol March 2013).
State-wise split of solar power projects (MW)
Source: MNRE, as of 31 March 2013
Gujarat, 858
Rajasthan, 553
Maharashtra,
100
Andhra Pradesh,
23
Madhya Pradesh,
37
Others, 115
Cu|araL and Ra|asLhan lead in Lerms ol capaciLy commissioned,
accounLinq lor more Lhan lourllLhs ol Lhe LoLal insLalled solar
power capaciLy in Lhe counLry.
JNNSM: catalyst for solar sector
growth
JNNSM is one ol Lhe mosL siqnilcanL drivers ol Lhe
developmenL ol Lhe solar enerqy secLor in lndia. 1he mission,
in iLs Lhree phases, aims Lo achieve qrid cosL pariLy lor solar
enerqy and Lo insLall 20 CW ol qridconnecLed solar power by
2022.
JNNSM capacity addition target
Phase I Phase II Phase III
ULiliLy qrid power,
includinq rool Lop (MW)
1,100 ^000
10,000
20,000
Ollqrid insLallaLions
(MW)
200 1,000 2,000
Solar collecLorss (million
square meLers)
7 15 20
Source: MNRL
JNNSM an update
Since iLs launch in 2009, JNNSM has been drivinq solar
insLallaLions in Lhe counLry. A combined capaciLy ol ^^0 MW ol
qridconnecLed solar PV pro|ecLs has been commissioned under
baLch l (130 MW) and baLch ll (310 MW). ln addiLion, 89 MW ol
solar roolLop and 50.5 MW ol pro|ecLs under miqraLion scheme
have been commissioned durinq phase l.
Phase I JNNSM allocations and commissioned capacity
Solar PV projects under batch II, phase I (as of 31 July 2013)
Capacity allocated as per
PPA (MW)
Capacity actually
commissioned (MW)
Crid solar PV pro|ecLs under phase l, baLch l 140.00 130.00
Solar PV pro|ecLs under phase l, baLch ll 340.00 310.00
RoolLop PV and Small Solar Power CeneraLion Proqramme (RPSSCP) 98.05 88.80
Crid solar PV pro|ecLs under miqraLion scheme 54.00 ^8.00
Crid solar Lhermal pro|ecLs under miqraLion scheme 30.00 2.50
Total 662.05 579.3
Source: MNRL
1he phase l, baLch l ol Lhe proqram reqisLered parLicipaLion lrom 333 pro|ecL developers. 1he hiqhly compeLiLive biddinq, wiLh
proposed pro|ecLs addinq up Lo 1,815 MW aqainsL Lhe qovernmenL ollerinq ol 150 MW, saw winninq quoLes ol as low as lNR10.95/
kWh Lo lNR12.76/kWh lor PV pro|ecLs. 1he averaqe Larill was lNR11.^8/kWh, siqnilcanLly lower Lhan Lhe benchmark price ol
lNR17.91.
1he baLch ll ol phase l saw more Lhan 907 ol Lhe solar PV pro|ecLs commissioned in Lhe sLaLe ol Ra|asLhan. ProminenL indusLry
players LhaL commissioned pro|ecLs include Welspun Solar AP PvL LLd., Azure Solar PvL. LLd. and Mahindra Suryaparakash PvL. LLd.
1he biddinq lor baLch ll aqain wiLnessed a sharp decline, wiLh quoLes ranqinq lrom lNR7.^9/kWh Lo lNR9.^^/kWh. 1he averaqe
quoLed Larill declined lurLher by nearly 257 Lo lNR8.77/kWh, as Lhe solar indusLry sLarLed showinq siqns ol maLuriLy.
Name of projects State Capacity allocated as
per PPA (MW)
Capacity commissioned
(MW)
Date of commissioning
Welspun Solar AP PvL LLd. Ra|asLhan 15 15 22.01.2013
Mahindra Suryaparakash PvL. LLd Ra|asLhan 20 20 20.02.2013
Mahindra Suryaparakash PvL. LLd Ra|asLhan 10 10 20.02.2013
Solarleld Lnerqy 1wo PvL. LLd. Ra|asLhan 20 20 20.02.2013
Azure Solar PvL. LLd. Ra|asLhan 15 15 12.02.2013
Azure Solar PvL. LLd. Ra|asLhan 20 20 13.02.2013
FonrocheSaaras Lnerqy PvL. LLd. Ra|asLhan 15 15 21.01.2013
FonrocheSaaras Lnerqy PvL. LLd. Ra|asLhan 5 5 23.12.2012
Creen lnlra Solar Pro|ecLs LLd. Ra|asLhan 20 20 30.01.2013
Creen lnlra Solar Farms Pro|ecLs LLd. Ra|asLhan 5 5 24.12.2012
Cail (lndia) LLd. Ra|asLhan 5 5 18.02.2013
Sh. Saibaba Creen Power PvL. LLd MaharashLra 5 5 22.02.2013
SLl Solar Power PvL. LLd. Ra|asLhan 20 20 11.02.2013
PokaranSolaire Lnerqy PvL. LLd Ra|asLhan 5 5 24.02.2013
SaiMaLhili Power Co. PvL. LLd. Ra|asLhan 10 10 26.02.2013
NVR lnlra. and Services PvL. LLd. Ra|asLhan 10 10 25.02.2013
Phase II proposed schedule for allocations under Batch 1
Name of projects State Capacity allocated as
per PPA (MW)
Capacity commissioned
(MW)
Date of commissioning
LLPL Pro|ecLs LLd. Ra|asLhan 10 10 26.03.2013
Sunborne Lnerqy Ra|. Solar PvL LLd Ra|asLhan 5 5 26.03.2013
Symphony Vyapar PvL. LLd. Ra|asLhan 10 10 27.04.2013
Lexicon Vani|iya PvL. LLd. Ra|asLhan 10 10 01.05.2013
Jackson Power PvL. LLd. Ra|asLhan 10 10 26.04.2013
Jackson Power PvL. LLd. Ra|asLhan 10 10 26.04.2013
Saisudhir Lnerqy LLd. Andhra Pradesh 20 20 26.04.2013
Lssel MP Lnerqy LLd. MaharashLra 20
Lnleld lnlra. LLd. Ra|asLhan 10
Phase II progress update
Phase ll ol Lhe JNNSM has been iniLiaLed wiLh Lhe MNRL
publishinq dralL quidelines in December 2012. 1he dralL policy
ouLlines plans Lo allocaLe 800 MW ol solar power pro|ecLs
Lhrouqh a bundlinq ol power mechanism (as in Phase l) and 750
MW Lhrouqh a viabiliLy qap lundinq (VCF) mechanism. However,
due Lo Lhe limiLed availabiliLy ol unallocaLed power, Lhe MinisLry
ol Power (MoP) is noL willinq Lo make an allocaLion based on
Larill biddinq. As a resulL, Lhe MNRL has decided Lo allocaLe
only 750 MW ol solar power pro|ecLs Lhrouqh VCF. 1arill Lo be
paid Lo Lhe developer has been lxed aL lNR5.^5/kWh, which
will be reduced Lo lNR^.95/kWh lor pro|ecLs availinq benelLs ol
acceleraLed depreciaLion.
Event Date
Approval ol proposal aL NCLF Zero date
NoLice lor RequesL lor SelecLion
(RlS)
Zero date + 15 days
Submission ol applicaLions Zero date + 45 days
ShorLlisLinq ol pro|ecLs and
evaluation of bids.
Zero date + 90 days
lssue ol leLLer ol inLenL and PPA
signing
Zero date + 120 days
Financinq ArranqemenL Six monLhs lrom Lhe daLe ol
siqninq Lhe PPA
Commissioninq ol Pro|ecLs 13 months from the date of
siqninq Lhe PPA
Source: MNRL
Incentives offered under JNNSM
1he oLher incenLives ollered by Lhe qovernmenL lor Lhe
developmenL ol Lhe solar enerqy secLor under JNNSM include:
LxempLion lrom excise duLies and concessions on imporL
duLies on componenLs and equipmenL required Lo seL up
solar planLs
10year Lax holiday lor solar power pro|ecLs
Wheelinq, bankinq and LhirdparLy sales, buyback laciliLy
by states
CuaranLeed markeL Lhrouqh solar power purchase
obligation for states
CBl scheme lor small solar pro|ecLs connecLed Lo qrid
below 33 kV
Reduced wheelinq charqes as compared Lo Lhose lor
conventional energy
1007 FDl invesLmenL in renewable enerqy qeneraLion
pro|ecLs
Special incenLives provided Lo promoLe exporLs lrom
India for various renewable energy technologies under
renewable secLorspecilc SLZ)
PaymenL SecuriLy Mechanism (PSM) Lo cover Lhe risk ol
delaulLs by sLaLe uLiliLies/discoms
Subsidy ol 307 ol Lhe pro|ecL cosL lor ollqrid PV and solar
Lhermal pro|ecLs
Loans aL concessional raLes lor ollqrid applicaLions
Policy roadmap
Source: MNRE, IREDA
Guidelines issued for
the following:
Off-grid PV and
decentralized solar
applications
Rooftop & Small Solar
Power Generation
Programme (RPSSGP)
Jun
2008
Nov
2009
Jun
2010
Jul
2010
Aug
2010
Feb
2010
Oct
2010
Nov
2010
Dec
2010
Sept
2010
Jul
2011
Nov
2011
Dec
2011
May
2012
Apr
2013
Aug
2013
Launch of National
Action Plan on Climate
Change (NAPCC)
suggesting setting up
of JNNSM.
35 projects with aggregate
capacity of 610 MW achieve
lnancial closure, under Lhe
JNNSM Phase-I.
Allocation of 350 MW of
solar PV projects under
Batch-II of the JNNSM
Phase-I
29 projects (~20 MW)
sanctioned under the
off-grid PV scheme
96 projects shortlisted
to set up solar PV
projects for RPSSGP-
80 projects (98 MW)
sanctioned
Government approved
JNNSM - aims to promote
the development and use
of solar energy for
power generation
Guidelines for
migration of
projects under
development
to JNNSM
Guidelines for
new grid
connected
solar power
projects and
loaLed
notice for RFS
418
applications
received
Submission
of bids
Solar
project
allocations
(620 MW)
LoI issued
In-principle
approval
and sanction
of INR172.3
million
awarded to
37 solar
cities.
Solar Energy
Industry
Advisory
Council
(SEIAC)
constituted by
the MNRE to
help attract
investments,
encourage
R&D,
reduce costs
and
make the
Indian
solar industry
competitive.
First solar
REC traded.
Guidelines
for 750 MW
under VGF
(JNNSM
Phase 2,
Batch 1)
Allocation
of roof top
PV projects
in selected
cities/states
(Phase-II)
IREDA
scheme for
Solar Off-Grid
Relnance
16 projects
(84 MW)
migrated to
NSM
The opportunity landscape
Off grid Diesel offset Manufacture of solar
equipment
Grid power
Solar PV appears to the immediate opportunity to achieve critical size
DDG issues include size
and revenue collection
DLS/SWH/Torches have
critical dependence on a
distribution channel
Need to develop customized
solutions as per end use
Higher gestation to
achieve size and scale
Spread market /smaller
project size
Evolving technology
Propriety technology like
solar thermal
Economies of scale to
compete with establishes
western/Chinese/south-east
asian companies
Immediate opportunity to
achieve size and scale
Shorter gestation ~2 yrs
for SPV
Solar thermal has limited
operating history /
equipment issues
State policies complement JNNSM
ln lndia, Lhe CenLral and SLaLe CovernmenLs alike are Lakinq iniLiaLives Lo promoLe Lhe renewable enerqy secLor. 1hese iniLiaLives
include seqmenLspecilc and invesLorlriendly policies Lo aLLracL invesLmenL; lnancinq R&D and piloL pro|ecLs based on new
Lechnoloqies and providinq lnancinq Lo renewable Lechnoloqies Lo increase access Lo enerqy. Below is an indicaLive lisL ol key
iniLiaLives Laken by some sLaLes:
State Measures/initiatives
Andhra Pradesh 1he New and Renewable Lnerqy DevelopmenL CorporaLion ol Andhra Pradesh (NRLDCAP) plans Lo encouraqe Lhe
insLallaLion ol solar panels by ollerinq a 207 subsidy, in addiLion Lo Lhe 307 subsidy beinq ollered by Lhe Union
CovernmenL.
Kerala 1he Kerala SLaLe LlecLriciLy Board plans Lo creaLe solar enerqy capaciLy ol 350 MW in ^ years.
Pun|ab 1he Pun|ab Lnerqy DevelopmenL Aqency (PLDA) has lnalized Lhe allocaLion ol 250 MW solar PV power pro|ecLs
in Lhe sLaLe Lo 26 privaLe players Lhrouqh reverse Larillbased biddinq. 1arills ranqe lrom lNR7.20 Lo lNR8.71 lor
smaller caLeqory ol 1 MW Lo ^ MW capaciLy pro|ecLs and lNR7.56 Lo lNR8.7^ lor hiqher pro|ecLs ol capaciLy ol up
Lo 5.3 MW.
Uttar Pradesh 1he CovernmenL ol ULLar Pradesh has selecLed seven solar enerqy pro|ecLs, wiLh a combined capaciLy ol 130 MW,
as per Lhe sinqle quoLed Larill received on Lhe basis ol compeLiLive Larillbased biddinq.
1amil Nadu 1he CovernmenL ol 1amil Nadu has allocaLed lNR12.6 billion Lo Lhe Chiel MinisLer's solarpowered qreenhouse
scheme lor Lhe consLrucLion ol 60,000 houses in 20131^.
Sources: Press releases via FacLiva
New state policies expected to
increase demand
ln addiLion Lo Lhe 750 MW ol capaciLy allocaLion due under
phase ll ol Lhe JNNSM, several sLaLes have recenLly eiLher
allocaLed or announced policies lor Lhe allocaLion ol solar
pro|ecLs. ln 1amil Nadu, Lhe 1ANCLDCO has received proposals
lor a cumulaLive capaciLy ol 690 MW alLer Lhe submission
deadline was revised. Andhra Pradesh is also lookinq Lo allocaLe
350 MW under revised Larills. Meanwhile, Pun|ab and Ra|asLhan
have recenLly allocaLed 250 MW and 75 MW ol solar pro|ecLs,
respecLively. AparL lrom Lhis, Lhe allocaLion process in ULLar
Pradesh has aLLracLed bids lor 1^0 MW. KarnaLaka is also in Lhe
process ol allocaLinq 130 MW.
Combined, Lhese new allocaLions are expecLed Lo accounL lor
around 2.39 CW ol demand in Lhe second hall ol 2013, and
an evenLlul year lor capaciLy addiLions in 201^. 1akinq inLo
accounL Lhe benchmark capiLal cosL ol lNR80 million per MW
determined by the Central Electricity Regulatory Commission
(CLRC), Lhis pipeline ol pro|ecLs would mean invesLmenLs Lo Lhe
Lune ol lNR190.8 billion.
Regulatory uncertainty, however,
ccuId hurt investcr ccnhdence
1he Cu|araL Ur|a Vikas Niqam LimiLed (CUVNL) ollLaker
lor solar capaciLy in Lhe sLaLe wiLh Lhe maximum number ol
insLallaLions had submiLLed a peLiLion Lo Lhe Cu|araL LlecLriciLy
RequlaLory Commission (CLRC) Lo inLervene and laciliLaLe
Lhe reneqoLiaLion ol Larills lor already insLalled pro|ecLs. 1he
CLRC sLuck down Lhe proposal lor revisinq Lhe Larills buL iL did
have an impacL on invesLor conldence . SeparaLely, capaciLy
allocaLion proposals in 1amil Nadu and Andhra Pradesh have
also been alLered durinq Lhe course ol biddinq. Andhra Pradesh
announced a sudden policy shilL, alLer Lhe compleLion ol iLs
biddinq process, under which Lhe earlier lollowed lowesL bid
(L1) process was replaced by a lxed Larill. Larlier in Lhe year,
Lhe 1ANCLDCO also revised Larills and exLended Lhe deadline
lor inLeresL submission, overridinq Lhe workinq biddinq process.
ln anoLher recenL developmenL, Lhe 1amil Nadu LlecLriciLy
RequlaLory Commission (1NLRC) has published a consulLaLive
paper recommendinq an exLremely low Larill ol lNR 5.78/
kWh (wiLhouL escalaLion) lor all solar PV pro|ecLs. Such
developmenLs are discouraqinq lor invesLors, especially lor
pro|ecL developers and suppliers who had already invesLed in
Lhe sLaLe based on Lhe earlier proposed process.
DifhcuIt times fcr dcmestic
manufacturing
1he MNRL aims Lo boosL lndia's manulacLurinq capabiliLy
by enlorcinq a domesLic conLenL requiremenL (DCR) on
pro|ecLs beinq seL up under Lhe JNNSM. 1he mission LarqeLs
a manulacLurinq capaciLy ol ^ CW5 CW by 2020, includinq
capaciLies lor polysilicon (which is currenLly imporLed).
However, Lhe domesLic module manulacLurinq indusLry is
currenLly plaqued by underuLilizaLion, sLruqqlinq Lo sLay
compeLiLive wiLh cheap loreiqn imporLs. Moreover, Lhere are
some concerns wiLh reqard Lo Lhe pendinq W1O decision on a
complainL lled by Lhe US aqainsL lndia's DCR requlaLions. An
inLerim order lrom Lhe anLidumpinq invesLiqaLion is expecLed
soon. A decision in Lhe lavor ol Lhe US as in Lhe case aqainsL
Canada's qreen enerqy plan in Lhe OnLario province could
come as anoLher seLback Lo lndian manulacLurers.
1he phase ll ol Lhe JNNSM, neverLheless, is beinq planned wiLh
some deqree ol DCR enlorcemenL. Moreover, in Lhis phase, Lhe
DCR requlaLion is also expecLed Lo be exLended Lo cover cells
and Lhinllm modules, Lhereby benelLLinq Lhe manulacLurinq
secLions ol Lhe indusLry. As per policy quidelines, Lhe baLch l ol
phase ll will see separaLe biddinq lor pro|ecLs wiLh and wiLhouL
DCR, Lhouqh Lhe lnal decision on iLs implemenLaLion and scope
is still awaited.
Manufacturers, developers differ on
anti-dumping duties
1he domesLic manulacLurinq indusLry has been unable Lo
keep pace wiLh Lhe downward Lrend ol inLernaLional solar
prices, mainly due Lo Lhe lack ol scale LhaL loreiqn players have
manaqed Lo achieve. 1his has led Lo domesLic manulacLurers
llinq an anLidumpinq peLiLion wiLh Lhe DirecLoraLe Ceneral
ol AnLiDumpinq DuLies (DCAD) lor Lhe imposiLion ol duLy on
Chinese, American, Malaysian and 1aiwanese suppliers, arquinq
that goods from these countries are being sold below cost.
Pro|ecL developers, on Lhe oLher hand, do noL consider anLi
dumpinq duLies Lo be benelcial lor Lhe overall developmenL ol
Lhe solar markeL in lndia. 1hey are ol Lhe view LhaL proLecLionisL
measures such as Lhese would allecL Lhe cosL compeLiLiveness
ol solar power in Lhe counLry, Lhereby hamperinq proqress
Loward Lhe larqer ob|ecLive ol qrid pariLy.
Falling rupee adds to industry woes
Since January 2013, Lhe lndian rupee has losL over 197 ol iLs
value aqainsL Lhe US dollar. A lallinq rupee is havinq a neqaLive
impacL on Lhe lndian solar markeL. Since mosL ol Lhe equipmenL
such as panels and inverLers required lor buildinq a solar planL
is eiLher imporLed or charqed in US dollars, a depreciaLinq
rupee is resulLinq in increased cosL ol pro|ecL developmenL. For
domesLic players, a weak rupee is also makinq boLh exisLinq
unhedqed loreiqn debL and luLure currency hedqinq expensive
in rupee Lerms.
Key takeaways
While Lhe JNNSM remains a viLal caLalysL, new
sLaLe level solar policies provide a new push lor Lhe
industry.
RecenL sLaLe level allocaLions, LoqeLher wiLh phase
ll ol Lhe JNNSM, ensure a healLhy pipeline ol solar
pro|ecLs in Lhe counLry.
Key challenges
Solar indusLry manulacLurers and developers
are divided over anLidumpinq duLies.
A weak rupee is expecLed Lo puL pressure on pro|ecL
lnancinq in Lhe shorL Lerm.
UncerLainLy wiLh respecL Lo some sLaLe qovernmenL
policies does noL auqur well lor invesLor conldence.
Biomass
Sector overview
Biomass is an imporLanL enerqy source LhaL conLribuLes more
Lhan 1^7 ol qlobal enerqy supply. ln lndia, biomass provides
luel lor abouL 327 ol Lhe LoLal primary enerqy consumed and
caLers Lo almosL 707 ol Lhe counLry's populaLion.
Biomass availability in India is estimated at about 500 million
Lons per year, ol which 120150 million Lons is available lor
power qeneraLion. 1he MNRL has esLimaLed LhaL abouL 18 CW
ol power can be qeneraLed lrom aqrobased residues, includinq
aqriculLural and loresLry residues. ln addiLion, Lhere is poLenLial
Lo qeneraLe abouL 5 CW power by raisinq dedicaLed planLaLions
on 2 million hecLares ol loresL and nonloresL deqraded land.
1oLal qridinLeracLive insLalled biomass capaciLy in lndia
Louched 3,601 MW (as ol March 2013), led by ULLar Pradesh,
MaharashLra, 1amil Nadu and KarnaLaka. 1his includes 1,265
MW ol cumulaLive biomass power qeneraLion capaciLy and
2,337 MW ol cumulaLive baqasse coqeneraLion capaciLy.
Cu|araL, Pun|ab, MaharashLra and UP led Lhe insLallaLion ol
biomass power pro|ecLs, wiLh a LoLal ol 11 pro|ecLs beinq
commissioned in 201213. Pun|ab commissioned Lwo biomass
power pro|ecLs based on coLLon sLalks and |ulilora.
Baqassebased coqeneraLion in suqar mills has conLribuLed
close Lo 657 Lo biomass power qeneraLion in lndia. Based
on Lhe currenL capaciLy ol suqar mills, Lhe MNRL esLimaLes
LhaL 5,000 MW ol surplus power can be qeneraLed lrom Lhe
counLry's suqar mills in opLimal operaLinq condiLions.
State-wise grid-interactive biomass power installed capacity
and potential in India
(MW)
Installed capacity
(MW)
Uttar Pradesh 2,867 776.50
MaharashLra 3,137 756.90
1amil Nadu 1,520 538.70
KarnaLaka 1,581 ^91.38
Andhra Pradesh 878 380.75
ChhaLLisqarh` 236 249.90
Pun|ab 3,^72 124.50
Ra|asLhan 1,039 91.30
Haryana 1,683 45.30
Bihar 919 43.30
Cu|araL 1,571 30.50
West Bengal 396 26.00
Odisha 246 20.00
Madhya Pradesh 1,36^ 16.00
ULLarakhand 24 10.00
OLhers 1,606 NA
All lndia 22,539 3,601
Source: MNRL, as ol 31 March 2013; ` PoLenLial daLa as per MNRL, however, in
a presenLaLion lor ChhaLLisqarh Lnerqy SummiL (2012), biomass poLenLial was
sLaLed as 330 MW
Growth of biomass-based power generation installed
capacity in India (MW)
Source: MNRE
1,112
1,324
1,751
2,199
2,665
3,135
3,601
CAGR
21.6%
Policy focus and impetus for biofuels
and biomass-based power
1he NaLional Policy on Bioluels was approved in December
2009, which encouraqes Lhe use ol alLernaLive luels Lo
supplemenL convenLional LransporL luels (qasoline and diesel
lor vehicles) and LarqeLs 207 ol bioluel blendinq (biodiesel and
bioeLhanol) by 2020. 1he CovernmenL has mandaLed a 57
eLhanol blendinq raLe lor domesLic oil markeLinq companies.
AlLhouqh Lhis blendinq raLe has been mandaLed since 2002, iLs
success has been limiLed, wiLh blendinq esLimaLed aL 2737 aL
Lhe naLional level due Lo supply consLrainLs.
As parL ol Lhe 1wellLh FYP, Lhe MNRL plans Lo iniLiaLe NaLional
Bioenerqy Mission, in associaLion wiLh sLaLe qovernmenLs,
public and privaLe secLors, and oLher key sLakeholders, Lo
promoLe Lhe ecoloqically susLainable developmenL ol bioenerqy.
ln addiLion, Lhe MNRL is implemenLinq a CenLrally Sponsored
Scheme, NaLional Bioqas and Manure ManaqemenL Proqramme
(NBMMP), lor Lhe insLallaLion ol householdsize bioqas planLs
lor meeLinq cookinq luel requiremenLs in rural areas. 1he
proqram provides cenLral lnancial assisLance lor seLLinq up
bioqas planLs, in addiLion Lo providinq supporL lor Lraininq, Lurn
key |ob lee, and communicaLion and publiciLy.
!ncentives and benehts
Fiscal incentives for biomass power projects
Capital subsidies for biomass/bagasse cogeneration projects
Capital subsidies for bagasse cogeneration projects by
cooperative/public sector sugar mills
Area/program !ncentives/Benehts
AcceleraLed
depreciaLion
Claim ol 807 depreciaLion in Lhe lrsL year
lor cerLain specilc equipmenL required lor
coqeneraLion sysLems such as Lurbines
and vapor absorpLion relriqeraLion
systems
lncome Lax holidays lncome Lax holidays lor biomass pro|ecLs
for 10 years
CusLoms and excise
duties
Concessional cusLoms and excise duLy
exempLion lor machinery and componenLs
durinq Lhe seLLinq up ol biomass pro|ecLs
Sales Lax exempLions Sales Lax exempLion in cerLain sLaLes
Loans Financial aid lrom 1he lndian Renewable
Lnerqy DevelopmenL Aqency (lRLDA) lor
seLLinq up biomass power and baqasse
coqeneraLion pro|ecLs
Source: MNRL
Project type Special category
states (North eastern
region, Sikkim,
Jammu & Kashmir,
Himachal Pradesh and
Uttarakhand)
Other states
Biomass power
pro|ecLs
lNR2.5 million X
(capaciLy in MW)^
0.646
lNR2 million X
(capaciLy in MW)^
0.646
Bagasse
cogeneration by
privaLe suqar mills
lNR1.8 million X
(capaciLy in MW)^
0.646
lNR1.5 million X
(capaciLy in MW) ^
0.646
Source: MNRL
` Power led Lo Lhe qrid durinq season by a suqar mill. Maximum supporL lNR 80
million per pro|ecL. Subsidies lor new suqar mills Lo be hall ol Lhe level menLioned
above.
Source: MNRL
Project capacity Subsidy (per MW*)
40 bar and above lNR^ million
60 bar and above lNR5 million
80 bar and above lNR6 million
Next-generation biofuels to address
energy security and environmental
concerns
SecondqeneraLion bioluels derived lrom nonlood sources
such as |aLropha, karan|a and microalqae are suiLable opLions
for addressing energy security and environmental concerns.
AbouL 63 million hecLares is caLeqorized as wasLe land in
lndia, ol which abouL ^0 million hecLares can be developed by
underLakinq planLaLions ol |aLropha. Several incenLive schemes
are being announced to induce villagers to rehabilitate waste
land Lhrouqh Lhe culLivaLion ol |aLropha. 1he new bioluels policy
is expecLed Lo incenLivize Lhe planLaLion ol nonedible oilseeds,
such as |aLropha and karan|ia, over abouL 11.2 million hecLares
ol land, which is 30 Limes Lhe presenL culLivaLion. 1his would
resulL in Lhe addiLion ol 13.38 million Lons ol bioluel.
Recent development
ln June 2013, Haryana commissioned iLs lrsL biomass pro|ecL in Lhe KhurawaLa villaqe ol Lhe Mahenderqarh disLricL.
SeL up over 15 acres aL a cosL ol lNR6^0 million, Lhe 9.9 MWpro|ecL would qeneraLe power usinq larm residue and
comes up under Lhe sLaLe's Renewable Lnerqy Power Policy.
Senior scienLisL Dr. S. VenkaLa Mohan and his qroup aL llC1, Hyderabad, have adopLed a biorelnery approach and
produced luLurisLic qreen luels, biohydroqen and bioelecLriciLy. 1he Leam developed a novel meLhod Lo produce
bioenerqy and valueadded producLs Lhrouqh wasLewaLer LreaLmenL.
A Lechnoloqy, Lermed Pyrolormer conLainer, has been developed by scienLisLs aL Lhe Luropean Bioenerqy Research
lnsLiLuLe (LBRl) ol AsLon UniversiLy, Lhe UK, under collaboraLion wiLh Lhe lndian lnsLiLuLe ol 1echnoloqy (ll1), Ropar.
1he Lechnoloqy aims Lo eradicaLe openleld burninq in rural lndia. As parL ol Lhe pro|ecL, Pyrolormer will be used Lo
heat agricultural waste left after harvests in controlled conditions.
Key takeaways
A combinaLion ol lnancial impeLus and lavorable
policy locus has provided impeLus lor biomass
power developmenL. 1here is scope lor lurLher
incenLivizinq biomasspower developmenL,
parLicularly Lhrouqh aqriwasLe.
CrowLh in Lhe secLor is likely Lo be driven by capLive
biomass and CHP applicaLion.
Key challenges
Inconsistent availability of biomass with a
reasonable cosL sLrucLure acLs as an impedimenL lor
Lhe compeLiLive use ol biomass lor enerqy.
DillculLy in manaqinq ol leedsLock chain due Lo
Lhe unorqanized naLure ol Lhe markeL poses as a
concern.
Small hydro
Sector overview
ln lndia, hydropower pro|ecLs ol up Lo 25 MW capaciLy are
classiled as smallhydro power (SHP) pro|ecLs. 1he CovernmenL
has creaLed a daLabase ol poLenLial siLes lor SHP pro|ecLs,
idenLilyinq 6,^7^ such siLes wiLh an aqqreqaLe capaciLy ol
19,7^9 MW. Small hydro has Lhe poLenLial Lo meeL power
requiremenLs ol remoLe and hilly areas, where Lhe Lransmission
of an electrical transmission grid system is uneconomical.
Nearly 507 ol Lhe poLenLial lies in Lhe sLaLes ol Himachal
Pradesh, ULLarakhand, Jammu & Kashmir and Arunachal
Pradesh. 1he sLaLes ol MaharashLra, ChhaLLisqarh, KarnaLaka
and Kerala also have sizeable poLenLial.
1he CovernmenL has aLLracLed Lhe privaLe secLor Lo parLicipaLe
in small hydro pro|ecLs by locusinq aLLenLion on sLaLes
wiLh hiqher poLenLial, inLeracLinq more closely wiLh Lhem,
moniLorinq all pro|ecLs and reviewinq Lhe policy environmenL. ln
line wiLh Lhe CovernmenL's ellorLs, 2^ sLaLes have called upon
privaLe players Lo seL up SHP pro|ecLs and have announced buy
back raLe lor Lhe purchase ol power lrom renewable enerqy
pro|ecLs. ln cumulaLive Lerms, 967 small hydropower pro|ecLs,
aqqreqaLinq Lo 3,632 MW (as ol 31 March 2013), have been
seL up in various parLs ol Lhe counLry. Ol Lhese, 329 privaLe
secLor SHP pro|ecLs wiLh an aqqreqaLe capaciLy ol 1,7^8 MW
have been seL up. ln addiLion, 327 pro|ecLs ol abouL 1250
MW are in various sLaqes ol implemenLaLion. lL can be salely
concluded LhaL Lhe SHP proqram in lndia is driven essenLially by
privaLe invesLmenL.
SHP installed capacity and potential in India
(MW)
Installed capacity
(MW)
KarnaLaka ^,1^1 964
Himachal Pradesh 2,298 588
MaharashLra 794 300
Andhra Pradesh 978 219
ULLarakhand 1,708 175
Kerala 704 158
Pun|ab 441 155
Jammu & Kashmir 1,^31 131
OLhers 7,255 943
All lndia 19,7^9 3,632
Source: MNRL, as ol 31 March 2013
Growth of biomass-based power generation installed
capacity in India (MW)
Source: MNRE
CAGR
11.35%
1,905
2,045
2,429
2,735
3,043
3252
3,632
ScIuticn fcr the eIectrihcaticn cf
remote areas
SHP pro|ecLs are Lypically noL laced wiLh challenqes such as
deforestation and resettlement associated with large hydel
pro|ecLs. More imporLanLly, SHP pro|ecLs have Lhe poLenLial Lo
meeL Lhe power requiremenLs ol remoLe and isolaLed areas wiLh
very low load densities.
1he MNRL is implemenLinq Lhe pro|ecL, Ladakh Renewable
Lnerqy lniLiaLive, Lo minimize dependence on diesel in Lhe
Ladakh reqion and meeL power requiremenL Lhrouqh local
renewable resources. 1he pro|ecL envisaqes seLLinq up ol 30
small/mini hydel pro|ecLs in Ladakh wiLh an aqqreqaLe capaciLy
ol 23.8 MW aL a LoLal cosL ol lNR2.66 billion.
1he MinisLry is also implemenLinq an elecLrilcaLion pro|ecL
worLh lNR5.5 billion in Arunachal Pradesh Lhrouqh Lhe
compleLion ol onqoinq and insLallaLion ol new SHP pro|ecLs and
solar phoLovolLaic sysLems. 1o daLe, 252 villaqes have been
illuminaLed under Lhis pro|ecL by SHP.
Government incentives
1he MNRL has decided LhaL ouL ol Lhe LoLal qrid inLeracLive
power qeneraLion capaciLy LhaL is beinq insLalled, 27 should
come lrom small hydro. 1his LranslaLes inLo abouL 2,100
MW capaciLy addiLion durinq 20122017. 1herelore, Lhe
SHP proqram is currenLly locused on lowerinq Lhe cosL ol
equipmenL, increasinq iLs reliabiliLy and seLLinq up pro|ecLs in
areas LhaL qive Lhe maximum advanLaqe in Lerms ol capaciLy
utilization.
Source: MNRL
1he MNRL is layinq special emphasis on promoLinq Lhe use
of new designs of water mills for mechanical and electricity
qeneraLion and on seLLinq up ol micro hydel pro|ecLs. Special
proqrams are beinq developed in collaboraLion wiLh sLaLes Lo
adopL an areabased approach and involve local orqanizaLions
such as waLer mills associaLions, cooperaLive socieLies,
reqisLered NCOs, local bodies and sLaLe nodal aqencies. 1he
MNRL is also providinq CenLral Financial AssisLance (CFA) Lo seL
up small/micro hydro pro|ecLs boLh in Lhe public and
privaLe secLors.
Financial incenLives lor Lhe promoLion ol SHP (as ol
16 AuqusL 2013).
Category Above 100 KW and
up to 1000 KW
Above 1 MW- 15 MW
Special caLeqory
and NL sLaLes
lNR 50,000/KW lNR50 million lor lrsL MW
+ lNR5 million per MW lor
each addiLional MW
OLher sLaLes lNR 25,000/KW lNR25 million lor lrsL MW
+ lNR^ million per MW lor
each addiLional MW
Category Up to 1000 KW Above 1 MW-25 MW
Special caLeqory
and NL sLaLes
lNR 20,000/KW lNR20 million lor lrsL MW
+ lNR3 million per MW lor
each addiLional MW
OLher sLaLes lNR 12,000/KW lNR12 million lor lrsL MW+
lNR2 million per MW lor
each addiLional MW
Support to new SHP projects in the state sector
Support to new SHP project in private/ cooperative/
joint sector
Tariff norms for FY1314
!ncentives and benehts
Area/program !ncentives/Benehts
1arills Preferential tariffs by many
SERCs
CapiLal subsidies CenLral lnancial assisLance (CFA)
to state governments and the
privaLe secLor Lo seL up small/
mini hydro pro|ecLs
Subsidies Lo upqrade waLer mills
and, Lhereby, improve Lheir
ellciency
1ax incenLives Customs duty concessions
10year Lax holidays
Low private investment in the sector
PrivaLe invesLmenL in Lhe seqmenL is low, as inLeresL raLes are
hiqh (Lhis makes debL lnancinq expensive). Moreover, Lhouqh
Lhe markeL does have hiqh qrowLh poLenLial, iL is currenLly
undeveloped and riskier Lhan iLs counLerparLs.
Execution and evacuation challenges
SHP has sLill noL been Lapped Lo iLs lull poLenLial. WaLer is a
sLaLe sub|ecL, Lherelore, Lhe implemenLaLion ol Lhe SHP pro|ecLs
is qoverned by sLaLe policies, and poLenLial siLes are alloLLed
by sLaLe qovernmenLs Lo privaLe developers. 1he process ol
allotment and getting a number of statutory clearances is
olLen Lime consuminq. SHP has a lonqer qesLaLion period Lhan
oLher renewable sources, due Lo a dillculL Lerrain and a limiLed
workinq season. lL also laces Lhe challenqe ol lack ol reliable
hydroloqical daLa. Lack ol adequaLe inLer qrid connecLiviLy also
poses an obsLacle lor Lhe evacuaLion ol power
State Capacity Generic Levelized tariff
(INR/KWh)*
KarnaLaka NA 3.^0 lor Lhe lrsL 10 years
alLer siqninq Lhe PPA
Himachal Pradesh 100 KW2 MW 3.34
25 MW 3.27
525 MW 3.17
MaharashLra Less Lhan 500 KW 5.91
500 KW 1 MW 5.41
15 MW 4.91
525 MW 4.20
Andhra Pradesh NA No Larill/parameLers
delned
Kerala NA 2.94 for 25 years
Source: SERC
`1arills does noL incorporaLe acceleraLed depreciaLion
Key takeaways
Small hydro pro|ecLs presenL a clean and allordable
soluLion lor Lhe elecLrilcaLion ol remoLe areas
ol lndia. PrivaLe secLor invesLmenLs are likely Lo
increase, driven by qovernmenL incenLives.
Key challenges
RemoLe/dillculL Lerrain and small pro|ecL size
impacL pro|ecL economies adversely.
1he pace ol implemenLaLion ol SHP pro|ecLs is slow
because ol delays in acquirinq land and obLaininq
clearances and approvals.
lnadequaLe qrid connecLiviLy also poses a challenqe.
Lnerqy ellciency
1he COl launched Lhe NaLional Mission on Lnhanced Lnerqy
Lllciency (NMLLL) in June 2010 wiLh an ouLlay ol lNR2.35
billion. 1he NMLLL is one ol Lhe eiqhL key missions under Lhe
NAPCC. By 2015, Lhe mission is expecLed Lo resulL in savinqs
ol nearly 23 million Lons oilequivalenL ol luel in coal, qas and
peLroleum producLs.
Key initiatives under the NMEEE
Perform Achieve
and Trade (PAT)
scheme
Market
Transformation
for Energy
Lllciency (M1LL)
NMEEE
Lnerqyellciency
lnancinq
platform
The PAT scheme is a markeLbased mechanism Lo enhance
enerqy ellciency in larqe, enerqyinLensive indusLries (known
as "desiqnaLed enLiLies"). 1he desiqnaLed enLiLies are qiven
enerqy inLensiLy improvemenL LarqeLs. ll Lhe enLiLies exceed
Lhis LarqeL, Lhey are issued Lradable enerqy savinq cerLilcaLes
(LSCerLs), which can be bouqhL by oLher enLiLies LhaL are unable
Lo meeL Lheir LarqeLs. Under Lhe Lnerqy ConservaLion AcL,
BLL idenLiled desiqnaLed enLiLies lrom 15 secLors, includinq
8 secLors LarqeLed in Lhe PA1 scheme: aluminium, Chloralkali,
LexLile, pulp and paper, iron and sLeel, lerLilizer, cemenL, and
Lhermal power planLs. 1he nearly 500 uniLs LarqeLed under
Lhese 8 secLors accounL lor oneLhird ol Lhe 500 million Lons ol
oil equivalenL (M1OL) ol commercial enerqy consumed in Lhe
country.
The Market Transfcrmaticn fcr Enery Efhciency (MTEE)
aims Lo promoLe and acceleraLe Lhe shilL Loward enerqy
ellcienL appliances in Lhe desiqnaLed secLors Lhrouqh various
meLhods includinq mandaLory enerqy ellciency labellinq lor
equipmenL and appliances and by makinq Lhem more allordable
Lhrouqh clean developmenL mechanism (CDM) lnancinq.
The enery-efhciency hnancin pIatfcrm focuses on creating
mechanisms Lo help lnance demandside manaqemenL (DSM)
proqrams in all ol Lhe selecL secLors by capLurinq enerqy
savings.
Recent developments
1he MNRL, in AuqusL 2013, sancLioned Lhe modiled
"Lnerqy LllcienL Solar/ Creen Buildinqs" scheme lor
implemenLaLion durinq 20131^ and Lhe resL ol Lhe
1wellLh FYP period. 1he main ob|ecLive ol Lhe scheme is Lo
promoLe Lhe widespread consLrucLion ol enerqyellcienL
solar/qreen buildinqs in Lhe counLry Lhrouqh a combinaLion
ol lnancial and promoLional incenLives. An amounL ol
lNR100 million has been allocaLed lor Lhe implemenLaLion
of the scheme.
ConlederaLion ol lndian lndusLries (Cll), in July 2013,
siqned a memorandum ol undersLandinq (MoU) wiLh
NaLional Housinq Bank (NHB) Lo promoLe Lhe adopLion ol
enerqyellcienL qreen homes in Lhe counLry. NHB, wiLh Lhe
supporL ol Cll, announced plans Lo oller Lhe lunds Lo home
lnance companies LhaL are willinq Lo Lransler Lhe benelL
ol concessional inLeresL Lo buyers ol qreen and enerqy
ellcienL homes.
The !ndian RenewabIe Enery and Enery Efhciency
Policy Database (IREEED): 1he MNRL, Lhe Col and
Lhe US DeparLmenL ol Lnerqy (DOL) have collaboraLed
under Lhe lndiaUS Lnerqy Dialoque Lo develop an online
lRLLLD daLabase LhaL aims Lo disseminaLe inlormaLion
on Lhe renewable enerqy and enerqy ellciency policy
and requlaLory lramework in lndia. 1he lnal version ol
Lhe daLabase is expecLed Lo be released on 30 SepLember
2013 and will include policies, requlaLions and incenLive
proqrams ollered by Lhe CenLral CovernmenL and all ol Lhe
sLaLes lor boLh enerqy ellciency and renewable enerqy.
Smart grids
SmarL qrid is an elecLrical qrid wiLh auLomaLion, communicaLion
and l1 sysLems LhaL moniLor power lows lrom poinLs ol
qeneraLion Lo poinLs ol consumpLion and conLrol Lhe power
low or curLail Lhe load Lo maLch qeneraLion in Lhe real Lime
or nearreal Lime. 1he increased visibiliLy, predicLabiliLy, and
even conLrol ol qeneraLion and demand brinq lexibiliLy Lo boLh
qeneraLion and consumpLion and enable Lhe uLiliLy Lo beLLer
inLeqraLe inLermiLLenL power sources, as well as reduce cosLs
ol peak power. 1he ma|or drivers lor smarL qrid in lndia are Lhe
hiqh aqqreqaLe Lechnical and commercial (A1&C) losses and an
increase in the generation of intermittent renewable sources
such as solar and wind.
1he Col launched Lhe ResLrucLured AcceleraLed Power
DevelopmenL & Relorms Proqram (RAPDRP), an elecLriciLy
modernizaLion pro|ecL lor subsLaLionlevel auLomaLion and
overall smarL qrid pracLices, includinq meLerinq soluLions.
Accordinq Lo NaviqanL research, as a parL ol Lhis larqe
scale resLrucLurinq ol Lhe lndian elecLriciLy indusLry, Lhe
lndian CovernmenL has commiLLed USS100 billion Lo Lhe
implemenLaLion ol advanced qeneraLion, disLribuLion and
Lransmission sysLems in Lhe exisLinq power qrid.
A specilc provision ol Lhe LlecLriciLy AcL ol 2003 calls lor
the mandatory installment of metering systems in Indian
households. 1he CovernmenL plans Lo insLall 130 million
smarL meLers by 2021. However, Lhe number was quiLe low
as of June 2013.
FourLeen smarL qrid piloL pro|ecLs ol various disLribuLion
companies have been shorLlisLed lor lundinq by Lhe
MinisLry ol Power, on Lhe recommendaLions ol Lhe lndia
SmarL Crid 1ask Force. 1he pro|ecLs include KarnaLaka
(CLSC), Andhra Pradesh (APCPDCL), Assam (APDCL),
Cu|araL (UCVCL), MaharashLra (MSLDCL) , Haryana
(UHBVN), 1ripura (1SLCL), Himachal Pradesh (HPSLB),
Puducherry, Ra|asLhan (JVVNL), ChhaLLisqarh (CSPDCL),
Pun|ab (PSPCL), Kerala (KSLB) and WesL Benqal
(WBSLDCL).
1he MinisLry ol Power, Col, is launchinq a piloL smarL qrid
pro|ecL lor indusLrial consumers in Kerala. 1he MinisLry has
sancLioned lNR280 million lor Lhe pro|ecL, ol which ^07
would be given as grant.
1he MinisLry ol Power, Col, has launched Lhe lndia SmarL
Crid 1ask Force, an inLerminisLerial qroup LhaL will serve as
Lhe qovernmenL local poinL lor smarL qridrelaLed acLiviLies.
1he MinisLry has also launched Lhe lndia SmarL Crid Forum,
a noLlorprolL and volunLary consorLium involvinq mulLiple
sLakeholders, Lo acceleraLe Lhe developmenL and deploymenL ol
smart grid technologies in India.
Micro grids
Micro qrids qeneraLe elecLriciLy in proximiLy ol Lhe siLe ol
consumpLion, alleviaLe 1&D losses, provide uninLerrupLed power,
reduce leeder losses and provide elecLrical volLaqe supporL.
Micro qrids could play a crucial role in spreadinq enerqy access
in Lhe counLry by Lakinq elecLriciLy Lo remoLe villaqes and
locaLions. As a case in poinL, some insLiLuLions and qroups such
as 1LRl, OMNl power and Cram power have seL up micro qrids in
Lhe rural parLs ol ULLar Pradesh and Bihar. 1he SLCl has inviLed
RequesL lor LmpanelmenL lrom companies Lo implemenL mini
and micro qrid solar phoLovolLaic power pro|ecLs. 1he SLCl will
empanel 10 companies lor Lhe execuLion ol solar PVbased mini
and micro qrid pro|ecLs. lniLially, Lhe period ol empanelmenL
is qoinq Lo be Lwo years, buL iL may be exLended lurLher. 1he
lnal selecLion ol Lhe implemenLinq aqencies will be made lrom
amonq Lhe empaneled companies Lhrouqh biddinq.
Micro qrids olLen have a low reLurn on capiLal invesLmenL due
Lo unpredicLable revenue, as Lhere is no reliable nonresidenLial
consumer. OlLen, Lhere is a mismaLch beLween demand and
supply due Lo random elecLriciLy qeneraLion lrom renewable
sources, overloadinq ol Lhe sysLem and lack ol availabiliLy ol
proper enerqy sLoraqe sysLems. 1hese obsLacles need Lo be
removed to ensure the success of micro grids in India.
Energy storage
Lnerqy sLoraqe Lechnoloqies play an imporLanL role in
the integration of a large amount of intermittent renewable
energy smoothly with the grid and also in grid stabilization.
Accordinq Lo lndia Lnerqy SLoraqe Alliance (lLSA), enerqy
sLoraqe sysLems have qreaL poLenLial in lndia because ol
many lacLors includinq Lhe need Lo bridqe Lhe supplydemand
imbalance beLween Lhe peak load and demand ol elecLriciLy,
Lhe plan ol Lhe CLRC Lo inLroduce ancillary service markeLs and
Lhe opporLuniLy Lo improve enerqy ellciency in larqe enerqy
inLensive indusLries. 1he lLSA esLimaLes Lhe markeL poLenLial
lor all Lypes ol LSS Lechnoloqies (includinq Lhermal sLoraqe) in
lndia aL 15 CW Lhrouqh 2020.
Moreover, lndia is expecLed Lo see a siqnilcanL increase in iLs
demand lor enerqy, as well as Lhe addiLion ol new qeneraLion
capaciLy. Also, solar PV is en|oyinq increased upLake lor enerqy
needs. 1hus, Lhe markeL lor enerqy sLoraqe Lechnoloqies is also
expecLed Lo qrow rapidly in lndia.
Energy storage technology Estimated potential in India
Rural micro grid 97
lndusLrialemerqency backup 97
AqriculLure secLor 87
Solar integration 77
1ransporLaLion secLor 77
Rural grid connected 77
Wind integration 77
oLhers(delence eLc) 77
Crid ancillary services 77
HospiLals 67
1elecom indusLry 57
DaLa cenLres 57
SEZ ^7
Shoppinq malls 37
1ownships 37
HoLels 37
ULiliLy applicaLions 27
Market potential for ESS in India through 2020 (MW)
Source: lndia Lnerqy SLoraqe Alliance
1he recenL USS^0million deal beLween an lndian Lelecom
ma|or and a French enerqy sLoraqe sysLem provider Lo use
specialized liLhiumion (Liion) baLLeries lor powerinq mobile
Lowers has siqnaled a new opporLuniLy lor enerqy sLoraqe
systems in India.
Sources
1. MNRL websiLe, www.mnre.qov.in
2. MNRL 20122013 annual reporL
3. lndia Lnerqy Lxchanqe websiLe, hLLp://www.iexindia.com/
^. Bloomberq New Lnerqy Finance cusLom search
5. "Fiscal and Financial lncenLives lor PromoLion ol Power CeneraLion lrom New and Renewable Lnerqy Sources", PlB, 16
AuqusL 2013
6. "Schemes lor DevelopmenL ol New and Renewable Lnerqy", PlB 12 AuqusL 2013
7. "CabineL clears 'qeneraLionbased incenLive' lor wind power pro|ecLs", Business Line, 27 June 2013
8. "Combined Summary ol CLRC & SLRCs RequlaLions/1arill OrdersSLaLes ProcuremenL ol power lrom Small Hydro planLs",
www.ireda.qov.in, accessed 16 AuqusL 2013
9. "DeLerminaLion ol qeneric levellised Larills lor Small Hydro Pro|ecLs under RequlaLion13 ol Lhe Himachal Pradesh LlecLriciLy
RequlaLory Commission (PromoLion ol CeneraLion lrom Lhe Renewable Lnerqy Sources and 1erms and CondiLions lor 1arill
DeLerminaLion) RequlaLions, 2012", Himachal Pradesh LlecLriciLy RequlaLory Commission, ^ February 2013
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lorollshorewind.pdl, accessed on 27 AuqusL 2013
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16 AuqusL 2013
13. "Cu|araL qovL approves new wind enerqy policy", Business SLandard, 25 July 2013
1^. "KarnaLaka Lo oller hiqher Larill Lo wind power producers", LnerqyNexL, 2 July 2013
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16. "1arill ol NonconvenLional Lnerqy (NCL)/ Renewable Lnerqy pro|ecLs lor FY 20131^", MaharashLra LlecLriciLy RequlaLory
Commission, 22 March 2013
17. Order 1^6, Ra|asLhan LlecLriciLy RequlaLory Commission, 17 May 2013
18. "Solar developers seek dismissal ol CUVNL's LarillcuL peLiLion", Business SLandard, 2^ July 2013
19. "lndia: Andhra Pradesh announces new PV Larills", PV Maqazine, 25 April 2013
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LhelowLurnouL, accessed 16 AuqusL 2013
21. "AnLiDumpinq case spliLs lndian Solar Power lndusLry inLo Lwo", 1he Lconomic 1imes, 22 July 2013
22. "lndia miqhL impose anLidumpinq duLy on US, China, Malaysia, 1aiwan solar cells", hLLp://lrsLqreenconsulLinq.wordpress.
com/2013/07/03/indiamiqhLimposeanLidumpinqduLyonuschinamalaysiaLaiwansolarcells/, accessed 16 AuqusL 2013
23. "AP receives bids lor 350 MW solar PV power uniLs aL Rs 6.^9", 1he Hindu, 6 June 2013
2^. "OuLlook on lndian Renewable Lnerqy 2012", hLLp://panchabuLa.lles.wordpress.com/2012/11/panchabuLa_india_
renewable_enerqy_ouLlook.pdl, accessed 19 AuqusL 2013
25. "Pun|ab Lo qeL 250 MW solar power pro|ecLs", 1he Hindu, 17 June 2013
26. "CovL's solar power plan lnds lew Lakers", 1he lndia Lxpress, 17 May 2013
27. "New solar policies in lndia expecLed Lo increase demand; help improve marqins", hLLp://www.pvmaqazine.com/news/deLails/
beiLraq/newsolarpoliciesinindiaexpecLedLoincreasedemandhelpimprovemarqins_100010951/#axzz2bqZyU0cB,
accessed 16 AuqusL 2013
28. "Who's winninq Lhe clean enerqy race? 2012 LdiLion," 1he Pew ChariLable 1rusL
29. "Rupee Drop lmperils S670 Million Solar Pro|ecLs: CorporaLe lndia", Bloomberq, 21 June 2013
30. "A capaciLy ol 690 MW Lo be allocaLed in 1amil Nadu alLer a LempesLuous process", hLLp://indiasolarmarkeL.com/2013/06/
weeklyupdaLecapaciLy690mwallocaLedLamilnaduLempesLuousprocess/, accessed 16 AuqusL 2013
31. "lndia's KarnaLaka SLaLe Lo 1ender lor 130 MW ol Solar Pro|ecLs", Bloomberq, 21 March 2013
32. "New proposals increase solar pro|ecL capaciLy Lo 690 MW", 1he Hindu, 1 June 2013
33. "1N unveils solar power Larill, leaves indusLry sore", 1he 1imes ol lndia, 7 AuqusL 2013
3^. "MaharashLra cracks Lhe whip on renewable power obliqaLions", 1he Lconomic 1imes, 21 AuqusL 2013
35. "Renewable Lnerqy lndia", via Lmerqinq MarkeLs lnsiqhL, accessed 1^ AuqusL 2013
36. "Small hydro developmenL in lndia", Akshay Ur|a, June 2013
37. "SLeady qrowLh in small hydro power however siqnilcanL..", www.icra.com, accessed 13 AuqusL 2013
38. "Case No.6 ol 2013_ RL 1arill Order (Suo MoLu) lor FY 20131^", MaharashLra LlecLriciLy RequlaLory Commission, 22 March
2013
39. "DeLerminaLion ol qeneric levellised Larills lor Small Hydro Pro|ecLs under RequlaLion13 ol Lhe Himachal Pradesh LlecLriciLy
RequlaLory Commission", Himachal Pradesh LlecLriciLy RequlaLory Commission, ^ February 2013.
^0. "Fiscal and Financial lncenLives lor PromoLion ol Power CeneraLion lrom New and Renewable Lnerqy Sources", Press
lnlormaLion Bureau, 16 AuqusL 2013
^1. "Haryana's lrsL biomass pro|ecL commissioned," 1he Lconomic 1imes, June 2013
^2. "lndia lrsL Lime seL Lo achieve power capaciLy LarqeL lor a plan period," Business SLandard, July 2013
^3. "MonLhly qeneraLion reporLs," CLA, April 2013
^^. "Power SecLor Requires Rs.13,72,580 Crores lor 12Lh Plan," PlB, AuqusL 2012
^5. "Bioenerqy and bioplasLics produced by novel meLhods," 1he Hindu, June 2013
^6. Beyond SusLainabiliLy, LrnsL & Younq LLP
^7. Renewable enerqy counLry aLLracLiveness index (RLCAl), LrnsL & Younq LLP, AuqusL 2013
NoLes:
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orqanizaLion can accepL any responsibiliLy lor loss occasioned Lo any
person acLinq or relraininq lrom acLion as a resulL ol any maLerial in Lhis
publicaLion. On any specilic maLLer, relerence should be made Lo Lhe
appropriaLe advisor.
About UBM India
UBM lndia is a parL ol UBM plc, which is a leadinq qlobal
business media company. lL is Lhe plaLlorm LhaL brinqs
Lhe world's buyers and sellers LoqeLher aL evenLs, online
and in prinL, and provides Lhem wiLh Lhe inlormaLion Lhey
need to do business successfully. Its focus is on serving
prolessional commercial communiLies, lrom docLors,
qame developers, |ournalisLs, |ewelry Lraders, larmers Lo
pharmacisLs, around Lhe world. For lurLher deLails, please
visiL Lhe UBM lndia websiLe, hLLp://www.ubmindia.in
About Renewable Energy India (REI) Expo
1he Renewable Lnerqy lndia (RLl) Lxpo is Asia's larqesL
and mosL inluenLial renewable enerqy evenL. Runninq
successlully in iLs 7Lh year, Lhe 2013 RLl is scheduled lrom
12Lh 1^Lh SepLember, aL Lhe lndia Lxpo CenLre, CreaLer
Noida, lndia. 1his evenL provides Lremendous opporLuniLies
Lo prolessionals lrom Lhe solar PV, solar Lhermal, wind,
biomass, qeoLhermal, hydro and enerqy ellciency
indusLries Lo neLwork, do business and discuss Lhe
qrowLh, challenqes and luLure ol Lhe renewable
enerqy indusLry. For more inlormaLion, visiL
hLLp://www.ubmindia.in/renewable_enerqy

EY Mapping Indias Renewable Energy Growth Potential

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