INDIA SOLAR MAP

Key highlights

Jasmeet Khurana
BRIDGE TO INDIA September 2013
Jasmeet.khurana@bridgetoindia.com www.bridgetoindia.com

Disclaimer
2013 BRIDGE TO INDIA Energy Pvt. Ltd. All rights reserved April 2013, New Delhi All products are owned by BRIDGETO INDIA and are protected by Indian copyright and international copyright/intellectual property laws under applicable treaties and/or conventions. BRIDGE TO INDIA retains exclusive and sole ownership of each report disseminated under this agreement. The user cannot engage in any unauthorized use, reproduction, distribution, publication or electronic transmission of this product or the information/forecasts therein without the express written permission of BRIDGE TO INDIA. No part of this product may be used or reproduced in any manner or in any form or by any means without mentioning its original source. BRIDGE TO INDIA makes no warranties, expressed or implied, as to the ownership, accuracy, or adequacy of the content of this product. BRIDGE TO INDIA shall not be liable for any indirect, incidental, consequential, or punitive damages or for lost revenues or profits, whether or not advised of the possibility of such damages or losses and regardless of the theory of liability. For further enquiries, please contact:

Mr. Jasmeet Khurana jasmeet.khurana@bridgetoindia.com

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THE INDIA SOLAR MAP AN OVERVIEW

The India Solar Map is an all-in-one map that depicts the trends of the Indian solar market through simple and well-designed graphics. We want this map to be a key ready reckoner for the solar industry in India. We would like companies to retain and refer to this map in order to understand the market developments and make sound strategic decisions based on the insights from this map. BRIDGE TO INDIA interacts with various stakeholders in the market on a regular basis to maintain a comprehensive project database. We also have in-house market models in place. We have checked our numbers with the respective companies in order to avoid any misrepresentation. Wherever information was incomplete or unavailable we have worked with assumptions that have been spelt out in the map itself. We would also request companies to help us achieve absolute accuracy by cooperating with us and sharing the details of their projects. This will help us work towards providing a reliable and truly representative picture of the industry for all to benefit from. We would continue with the India Solar Map as a part of the portfolio of products we offer.

Source: BRIDGE TO INDIA project database

BRIDGE TO INDIA, 2013

BRIDGE TO INDIA, 2013

State policies have been the primary drivers for projects commissioned till date
Key takeaway 1.8 GW of projects have been commissioned as of August 2013 Gujarat, Rajasthan and Maharashtra and are the top 3 states with the highest commissioned projects There are 12 state solar policies in place up till date With a considerable number of LOIs signed, Andhra Pradesh, Tamil Nadu and Punjab will see the most number of projects commissioned in the near future
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Source: BRIDGE TO INDIA project database and industry interviews

BRIDGE TO INDIA, 2013

Around 42% modules used in India are thin film

Key takeaway First solar has the highest market share in the module market In crystalline modules, Canadian solar has the highest market share 5 out of top ten suppliers are Chinese No Indian manufacturer in top 5 Vikram solar is the only Indian manufacturer to feature in the top 10 About only 18% market is catered by the domestic manufacturers

BRIDGE TO INDIA, 2013

Source: BRIDGE TO INDIA project database and industry interviews

BRIDGE TO INDIA, 2013

40% of the market share is occupied by the top three EPC companies
Key takeaway Moserbaer has done the maximum EPC in India Several new companies have forayed into the EPC space and are doing relatively well. For example, Rays experts, Chemtrols solar and Cirus solar. 40% of the market share is occupied by the top 3 EPC providers Lanco has provided EPC to 75 MW Mahagenco project

BRIDGE TO INDIA, 2013

Source: BRIDGE TO INDIA project database and industry interviews

BRIDGE TO INDIA, 2013

Many project developers in India are doing EPC in-house

Key takeaway Welspun Urja, as a project developer, has the maximum number of projects in India Moserbaer and Lanco are ranked in top 3 under own EPC as well

BRIDGE TO INDIA, 2013

Source: BRIDGE TO INDIA project database and industry interviews

BRIDGE TO INDIA, 2013

Around 50% of the market share is distributed between SMA and Bonfiglioli
Key takeaway SMA continues to occupy the largest market share in India while Bonfiglioli is catching up fast. ABB has managed to gain a significant market share in the last couple of years Schneider started operations recently and has managed to build a 6% share.
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Source: BRIDGE TO INDIA project database and industry interviews

In the next one year more than 700MW will be developed under state policies other than that of Gujarat
Key takeaway 1.1 GW of solar PV capacity addition is expected in the next one year Most of this capacity addition would be under state policies and projects based on RPOs Going forward, no major installations are expected under the National Solar Mission and Gujarat solar policy Many new projects are expected to come up in the states of Tamil Nadu and Andhra Pradesh

BRIDGE TO INDIA, 2013

Source: BRIDGE TO INDIA project database

BRIDGE TO INDIA, 2013

BRIDGE TO INDIA, 2013

Tariffs have fallen by 63% in the last 3 years

Key takeaway The lowest bid was reported in Rajasthan and Andhra Pradesh for about INR 6.5 Gujarat is still offering the highest levelized tariff in the country Average tariff for projects in the year 2013 has been INR 7.7

* Levelized tariff has been calculated considering 5% escalation for 10 years.

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Source: BRIDGE TO INDIA project database

BRIDGE TO INDIA, 2013

*Leveliz edtariff offered inTamil Nadu has been calculat ed consider ing5% escalati onfor 10 years. Discoun trate of 15%has been assume d Tariffs offered inTamil Nadu might change based onthe consulta tion paper release dby TERC Averag e tariff offered under various policies are not weighte d average s Tariffs offered in Gujarat are levelize d

Average project sizes in India have been increasing over time

Key takeaway The average project size has been increasing steadily More projects are being developed in the 20-25 MW range as well as some in the 50 MW range Some PV projects of 100 MW have also been announced recently

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Source: BRIDGE TO INDIA project database

BRIDGE TO INDIA, 2013

2.3GW solar installations are expected in the commercial parity space in the next 4 years
Key takeaway The RPO driven market is expected to steadily increase The grid parity commercial market will also increase as parity is reached in more states The telecom market and the diesel parity market are both dependent on the price of diesel and the adoption of solar is expected to increase considerably in the coming years

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Source: BRIDGE TO INDIA market model

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Contact Jasmeet.khurana@bridgetoindia.com www.bridgetoindia.com Follow us on facebook.com/bridgetoindia

BRIDGE TO INDIA, 2013