Month in a Minute: March 2017

Important Headlines and Data Points from the Indian Renewable Sector in March 2017

The Asian Development Bank approved a $175 million (~Rs.11.35 billion) loan to the Power Grid Corporation (PGCIL) to expand its solar power transmission network across the country.

Payment delays by distribution companies are inhibiting the growth of renewable energy sector in India.

NTPC commissioned the 260 MW Bhadla Solar Project being developed under its self-owned projects program.

Greenko Energy Holdings, a renewable energy company, raised $155 million (~Rs.10.14 billion) in equity funding by signing definitive agreements with an affiliate of GIC and an entity that is wholly-owned subsidiary of Abu Dhabi Investment Authority.

The National Thermal Power Corporation raised Rs.20 billion (~$305.47 million) through the issuance of Green Masala Bonds in the overseas market. The proceeds will be utilized to develop renewable energy projects.

In the 10-month period from April 2016 to January 2017, in the current fiscal, 70.13 billion units of electricity were generated from renewable energy sources.

In the first nine months of financial year (FY) 2016-2017, the interest costs of states and union territory DISCOMs (distribution company) that have joined the Ujwal DISCOM Assurance Yojana (UDAY) program have been reduced by Rs.119.89 billion (~$1.83 billion) compared to the same period in FY2015-16.

The government has approved the increase of solar park capacity from 20,000 MW to 40,000 MW to develop a minimum of 50 solar parks of 500 MW each by financial year 2019-20.

The Tamil Nadu Energy Development Agency invited expression of interest to develop a 500 MW solar park in Tamil Nadu.

The Ministry of New and Renewable Energy will receive ~Rs.53.41 billion (~$817 million) from the National Clean Energy Fund (NCEF) for financial year 2017-2018.

The Renewable Purchase Obligation (RPO) compliance needs to increase in states and union territories if India is to achieve its renewable energy targets by 2022.

Amid low interest from solar project developers, the Tamil Nadu Energy Development Agency has bid for 50 MW of solar in the 500 MW tender floated by the Tamil Nadu Generation and Distribution Corporation (TANGEDCO).

So far, standalone solar projects aggregating 149 MW have been installed in India under the off-grid program.

The Indian Oil Corporation is planning to tender 15 MW of rooftop solar.

In Karnataka, solar projects aggregating 140 MW have been commissioned so far, under farmers’ program. These projects have been constructed on land owned by farmers.

The World Bank Group is providing a 40-year $25 million (~Rs.1.65 billion) loan to develop transmission infrastructure at the Rewa Solar Park.

Canadian Solar and the Solar Energy Corporation of India have signed 25-year power purchase agreement (PPA) for solar projects aggregating 80 MW in the state of Maharashtra.

In India, average solar tariffs have fallen by about 73 percent since 2010.

Fifty-seven inter-regional power transmission projects costing Rs.72.68 billion (~$1.09 billion) have been approved under the Power System Development Fund program.

A total of ~Rs.2.07 trillion (~$30.99 billion) DISCOM debt has been restructured under the Ujwal DISCOM Assurance Yojana (UDAY) program in India.

So far, solar canal bank and canal top projects aggregating 24 MW have been commissioned in India.

Solar in India accounted for ~9,378 million units of electricity produced in the country during the nine-month period from April to December, 2016, an 81 percent increase over the same period in 2015.

Renewable energy, now accounts for ~16.10 percent of India’s energy mix. India’s installed renewable energy capacity now stands at 50,745 MW.

In the nine months from April to December in financial year 2016-2017, export and import activity totaling $1.9 billion (~Rs.127 billion) was registered in the Indian solar sector.

The Solar Energy Corporation of India has cancelled solar projects aggregating 150 MW, tendered under the domestic content requirement (DCR) category in Bhadla Solar Park, Rajasthan, under National Solar Mission Phase II, Batch 4.

Distribution companies across the country were paid a total of Rs.28.75 billion (~$430.21 million) against pending electricity bill payments during demonetization.

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