India Added 601 MW C&I RE Generation Capacity in Q1 2021: Report

BRIDGE TO INDIA has launched a new quarterly report titled “India Corporate Renewable Brief,” which provides a detailed regular update on key trends and developments in the rapidly growing C&I renewable market.

The study includes details of capacity addition, key players, policy developments, equipment prices, financing deals and other market trends. The first edition of this report has been financially supported by Renewable Energy Demand Enhancement (REDE) programme, a joint WWF India – CII initiative.

According to the report, India added 601 MW of C&I renewable power generation capacity in Q1 2021, reaching 17,817 MW by 31 March 2021, up 20% quarter on quarter. Installation activity picked up slightly in Q1 in response to easing COVID-related restrictions and increasing power demand.

Total open access solar (OA solar), open access wind (OA wind) and rooftop solar capacity was estimated to be 4,468 MW, 7,315 MW and 6,017 MW respectively in Q1 2021.

The report finds that in the last 12 months, Aditya Birla and Cleantech Solar were the largest OA developers (102 MW each), followed by Amplus (100 MW) and AMP (99 MW). Overall, ReNew (495 MW), Greenko (443 MW) and Amplus (383 MW) are the leading developers by capacity commissioned as of FY 2021. In 2020, Fourth Partner was the largest rooftop solar developer, followed by Cleantech, Amplus, ReNew, CleanMax and AMP.

As for policy changes, the report notes MNRE’s announcement that solar cells and modules would be subject to basic customs duty (BCD) of 25% and 40% respectively from 1 April 2022. Separately, the Ministry of Finance has increased customs duty on solar inverters from 5% to 20% with effect from April 2021.

Additionally, new net metering restrictions are being planned to be implemented in Karnataka, Punjab and Tamil Nadu. Karnataka has become the second state after West Bengal to limit net metering to rooftop solar power systems of up to 10 kW capacity. Meanwhile, Punjab has proposed to reduce net metering system size limit from 80% to 50% of sanctioned load for C&I consumers. Further, in Tamil Nadu, TANGEDCO is proposing to introduce gross metering for HT consumers above connected load of 10 kW.

The report also provides a pricing update: prices for mono-PERC modules increased further to USD cent 23-24/ W in Q1. Balance of system (BOS) costs have also been increasing due to a rise in metal and freight rates. Total EPC cost for utility scale solar projects is estimated at INR 30.2/ Wp, up 18% on a YOY basis. EPC cost for rooftop solar also increased by 16% in the last year to INR 37.5/ Wp.

BRIDGE TO INDIA is a consultancy and knowledge services provider operating in the Indian renewable energy market, aiming to offer clean innovative and viable clean energy solutions.