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Report Summary Coronavirus outbreak is set to impact 3 giga watt (GW) of Indian solar projects worth INR 16,000 crore – leading to slump in solar capacity addition in Q1 2020

Solar PV Market in India Outlook Update Q1 2020

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In order to achieve 100 GW solar installed capacity target by 2022, year 2020 was expected to bring much renewed push to the solar sector but with the corona virus outbreak in China the future of the solar sector seems to be in doldrums. The Indian solar components market is dominated by the Chinese companies supplying around 80% of solar cells and modules which are being used India due to their competitive pricing. After the disease outbreak in China the component production has taken a hit and due to prevention measures the imports from China have come to a standstill. Due to slowdown in solar component import from China around 3 GW of solar projects worth INR 16,000 crore are facing risk of missing project completion deadline. This situation has also come as a ray of hope for the OEMs of solar components in India who need to grab this opportunity by increasing their production capacities to match the domestic requirement and also try to export solar components making India a leading manufacturing hub of solar components in future.
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- This Quarter
- Key Features
- Leading Edge
- Numbers to Learn
- The Eighty – 20 of Industry – What Matters?
- Key Signposts
- Deployment Trends
- Technology &
- Price Trends
- Industry Activities & Corporate Strategies
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Key Highlights
- In a recently concluded bid the combination of renewable energy and energy storage systems tariff is giving a stiff competition to the thermal segment. This new revelation will help push the growth of renewable capacity in the country.
- There has been seen steep decline in the solar tender and auction announcements in Q1 2020. In Feb 2020 tenders were issued for only 1.7 GW as compared to 4 GW in Jan 2020 which saw a decline of 58% meanwhile, auction activity also saw a downfall of almost 76% from Jan 2020 as only 1.4 GW was only auctioned in Feb as compared to 5.9 GW in January.
Report Insights
- Gujrat has received INR 118.27 crore the highest Central financial Assistance (CFA) among all states for renewable energy generation.
- Global investors including Brookfield, Omers, Mubadala and Abu Dhabi Investment Authority (ADIA) are in early stage discussions with Tata Power to invest around USD 500 – 600 million (INR 3,500 crore – INR 4,200 crore) in its renewable energy platform.
- NTPC plans to invest an estimated sum of INR 4,000 crore in Rajasthan to develop solar PV projects in the state
Must Buy For
- Central Power Generation Companies
- State Power Generation Companies
- Power Distribution Companies
- Independent Power Producers
- State Electricity Boards
- Project Developers
- EPC Contractors
- Original Equipment Manufacturers
- Renewable Power Developers
- Renewable Developing Agencies
- Government Agencies
- Research firms/ Institutes
- Project Consultants
- Industry Associations / Technical Consulting Group
Companies Mentioned
- ACME
- Renew
- Amplus Solar
- Azzure Power
- Tata Power
- UPC Renewables
- Avaada Energy
- EESL
- NTPC
- SECI
- SB Energy
- AMP Energy
- Hero Future
- Greenko
- Adani
- Sprng Energy

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Solar PV Market in India Outlook Update Q1 2020