Month in a Minute: Important Headlines and Data Points from the Indian Renewable Sector in April 2017


Mercom India forecasts cumulative installations in the calendar year 2017 to reach 10 GW.

The European Investment Bank (EIB) approved a EUR 200 million (~Rs.13.8 billion), 20-year loan to State Bank of India (SBI) to help develop solar projects in India.

The World Bank approved $100 million (~Rs.6.5 billion) in funds to develop solar parks in India.

In the financial year (FY) 2016-17, wind projects aggregating 5,400 MW were installed across India.

Oriano Solar, a solar focused EPC firm, raised Series A funding of Rs.200 million ($3 million) from Samridhi Fund managed by SIDBI Venture Capital Ltd.

Tender and auction activity in the solar sector in India has been slowing down over the last couple of quarters.

The Asian Development Bank (ADB) will provide a $200 million (~Rs.13 billion), 20 year, loan to finance energy efficient lights and water pumps in India.

The entire Kurnool Ultra Mega Solar Park of 1,000 MW capacity is expected to be connected to the grid by the end of April 2017.

Cumulative solar installations in India surpassed 12 GW; 5.5 GW installed during FY2016-17, according to MNRE.

India generated 10.6 billion units of solar power in the 10-month period from April to January (FY2016-17), an 85 percent increase year-over-year.

In the 10 months from April to January in FY2016-17, the Indian solar sector registered export and import activity totaling $2.2 billion (~Rs.150.3 billion).

Solar tariff in India touched a new low with Solairedirect’s winning bid of Rs.3.15 (~$0.0486)/kWh in the Kadapa Solar Park auction.

Indian solar sector saw approximately $1.6 billion (~Rs.106 billion) in announced corporate, project funding and M&A deals in the first quarter of 2017.

The Solar Energy Corporation of India (SECI) reduced tendered capacity of rooftop solar from 1,000 MW to 500 MW.

On April 17, 2017, project developers signed power purchase agreements (PPAs) with the Madhya Pradesh Power Management Corporation Ltd. (MPPMCL) and the Delhi Metro Rail Corporation (DMRC) for the 750 MW of solar to be developed at Rewa Solar Park.

India recorded a low power supply deficit of 0.7 percent in the financial year (FY) 2016-17.

The National Thermal Power Corporation(NTPC) upsized its medium-term note (MTN) program to $6 billion.

The Central Electronics Limited (CEL) is planning to expand manufacturing capacity. The CEL invited an expression of interest (EoI) for a strategic alliance to manufacture flexible solar PV modules.

The Indian Space Research Organization (ISRO) developed an android application called the ‘Solar Calculator’, to calculate solar energy potential.

Domestic Content Requirement (DCR) tenders are on a downward spiral.

In Jharkhand, power purchase agreements (PPAs) for 1.1 GW of solar projects that were auctioned in March of 2016 (LoIs signed May 2016) are yet to be signed.

The Tamil Nadu Generation and Distribution Corporation (TANGEDCO) will soon tender 1,500 MW of solar to meet its renewable purchase obligation (RPO).

Fotowatio Renewable Ventures (FRV), raised $29 million (~Rs.1.86 billion) in non-convertible debentures (NCDs) from the International Finance Corporation (IFC) to fund 100 MW of solar projects in India.