Timely scale-up in tendering activity and moderation in solar PV cell and module prices, if sustained, would support improvement in capacity addition in the renewable energy sector.
ICRA expects India to add 16 GW of solar power generation capacity, 2 GW of wind and another 2 GW from hybrid projects in FY2023-24.
Despite being a mature and largely indigenous technology, pumped storage hydropower’s operational capacity in India remains very low at 3.3 GW because of the high development costs and inherent challenges in constructing these schemes.
A new report says India will require INR 5.5-6 trillion to create 115-125 GW of renewable energy capacity and INR 3-3.5 trillion to meet 35-40 GW of electrolyzers requirement in order to reach green hydrogen production capacity of 5 MMT per annum by 2030.
The Ministry of New & Renewable Energy has exempted solar projects to be commissioned till March 31, 2024, from the requirement to source modules from the Approved Models and Manufacturers (ALMM) list. The move provides developers with the flexibility to source modules at the most cost-competitive rates.
A new report by ICRA says rising electric-vehicle penetration will drive significant investment in battery cell manufacturing in India. It expects EV battery demand in the nation to touch 15 GWh by 2025 and 60 GWh by 2030.
The amended Energy Conservation Bill sets a minimum usage clause for non-fossil fuel by high carbon-emitting sectors such as power, transport, industry, and buildings. It also includes provisions to incentivize decarbonization efforts by allowing carbon trading.
Solar cell and module prices have increased by more than 40% over the last 18 months, driven by polysilicon prices. However, bid tariffs has remained lower than what is needed to mitigate the rise in module prices. The risk of lower returns is significant for 4.4 GW of projects that have been awarded over the past 18 months, with tariffs below INR 2.2 ($0.028)/kWh.
Ratings agency ICRA says commercial and industrial consumers in India will drive an incremental renewable energy capacity addition of at least 75GW by 2030—assuming they meet 20% of their energy demand through renewables.
In the matter of power purchase agreement (PPA) tariff renegotiation, the high court of Andhra Pradesh has directed the state discoms to honor the PPA terms and clear the pending payments to solar and wind power developers within six weeks from the date of the order. The incremental impact on power purchase cost for the AP discoms is estimated at about INR 10,500 crore, due to the build-up of dues arising out of the difference between the PPA rate and interim rate over the last three-year period.
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