Solar PV Market In India Outlook Update Q2 2020

Indian government providing a 30-day extension beyond the lockdown period for renewable projects and allowing construction of renewable projects - a welcome move in favour of the solar industry

MNRE has made its stance clear that they have no plans to slash its target of achieving 175 gigawatt of renewable energy capacity in the country by 2022 in the wake of the Covid-19 outbreak and the nationwide lockdowns. The government has been backing the renewable industry by providing permissions to project developers for starting construction work at there respective project sites and has also granted a 30-day extension beyond the lockdown period for renewable energy (RE) projects for completion of the renewable projects. The government has also given assurances to the players that the imports of raw material from China will also resume in a month’s period which will see incoming of raw materials for building renewable energy capacity of 6-7 GW, which are currently stuck in Chinese ports. The government is trying to provide the best possible scenario to the renewable projects developers for completing the renewable projects without any difficulty which help in the growth of solar sector in such testing times.

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Key Investments

TOTAL announced that it has invested USD 490 million in a joint venture with Adani Green Energy that will host 2.1 gigawatts of operational solar power projects
MYSUN Delhi-based technology platform for rooftop solar energy solutions, has raised INR 320 million (~USD 4.2 million) from its existing investors in a structured equity deal
KKR Infra Fund to invest USD 200 Million to buy 5 solar assets of 317 MW

Key Trends

In a bid to minimise the impact of COVID-19 pandemic on the heavily import-dependent domestic solar industry, the Ministry of New and Renewable Energy (MNRE) has asked state and port authorities to identify land sites suitable for renewable energy manufacturing and export services hubs.
Government is pushing for transmission projects which will help in renewable power evacuation so, state-owned shadow banking firm REC Ltd board has approved a proposal to incorporate seven power transmission projects which would facilitate evacuation of renewable energy. These projects will evacuate clean energy from Maharashtra, Madhya Pradesh, Karnataka and Rajasthan thus, encouraging solar project developers for developing solar projects in any part of the country.

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