EMIS Insight - India Renewable Energy Sector Report

Renewables
Sector
India
June 2015
Produced by:
Any redistribution of this information is strictly prohibited.

Copyright 2015 EMIS, all rights reserved.
-1-
Table of Contents
I. Renewable Energy Sector Overview
III.Solar Power
1. Sector Highlights
2. Main Indicators
3. Forecast
4. Economic Importance
5. Energy Production
6. Energy Consumption and Installed Capacity
7. Renewable Energy Consumption
8. Renewable Energy Capacity
9. Renewable Energy Capacity By Region
10. Prices and Costs
11. Bank Financing
12. Foreign Direct Investment
13. Manpower
14. Regulatory Framework
15. Government Policy
1.
2.
3.
4.
IV.Other Renewable Energy Sources

1. Subsector Highlights
2. Biomass And Biofuel
3. Biomass Capacity
V. Main Players
1.
2.
3.
4.
5.
6.
7.
8.
9.
II. Wind Power

1.
2.
3.
4.
5.
6.
Subsector Highlights
Government Policy
Consumption
Installed Capacity
Installed Capacity By Region
Forecast

Consumption
Installed Capacity
Photovoltaic
-2-
M&A Deals
M&A Activity
TATA Power
TATA Power (contd)
Orient Green
Adani Power
NTPC
NTPC (contd)
NHPC
I. Renewable Energy Overview
Indias fiscal year runs from Apr 1 to March 31. Thus, FY 2015 (also called fiscal 2015) means Apr 1, 2014 Mar 31, 2015. In Indian documents, FY (fiscal) 2015 is also labeled FY14-15.
The remaining nine months of calendar 2015, i.e. Apr-Dec, belong to fiscal year 2016.
In order to better align with calendar years and make international comparisons more meaningful, in this report, EMIS has chosen to label data by the year in which most of the result occurred.
Unless otherwise stated, in this report, 2014, for example, means the 12 months between Apr 1, 2014 - Mar 31, 2015, or what in India is referred to as FY 2015.
When sources have not provided details on their year labeling policy, year labels in graphs and tables featured in this report appear as provided by the source.

-3-
Sector Highlights
Sector dynamics
Indias renewable energy sector witnessed quick expansion in the last decade. Installed capacity almost tripled during the 11th five year plan (20072012), increasing from 7.7GW to more than 24 GW in 2014. The strongest expansion was registered in wind energy capacity addition (increase of
10.3GW), followed by small hydropower plants (up by 1.4GW). Solar power generation also shows good growth potential. Policy switches and
unresolved structural problems have recently deterred sectoral growth. For the 2012-2014 period, the achievement of targets for generation of
renewable energy was 76.7%, 84.2% and 108% for each of the three years. The underperformance in the first two periods was due to
discontinuation of some incentives under the wind power sector and delay in obtaining forest area clearances and court cases in some of the states
under small hydropower sector. With the restoration of the benefits in FY 2015 an overachievement of target was reached.
Challenges
Among the problems in the sector are also the lack of appropriate regulations for trade with renewable energy outside the state of generation and
the inadequate grid connectivity, which hinders fast and full evacuation of the produced power. Regulatory issues include the differences in the
transmission charges among states, difficulties in land acquisition and statutory clearances.
Providing financing at reasonable cost is also a challenge. With about 70% of the funding coming from debt, the average interest rate is above 13%.
Thus the high cost of renewable energy generation relative to other conventional sources turns into important limitation for the sector development.
Active government support programs and the recent inclusion of renewable energy in the priority sectors for credit, might provide decisive liquidity
support.
Ownership
As of April 2015, more than 70% of the aggregated installed power capacity in India is in the public sector (about 30% in the central sector and
about 41% in the state sector). The ownership structure is quite different when it comes to renewables, as almost 90% of the capacity is private
sector owned.
A quarter of the renewable power capacity is installed in Tamil Nadu, 17.8% - in Maharashtra; 14% - in Gujarat; 12.6% - in Karnataka.

-4-
Key Indicators
Main sector indicators
2010
2011
2012
2013
2014
Electricity, gas and water supply (INR bn, constant

prices)1
2.0
2.1
2.1
2.3
Electricity, gas and water supply (share of GDP,

constant prices)1
2.5%
2.4%
2.3%
2.3%
FDI in Energy sector (USD mn)2
1,208
1,712
730
560
1,093
Renewable energy consumption
33.8
40.9
48.4
55.2
61.5
18,455
24,504
27,542
31,692
35,777
21.7
26.4
31.2
34.8
38.4
13,065
16,179
18,420
20,150
22,465
Solar (PV) cumulative capacity addition (MW)
69.9
189.5
236.2
480.6
731.0
Biomass consumption (TW/h)
11.8
14.0
15.9
17.5
18.7
Biofuel production (thou, b/doe)
2.3
3.9
4.2
5.0
6.4
Renewable energy capacity installated (MW)

Wind energy consumption (TW/h)
Wind cumulative capacity installed (MW)
CEIC; CEA; BP statistical review of energy, June 2015; 1-Indias Central Statistics Office has started publishing GDP data using FY2011-2012 as a
base year. So far only data for FY12-FY15 is available under the new methodology (NAS 2011-2012); 2- calendar years
-5Copyright 2015 EMIS, all rights reserved.
Source:
Sector Forecast
1,258,221
1,348,399
1,443,326
1,544,936
1,653,700
1,770,120
1,894,736
The prospects for the sector development are very good, due to the
population dynamics and favourable macroeconomic fundamentals.
The conventional power is experiencing difficulties, due to regulatory
burdens and fuel shortage and renewables are getting more
attractive.
After coming into power in 2014, the current government
acknowledged renewables power as one of the priorities for future
promotion. The energy targets to be reached at the end of the 13th
programing period (i.e. March 2022) were pushed up. The good track
record of the winning party in solar power development resulted in
expectations for quick revival and expansion of the sector and first
signs for upward dynamics in the segment are visible.
1,174,074
Total Electricity Demand (GW/h)
1,095,555
Comments
2013
2014
2015
2016
2017
2018
2019
2020
2021
Official targets for capacity addition in 2014-2022 (MW)

Product
Solar
Power
Wind
Northern Region
31,120
8,600
2,450
4,149
Western Region
28,410
22,600
125
2,875
Southern Region
26,531
28,200
1,675
2,612
Eastern Region
12,237
135
244
North-Eastern Region
1,205
615
Total
99,533
60,000
5,000
10,000
BMI forecast1 for renewable energy sector

Product
Small Hydro Biomass
Generation (TWh) 45.3 51.4

Generation(%
13.6 13.5
change yoy)
Generation (KWh
35.7 40.1
per capita)
Generation (% of
3.8 4.1
total electricity)
Capacity (MW)
Source: Working Group on Power for the 12th Plan; MNRE; 1-BMI e- estimation, f-forecast
2014e 2015f 2016f 2017f 2018f 2019f 2020f 2021f 2022f
-6-
58.6
66.2 73.5 82.0 90.7 99.6 107.8
14.1
12.9 11.0 11.6 10.6
45.2
50.5 55.4 61.2 67.0 72.9 78.1
4.4
4.6
4.9
5.1
5.3
9.9
5.5
8.1
5.6
29,856 33,346 37,769 42,666 47,351 52,496 57,740 63,315 68,341
Capacity (% yoy) 13.1 11.7
13.3
13.0 11.0 10.9 10.0
Capacity (% of
total capacity)
13.5
14.3 14.9 15.6 16.3 16.8 17.0
12.0 12.7
9.7
7.9
Economic Importance
909,349
996,277
857,952
861,591
7.5%
6.6%
936,913
Energy Demand-Supply Gap (GW/h)

788,355
Indias GDP at constant prices
4.9%
2011
2012
GDP, INR bn
2013
Change, yoy
2014
2.13
2013
2.26
2012
Supply
2013
2014
Balance, %
The deficit has gradually declined and halved between 2012 and
2014 in both actual and relative terms. The balance improved to -4%
in the period Apr 2014-Mar 2015.
2014
share of GDP
Source: CEIC; CEA;

2011
India traditionally has a negative balance in overall energy

consumption and production. This has resulted in the need to
purchase energy from abroad to cover domestic demand.
2.29%
INR bn
2010
With growing economy and population, Indias energy demand also

keeps increasing, while electricity shortages are not uncommon.
2.32%
2012
-8.7%
Comments
2.40%
2011
-8.4%
Demand
2.47%
2.07
-8.5%
1,030,785
98.65
Electricity, gas and water supply (constant prices)
2.02
-3.6%
1,068,923
91.78
959,829
86.10
1,002,217
82.06
-4.2%
-7-
Energy Production
Industrial Production Index (FY2005=100)
Target/Achievement for Capacity Addition in Various Five Year Plans (MW)

11th Plan
190
179
177
180
170
170
172
165
172
10th Plan
180
177
8th Plan
150
140
5th Plan
138
130
120
2010
2011
2012
2013
Overall Index
2014
844
14,226
5,440
10,202
4,579
3rd Plan
4,520
2,250
1st Plan 1,100
c
Electrisity
28,895
21,401
4th Plan
2nd Plan
Apr'15
21,230
1,643
6th Plan
149
19,930
19,015
7th Plan
155
23,736
21,180
9th Plan
165
160
54,964
2,297
4,685
2,490
1,250
Achieved Capacity Addition

Target-Achivement Gap
200
Comments
The constantly increasing energy demand in India resulted in strong rise in electricity production. The countrys share in world electricity generation rose
from 3.6% at the beginning of the century to 5.1% in 2014. The increase could have been even stronger in case the government capacity addition targets
had been met.
Almost 60% of the installed capacity is in coal based power plants, which keeps coal as the key fuel for electricity generation. However, the official forecast
for coal demand in FY2017 shows requirement/availability gap of almost 200 mn tonnes, suggesting huge dependence on coal import, possible pressure
on power generation and rising importance of other energy source such as renewables.
Source: CEIC; BP statistical review of energy, June 2015;
-8-
Energy Consumption and Installed Capacity

World consumption breakdown by fuel, 2014 (mtoe)*
India consumption breakdown by fuel, 2014 (mtoe)*
Natural gas3,066
Coal- 360
Coal- 3,882
Natural gas46
Hydro- 879
Hydro electric30
Renewables14
Nuclear
energy- 8
Nuclear- 574
Renewables317
Oil- 181
Oil- 4,211
Indias Installed Energy Capacity (May 2015)

Gas,
23,062MW
8.5%
Diesel,
994MW 0.4%
Comments
Hydro,
41,632MW
15.3%
The share of renewables in total energy capacity of India stood at

13.1% as at May 2015. The ratio has risen from 2% in 1995.
Nonetheless, renewable sources represent only 2.2% of total energy
generation. The reason is that the capacity factor for renewables is
much lower than for other energy sources like thermal plants.
Renewables,
35,777MW
13.1%
Coal,
165,258MW
60.6%
Nuclear,
5,780MW
2.1%
Source: BP statistical review of energy, June 2015; CEA; *-calendar year

-9-
Renewable Energy: Consumption

Country-wise renewable energy consumption (2014; share in world consumption)*
20.5%
15.4%
10.0%
USA
China
Germany
5.1%
4.9%
4.7%
4.4%
4.2%
3.7%
Spain
Brazil
Italy
India
UK
Japan
India renewables consumption*

61.5
60.5%
55.2
48.4
40.9
45.4%
33.8
8.6
17.4%
10.0
2004
2005
14.6
2006
17.7
20.8%
2007
21.1
19.5%
2008
27.9
32.4%
20.9%
2009
Consumption, MW/h
2010
2011
Consumption yoy growth
Source: BP statistical review of energy, June 2015; * - renewables excl. hydro power; data for calendar year
21.0%
- 10 -
18.5%
2012
13.9%
2013
11.5%
2014
Renewable Energy: Capacity

Comments
Renewable energy capacity addition in the 11th Plan (MW)
The renewable energy capacity addition accelerated

significantly in the past years, rising from 7,761 MW in 2006 to
24,503 MW in FY 2011.
The installation of renewable power capacity in the eleventh
five year planning period (Mar 2007-Mar 2012) significantly
surpassed the initial targets. That resulted in setting ambitious
goals for the current period.
The target for the twelfth five-year plan (ending Mar 2017) is
addition of 30,000MW of renewable energy capacity. As of May
2015 (three years into the period) the added capacity stood at
11,273 MW.
Solar power
50
940
1,200
1,370
Bagasse cogeneration
Waste to energy
Biomass power
Small Hydro
80
46
500
626
1,400
1,419
9,000
Wind
Target
Installed Capacity as at the end of the period, MW
10,260
Actual
Type-wise renewable energy capacity addition in 2014 (MW)

2307.6
35,777.0
31,692.1
24,503.5
27,541.7
1,112.1
7,760.6
0.0
18.1
251.7
405.0
8.5
902.0 1,628.4
6th Plan 7th Plan 8th Plan 9th Plan10th Plan11th Plan 2012
2013
Solar
2014
Source: CEA; 12th Plan; EMIS calculations

- 11 -
Wind
Small hydro
Biomass
Waste to energy
Renewable Energy: Capacity By Region

Region-wise capacity distribution, May 2015 (MW)
Top states - capacity addition in 2014 (MW)

1,320.3
Islands 11
Southern region
746.1
Western region
162.2
Rajastan
Gyjarat
287.4
85.0
Himachal Pradesh
678.0
Madhya Pradesh
Southern
15,117
North-Eastern
262
415.5
558.1
Maharashtra
Eastern 434
Karnataka
Tamil Nadu
524.9
Andhra Pradesh
Northern 7,157
Uttar Pradesh
Western
12,795
Northern region
Comments
The Southern and Western regions account for about 42% and 36% of total renewables capacity in India. The leading states are Tamil Nadu
(23.5%), Karnataka (12.6%), Andhra Pradesh (5.4%) and Maharashtra (17.3%), Gujarat (13.2%), and Madhya Pradesh (4.4%).
Source: CEA; EMIS calculations

- 12 -
Prices and Costs

Prices Electricity (yoy %)
25
20
15
10
5
0
-5
2010
2011
Electricity total
2012
2013
Domestic
Commercial
2014
Agriculture
Apr'15
Industry
Comments
Regarding the cost competitiveness of the sector, a recent study by the U.S.-based Climate Policy Initiative and Indian School of Business
stated that compared to imported coal, the cost of wind power is already competitive, thus requiring no additional government support while
the cost of solar power is expected be competitive by 2019.
On the one hand, the solar energy in India currently costs up to 50 % more than power from sources like coal, according to Reuters estimates.
Source: CEIC; Reuters; Climate Policy Initiative

- 13 -
Bank Financing
Bank credit stock in power infrastructure
Comments
5,576
50.9%
5,652
4,883
4,158
42.4%
40.0%
3,309
29.7%
30.9%
2,674
27.3%
25.7%
23.8%
21.9%
1,878
17.4%
14.2%
1,244
15.4%
951
430
601
733
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Apr'15
Credit, INR bn
Credit, yoy growth
Source: Reserve bank of India; Government of India; cleantechnica.com

- 14 -
Financing for the power sector rose from 11% to more

than 19% of the total bank lending to industry between
2004 and 2014. As at end April 2015, it represented
21.3% of credit stock, rising by 15.4% yoy in the month.
In regard to lending for renewable power projects, there
used to be no compulsion or incentive for banks to lend to
the specific segment, which often resulted in conventional
power projects (much more developed market) crowding
out the renewable energy ones (developing market and
still relatively riskier). Banks have recently exhausted their
limits to lend to power sector companies (incl. generators
and distribution companies) and have no capital left to
finance renewable energy projects even if they want to.
Therefore, in April 2015, the central bank included
renewable energy in the group of priority sectors, to which
banks are obliged to lend at least 40% of their net credit.
Banks can provide loans up to INR150mn to borrowers for
solar, biomass, wind, and small hydropower generation,
and also for renewable energy based public utilities like
street lighting systems and remote village electrification.
For individual households, the loan limit has been set
to INR 1mn per borrower. There are no requirements for
preferential interest rates to the priority sectors.
In February 2015, Yes Bank made the first green bond
issue in India, attracting INR 5bn, which would be lent to
renewable energy projects. In March 2015, Indias ExportImport Bank sold USD 500mn of green dollar bonds and,
according to Clean Technica, is expected to issue another
USD 1,000mn in the following 2 to 5 years.
Another option for financing is attracting foreign direct
investors. As much as 100% of the funding for renewable
projects is allowed through the automatic route i.e. without
official approval.
Foreign Direct Investment

FDI Inflows in Power sector (calendar years)
5.75%
Sector wise Equity Inward FDI (2000-Apr2015)
6.21%
3.80%
72.6
3.21%
1,207.7
1,711.6
730.5
559.5
1,092.7
2.54%
0.93%
2010
2011
2012
2013
2014
Jan-Feb'15
FDI in Power sector, USD mn
Telecommunic
ations 6.9%
Computer
software and
hardware 6.0%
Pharmaceutica
ls 5.3%
Automobile
industry 5.0%
FDI in Power sector, % of total FDI

Construction
development
9.7%
FDI Inflow in Non-conventional energy (calendar years)
Chemicals
4.2%
4.21%
Power 3.9%
2.26%
2.12%
1.57%
92.0
2.80%
475.5
432.0
637.3
928.1
610.4
1.18%
2010
2011
2012
2013
2014
Services
sector 17.2%
Jan-Feb'15
FDI in Non-conventional energy, USD mn

FDI in Non-conventional energy, % of total FDI
Source: CEIC; Department of Industrial Policy and Promotion
- 15 -
Manpower
Man/MW ratio at the end of the various planning periods
Manpower at the beginning of the respective Plan period (thou person)

1,500
Distribution
1,300
1,100
Transmission
900
1,082
Nuclear
866
700
7.5
7.0
Hydro
500
300
9.4
17
37
75
19
81
100
169
203
-100
12th
13th
41
Thermal
5.4
5.6
4.7
4.4
4.0
3.7
Comments
3.3
3.0
For the targeted total power capacity addition of about

100,000 MW in the 12th plan, the additional workforce
requirement is estimated at 400,000 workers of whom
about need to be technicians. An outlay of INR 41.1
bn has been proposed for their training.
The total manpower in the energy sector at the end of
the 12th period (2016) is estimated at 1.4 mn people.
Another 550,000 would be required in the 13th Plan and
in FY2022 the employed in the sector is forecasted at
1.79 million.
2.2
2.0
1.4
1.8
10th
1.7
11th
1.9
1.6
1.6
1.4
0.9
0.7
12th
13th
Thermal incl. Renewables
Hydro
Nuclear
Transmission & Distribution
Overall
- 16 -
2.3
1.1
9th
Source: Working group on Power for the 12th period

4.2
Regulatory Framework
Energy Act
2003
and
Energy
Conservation
Act 2001
Integrated
Energy
Policy
Renewable
Regulatory
Fund
Mechanism
The Energy Act combined several existing pieces of legislation and its primary
goal was to accelerate growth of the power sector.
With the Energy Conservation Act 2001 was put focus on energy efficiency,
through introducing standards, labeling and energy conservation building
codes.
The Integrated Energy Policy: Report of the Expert Committee, published in

late 2006, offers a framework for all policies regarding production, distribution
and usage of energy resources. It examines the renewable sector regulatory
framework emphasizing the importance of shifting from capital subsidies
towards performance incentives.
The objective of the RRF includes forecasting of wind and solar power
generation, promoting bilateral trading of renewable energy, supporting the
investment in renewable energy projects and encouraging wind and solar
producers to participate in scheduling, among others.
The implementation of the RRF mechanism is delayed.
Source: India Wind Energy Outlook 2012

- 17 -
Like the IEP and RRF,

there are many reports
and plans on the role of
the renewable sources in
energy generation, but
most of them have not
met the required political
commitment for
implementation.
The regulatory base for
renewables is spread in
different acts. There is
no unified law that sets a
full framework for
renewable energy
development in India.
Many of the regulation
applicable for
renewables are effective
also for conventional
power generation, thus
reducing the incentive for
creating greener power
sector.
Government Policy (contd)
How does the

system
work?
RECs
RPOs
The Central Electricity Regulatory Commission (CERC) determines the tariffs for renewable energy based power
generation applicable to central government power stations and inter-state power transmission. Most of the producers are
however covered by the tariffs determined by the State Electricity Regulatory Commissions (SERC). SERC set the tariff
for all renewable energy projects across the states. The incumbent power Distribution Companies (DISCOM) provide grid
connectivity to the renewable energy project sites, which usually are situated in remote locations away from major load
centers.
The Renewable Energy Certificates (RECs) were introduced in 2010 and are used for inter-state trading of renewable
power. They are used as a proof of the generation of 1MW renewable energy. The certificates can be traded through a
power exchange platform within price range set by CERS and are differentiated into solar and non-solar renewable
sources. Those certificates are time-constrained, being effective only for 365 days, which makes them difficult to get
accepted by financial institutions. The supply of energy on the REC market has increased recently, but the effectiveness of
the market (in terms of sold REC) is still low, as the purchases by DISCOM is minimal.
DISCOMs and some large power consumers are obliged to purchase minimum ratio of their total power from renewable
sources. That percentage is called Renewable purchase obligation (RPO). The long-term objective for India is RPO to
reach 15% by FY2020, but SERC set the annual targets for solar and non-solar sources among different states and thus
determine the mid-term RPO trajectory. There are, however, substantial problems with the compliance as the entities in the
majority of the states continue to remain below the RPO trajectory. In some states there was even a reduction in the PRO
targets in order to accommodate the concerns of utilities. One of the reason for the lack of demand in renewable energy is
the financial difficulties (high debt) of the state-owned distribution companies.
The discussion of possible introduction of penalties on DISCOMs as a measure to tackle the non-compliance is another
evidence that renewable energy market is still not fully operational in India.
Source: India Wind Energy Outlook 2012; The Economic Times; India Power Sector.com
- 18 -
II. Wind Energy

- 19 -
Wind Power Sector Highlights
Sector
overview
India, along with China, is among the countries with the highest wind capacity addition growth on the global market
in the past five years. Installed capacity almost quadrupled since 2006 from 6.3 GW to 22.4 GW in 2014. After
overachievements during the 10th and 11th plans, the12th plan for 2012-2016 has a reference target of 15GW.
Another scenario envisages that the capacity could reach 20GW , while 25GW is set as an aspirational target.
In India, as well as in many other countries with developing renewable energy markets, due to the unreliability of
wind power, its growing share target in the electricity mix presents operational challenges to grid operators. The
underdeveloped transmission system in the country could be a big spur for the segment development.
Market
segmentation
Indias wind industry was highly fragmented. When the market started developing, as a result of the tax incentives
and other financial benefits offered by the government, many companies entered the segment. For good part of
them the wind power generation was not a core activity and most of the producers did not have much experience in
the field, but were attracted by the possibility of tax depreciation benefits.
In the last years, there is a clear trend towards selling wind assets to generate cash and exit the non-core activities.
There is a surge of acquisitions of small wind power plants and a concentration of the market is underway.
According to a Bloomberg report, wind utilities, such as Goldman Sachs-backed ReNew Wind Power Pvt., Morgan
Stanley-backed Continuum Wind Energy Pte and IDFC Ltd.s Green Infra Ltd. unit are seeking to amass GW-scale
portfolios to reduce generation costs, in some cases to lower than those for new coal-based power projects.

- 20 -
Government Policy
NWEM
Wind power accounts for most of the renewables energy generation in India with a share of about 70%.
In early June 2014, the government announced it will support the development of the segment by launching National Wind
Energy Mission (NWEM). The NWEM was supposed to start operating in mid-2014. It is, however, still awaiting the formal
consent from the Prime Minister. NWEM will offer investment incentives, identify high wind power potential zones, ease
land clearances and regulate tariffs. It will also aim at strengthening the grid infrastructure.
Incentive
For many years, wind power government incentives have played a major role in the wind power growth. The industry could avail of
both accelerated depreciation (AD) and generation-based incentives (GBI). AD was a capital incentive, which offered faster
depreciation of 80% in the first year of the power machinery operation. GBI is an example of performance incentive. The scheme
offers support of INR 10mn for every MW of generated wind energy between the fourth and tenth year of the projects operation.
Both schemes were withdrawn in 2012 and only GBI was re-included in the budget in 2013 and extended till Mar 2017 (end of the 12th
planning period). According to market sources, the removal of subsidies, along with inadequate grid infrastructure for power
evacuation and delays in payments by DISCOM have affected negatively the capacity addition in the past two years.
IREDA
Indian Renewable Energy Development Agency (IREDA) was established by the government as an independent
specialised Public Sector undertaking under the renewable energy ministry. It is a public limited company, whose main goal
is to translate the policies of government of India into action through promoting, developing and financing new and
renewable sources of energy (NRSE) technologies.
As of March 2014, IREDA held about 8% of total wind power capacity in India.
Source: Indian Wind Tribune Manufacturers Association; Global Wind Energy Outlook;
- 21 -
Government Policy (contd)
Budget for
FY 2015-2016
The renewable energy ministry has revised the target for renewable energy to 175,000 MW by 2022, which includes
60,000 MW of wind power.
The following changes came into effect as of 1st March 2015.
Tariff rate of BCD on iron and steel and articles of iron or steel has been increased from 10% to 15%. The effective rate
remains the same.
For claiming BCD and CVD exemption on import of goods for mega power projects, bank guarantee will now be
required to be submitted for an extended period of 66 months instead of earlier 36 months.
Effective median excise duty rate increased from 12.36 % to 12.50 %.
Excise Duty exemption granted on pig iron SG grade and ferro-silicon-magnesium for manufacture of cast components
of wind operated electricity generators, subject to approval by the renewable energy ministry.
Basic customs duty on active energy controller (AEC) for use in the manufacture of renewable power systems (RPS)
inverters is being reduced to 5 % subject to certification by the renewable energy ministry.
The following changes came into effect with the enactment of finance bill.
Increase in clean energy cess from INR100 to INR200 per ton on coal, lignite and peat.
Effective service tax is proposed to be increased from 12.36% to 14%.
An enabling provision proposed to be incorporated in finance act for levying a 2 % Swachh Bharat cess on the value of
service on specific services.
Source: Indian Wind Tribune Manufacturers Association;

- 22 -
Wind Energy Consumption

Top countries by wind consumption, 2014 (TW/h)*
Comments
183.6
158.4
56.0
USA
China
52.3
Germany
Spain
38.4
31.6
India
UK
According to the Center for Wind Energy Technology,

Indias wind power potential is 102,778 MW at 80
meters height at 2% land availability (2011).
If that potential is fully utilised, wind sources would
provide only about 8% of the forecast electricity
demand in 2022 (end of the 13th Plan) and 5% of the
demand in 2035.
Another research on wind potential, made by the
US-based Lawrence Berkeley National Laboratory ,
suggests capacity ranging from 2,006 GW at 80
meters to 3,121 GW at 120 meters. renewable
energy ministry has signed a memorandum of
understanding with the laboratory for co-work on the
estimation of wind resource potential and grid
integration.
With many of the older wind turbines being lowcapacity ones, another measure for energy
generation increase is the repowering (replacement
with modern large capacity machines). There are,
however, no policy guidelines or incentives on the
subject.
Indias wind consumption (TW/h)*

19.5%
21.3%
18.3%
31.2
38.4
34.8
26.4
21.7
2010
11.7%
2011
Consumption, TW/h
2012
2013
10.3%
2014
Source: BP statistical review of energy, June 2015; India Wind Energy Outlook 2012; * - Data for calendar year
- 23 -
Wind Energy Installed Capacity

Top countries by cumulative installed wind turbine capacity (MW , Dec 2014)
91,460
66,146
40,500
22,987
China
USA
Germany
22,465
Spain
India
12,809
9,684
9,143
8,556
UK
Canada
France
Italy
Indias cumulative installed wind turbine capacity (MW)*

22,465
3,114
1,840
1,430
875
3,000
4,430
2004
2005
6,270
2006
1,810
9,655
1,575
7,845
2007
2,139
13,065
16,179
2,315
2,241
10,926
1,730
1,271
2008
2009
Capacity
2010
Capacity addition
Source: BP statistical review of energy, June 2015; * - Data for calendar year
18,420
20,150
- 24 -
2011
2012
2013
2014
Wind Power Capacity By Regions

Break-up of installed capacity as at Mar 2014 (kW)
<=500 kW
501 to 1000 kW
1001 to 1500 kW
1501 to 2000kW
>2000 kW
Total
Andhra Pradesh
88,240
267,400
54,000
144,400
184,800
738,840
Gujarat
199,705
1,295,250
1,179,750
317,200
413,700
3,405,605
Karnataka
62,745
1,099,250
778,950
295,850
94,500
2,331,295
225
33,600
33,825
Maharashtra
297,345
922,960
1,775,500
748,650
280,200
4,024,655
Madhya Pradesh
26,700
200,200
103,750
25,200
355,850
Rajasthan
52,725
1,049,050
929,000
264,000
514,650
2,809,425
Tamil Nadu
1,731,155
2,310,950
2,204,600
775,650
232,250
7,254,605
Total Capacity
2,458,840
7,178,660
7,025,550
2,545,750
1,745,300
20,954,100
Kerala
Comments
State-wise installed wind capacity (as at 30 Sep 2014)

Maharashtra
19.0%
Wind generation in India is highly concentrated in the southern

and western territories, as about 95% of the installed capacity
is in Tamil Nadu, Karnataka, Maharashtra and Gujarat, while
Rajasthan is another fast developing state.
Almost 35% of the installed capacity is in Tamil Nadu. However,
the pace of new addition has decelerated substantially lately, as
the companies in the state are facing difficulties to evacuate the
power produces due to poor infrastructure, industry
representatives were reported as saying.
According to the Indian Wind Turbine Manufacturers
Association, installed wind energy capacity stood at 23,511MW
as of April 2015.
Gujarat 16.1%
Tamil Nadu
33.4%
Source: Indian Wind Tribune Manufacturers Association;

- 25 -
Rajasthan
13.3%
Karnataka
11.5%
Andhra
Pradesh 4.1%
Madhya
Pradesh 2.4%
Kerala 0.2%
Others 0.01%
Wind Power Forecast

India - total wind power capacity - new policies scenario
83,188
47,896
22,138
22,465
2014
25,121
2015
Forecast
2020
Historical data
2030
The scenario is based on assessment of

current directions and intentions in both
national and international energy and climate
policy, even though they may not yet have
been incorporated into formal decisions or
enacted into law.
India - total wind power capacity - moderate scenario

125,382
22,138
22,465
2014
49,111
25,121
2015
2020
Foracast
2030
Historical data
In addition to the new policies scenario, this

one takes into account existing and planned
national and regional targets for the uptake of
renewable energy in general and wind energy
in particular, and assumes that they are in fact
met.
India - total wind power capacity - advanced scenario

154,207
22,268
22,465
2014
55,872
25,445
2015
Forecast
2020
2030
Historical data
Source: GWEC - Global Wind Energy Outlook, Oct 2014

- 26 -
This is the most ambitious scenario best case

growth. It assumes an unambiguous commitment to
renewable energy in line with industry
recommendations, the political will to commit to
appropriate policies and the stamina to stick with
them.
III. Solar Energy

- 27 -
Overview
National
Solar
Mission until
2013
National
Solar
Mission
Post 2013

Due to its geographic location, India has about 300 days of sunshine per annum, average daily solar radiation of 4-6
kWh per sq meter and average annual temperatures between 25C and 27C. These provide for Indias very good
solar power potential. The sunniest territories are on the southeastern coast (Calcutta Madras).
Solar energy in the country includes photovoltaic energy (PV) and concentrated solar power (CSP or solar thermal
power). Currently, the solar power generation in India is predominantly through PV, since the CSP projects require
longer preparation period and the production process is more water-consuming.
The market is highly dependent on cheap imported solar PV modules.
The development of the solar energy generation is set in the Jawaharlal Nehru National Solar Mission (NSM).
Under the Mission in three phases up to 2022 the grid-connected solar power should expand to 20,000 MW, while
the off-grid installation has to reach 2,000 MW.
The first phase (2010 to 2013) aims at setting up a favourable environment to enable solar technology penetration at
a centralised and decentralised level. It targets grid connection of 1GW - 2GW and off-grid solar applications of
200MW.
The second phase (2013 to 2017) aims at providing fast competitive solar energy penetration with enforcement of a
mandatory renewable purchase obligation for utilities, backed by a preferential tariff. The grid-connected capacity
should be 4,000MW-10,000MW with another 1,000MW off-grid and 15 mn sq meters solar hot water collectors. After
a relatively successful first phase however, there was substantial delay in the second one.
By the end of the last phase (2017 to 2022), grid-connected capacity should reach 100,000 MW (increased in Jun
2015 from initial 20,000MW). The target should comprise of 40 gw rooftop and 60 gw through large and medium
scale grid connected solar power projects.
The total investment in setting up those 100 GW will be around INR 6,000 bn.
- 28 -
Subsector Highlights (contd)
Solar plants
in Uttar
Pradesh
Half a dozen companies have reached agreement with the government of Uttar Pradesh for the construction of solar
power plants, newspaper Pioneer reported in June 2015. The total capacity of the plants, whose capacity ranges
from 5MW to 10MW, will be 225MW. The firms will sell power to the state grid for 25 years. The price is yet to be
determined. The companies are Adani Group, Zee Group and Sukheever Agro Energy Ltd among others.
PV solar
panels
production
In January 2015, Indias Adani Power and US firm SunEdison announced plans to invest up to USD 4bn in what
would be Indias largest solar panel manufacturer, Reuters reported. The plant will be constructed in the state of
Gujarat and is expected to be built in 3 years and create 20,000 work places. The project would provide low-cost
photovoltaic solar panels, thus boosting solar energy generation in the country. Further details are yet to be
announced.
Development
of solar cities
The program is designed to spur the adoption of renewable energy technologies and energy efficiency measures by local
governments. Under the scheme, the government provides INR 5mn per city (INR 1mn for preparation of a Master plan, INR
1mn for setting up of solar cell and its functioning for a period of three years; INR 1mn for oversight of implementation during
three years and INR 2mn for capacity building). The Solar City should reach a minimum 10% reduction in projected demand of
conventional energy at the end of the five-year period as all types of renewable energy based projects like solar, wind,
biomass, small hydropower, waste to energy etc. may be installed along with possible energy efficiency measures depending
on the need and resource availability in the city. Cities with population between 50,000 and 5,000,000 people can apply. At
least one and a maximum five cities per state can be supported by the program to a total of 60 cities. As on January 15, 2015
sanctions at a total cost of INR 227.3mn for 48cities have been issued for Master plan, solar cells and promotional activities.
About INR 49.6mn have been extended.

- 29 -
Solar Energy: Consumption

Solar consumption in 2014 (% of world consumption)*
Solar consumption (TW/h)*
18.8%
35
31
15.7%
29
26
24
22
19
12.7%
10.4%
20
10.0%
11
Italy
Japan
US
Spain
2.4%
Germany
India
China
14
1213
11
China
19
16
7.3%
Germany
19
Italy
2011
Japan
2012
US
2013
1 1
Spain
2014
India
Comments
Despite the favourable climate, solar energy production is still underdeveloped in India. In 2014, the country accounted for 2.4% of the global
solar energy consumption, compared with 2.1% in 2013 and 0.8% in 2010.
Source: BP statistical review of energy, June 2015; *-Data is for calendar years
- 30 -
Solar Energy: Installed Capacity

County-wise cumulative installed photovoltaic power, 2014 (MW)*
38,200
28,199
23,300
18,460
18,280
5,660
Germany
China
Japan
Italy
USA
5,358
France
5,228
4,136
3,074
UK
Australia
Belgium
Spain
731
India
Indias cumulative installed photovoltaic power (MW)*

731
244
250
481
46
22
1
1
1
0
1
0
2
1
2004
2005
2006
2007
3
1
24
2008
2009
Cumulated capacity
Source: BP statistical review of energy, June 2015; * - Data for calendar years
- 31 -
120
190
70
2010
2011
Capacity addition
236
47
2012
2013
2014
Photovoltaic Solar Power

World PV Installation (2010-2011)
Comments
One of the requirements for a project to be elligible
for the Mission was the so-called domestic content
requirement (DCR). It was included in the guidelines
to promote the creation of domestic solar
manufacturing industry and is extended over the
production of crystalline silicon modules. Thin film
technologies are exempted from the DCR, and could
be imported, thus resulting in lower costs of the
modules and creating uneven advantage for
introducing thin film PV against silicon PV.
The interim report on NSM (April 2012) has
concluded that the domestic content requirement has
shifted the market towards thin film PV, as they are
used in more than 50% of the projects, a larger
proportion than the global average. They are
however less efficient, thus requiring more land.
As at June 4, 2014, the tentative manufacturing
capacity of cells and modules in India was as follows,
suggesting very low capacity utilisation:
Cells: Installed capacity 1,368MW;
Capacity under operation: 297MW;
Solar modules: installed capacity 2,756MW;
Capacity under operation 1,304 MW;
Silicon 86.0%
Thin film 14.0%
India PV Installation (2010,2011)
Silicon 45.0%
Thin film 55.0%
Source: Interim Report on National Solar Mission, 2012; MNRE

- 32 -
IV. Other Renewables
Indias fiscal year runs from Apr 1 to March 31. Thus, FY 2015 (also called fiscal 2015) means Apr 1, 2014 Mar 31, 2015. In Indian documents, FY (fiscal) 2015 is also labeled FY14-15
In order to better align with calendar years and make international comparisons more meaningful, in the Major Players section of this report, EMIS Insight has chosen to label data by the year in
which most of the result occurred. Unless otherwise stated, in the Major Players section of this report, 2014, for example, means the 12 months between Apr 1, 2014 - Mar 31, 2015, or what in
India is referred to as FY 2015. This applies to Indian companies only and may not apply to companies with global operations, which may be presented in this report.

- 33 -
Small Hydro
Projects
India has hydropower potential of 150GW, of which about 84 GW are economically exploitable. As a number of structural
issues hinder the development of large capital-intensive projects, the focus shifts towards smaller scale hydro projects with
output of up to 25MW. According to the renewable energy ministry estimates, the potential for small hydro power projects is 15
GW at almost 5,500 sites. Most of the potential is in the Himalayan states (river-based projects) and in other states that offer
irrigation.
As at March 2015, the small hydro projects in India had total capacity of 4,055MW. In FY2014-2015, the target for new
capacities of 250MW was overachieved by 1.6MW. There is potential for projects with a combined capacity of about 19GW.
The private investment in the segment is low, as interest rates are high and make the debt financing expensive. Despite having
high growth potential, the market niche is still undeveloped and riskier compared to other energy projects.
The renewable energy ministry reported that as of end January 2015 there were 27 manufacturers of small hydro power
turbines who fabricate almost the entire range and type of SHP equipment listed in the renewable energy ministry.
Manufacturers capacity is estimated at about 400 MW per year.
Biomass
Cogeneration
According to Energy Alternatives India, the country produces about 450mn-500mn tonnes of biomass annually. In different
studies the countrys energy potential is estimated at between 18,000MW and 50,000MW.
The leading states for biomass power projects are Andhra Pradesh, Chattisgarh, Maharashtra, Madhya Pradesh, Gujarat and
Tamil Nadu. The installed capacity reached about 1,400MW as at end FY2014-2015, but the addition in the last fiscal was
substantially below the 100 MW target at 45MW.
Bagasse cogeneration is predominantly developed in Andhra Pradesh, Tamil Nadu, Karnataka, Maharashtra and Uttar
Pradesh. The installed capacity as at March 2015 reached 3,008MW. The target of 300MW I new capacity addition in FY 20142015 was overachieved by 60MW.
Removal of Barriers to Biomass Power Generation in India (2006-2014) is a project between the United Nations and MNRE,
which supports green- and brownfield biomass projects in the country. The funding support is more than USD 5.6 mn.
Recent market reports suggest not so favourabe development of the segment, with claims that more than half of the countrys
grid-connected power plants that run on biomass have either shut down or are on the verge of shutting down, due to
competition within the biomass power industry and from other industries like cement and brick kilns.

- 34 -
Biomass And Biofuels

Top countries in geothermal and biomass consumption, 2014*
India geothermal and biomass consumption (TW/h)*
16.8%
21.1%
18.5%
11.1%
9.7%
13.7%
9.3%
10.5%
5.3%
USA
Brazil Germany China
Japan
5.3%
Italy
6.6%
4.5%
3.7%
UK
11.8
14.0
15.9
17.5
18.7
2010
2011
2012
2013
2014
Consumption, TW/h
India
Indias biofuel production*
Comments
6.4
70.2%
5.0
60.2%
4.2
3.9
The biomass availability in India is about 500mn tonnes per annum.
2.3
29.1%
The potential is estimated at about 120-150mn tonnes per year or

app.18,000 MW. Additional 5 GW could be generated through
bagasse cogeneration in sugar mills.
19.5%
8.3%
2010
2011
2012
Production, tou b/doe
2013
2014
Production yoy growth
Source: BP statistical review of energy, June 2015; MNRE; * - Data for calendar year
- 35 -
Biomass Capacity
State-wise biomass capacity as on 31 Mar 2015
Comments
State
Capacity (MW)
Andhra Pradesh
288
Chhattisgarh
250
Gujarat
31
Haryana
14
Karnataka
108
Madhya Pradesh
26
Maharashtra
198
Orissa
20
Punjab
69
10
Rajasthan
101
11
Tamil Nadu
212
12
Uttar Pradesh
54
13
West Bengal
26
Total
1,395
Source: Government of India

- 36 -
As at March 2015, there were 165 biomass power

plants with a total capacity of about 1400 MW.
Ministry of New and Renewable Energy (MNRE) is
promoting efficient utilisation of biomass like agroindustrial and agricultural residues including paddy
straw for power generation in the country. Fiscal
incentives such as accelereated depreciation,
concessional customs duty, excise duty exemption,
10 years income tax holiday and preferential tariff are
provided for biomass power projects.
The renewable energy ministry also provides Central
Financial Assistance of INR 2.5mn per MW in special
category states (North-eastern region, Sikkim,
Jammu and Kashmir, Himachal Pradesh and
Uttaranchal) and INR 2mn per MW for other states
with a cap of INR 15mn per project. The renewable
energy ministry reported that it has allocated about
INR132.2mn as Central Financial Assistance for
biomass power projects during the last three years.
There are also incentives for bagasse co-generation
by private and public sector sugar mills.
The renewable energy ministry commented that
some of the biomass projects have been facing
problem of non-viable operations due to high price of
biomass and low tariff of electricity in some states.
V. Main Players
Unless otherwise stated, in this report, 2014, for example, means the 12 months between Apr 1, 2014 - Mar 31, 2015, or what in India is referred to as FY 20145 This applies to Indian companies
only and may not apply to companies with global operations, which may be presented in this report.

- 37 -
Deals
Top M&A in Jul2013- Jun2015
Date
8.6.2015
Target Company
Applied Solar Technologies India Pvt Ltd
14.5.2015 Wind power assets of Techno Electric

4 wind farm operating subsidiaries of Fersa Energias
4.5.2015
Renovables SA
20.3.2015 Inox Wind Ltd
11.2.2015 Green Infra Ltd
9.10.2014 SolarArise India Projects Pvt Ltd

22.9.2014
14.8.2014
28.7.2014
24.7.2014
Wind energy business of Bharati Shipyard

Grapp Energies Pvt Ltd; Green Ripples Pvt Ltd
Three India-based wind projects of Atria Power
Orange Powergen Pvt Ltd
3.7.2014
ReNew Power Ventures Pvt Ltd
23.6.2014 CaptureSolar
20.6.2014 Welspun Renewables Energy Pvt Ltd
10.6.2014
25.4.2014
20.1.2014
8.12.2013
15.11.2013
22.10.2013
9.10.2013
26.8.2013
16.8.2013
5.7.2013
KSK Energy Ventures Ltd

151 MW solar photovoltaic power project of Welspun
Greenko Group
ACME Solar Energy
Green Infra Ltd
Claro Energy
AES Saurashtra Windfarms Pvt Ltd
Two wind farms in Madhya Pradesh
TVS Energy Ltd.
150 MW Gujarat wind mill project
Buyer
Country of Buyer
MSP
Future Fund; Bessemer Venture Partners; Capricorn Investment Group; International

Finance Corporation (IFC)
Australia; United States;

International
40
47
33
100
United States
33
100
168
14
Acquisition Buyer(s) unknown in this case
Acquisition SunEdison Inc
Sundaram Asset Management Co Ltd; IDFC Asset Management Co Ltd; SBI Funds
Management Pvt Ltd; Grandeur Peak Funds; BlackRock Inc; Reliance Capital Ltd
(RCL); Morgan Stanley Investment Management Inc; Tata AIA Life Insurance Co Ltd;
India; United States;
IPO
Birla Sun Life Asset Management Co Ltd; Kotak Mahindra Bank Ltd (KMB); The
United Kingdom; Bermuda
Goldman Sachs Group Inc; Swiss Finance Corporation (Mauritius) Ltd; Indus India
Fund (Mauritius) Ltd; Fidelity Worldwide Investment; Buyer(s) unknown in this case
Acquisition Sembcorp Industries Ltd
Singapore
MSP
Acquisition
Acquisition
MSP
MSP
Kotak Mahindra Bank Ltd (KMB); European Investment Bank

Ghatge Patil Group
Solargise
GE Energy Financial Services
AT Capital Group
170
60
India; International
33
India
United Kingdom
United States
Singapore
9
200
40
100
-
MSP
The Goldman Sachs Group Inc; Asian Development Bank; Global Environment Fund United States; Philippines
140
MSP
Concept Solutions & Innovation
Cyprus
125
MSP
Asian Development Bank; DEG - Deutsche Investitions- und

Entwicklungsgesellschaft mbH
Philippines; Germany
88
United States
France
United Kingdom
India
Singapore
India
India
68
24
9
25
24
53
10
2
50
100
100
90
100
SPO
MSP
MSP
Acquisition
MSP
MSP
Acquisition
Acquisition
Acquisition
Acquisition
Qualified Institutional Investors

GE Energy Financial Services
Undisclosed investor(s)
EDF Energies Nouvelles; EREN
CDC Group PLC
Angel investors
Tata Power Co Ltd
Continuum Wind Energy
Green Infra Ltd
Bharat Light and Power Pvt Ltd
Source: DealWatch
Deal Value Stake

USD mn %
Deal Type
- 38 -
M&A Activity, Jul2013-Jun2015

Number and Value of Deals in Indias Renewable sector
Number of Deals by Deal Value, USD (%)

Acquisition
43.5%
5
4
106.7
2
337.9
3
32.5
304.8
8.5
53.4
49.4
389.1
IPO 4.3%
Minority stake
purchase
47.8%
Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun

2013
2014
Total value of deals (USD mn)
2015
Number of Deals
Number of Deals by Deal Type (%)
SPO 4.3%
Number of Deals by Region of Investors* (%)
Asia 13.0%
Others 21.7%
Undisclosed
21.7%
50.1-100mn
13.0%
North America
13.0%
Unknown
17.4%
0-50mn 43.5%
Europe 17.4%
India 17.4%
Source: DealWatch, EMIS calculations; *Others include investors from more that one region
- 39 -
100.1-500mn
21.7%
TATA Power
357.0
Tata Power is among Indias leading privately-held power

producers with a significant international presence.
As of April 2015 the company had an installed generation
capacity of 8,750MW of which 1,383 MW are clean and
renewable energy capacity. Tata Power has a presence in
all the segments of the power sector - generation (thermal,
hydro, solar and wind), transmission, distribution and
trading. It is also a partner in a number of public-private
projects in power generation, transmission and distribution
in India.
The companys biggest unit the thermal ultra mega power
project in Mundra, which caters for about 2% of the total
power need in India and half of Tata power generation.
In terms of revenue, about 72% of the companys revenue
come from the power segment, and 23% - from the coal
segment. The profit structure is again dominated by the
power segment (80%), followed by coal (18%).
The company is listed on both leading Indian bourses
Bombay Stock Exchange and National Stock Exchange. As
of April 2015 Tata Power capitalization on the BSE stood at
USD 3.02bn.
-0.3
1.0
-10.9
2009
Highlights
356.5
333.9
330.3
20.6
262.7
260.2
198.6
194.6
195.7
21.4
189.9
Financial Performance (INR bn)
2010
2011
Operating Revenue
2012
2013
Total Revenue
Net Profit
Other Indicators (INR bn)

Product
2010
2011
2012
2013
2014
EPS
8.79
-4.98
-1.23
-1.61
0.17
Total Assets
503.4
616.1
672.8
714.0
754.43
Shareholders
Equity
2.4
2.4
2.4
2.4
2.7
213.9
282.3
331.6
336.2
357.0
Net Debt
Source: Company data (consolidated); BSE; EMIS calculations

- 40 -
TATA Power
TPREL financial results (INR mn)
Highlights
2012
2013
2014
Revenue
142.6
651.4
896.5
Net profit
9.5
11.1
44.1
Tata Power Renewable Energy Ltd (TPREL) was

established in 2007 and is headquartered in Mumbai.
It engages in the generation and sale of power from
renewable energy sources in India.
Tata Power has an installed hydro capacity of 573MW.
In consortium with Norway-based SN power TATA is
developing 780MW Dugar Hydro project in India.
Another 400MW are under development abroad.
In 2014 TPREL acquired 39.2MW operating wind farm
at Saurashtra in Gujarat from AES Corporation.
Another 24MW were commissioned in April 2015 at a
wind farm in Rojmal, Gujarat. Thus the total wind
capacity increased to 511MW. Another 150MW are
under construction and are planned to be finalised in
the current fiscal.
The company had 59MW installed solar capacity. It
has partnered with the Australian Sunengry Pty Ltd. to
build the first floating solar plant in India.
In mid May TPREL announced that it plans to expand
its wind and solar power capacity and is considering
both organic and inorganic expansion, it would buy
completed projects as well as projects with
clearances, which are yet to be executed.
Tata Power Solar

Tata Power Solar was founded in 1989 as a joint venture
between Tata Group and BP Solar. In 2012 it became part of
Tata Group. The company is headquartered in Bangalore
and operates in three distinct segments cutting-edge
manufacturing, EPC services for solar power projects and
creating innovative solar products. It has about 700
employees and operates 200 MW and 180 MW of module
and cell manufacturing facility in Bangalore, being Indias
leading solar manufacturer.
Source: Company data; Bloomberg

- 41 -
Orient Green
2011
Operating Revenue
2012
Total Revenue
2013
-2.4
-0.8
-2.1
2010
Orient Green Power Company Ltd., headquartered in

Chennai, is the largest independent operator and
developer of renewable energy power plant in terms of
total installed capacity. The company has developed
energy projects based on biomass, biogas, wind, as
well as small hydro projects.
As of Feb 2015 Orient Green operates aggregate
capacity of 535.23MW, of which 429.2 MW are wind
energy projects and 106 MW are biomass projects.
The company targets 81MW capacity installation.
Orient Greens wind turbines are located in the states
of Tamil Nadu (1), Gujarat (4), Kerala (2) and Andhra
Pradesh (3). On the international market, projects
have been commenced in Sri Lanka and Croatia.
The 12 operating biomass energy projects are in the
states of Tamil Nadu (4), Maharashtra (2), Andhra
Pradesh (1), Madhya Pradesh (1) and Rajasthan (4).
Orient Green plans to enter the small hydro energy
generation market through joint ventures so as to
benefit from the experience of the partners. Currently
the company has a 15MW plant in Orissa, eastern
India.
Orient Green is listed on the Bombay Stock Exchange
and the National Stock Exchange of India.
5.0
4.9
4.2
4.1
4.5
4.2
Highlights
2.5
-0.8
2.2
2.1
0.1
1.8
Financial Performance, INR bn
2014
Net Profit (before minority interest)
Other Indicators (INR bn)

Product
2010
2011
2012
2013
2014
EPS
0.29
-1.48
-1.49
-3.31
-4.10
Equity Share
4.7
4.7
4.7
5.7
5.7
Assets
24.6
35.6
35.4
35.1
32.6
Net debt
5.1
10.9
16.2
19.0
19.1
Source: Company data;

- 42 -
Adani Power
2011
2012
Operating Revenue
Founded in 1988 and based in Gujarat, Adanis activities

include coal mining, cargo handling ( of the coal) and power
generation and transmission.
Regarding energy production, the company has specialized
in thermal power through Mundra Thermal Power project.
At the beginning of April 2014, the company added the
fourth 660MW unit to the project.
In Dec11 the company entered the solar power market,
commissioning 40MW PV plant in the Kutch district,
Gujarat.
In Feb 2015 Adani was said to have sing Memorandum of
understanding with the government of Rajasthan to set ap a
10GW solar park over the next 10years.
In June 2015 Business Standard reported that Adani is to
invest INR 50bn in establishing 700MW solar plant in Tamil
Nadu. The investment will be part of companys target of
10,000 MW capacity by 2022.
Adani has total installed power capacity of 8,620MW, thus
being among the top private players. It accounted for 15%
of the total new capacity addition in India in FY 2014.
The company has five subsidiaries in Maharashtra,
Rajasthan, Dahej, Pench and Kutch. In 2012 the
subsidiaries Mundra Power SEZ Ltd., Adani Power Pte Ltd.,
Singapore and Adani Power (Overseas) Ltd., UAE have
been closed and Adani has disinvested its entire holding in
Adani Shipping Singapore.
Companys shares are traded on The National Stock
Exchange and the Bombay Stock Exchange.
195.4
195.2
159.5
2013
-8.2
-2.9
-23.0
-2.9
2010
Highlights
69.7
67.8
42.4
40.9
5.1
21.4
21.5
157.7
2014
Total Revenue
Net Profit
Other indicators
Product
2010
2011
2012
2013
2014
EPS
2.36
-1.32
-9.59
-1.04
-2.84
Equity Share
(INR bn)
21.8
21.8
23.9
28.7
28.7
Assets
INR bn)
349.9
513.8
549.6
546.9
Source: Company data; Business Standard; Cleantechnica.com; BSE

- 43 -
NTPC
2011
Net sales of energy
NTPC was set up in 1975 as a state-owned

enterprise. Initially the company operated only as a
thermal power provider and although its still the
mainstay of the company, NTPC has spread its
activities into consultancy, power trading, ash
utilization and coal mining.
Present installed capacity of NTPC is 44,798 MW
(including 5,974 MW through JVs) comprising of 38
NTPC stations (17 coal based stations, 7 combined
cycle gas/liquid fuel based stations; 7 Joint Venture
stations are coal based and one is gas based; 8
projects are for renewable energy). Companys target
for 2032 is capacity of 128,000MW. The fuel mixture
will comprise 56% coal, 16% gas , 11% nuclear and
17% renewable sources (incl hydro).
NTPC put into operation its first renewable energy unit
in FY 2013. The company has already commissioned
8 solar projects with total capacity of 110 MW while
another 15 MW solar PV and 8 MW Small hydro
projects are under implementation. Two wind energy
projects in Karnataka and Maharashtra with 40MW
capacity each are under tendering. The company
plans renewable power capacity addition of about
1,000MW by 2017.
Companys shares are traded on the Bombay stock
exchange and the National stock exchange of India.
2013
Profit before tax
99.9
799.4
104.6
114.0
784.5
2012
144.9
125.9
706.1
98.1
166.1
649.6
131.4
93.5
574.2
123.9
2010
Highlights
2014
Net Profit
Other indicators
Product
EPS
2010
11.34
2011
11.90
2012
15.27
2013
13.83
2014
12.11
Equity Share (INR bn)
82.45
82.45
82.45
82.45
82.45
Assets (INR bn)
Capital employed in energy

generation
1,366.1 1,552.6 1,787.1 2,000.4
2,195.8
505.1
624.0
742.7
870.4
1,007.66
Revenue from energy generation 572.4
654.8
708.6
764.9
779.18
Profit before interest and tax from

126.6
energy generation
133.4
173.3
162.8
133.66
Source: Company consolidated data

- 44 -
NTPC
2012
260.5
2014
2010
Installed capacity by type
2011
2012
2013
2014
Regional spread of generating facilities
Number of plants
Capacity (MW)
Coal
17
33,675
Gas/Liquid fuel
4,017
Hydro
600
Renewable energy
110
Total
33
38,402
Coal and gas
6,196
Total
40
44,798
Coal
NTPC owned
Owned by JVs
Source: Company data

250.6
2011
249.6
2010
240.3
2013
236.7
44,398
Energy generation NTPC Group (Bn units)
43,108
41,273
37,103
34,283
Installed capacity NTPC Group (MW)
- 45 -
Gas/Liquid Renewable
Total
Renewable
9,015
2,344
35
11,394
Western
10,840
1,313
50
12,203
Southern
4,600
360
10
4,970
Eastern
9,220
10
9,230
Islands
Hydro
800
JVs
429
1,967
6,196
Total
37,904
5,984
110
44,789
NHPC
2010
2011
Net sales
Highlights
2013
Profit before tax
28.0
37.2
16.3
25.3
28.7
2012
Founded in 1975, NHPC Ltd (previously known as National

Hydroelectric Power Corporation) is a government enterprise.
Initially it was focused only in hydropower generation, but has
lately expanded its operation in the conventional and nonconventional energy sources in India as well as abroad.
Companys principal business activity is electricity generation, but
it also involved in the spheres of contract, project management
and consultancy.
NHPC installed capacity was 6,507MW as of Mar 2015. The
company has 20 operational stations 18 standalone and 2 with
its subsidiary NHDC. Under construction are 4 units with a total
capacity of 3,290MW. Nine projects with about 7,500MW capacity
are awaiting clearances and 4 (2,120MW) are in pipeline.
In 2014 NPHC generated 22,038MW - the highest ever annual
generation.
In Feb 2015 NHPC entered a JV with UPNEDAfor the
construction of a 50 MW solar project in Jalaun, Uttar Pradesh,
which is to be commenced in May, 2016.
In May 2014 NHPC signed Memorandum of understanding with
Kerala State Electricity Board Ltd for development of 50MW grid
linked solar plant in Kollam district.
The company has 50MW wind energy project in Rajasthan with
scheduled completion in Dec2015.
It is in the process of signing Memorandum of understanding with
the governent of West Bengal for the construction of 4
hydropower projects (three with capacity of about 80MW and one
with 48 MW)
Companys shares are listed on the Bombay Stock Exchange and
the National Stock Exchange of India.
In FY 2015 the market capitalization reached INR 220.3bn
compared with INR 211.44bn in FY 2014.
81.0
71.2
61.3
38.9
34.0
24.6
32.6
43.5
49.6
67.8
2014
Net Profit
Other indicators
Product
2010
2011
2012
2013
2014
EPS
1.88
2.51
2.13
1.02
2.25
Equity Share
(INR bn)
123.00
123.00
123.00
110.71
110.71
Assets
(INR bn)
541.7
602.9
623.4
614.0
632.7
Debt equity
ratio
0.63
0.68
0.67
0.68
0.61
Source: Company consolidated data;

- 46 -
Contact:
Corporate Headquarters
6-8 Bouverie Street
London EC4Y 8DD
UK
Voice: +44 20 7779 8100
Fax: +44 20 7779 8224
Americas Headquarters
225 Park Avenue South
New York, New York 10003
US
Voice: +1 212 610 2900
Fax: +1 212 610 2950
Asia Headquarters
Eucharistic Congress Bldg. No.
III
4th Floor, 5 Convent Street
Mumbai 400 001
India
Voice: +91 22 22881123
Fax: +91 22 22881137
Disclaimer:
The material is based on sources which we believe are reliable, but no warranty, either expressed or implied, is provided in relation to the accuracy or completeness
of the information. The views expressed are our best judgment as of the date of issue and are subject to change without notice. EMIS and Euromoney Institutional
Investor PLC take no responsibility for decisions made on the basis of these opinions.
Any redistribution of this information is strictly prohibited. Copyright 2015 EMIS, all rights reserved. A Euromoney Institutional Investor company.
About EMIS Insight
EMIS Insight is a unit of EMIS that produces proprietary strategic research and analysis. The service features market overviews, industry trend analysis, legislation
and profiles of the leading sector companies provided by locally-based analysts.
About EMIS
Founded in 1994, EMIS (formerly known as ISI Emerging Markets) was acquired by Euromoney Institutional Investor PLC in 1999. EMIS works from over 15 offices
around the world to deliver electronic information products, by subscription, to institutional customers globally. EMIS provides hard-to-get information covering more
than 100 emerging markets. Its flagship products are EMIS Intelligence and EMIS Professional.
EMIS clients include top investment banks, corporations, law firms, consultants, investment and insurance companies, universities and libraries, multilateral
organisations, and others.

- 47 -

EMIS Insight - India Renewable Energy Sector Report

Încărcat de

Informații document

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

EMIS Insight - India Renewable Energy Sector Report

Încărcat de

Drepturi de autor:

Formate disponibile

Renewables

Any redistribution of this information is strictly prohibited.

IV.Other Renewable Energy Sources

II. Wind Power

Any redistribution of this information is strictly prohibited.

I. Renewable Energy Overview

Any redistribution of this information is strictly prohibited.

Any redistribution of this information is strictly prohibited.

Electricity, gas and water supply (INR bn, constant

Electricity, gas and water supply (share of GDP,

FDI in Energy sector (USD mn)2

Renewable energy consumption

Solar (PV) cumulative capacity addition (MW)

Biomass consumption (TW/h)

Biofuel production (thou, b/doe)

Renewable energy capacity installated (MW)

Wind cumulative capacity installed (MW)

Total Electricity Demand (GW/h)

Official targets for capacity addition in 2014-2022 (MW)

BMI forecast1 for renewable energy sector

Small Hydro Biomass

Generation (TWh) 45.3 51.4

2014e 2015f 2016f 2017f 2018f 2019f 2020f 2021f 2022f

66.2 73.5 82.0 90.7 99.6 107.8

12.9 11.0 11.6 10.6

50.5 55.4 61.2 67.0 72.9 78.1

29,856 33,346 37,769 42,666 47,351 52,496 57,740 63,315 68,341

Capacity (% yoy) 13.1 11.7

13.0 11.0 10.9 10.0

14.3 14.9 15.6 16.3 16.8 17.0

Energy Demand-Supply Gap (GW/h)

Indias GDP at constant prices

Source: CEIC; CEA;

India traditionally has a negative balance in overall energy

With growing economy and population, Indias energy demand also

Electricity, gas and water supply (constant prices)

Target/Achievement for Capacity Addition in Various Five Year Plans (MW)

1st Plan 1,100

Achieved Capacity Addition

Energy Consumption and Installed Capacity

India consumption breakdown by fuel, 2014 (mtoe)*

Indias Installed Energy Capacity (May 2015)

The share of renewables in total energy capacity of India stood at

Source: BP statistical review of energy, June 2015; CEA; *-calendar year

Renewable Energy: Consumption

India renewables consumption*

Consumption yoy growth

Renewable Energy: Capacity

Renewable energy capacity addition in the 11th Plan (MW)

The renewable energy capacity addition accelerated

Installed Capacity as at the end of the period, MW

Type-wise renewable energy capacity addition in 2014 (MW)

Source: CEA; 12th Plan; EMIS calculations

Renewable Energy: Capacity By Region

Top states - capacity addition in 2014 (MW)

Source: CEA; EMIS calculations

Prices and Costs

Source: CEIC; Reuters; Climate Policy Initiative

Credit, yoy growth

Source: Reserve bank of India; Government of India; cleantechnica.com

Financing for the power sector rose from 11% to more

Foreign Direct Investment

Sector wise Equity Inward FDI (2000-Apr2015)

FDI in Power sector, USD mn