India Renewables Report

Published 23 March 2015

  • 41 pages
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$1,295.00
India Renewables Report

BMI View: A FY2015/16 budget reduction for renewable energy, amid a reiteration of the country's ambitious renewable targets, highlights the government's expectation that the private sector will play a key role in the expansion of the industry. Investor interest will remain high, but we maintain our view that the targets are unlikely to be reali s ed in full given the prevailing challenges in the Indian business environment.

We forecast that non-hydropower renewable capacity in India will grow by nearly 3.5GW in 2015, marking an 11.8% year-on-year (y-o-y) increase in capacity. Growth will primarily come from wind and solar capacity, with most of the projects scheduled to come online in 2015 already underway.

We are maintaining our positive long-term outlook for the Indian non-hydropower renewables sector, and we expect non-hydro renewables capacity to total 71.6GW by 2024.

Key trends and developments in the Indian renewables industry include:

  • The victory of Narendra Modi and the Bharatiya Janata Party in the 2014 general elections will lead to reforms in the power sector and we expect to see pro-renewables reforms.

  • The Ministry of New Renewable Energy recently scaled up the country's renewable energy targets for 2022. The government now hopes to install 175GW of capacity by 2022 (up from an original 33.8GW), consisting of 100GW of solar power, 60GW of wind, 10GW of biomass and 500MW of small-scale hydropower

  • The budget allocation for FY2015/16 for the renewable energy sector has been reduced by nearly 6% when compared to the revised budget of the previous year (2014/2015) - if the 'Internal and Extra Budgetary Resources' (IEBR) is also included.

  • On December 10, India's Cabinet approved plans to develop 21GW of new solar capacity, comprising of 25 solar parks of 500MW capacity each. The 25 solar parks are estimated to require INR40.5bn (USD647.0mn) of financial support from the government.

  • Following a series of talks between US President Obama and...

Table of Contents

BMI Industry View
7
SWOT
8
Industry Forecast
10
India Renewables Forecast Scenario
10
Table: India's Total Electricity Generation, Historical Data And Forecasts, 2012-2017
10
Table: India's Total Electricity Generation, Long-Term Forecasts, 2018-2023
11
Table: India's Electricity Generating Capacity, Historical Data And Forecasts, 2012-2017
12
Table: India's Electricity Generating Capacity, Long-Term Forecasts, 2018-2023
14
Table: Fact Box: Installed Solar Capacity By State At End-2013, Mw
16
Table: Fact Box: JNNSM Targets
17
India Renewables Projects Database
19
Table: Renewables Projects - India
19
Industry Risk Reward Ratings
26
India Renewables Risk/Rewards Ratings
26
Rewards
26
Risks
27
Market Overview
28
Sustainable Energy Policy And Infrastructure
28
Targets (Renewables And Emissions)
28
Subsidies
28
Table: Renewable Feed-In Tariffs In India
30
Infrastructure
31
Competitive Landscape
33
Power Grid
33
Suzlon
34
National Thermal Power Corporation
34
National Hydro-Electric Power Corporation
34
Bharat Heavy Electricals (BHEL)
35
Glossary
36
Table: Glossary Of Terms
36
Methodology
37
Methodology And Sources
37
Industry Forecast Methodology
37
Sources
39
Risk/Reward Ratings Methodology
39
Table: Renewables Risk/Reward Rating Indicators
41
Table: Weighting Indicators
43

The India Renewables Report researched at source contains BMI Research's assessment of the current renewables market in India. The report also contains historical data together with forecasts to end-2018 covering electricity generation (TWh) and electricity capacity (MW).

The renewables sectors covered in the report include Wind, Solar, Geothermal, Tidal and Wave, and Biomass (See Table of Contents for exact coverage). The report also features details on government green energy agendas and funding opportunities, as well as presenting a detailed list of key renewables projects currently being planned or undertaken in India, their capacity, the timeframe of construction and their current status.

The report discusses the various energy policies currently in force, including targets, subsidies and the relevant infrastructure developments or limitations which might impact on renewables growth, analysing the potential effects of regulatory changes in conjunction with the background macroeconomic outlook. Finally, there is a general overview of the competitive landscape in India, together with a detailed summary of the main utilities and manufacturers present and their business operations.

BMI's India Renewables Report provides industry professionals and strategists, sector analysts, investors, trade associations and regulatory bodies with unique independent forecasts and competitive intelligence on the India renewables industry.

Key Benefits

  • Benchmark BMI's independent renewables industry forecasts for India to test other views - a key input for successful budgeting and planning in the renewables market.
  • Target business opportunities and risks in the India renewables sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in the country.

Coverage

BMI Industry View

Summary of BMI's key industry forecasts, views and trend analysis covering the renewables market in India, regulatory changes, major investments and projects and significant multinational and national company developments.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the renewables sector and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series (2010-2012) and forecasts to end-2018 for electricity generation (TWh) and electricity generating capacity (MW) for each individual renewables sector present in the country.

These in turn are broken down into:

Electricity Generation: Overall capacity (TWh), growth % change year-on-year, KWh per capita, % of Total Non-Hydropower renewables generation, % of total electricity generation.

Electricity Capacity: Overall capacity (MW), growth % change year-on-year, % of non-hydroelectric renewables capacity and % of total capacity.

These forecasts are in turn supported by explicit assumptions, in conjunction with analysis of the key risks to the main forecast.

Business Environment Rankings

BMI's Renewables Business Environment Rankings provide fully comparable Risk-Reward Rankings aimed at investors in the regional renewables market.

The rankings methodology makes sophisticated use of various industry, economic and demographic data point.

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Testimonials

'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc