The India Solar Handbook
June 2012 edition
A complete industry overview for solar energy in India
With support from:
© BRIDGE TO INDIA, 2012 Illustration by Dwarka Nath Sinha © BRIDGE TO INDIA, 2012
© BRIDGE TO INDIA, 2012
The India Solar Handbook
June 2012 edition
A complete industry overview for solar energy in India
© BRIDGE TO INDIA, 2012
BRIDGE TO INDIA
June 2012 edition
The India Solar Handbook
© 2012 BRIDGE TO INDIA Energy Pvt. Ltd. All rights reserved June 2012, New Delhi Cover Illustration Dwarka Nath Sinha Design & Layout Manasi Lamba To sponsor the November 2012 edition of the INDIA SOLAR HANDBOOK, contact Nehmat Kaur firstname.lastname@example.org No part of the INDIA SOLAR HANDBOOK may be used or reproduced in any manner or in any form or by any means without mentioning its original source. BRIDGE TO INDIA is not herein engaged in rendering professional advice and services to you. 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: email@example.com BRIDGE TO INDIA S-181, Panchsheel Park New Delhi 110017 India www.bridgetoindia.com Read our blog for up-to-date market insights and opinions www.bridgetoindia.com/blog Follow us on Facebook www.facebook.com/bridgetoindia Follow us on Twitter www.twitter.com/bridgetoindia Track the Indian solar market with our reports www.bridgetoindia.com/reports
© BRIDGE TO INDIA, 2012
IBC Solar Mr. Thomas A. 2012
. Skytron Energy Mr. GIZ Mr. Tobias Engelmeier. Marco Winsberger. Oliver Herzog and Dr. SGS Group Management Mr. Louis. Ravi Khanna. Aditya Birla Group Mr. Jens Burgtorf. BRIDGE TO INDIA 22 24 26 28 29 31
© BRIDGE TO INDIA.Contents
The PV market opportunity in India
International policy comparison Solar irradiation in India Indian solar policies Non-policy project allocations Renewable Purchase Obligations REC mechanism Demand growth and projections 01 03 05 08 12 12 15
The PV manufacturing industry in India
Status Domestic content requirement Market opportunity for foreign manufacturers PV manufacturing forecast 19 20 20 21
Dr. Jan Marc Raitz.
especially Spain and Italy. making these markets less attractive. BRIDGE TO INDIA analysis *For projects less than 10MW
The PV market in these countries is based on two main drivers: their commitment to reduce their carbon footprint and their desire to reduce the dependency on imported fossil fuel.7 ~M10 (€0. European countries. Also.1 Yes (High) Yes No No M08 (€0.
. As a result.
Many new markets like India. especially Germany. Both market instruments have subsequently been replicated and further developed by other countries across the world.7 3. Australia or South Africa have the advantage of
FiT (per kWh) RPO Capital Subsidy
Long Term Energy Deficit No No No No
California (US) Germany Italy Spain 5.3 3. has contributed to a significant reduction of FiTs.12) M11 (€0. 2012
high solar irradiation. Feed-in-Tariff (FiT) driven phase of the global PV market. Spain and Italy. The current economic slowdown in many European countries. The average solar irradiation levels
01 © BRIDGE TO INDIA. have taken the lead.
Irradiation (kWh/m2/ per day)
tend to be lower in these countries. the PV industry is now engaging with new markets that offer opportunities for future growth and give them a more diversified portfolio of market risks.17) ~M11 (€0. making these markets less attractive. Growth of solar power in these markets has been initiated by new government initiatives through FiTs and Renewable Purchase Obligations (RPOs). As the solar PV industry enters into its second phase – of nearing commercial parity with other energy sources . the growth in these markets has been declining for the past few years.15) ~M09 (€0. especially Spain and Italy.2 5. The concept of compulsory consumption quotas of renewable energy (RPOs) has also first been introduced in Europe.25)* Yes Yes Yes No Yes Yes Yes Yes
Source: REN 21 Global Status Report. with new policy support and high irradiation levels are increasingly coming into focus.The PV market opportunity in India
International Policy Comparison
In the initial.5 5. with large capacities of solar power already installed.18) M16 (€0. Their current installed capacities are still negligible as compared to the mature markets. The introduction of highly attractive FiTs and the maturing of the industry have contributed to large-scale capacity additions in these markets.17) M12 (€0. has contributed to a significant reduction of FiTs.17) Yes No Yes Yes Tax credit Yes Yes Yes
India South Africa Australia Ontario (Canada) 5.14) ~M11 (€0.2 2.new markets.5 3.
The current economic slowdown in many European countries.
large and high growth economy. There are over 500. by introducing the Renewable Energy Certificate (REC) mechanism and RPO’s. 1. solar power is a key strategic choice for this energystrapped. with liberal policies for the power sector. The remote locations in Australia.450MW of solar PV and 200MW of CSP has been allocated by the government. with liberalized policies for the power sector. which is one of the highest in the world. India. 2012
. Ontario (Canada) is a fast emerging solar market with an expected installed solar PV capacity of 2. Recently. The FiT policy was introduced in 2009 but is only applicable for projects less than 10MW. The capacity
addition is mainly driven by the FiT policy. An additional 401.24)/kWh.
Mature markets New markets
© BRIDGE TO INDIA.India. The tariff offered for ground mounted solar PV project is around M16 (€O 0. The market is supported by FiTs to provide an initial thrust. Australia has some of the highest average solar irradiation levels in the world and has a competitive. a high potential for solar power and a variety of central and state-level incentive systems. which offer the best solar resource. affecting the profitability of projects. the government is keen to create demand-driven market for solar power in India.800MW by 2015. open electricity market. The country has opted to buy alternate energy from private players to alleviate their energy constraints. Reversebidding auctions in some programs have significantly reduced the FiTs. This allocation has been done under two windows. So far.
South Africa has high solar resources and is an upcoming market for solar. however. Further. nine solar PV projects totaling 417MW and one 50MW CSP project have been allocated under the second window. In the long-term. however. presents a particularly good opportunity for the solar industry.47MW is still to be allocated. The market potential for large solar PV projects without government support is low. a high potential for solar power and a variety of central and state-level incentive schemes presents a particularly good opportunity for the solar industry.000 solar PV installations on Australian homes and schools. The Australian solar market is dominated by rooftop installations. often lack grid and road infrastructure.
Solar Irradiation in India
© BRIDGE TO INDIA. 2012
.© BRIDGE TO INDIA.
encouraging the more developed PV technology as well as CSP equally with 500MW each1. as well as through the implementation of RPOs and by preferential tariffs. industry and finance A Key Question Answered What is the future of the Domestic Content Requirement in India? Outlook Quarterly projections for the Indian solar PV market
Indian Solar Policies
National Solar Mission
Since its launch in 2009. 20m sq.000MW of unallocated power. In this batch. 2GW of off-grid applications. bridgetoindia. The July 2012 edition of the INDIA SOLAR COMPASS
I. a capacity of 350MW of PV was allocated and PPAs were signed for 340MW in January 2012. As many as 333 project developers had put forward bids worth 1. This process has since been made the norm for project allocations under the NSM.anand@bridgetoindia. Guidelines for New Grid Connected Solar Power Projects. 125MW of PV was installed and commissioned as of May 2012 and an additional 20MW is expected to come up in the months ahead. projects. Indepth Expert Interview III. the government announced the broad policy framework to achieve the objectives of the NSM by 2022.815MW for 150MW of PV projects. from 2010 to 2013. Currently NTPC has 6. For this. As a result. due to competitive bidding.06)/ kWh to the state utilities. July 2010
© BRIDGE TO INDIA. reverse
July 2012 Edition A Brief Outline
bidding process was initiated for the allocation of the projects. Siemens and Samsung. Key Question Answered What is the future of the Domestic Content Requirement in India? To purchase our reports or subscribe to the India Solar Compass.2 (€0.18)/kWh. From the first batch of allocations.12)/kWh. IBC. Due to the over-subscription of the projects. It targets installations of 20GW of grid-connected solar power generation. This power will then be sold at an average cost of around M4 (€0. The other 10% is termed as unallocated power which can be sold by NTPC through NVVN in the open market. such as Bosch. This framework incentivizes the construction of 1. where the government (through the state-owned power trading company NVVN) will buy the high cost solar power from developers and then bundle it with unallocated low cost thermal power from the federally owned power generator NTPC. developers that offered the highest discount on the initial tariff of M17.com
Bundling of solar power
Each federal power generator such as NTPC has to sell 90% of its generated power to state distribution companies (DISCOMS) as mandated by the government. tariffs fell by around 30% to an average of M12 (€0. meters of solar thermal collector area for industrial applications and 20m solar lighting systems for rural areas by the year 2022.com or send an email to mohit. financing and the upstream industry and offers insights on the direction of the market. please visit the Reports section on www. The India Solar Compass is an essential tool for all companies and investors engaging with the Indian solar market.
MNRE National Solar Mission. The first batch of projects under phase one of the NSM was offered in autumn 2010. In the first of its three phases. In order to reduce the payment default risks inherent in Power Purchase
© BRIDGE TO INDIA.91 (€0. technology transfer and domestic manufacturing. India’s Solar Market Overview and Latest Market Developments Status of the States Focus on Resale of PPAs in Gujarat Industry Developments Challenges and Outlook II. the National Solar Mission (NSM) has been the key-driver of the growth of the Indian solar industry. Based on this. 2012 Photograph courtesy Istock photo
THE INDIA SOLAR COMPASS
As part of ‘Market Intelligence’ at BRIDGE TO INDIA.000MW of grid-connected power plants. It bundles the power at a ratio of 4 units of existing power to 1 unit of solar power. the tariffs fell by a further 30% to an average tariff of M8. The NSM has also introduced the concept of bundling. The INDIA SOLAR COMPASS covers all latest developments on the key market fundamentals of policy. Subscribers include some of the leading international solar companies. analytical and up-todate research on the Indian market to our customers through the INDIA SOLAR COMPASS – our quarterly solar market report. we provide comprehensive. The mission aims to achieve these objectives through international finance. projects. Project allocations for batch two of phase one of the NSM were made in early December 2011.27)/kWh were awarded the projects. a competitive. 2012
. The deadline for the completion of these projects is March 2013. which can be bundled with as much solar power from projects under the NSM.INDIA SOLAR COMPASS
Market Dashboard A snapshot of the market’s fundamentals Latest Market In-sights An analysis of the policies.
5 per kWh
* Approximate . they could not be commissioned. Thereafter. Land acquisition. unlike the NSM. large number of developers and an some developers failed to notify assumption that some projects may the Gujarat Energy Transmission not be implemented. The current policy is operative 2012. availability of grid infrastructure and financial closure have proved to be the biggest challenges in project execution in Gujarat.5MW provide for grid connectivity on time. The scheme is implemented by the Ministry of New and Renewable Energy (MNRE). These tariffs are lower than until 2014 but a new policy is expected those under the first two phases of the before it ends.86 billion (€74m) for projects under phase one of the NSM. 2012
. of PV. A capacity of 654. Most projects were delayed Though these projects were installed and only about 132MW of PV met the before the deadline of January 28th original commissioning deadline of 2012. which has awarded projects with a fixed FiT.
December 31st 2011.81MW of PV has been installed as of May 2012. Given the interest from a Due to delays in project execution. to achieve an installed capacity of 500MW. which will allocate the funds to the NVVN through a Solar Payment Security Account (SPSA).
© BRIDGE TO INDIA. The initial target was Gujarat solar policy.actual tariff could vary from project to project
Agreements (PPAs) with the financially weak State Electricity Boards (SEBs).5 per kWh
COAL+PV @ K4.
The Gujarat Solar Policy is the only policy.Bundling of solar power
PV @ K12. the government Corporation Limited (GETCO) to allocated projects worth 958. the federal government later approved a Payment Security Scheme worth M4. Only about 14% of the allocated capacity had come online by Gujarat Solar Policy the scheduled deadline of December 31st 2011. a new tariff The state of Gujarat was the first Indian regime was applied to projects to state to launch its own solar policy in be commissioned after January 28th 2009.
has a long-term target of 12GW of installed solar power in the state by 2022.9MW of PV projects were given official commissioning certificates in April 2012 during the inauguration of the Charanka Solar Park in Patan district of Gujarat. According to the RfS document. availability of a transmission network and the localized supply chain. 2012
projects this year to meet its RPO requirements. 100MW of Solar PV and 100MW worth of CSP projects. exempting them from the new and lower tariff regime. In addition. These projects have yet to be made available for allocations. certain state officials have communicated publicly that Gujarat will continue to promote solar power.
Gujarat tariffs for the new control period starting Jan 29th 2012
Proposed Tariff in M/kWh 12 years
9. only applicable for kilowatt scale projects
Source: BRIDGE TO INDIA
© BRIDGE TO INDIA. In spite of this.
Rajasthan Solar Policy
The Rajasthan Solar Policy.55) (12.
© BRIDGE TO INDIA. It does not have the 5MW limit on individual PV projects which made the NSM less attractive to large players but. unlike the Gujarat policy. Plant sizes will be a minimum of 5MW and maximum of 10MW for PV and a maximum of 50MW for CSP.44 NA (11. launched in July 2011.00 7. More than a 1. A total of 604. Projects will be awarded through a process of competitive bidding.The state authorities allowed for these projects to be considered as provisionally commissioned.37) 11. 654. The policy also addresses the concerns of developers with regard to the allocation of land and water. it aims to achieve 50MW of rooftop and small scale PV installations by 2013. Gujarat is a power surplus state and does not need to allocate more
The submission of the Request for Selection (RfS) for plants was expected to take place by February 2012 but the process has been delayed indefinitely. split equally between PV and CSP projects.91)
megawatt Scale PV Projects kilowatt Scale PV Projects Solar Thermal Projects
With AD Without AD With AD Without AD With AD Without AD
*The levelized tariff is not applicable for MW scale projects. It aims to achieve 200MW by 2013 and an additional 400MW by 2017. Developers are now awaiting new phase three allocations in Gujarat. As of May 2012.81MW has been commissioned in Gujarat.000MW worth of projects have pre-registered with the government for any future allocations.50 (9.
The Rajasthan Solar Policy has incorporated some lessons from forerunners like the NSM and the Gujarat Solar Policy. expected for fall of 2012.98 11. it has placed fixed limits of 61MW on the total capacity allocation to encourage competition among developers. The policy promotes domestic manufacturing by providing incentives for developers with manufacturing facilities in Rajasthan. PV projects worth 200MW have been planned for allotment to developers planning to build manufacturing facilities in Rajasthan.28) (10. 2012
.14 12. the competitive bidding for the 250MW worth of projects will include 50 rooftop projects of 1MW each. These projects are required to use the modules manufactured inhouse. for the direct sale of power to the state’s distribution companies.25
13 yearsl L evelized*
This allocation was not guided by a comprehensive solar policy.Due to its high irradiation levels and availability of space. The results were then announced in April 2012 and 60MW of solar PV and 20MW of solar thermal was allocated.
determination of the L1 price (the lowest quoted selling price in M per kWh of electricity) the successful bidder had the option to take the additional four projects (each of 5MW) at the L1 price.8m). was submitted by Helena Power Private Limited (allotted 10MW PV) and the highest successful bid at M8. out of 145MW of solar PV projects selected. 2012
.1)/kWh from Alex Green Energy has been the lowest bid and they have taken up all of the 25MW allocated. Rajasthan will likely become the hub of solar power generation in India. After the
© BRIDGE TO INDIA.50 (€0.
Non-policy project allocations
The Indian state of Odisha (formerly Orissa) has allocated projects without a state specific solar policy in place to fulfill the RPO. The policy has no domestic content requirement. the bidder would have to show a net worth equal to five times of the net worth that was required for a single project of 5MW.
Karnataka Solar Policy
Karnataka announced its solar policy in July 2011 and targets 350MW of projects by 2016.12)/kWh. A record M7 (€0. Welspun quoted M8. The bid results were announced on February 7th 2012. Madhya Pradesh received bids totalling 430MW from twelve developers. The lowest bid. The state had called for bids for 80MW worth of projects last year. A single bidder was allowed to bid for only one 5MW project.90/kWh (€0. Out of the proposed 200MW only 125MW has been allocated and 75MW has been reserved for previously signed MoUs. The winning bids were announced with a delay due to a legal complication (refer to BRIDGE TO INDIA’s April 2012 edition of the India Solar Compass). Due to the delay in announcements. Simplex Infra. To avail this option. Sai Sudheer. Azure. 70% are in Rajasthan. Under phase one batch two of the NSM the state has already attracted around 60% of the bids for projects and is likely to attract more developers under its state policy.121/kWh) for a 20MW project. Welspun was finally allocated 105MW capacity. Under NSM phase one batch one. Alpha Infra emerged as the lowest bidder quoting a tariff of M7. ESSEL Infra and IL&FS.
Madhya Pradesh came out with a tender to allocate 200MW of solar PV projects through a reverse bidding process on December 14th 2011. The potential to obtain all 25MW has driven companies to bid very aggressively. The Odisha Renewable Energy Development Agency (OREDA) offered five solar PV projects worth 5MW each through a competitive bidding process in December 2011. the developers were given a chance to re-submit their bids.94 (€0. Arjun Green Power. List of bidders who were not allocated projects included ACME. The aggregate net worth required for being selected for all five units (a total of 25MW) was M700m (€10.124/ kWh) for two projects of 50MW each and one project of 25MW.13)/KWh was submitted by Welspun Solar AP Private Limited (allotted 7MW PV). which stood at M7. These were the only two developers that were allocated projects.05/kWh (€0.
5(€0.12) per kWh
Batch 1: 5MW Batch 2: Min: 5 Max: 20MW
500MW by 2014
Fixed FiT on M15 (€0.23) per kWh for first come the first 12 basis years and M5 (€0.07) per kWh for the next13 years.19) per kWh For second batch: M8.1)/ kWh Average FiT: M9.5 (€0. Max no cap
300MW by 2013
Min: 1MW Max: 61MW
No.20 (€0. Exception: 200MW projects for module manufacturers
126MW by 2013
Reverse competitive bidding
Bidding results announced for 80MW
Min: 3MW Max: 10MW
Source: BRIDGE TO INDIA
© BRIDGE TO INDIA. 25MW allocated 200MW announced and allocated
FiT for single 25MW allocation: M7 (€0.14)/ kWh
Min: 5MW Max: 25MW
Min: 5MW Max: no cap
Yes Exception: Thin-film modules
© BRIDGE TO INDIA. New tariff for delayed projects Reverse competitive bidding Bidding process for 150MW PV indefinitely delayed
Min 5MW. 2012
.Policy project allotments
Policy Target Project allotment method
Reverse competitive bidding
Domestic content guideline
Yes (cells and modules) Exception: Thin-film modules
Expected installed capacity by 2013
500MW by 2013
Average FiT for first batch: M12. 2012
Project allotments by states without a solar policy
Policy Target Project allotment method Reverse bidding FiT Project Sizes Domestic content guideline
Expected installed capacity by 2013 25MW
NSM batch I NSM batch II Migration projects RPSSGP GBI Direct RPO NSM batch I GBI State Policy
105MW 295MW 36MW 12MW 5MW 100MW 10MW 6MW 60MW
105MW 0MW 35MW 12MW 5MW 40MW 10MW 6MW
State Solar Policy announced in July 2011 Allocations announced in April 2012 (60MW solar PV and 20MW solar thermal) Deadline for commissioning October 2013 Allocation through reverse bidding.Status of the States
SOLAR POLICY STATUS
State Solar Policy under execution Phase 1: deadline Dec.75MW
Direct agreements likely Memorandum signed with welspun for a 100MW project
5MW 20MW 0.8MW
Broad renewable energy policy. 2010 Phase 2: deadline Dec. Deadline for commissioning is Jun 2013 for projects up to 25MW and June 2014 for projects greater than 25MW Allocation through reverse bidding.25MW 5.5MW 50MW
654. No policy specific to solar energy No state solar policy
NSM batch I RPSSGP
© BRIDGE TO INDIA.5MW 100MW 2MW 8.2MW 5MW 3MW
State Solar Policy likely to be released soon
NSM batch I RPSSGP GBI NSM batch I NSM batch II RPSSGP Direct Agreement GBI RPSSGP
5MW 7MW 5MW 15MW 20MW 10. Bidding results expected by August 2012 (150MW to be allotted) State Policy
FINANCIAL CLOSURE/ PPAs SIGNED CONSTRUCTION
968.2MW 5MW 153MW
5MW 20MW 11. Not guided by policy. No policy NSM batch I NSM batch II specific to solar energy Migration projects RPSSGP Direct RPO
5MW 25MW 11. Deadline for commissioning is August 2013
State allocations RPSSGP REC Mechanism NSM batch I RPSSGP State allocations
2MW 2MW 10MW 9. Not guided by policy.75MW
2MW 1MW 7. 2012
.25MW 0MW 2MW
5MW 8MW 25MW
Broad Renewable Energy Policy. 2011 Phase 3: To be announced by end of 2011 State Solar Policy announced in April 2011 Base FiTs announced.
5MW 6MW 2MW
Existing broad renewable energy policy
WESTBENGAL CHATTISGARH JHARKHAND MANIPUR
No state solar policy No state solar policy No state solar policy No state solar policy (Rooftop projects initiated by MIREDA) No solar policy yet.5MW
2MW 4MW 4MW
JAMMU AND KASHMIR
No development so far
KERALA TRIPURA MIZORAM
No development so far No development so far No development so far
No state solar policy.274. 2012
© BRIDGE TO INDIA.56MW
SIKKIM GOA UNION TERRITORIES
Direct RPO: Projects initiated to fulfill RPO obligations (project specific FiTs negotiated between utility & developers) NSM: First batch of projects allotted under phase-1 of the NSM (includes migration projects) RPSSGP: Rooftop & Small Solar Power Generation Program under NSM GBI: Projects under MNRE GBI scheme * We do not expect that all projects that have attained financial closure will be constructed and commissioned. Solar rooftop policy expected. No state solar policy No development so far No development so far No development so far
HIMACHAL PRADESH No state solar policy ARUNACHAL PRADESH NAGALAND MEGHALAYA No state solar policy
No state solar policy No state solar policy No state solar policy No state solar policy Only central renewable energy policy Total
No development so far No development so far No development so far No development so far No development so far 2.5MW 12MW 1.5MW 7MW
FINANCIAL CLOSURE/ COMMISCONSTRUCTION SIONED
Source: BRIDGE TO INDIA
11 © BRIDGE TO INDIA.PV PROJECTS
SOLAR POLICY STATUS
No state solar policy RPSSGP Migration projects RPSSGP
8.25MW 515MW 976. notified their RPO requirments. Draft solar policy (Not formalized) Projects to be developed under NSM off-grid and RPSSGP Existing broad renewable energy policy Draft solar policy (Not formalized) Draft solar policy (Not formalized)
GBI RPSSGP RPSSGP Direct RPO
2MW 4MW 16MW 1.
. Currently.300 (€143) and a forbearance price of M13. which distributes 1 million kWh of electricity in a year. It can meet this obligation by purchasing the required quantity of solar power directly from producers. which distributes 1 million kWh of electricity in a year. 2012
The current REC floor and forbearance prices are only applicable through 2017. is obligated to obtain 2.25% of the total consumption of state utilities and vary across states. 2012
.Renewable Purchase Obligations (RPOs)
In order to further encourage power generation from renewable sources.60% 166
Rajasthan 0. The CERC has set a floor price of M9. RECs are not applicable for projects in which power is sold to the grid at a preferential tariff. Solar RPOs are the minimum amount of solar energy that obligated entities
Renewable Energy Certificates (RECs) Mechanism
RECs can be generated by any developer who sells solar power to the public grid at the Average Pooled Purchase Cost (APPC) of the relevant distribution utility or sells solar power to third-party consumers at a mutually decided price. developers who build their case on RECs face problems in raising debt because they are unable to project their returns accurately for the loan repayment period. The main challenge it faces.500 kWh of these from solar energy.75% Madhya Pradesh
0.500 kWh of these from solar energy.
Solar RPO targets in selected states (April 2012-March 2013)
STATE RPO Target Target in MW
1. has introduced RPOs for both renewable power in general and solar power in particular.00%
Haryana 0. As a result.have to have as a percentage of their total available electricity.25% 87 182 45 6
Source: BRIDGE TO INDIA
© BRIDGE TO INDIA. is the lack of a long-term predictability of REC pricing. Alternatively.distribution licensees. is obligated to obtain 2. open access and captive consumers (1MW and above) .
© BRIDGE TO INDIA.50% 152 Karnataka 0. through the Central Electricity Regulatory Commission (CERC). A distribution utility. which in India is typically up to ten years.
A distribution utility.25% Tamil Nadu 0. these are set at around 0.400 (€206) per REC for the period of 20122017.25% Maharashtra 0.
Further. The REC market is yet to pick up in India. the federal government. it can buy solar RECs to fulfill its RPOs. The current REC floor and forbearance prices are only applicable through 2017. power producers that have begun to sell power at a preferential FIT are not allowed to later switch to the REC mechanism.
captive consumers and open access consumers. This creates a spike in the cash flows of projects rather than continuous cash flows throughout the year.
© BRIDGE TO INDIA. This is because solar RPOs are only 0. 2012
At the moment players are unclear about the expected demand and supply of RECs. If RPOs are enforced effectively. Currently the RPOs which create the primary market for the RECs have to be fulfilled on a yearly basis. Such capacity is too small to be developed
commercially. (MSEDCL) will develop their own projects to meet their obligations. On the other hand. As a result.REC Framework: Eligibility
Source: BRIDGE TO INDIA
© BRIDGE TO INDIA. For a 1MW captive consumer. This is closely linked to the enforcement of the RPOs on distribution licensees. captive consumers and open access consumers with small demand will prefer to buy RECs. This is because they have a very high demand for power and have the knowhow to execute power projects. The market is also looking to the government for making changes in the REC policy. The REC market will grow once the solar market strengthens in India and when longer-term price signals are available. distribution licensees like Tata Power and Maharashtra State Electricity Distribution Company Ltd. obligated entities go to the market to purchase RECs only at the end of a financial year.25% of total electricity consumption. Such players would rather buy the RECs on the exchange than develop solar capacity.5 kW of solar RPO. this would translate to 2.
5 6 6.5 9
© BRIDGE TO INDIA.5 8 8.5
Source: BRIDGE TO INDIA
© BRIDGE TO INDIA. 2012
9.RECs can boost returns significantly
70 60 50
REC revenue period = 5yrs Rate of debt = 13%
40 30 20
IRR w/o REC IRR with REC
5.5 7 7. 2012
Lanco. especially solar energy. Projected market size till 2016 is 4. 2012
1. Odisha and Madhya Pradesh have allocated projects under the FiT mechanism. We combine strong subject specific knowledge with an interdisciplinary approach. successful and customized business models.053MW
. FiT project installation in India has been driven by the NSM and the Gujarat Solar Policy. Going forward. Gujarat has been the largest contributor of India’s total installed capacity. More than 200 projects developers have been allocated projects under preferential FiT in India. States like Karnataka. market insights and project knowledge on demand growth and projections. strategies and specific opportunities that are adapted to the Indian market. Green Infra and Sun Edison among others have been the leading project developers in India. The growth has been driven by the launch of the NSM and Gujarat Solar Policy and the preferential FiTs they offer. Growth of captive solar power installations will be dependent on the solar REC market in the short term.Demand growth and projections
FiT driven RPO (REC) RPO (SP) RPO (thermal-captive) Grid-parity (commercial) Diesel-parity (captive) Diesel-parity (backup) Telecom towers
4000 3500 3000 2500 2000 1500
Expected solar installed capacity (year on year) Total: 12.5GW
© BRIDGE TO INDIA. visit: www. NSM will be the biggest contributor to capacity addition for the FiT segment. ACME Telepower. This trend is expected to continue over the next three years because of a lack of incentives outside the policies and because solar power is not yet commercially viable on a large scale. We develop viable.com
1000 500 0
2012 2013 2014 2015 2016
Source: BRIDGE TO INDIA
Capacity addition is currently driven almost exclusively by government subsidies
The installed capacity for gridconnected solar power under the various policies by the end of 2012 will be close to 1GW up from a mere 22MW at the beginning of 2011 (all PV). Welspun. Mahindra Solar One. Currently.696
© BRIDGE TO INDIA. bridgetoindia. Our clients include REC.engelmeier@ bridgetoindia. Our work encompasses the following areas: • Market entry advisory • Competitive analysis • Business model development • Partnerships • M&A advisory For more information. With its extensive industry network. socio-economic. BOSCH.
Overview of Segments
Feed in Tariff (FiT) This segment has provided the viable project development opportunities in the market until now.com/consulting or contact tobias. technical. Azure Power. BRIDGE TO INDIA is able to provide customized solutions to generate tangible success for its clients. regulatory and entrepreneurial aspects of business. growth is centering on grid-connected plants. and bring together the financial. IBC Solar and Pairan amongst others.266
BRIDGE TO INDIA’s ‘Strategic Consulting’ expertise lies in assisting international clients to engage the Indian market in the field of renewable energy.
first is the ‘accreditation’ with the State Load Dispatch Centre (SLDC) and then the ‘registration’ by the National Load Dispatch Centre (NLDC). Madhya Pradesh and Andhra Pradesh. 2012
© BRIDGE TO INDIA. Based on the current costs of diesel generated-units of electricity and the Levelized Cost of Energy (LCOE) of solar PV-generated units. For more information. The biggest hurdle has been the clarity on revenue beyond 2017. Such projects are driven by RPOs of states and are thus termed as RPO (REC). makes for financially attractive plants.5 MW project in Maharashtra. This combined with REC mechanism. Projected market size till 2016 is 1. This includes project scouting. this market is poised to take off from 2014 onwards as Renewable Energy Service Companies (RESCOs) start selling power with this business model. bridgetoindia.BRIDGE TO INDIA Project Development
BRIDGE TO INDIA offers solar PV project development services. visit: www.3GW RPO (SP) Each state has a yearly Renewable Purchase Obligation (RPO). NTPC is working on projects planned in Uttar Pradesh. Projected market size till 2016 is 0. Projected market size till 2016 is 1. technical and commercial due diligence.14/kWh) in certain states and commercial hubs. Aditya Birla Group.5 MW project in Madhya Pradesh and Numeric Power Systems for a 1 MW project in Tamil Nadu. States may set up their own plants to generate solar power in order to meet this requirement.0GW RPO (thermal captive) Captive thermal power producers have a solar specific RPO requirement. Odisha. and site development including permits. investors and real estate owners in solar PV project development with a strong focus on commercially attractive rooftop business models.herzog@ bridgetoindia. Projected market size till 2016 is 1.3GW Telecom towers India will have 550.000 telecom towers by 2015.com
RPO (REC) This segment consists of projects that will generate solar RECs and sell them on the power exchange. energy concepts for captive projects. Solar power has already reached commercial parity in some locations across India. Vedanta Aluminium. This segment is yet to take off because of a lack of financing for such projects. Projected market size till 2016 is 2. Mahagenco is constructing a solar project in Maharashtra to meet the state’s RPO. 33% of the currently installed towers are completely off-grid and 23% of them are situated in regions with less than14 hours of grid supply on average. The country’s first solar ‘Renewable Energy Certificates’ were issued on May 24th 2012 to M&B Switchgear.com/projects or contact oliver. M&B Switchgear is the first project to be registerd and four other projects have been registered since. We engage technology companies. Requirements for thermal captive
power producers are enforced by the state regulators. Industries like mining. Net metering will be a key driving factor of this business model. SAIL. Jain Irrigation has been registered for a 8. This has made telecom tower segment as a front-runner among diesel-parity based market segments for solar PV solutions. This is guided by the aim to source 3% of the total power through solar by 2022. As per BRIDGE TO INDIA analysis.0GW Commercial Captive Commercial tariffs in India are as high as M9/kWh (€ 0. NALCO and BALCO among others are the largest obligated entities in India. Gupta Suns for a 0. chemicals and cement have large captive power generation capacities. BRIDGE TO INDIA is also developing independent commercially attractive captive PV projects. Getting the certificates is a two-step process . BRIDGE TO INDIA terms such projects as RPO Solar Power or RPO (SP). Jindal Stainless. This happens to be the case for both offgrid tower sites as well as the gridinteractive sites with poor grid supply. there already exists a significant gap between the costs per unit generated from the two sources. Kanoria Chemicals for a 5 MW project in Rajasthan.
© BRIDGE TO INDIA. 2012
© BRIDGE TO INDIA. solar industry. Tobias F. With a team of solar experts he leads the development of products like the INDIA SOLAR NAVIGATOR. Tobias is also very much interested in governance structures and the issue of climate change in India. Post finishing his education. The focus is on promoting efficiency and intelligent reuse in the area of renewable energy. Jasmeet is from an engineering background and has obtained a certification in photovoltaics from the Stanford University. industry landscape. Jasmeet Khurana
At BRIDGE TO INDIA. Prior to joining BRIDGE TO INDIA. Expertise: Solar projects. 2012
. Prior to setting up BRIDGE TO INDIA. Expertise : Market entry strategies. Engelmeier
Mr. Kai holds a diploma degree in economic geography and economics from Marburg/ Germany. He writes regularly for several leading publications about solar power in India. for consumer goods as well as for investment. business strategy client expectations and the local knowledge about India. Kai Bollhorn
Mr. Kai worked for an international business consultancy company with the focus on market entry strategies for the Indian market. He is responsible for the research of projects in the Indian solar market and has significant expertise in analyzing the market. our online subscription database on the solar market. The Market Intelligence team at BRIDGE TO INDIA combines various expertise. GIZ and Greentech Media. Expertise: Indian solar market analysis. Kai is part of the Market Intelligence team and is responsible for strategic briefs on the Indian solar market. His PhD is in political science from the South Asia Institute in Heidelberg. market entry studies. a technical solar consulting firm. He consults for international companies on Jasmeet is part of the Market Intelligence team at BRIDGE TO INDIA.
BRIDGE TO INDIA’s market intelligence expertise
Dr. bottom-of-the-pyramid business solutions
Mr. project performance. In addition. Jasmeet was the Managing Director at Headway Solar. Germany. Through the INDIA SOLAR NAVIGATOR. He also develops solar business opportunities and executes consulting projects on market-entry strategies for international solar companies. analytical and up-to-date research on the Indian market to our customers through the INDIA SOLAR COMPASS – our quarterly solar market report. we provide comprehensive.As part of market intelligence. we provide indepth and strategic market insight to large international clients who are looking at the Indian market as part of their long term strategy. market intelligence at BRIDGE TO INDIA has authored various reports on contract basis for large international agencies including DENA. Mohit Anand
Tobias is deeply concerned about the resource use of India’s rapidly growing economy and believes in finding business-driven and Indiaspecific models to cope with this. he has worked for three years in the energy sector with a strategy consultancy and written a book on Indian political culture. REN 21. political structures and decision making processes
Mohit is responsible for the Market Intelligence team at BRIDGE TO INDIA and has significant expertise in analyzing the Indian solar market. experiences and skill sets from diverse academic backgrounds to provide clients the best analysis in the industry. Expertise: Business model development.
Indian manufacturing is mostly dependent on exports to international solar markets. though it has a total capacity of only 15MW.250MW for modules and 700MW for cells. They must reduce their costs in production through a capacity ramp up and vertical integration.The PV Manufacturing Industry in India
The Indian manufacturing industry currently has an overall production capacity of about 1.
The Indian manufacturing industry currently has an overall production capacity of about 1. Maharishi Solar is currently the only Indian company with manufacturing facilities for ingots and wafers. Indian manufacturers have been exporting 70% of their cell capacity and 80% of their module production capacity. This has led to an underutilization of the Indian module manufacturing capacity. 2012
. In the growing domestic market driven by the NSM and the
Gujarat state policy. The cutback of FiTs in Europe and the excessive competition from Chinese suppliers has hit Indian module manufacturers adversely. In order to become globally competitive in an increasingly tough market. valid as on May 2012 19 © BRIDGE TO INDIA.250MW for modules and 700MW for cells.
Cell manufacturers in India*
Module manufacturers in India*
* Data is only indicative based on industry interviews . Indian manufacturers will need to change their business model. Indian module suppliers have been able to gain a very small market share.
the industry realizes that the DCR has been ineffective in promoting manufacturing in India. The success of this policy can be trend-setting for upcoming policies. The duty regulations applied to the import of materials for a PV project in India also serve as an encouragement for foreign suppliers. 2012
Opportunities for foreign module suppliers
Going by the current allocations for 2013. allowing the imports of thin film modules has been crucial for project development in India. close to 55% of commissioned projects in India have installed thin film modules.Indian Solar PV Supply Chain
Domestic content guidelines
For the first phase of the NSM a Domestic Content Requirement (DCR) was introduced. India’s solar market will see projects covering 985MW under the NSM and various state policies. In batch one of phase one of the NSM. A majority of the PV projects under execution in India are using modules from foreign suppliers. Other states such as Tamil Nadu. Although the NSM‘s domestic content requirement encourages the domestic manufacturing industry.
© BRIDGE TO INDIA. however this is yet to be proven under Indian conditions. In batch two of phase one. to profit from higher irradiation or lower land-prices. Thin film has also been pitched as a better performer for the Indian climate. Rajasthan and Karnataka do not have a domestic content requirement. Orissa and Andhra Pradesh are also expected to avoid mandating domestic content for projects. Effectively. Thin-film modules have been allowed to be sourced globally for the entire phase one of the NSM. The state policies of Gujarat. Our latest strategy brief offers insight on the Domestic Content Requirement (DCR) in India and how international crystalline module suppliers can succeed in the Indian solar market in the presence of the DCR. it is unclear if the DCR will be extended to phase two of the NSM. Projects can be located all over India.
THE DOMESTIC CONTENT REQUIREMENT
Tackling module sales in India
INDIA SOLAR STRATEGY BRIEF BRIDGE TO INDIA’s Market Intelligence expertise lies in combining keen market insight with in-depth and precise knowledge of the industry and policy framework in India. Madhya Pradesh has been the only state that has a domestic content restriction. At this point. the only extra cost borne by developers in importing is that of shipping.
. We publish this knowledge through short and topical strategy briefs. At the moment. the DCR was restricted to c-Si modules. The developers are entitled to discounts on the base duty on the import and the excise. Despite the intentions. The guidelines for the second phase of the NSM (20132017) are likely to be announced in the last quarter of 2012. the restriction was enhanced to c-Si cells too. The policy also includes a non-location clause.
PV Manufacturing Forecast -India
New module production capacities worth 2GW or more could be realized from 2015 to 2020. 2012
. support for REN21’s Global Renewables Status Report. most module and upstream expansion plans have either been cancelled or are on hold. an analysis of the Indian Renewable Energy Market with NREL. Large Indian business conglomerates such as Lanco Solar and Birla Surya were planning to build completely integrated manufacturing facilities of capacities as large as 600MW. As a result. publicly available reports include.
© BRIDGE TO INDIA. New module production capacities worth 2GW or more could be realized from 2015 to 2020. an analysis of the Indian energy market for the German Environment Ministry. Past. There is no domestic industry for manufacturing equipment in India yet. the domestic ingot and wafer production capacity will be directly reflected in new domestic module manufacturing capacities. Few large manufacturers who
are vertically integrated are expected to dominate the market going forward. Manufacturing in India is expected to regain the growth trajectory after 2014 as the commercial and industrial parity projects in the domestic market take off. a report on the Indian project development processes for DENA and a report on the Indian solar market with Greentech Media. This momentum has been broken due to a global oversupply.CUSTOMIZED REPORTS
BRIDGE TO INDIA provides in depth market knowledge to clients through customized reports to cover the Indian energy markets. Going forward. among others. The Indian PV manufacturing industry is expected to provide an opportunity to the suppliers of PV manufacturing equipment and the turnkey solution providers as and when the market regains momentum. 2012
Source: BRIDGE TO INDIA
© BRIDGE TO INDIA.
PV manufacturing forecast
The PV manufacturing industry in India had grown six-fold from under 200MW in 2007 to a 1. GIZ and IRADe.250MW in 2011. a strong domestic supply chain will bring down the cost of raw materials for module production in India. Module manufacturers who have been providing EPC and other downstream services are more likely to survive a consolidation. Currently.
We have more than 70. This is in contrast with the best technology for small. A favorable legal framework. What module technology is best suited to Indian conditions? The best technology for a solar power plant depends critically on the specific application and circumstances. lenders.sgs. investors. grid-connected PV installations. area related cost) the choice of particular solar power technology that is best for a large country like India will also reflect the future role the country aspires to play in the global supply chain. Our services include site assessment. CST with thermal storage capability has the ability to match electricity supply to demand. reliability of the transmission and distribution network and the experience of key players. monitoring. dominant in many European countries. the Indian solar market is very different from European markets with regards to the ability to finance significant investments. we see major trends favoring growth in the Indian solar market. 2012
order to design. build and connect significant renewable power generation capacity. Do you think solar PV plants in India will perform as per expectations? Whether individual solar power plants perform as per expectations is a matter of professional execution. verification and certification services for concentrating solar thermal as well as photovoltaic projects.
Dr. continues to decrease rapidly. testing. roof-mounted. there is increasing electricity consumption per capita. management.com www. Louis joined SGS Industrial Services as Global Business Development Manager for Renewable Energy in 2012. Tel: +49 (40) 30 10 15 74 Email thomas. construction and operation. In some cases. It all depends on which perspective you take. the levelized cost of electricity generation (LCOE) using solar power.louis@sgs. SGS Group Management Ltd. In the case of ground mounted installations and where the cost of land is low. India has high levels of irradiation. SGS provides a range of services. finance. Third. In such cases. whether using photovoltaic (PV) or concentrating solar thermal technology (CST). regulators) that their
SGS assists in assessing investments in solar power generation projects and assures the quality of solar power plants. a local presence and a strategic interest in renewable power generation. in line with reductions in the cost of core components and overall system cost. SGS works as an independent global service provider carrying out consultancy. project development. availability of land. The question as to what solar power generation technology best meets India’s needs thus cannot be addressed from a single point of view. The effective collaboration of all the stakeholders is required in
© BRIDGE TO INDIA. such as technical and financial due diligence. However.000 employees and operate a network of over 1. manufacturing and deploying large numbers of power generation plants in India. where the tariff structure is progressive and the ability to generate revenues from electricity sold at peak demand is dominant. population growth and hence demand for building new power generation capacity. Despite CST’s higher LCOE. meteorological conditions. This could be both grid-connected and standalone plants over a wide geographic area and using state-of-the-art renewable power generation technologies. Louis
Global Business Development Manager Renewable Energy. thin-film PV technology is favored due to its low cost per Wattpeak.com
.350 offices and laboratories around the world. In addition to the above mentioned considerations (tariff structure. large areas of suitable land and vast numbers of technically skilled people can potentially contribute to developing. supervision. inspection. Second. Thomas A. Thomas A. the cost per m2 and limited space availability favor the use of higher efficiency crystalline silicon PV technology. core component manufacturing. which are designed to assure key stakeholders (owners. it may be more attractive to decision-makers than PV. He has a 20 years track record managing large international programs in renewable energy and power generation and more than 10 years of experience in management consulting and financial services What potential do you see in the Indian solar market and how is India different from other markets? As the largest independent professional services provider in the world with a global reach. First.
. investor or owner. to obtain permits and to effectively deal with counterparty risk.
requirements are being addressed and performance expectations will be fulfilled. The more experienced and stronger the partners in the project. The WACC is determined by the debt to equity ratio and the respective cost of debt and equity. whether by the project’s developer. What are the key challenges with regard to project execution in India? The choice of local partners. which often attract new and inexperienced players. The success of public incentive programs designed to stimulate the adoption of solar power technologies is often linked to the generation of jobs in respective industries. is a key to
success in every solar project. the price sensitivity of the solar power market and its potential for growth not only attract large. Here. with long payback times and low interest rates. is a more complex question. This applies everywhere. The ability to secure project financing through loans. The cost of engaging such a partner. Whether solar power can make a significant contribution to addressing India’s growing demand for electricity.Project developers can improve this bankability by subjecting their work to verification by an independent professional services partner. The challenge is for decision makers to distinguish what appears to be a low price from a genuine low cost offer from a partner with a strategically defendable position and resulting cost advantage. in other words bankability.
© BRIDGE TO INDIA.
The more experienced and stronger the partners in the project. This may be the case in emerging solar power markets such as in India.e. SGS offers independent professional services and support throughout project execution to decision makers when they need to be sure. i. determined largely by the cost of the system to be built and the weighted average cost of capital (WACC) used for financing the project. lender or bank. suppliers and project partners and their professional execution. experienced and well known players but also those whose willingness to offer the lowest price may not be matched by their ability to deliver and provide guarantees for lasting solutions at the lowest cost. the ability to handle administrative processes. but specifically in fast growing markets. will certainly be offset by the benefits gained in the form of securing attractive project financing swiftly. Project developers can improve this bankability by subjecting their work to verification by an independent professional services partner. What can project developers do to improve the bankability of their projects in India? The cost of solar power generated electricity is front-loaded. The need is to have independent advisors and contracted third party service providers to support public and private players on key decisions. Such programs require more than projects being diligently planned and professionally executed. the lower the project risk and the more attractive project financing terms will be. are key to successful project execution. The system cost is determined by the choice of technology. the lower the project risk and the more attractive project financing terms will be. or EPC contractor.
Norway and served as Director Scatec AS. US$40 billion premium global corporation operating in 36 countries. However. This enables a fair analysis of the market risks to be managed. Ravi worked as the CEO and President of Scatec Solar Oslo. the Aditya Birla Group is in the League of Fortune 500. own generation. Why has the Aditya Birla Group decided to develop solar power projects in India? The Aditya Birla Group.the key being the lack of clarity on the enforcement of RPOs and its impact on the REC prices in the future. We are also keen on developing large scale projects under the grid connected policies – be it National Solar Mission.a US$35billion corporation and is based in Mumbai. The Aditya Birla Group has been ranked 4th in the world and 1st in Asia Pacific in the ‘Top Companies for Leaders’ study 2011.khanna@adtyabirla. Ravi Khanna
Mr. It operates in 36 countries.
What are the size of projects that you are looking to develop? Will these be under the NSM or state policies? We are looking at various opportunities independent of scale. Solar Business. Fortune Magazine and RBL (a strategic HR and leadership Advisory firm). but due to enforcement issues businesses are slow in committing capital on the scale that is required. What is your strategy to meet these obligations? As one of the largest private consumers and captive generators of power. is committed to sustainable business practices and environmental conservation. the Group has decided to participate in the development of solar power in India. Is the solar REC market viable? Are you looking to develop projects based on the REC mechanism? For a business venture a stable regulatory environment is essential. we are seeking to move proactively to make sure that we can address these obligations promptly and efficiently. The market will remain
A US $40 billion corporation. India.. It is anchored by an extraordinary force of over 133.000 employees. The REC market today faces certain challenges . He has also served on the board of US firms HelioVolt Corporation. In Moser Baer PV Ravi was responsible for the acquisitions of technology firms and setting up of the technology infrastructure while creating one of the fastest manufacturing capacities in Asia . Among small scale projects. and PV Technologies India Limited. purchase of renewable power and so on. Prior to joining the Aditya Birla Group. mining facilities as well as for our telecom towers. we will of course adhere to all regulatory obligations as they are mandated in the future. Ravi Khanna serves as Chief Executive Officer of the Solar Power Business of the Aditya Birla Group. Aditya Birla Group
Mr. we have evaluated setting up decentralized solar power projects for community development in and around our industrial townships. belonging to 42 nationalities. Sol Focus. VSF and chemicals.com
© BRIDGE TO INDIA. Ravi has also served as Chief Executive Officer of Moser Baer Photovoltaic Ltd.adtyabirla. Ravi served as a member of the Indian PM’s solar technology mission and also engaged very closely with MNRE. existing or forthcoming state policies as well as the independent REC/RPO mechanism. Towards sustainable resource management and furthering the growth of alternative energy in India. 2012
. carbon black. IREDA and NORAD on development of the future renewable and sustainable energy platforms in India. Over 60 per cent of the Group’s revenues flow from its overseas operations. conducted by Aon Hewitt. there will be a mix of activities to meet the stated target including purchase of certificates.CEO. Tel: +91 (22) 24 99 50 00 Email ravi. cement. We have taken a conscious decision to voluntarily align our energy portfolio and ensure that a sizable portion of energy comes from renewable sources.com www. The regulation itself is a well thought out document. you face RPOs for your different businesses. Solaria and Stion Corporation. In any large corporation. The Group is engaged in many power intensive sectors such as aluminium. As a large business conglomerate.
Under price considerations. In cases where we have limited land availability or where land is costly. are keen to develop projects under the REC/RPO mechanism both for sale of power to our units and to other companies that may require such power as well as to supply certificates to the exchange to help facilitate the REC process. Under effectiveness we explore the type of guarantee provided – whether it is linear or flat. effectiveness and price. We.
stunted without access to capital or finance until the concerns relating to enforcement are addressed. 2012
. the efficiency becomes important.
© BRIDGE TO INDIA.The key considerations that we look at for the purchase of modules fall under three broad heads – quality. effectiveness and price.
What are the key factors that govern your decision on the purchase of modules? The key considerations that we look at for the purchase of modules fall under three broad heads – quality. payment terms and delivery schedule are key. Other problems that are systemic to the power sector such as the development of evacuation infrastructure. cost. at the Aditya Birla Group. intra and interstate transfer of energy and payment from the state distribution companies (DISCOMS) can all be addressed in parallel after the resolution of the key issue of enforcement. the size of the bankability reports of the company providing the module and the related balance of system costs for that particular module. Under quality we look at the warranty and guarantee conditions that the module supplier provides. the rate of degradation and the health of the company backing the module.
However. monitoring systems provide a reliable prognosis of the energy yield.com www. initially. We protect your investments! Tel: +49 (30) 68 83 15 90 Fax: +49 (30) 68 83 15 99 9 Email info@skytron-energy. we have to cope with a number of adverse environmental effects. such as high temperatures and dust. and the added benefit of comprehensive analysis and comparison features. In practice. 2012
corrected immediately. you will not be able to pinpoint the failure or low performance of a particular string or subsection of the PV plant. Later. They underestimate the requirement and consider monitoring and remote supervision as a non-essential investment. they overlook the losses in the normalized yield due to the lack of precise monitoring. if considering its 25 years of operating life. In this way. closed-loop control of active and reactive power by measuring all relevant physical values at the grid connection point as well as a complete life-cycle O&M.skytron-energy. They often consider such monitoring solutions as rather expensive. and send alarms to the plant operator. these plants had to be retrofitted.Managing Director. in the end. when monitoring was made mandatory by the utilities.com
. Yet. lack of technical experience. In addition. flexibility and profitability of your solar installation. He has spent 4 years in the position of Sales Director at Skytron Energy and has been Managing Director of Skytron Energy since 2011. According to you. This enables quick fault diagnosis which in turn is the basis for a proper and efficient repair and maintenance management. sensorics for ambient condition measurement. real-time high-resolution data logging. Without a remote. very few project developers seem to be aware of the long term effects on energy yields of utility-scale PV power plants that are running without a fully integrated monitoring system. In India. There are local challenges like limited infrastructure. Skytron Energy
Mr. cuts into the owner’s return on investment. even today some large-size plants are being built without monitoring systems due to low budgets and the pressure of completing and commissioning these plants on tight deadlines. A reliable and accurate monitoring system is a strong and effective tool to secure the investment. Control & Supervision of Photovoltaic Power Plants . Are there a large number of companies offering monitoring systems in India or is the market only just beginning to expand?
Monitoring. Monitoring and supervision systems detect failures and reduced performance instantly. Winsbeger’s professional experience spans a period of 11 years in the solar photovoltaic industry. how crucial are monitoring systems to the performance of PV plants in India? Efficient monitoring and supervision is the very backbone of a PV power plant. irregular maintenance and the tendency to cut corners on construction to reduce the plant costs. In Europe. This is gradually changing now as more and more project developers are learning from this past experience with their already commissioned and retrofitted plants. utility scale plants were typically built without a monitoring system. SCADA platform for multi-vendor multi-site power plant supervision. technical problems can be detected and
© BRIDGE TO INDIA. In India. intelligent dc combiner boxes. they rely on the simple monitoring features provided by inverters without considering the long-term solution that would offer remote supervision of several plants on a single platform. Quite often.More than 2GWp worldwide rely on skytron’s monitoring solutions Our integrated system includes: high-precision PV string current measurement. Skytron’s monitoring concept enables you to increase the availability. Marco Wirnsberger
Mr. What is the response of Indian developers to the use of monitoring systems for projects in India? Indian project developers are not completely aware yet of the real importance of a monitoring system. this makes it extremely difficult to detect or maintain system faults using manual methods. This helps plant owners or investors who have a keen interest in monitoring their assets and investments. He started his career as an R&D Engineer at Wuseltronik (predecessor company of Skytron Energy). realtime and high-precision monitoring and control system. Every minute of down-time reduces the plant’s yield and. Utility-scale PV power plants consist of thousands of interconnected components. All these are facts that spiral the running costs over the life cycle of the plant.
PV project companies will fully comprehend the important difference between a mere monitoring function. the number of experienced technicians in the field of PV is steadily increasing. the comprehensive functional range and the long-term and reassuring experience that comes with a system solution from our company.and we expect at least a redoubling in 2012. What are the challenges Skytron energy has faced as a foreign company entering the Indian market?
real-time remote monitoring. whereas others quite often collaborate with an established solution provider. resulting in increasing demand compared to the past.on the one hand. forgetting about the quality. but also about the PV technology offered. What has been the advantage in partnering with AEG in India? How has it helped both companies? Local presence is essential to being successful in the Indian market. AEG. we had high transport costs and extended delivery due to overseas shipping and customs clearance time. Then. the local service team trained for our system is crucial for us as it allows us to be close to our Indian customers and support them with short reaction times and excellent quality. Some of them are starting with very little experience. local manufacturing and local presence in India. on the other hand. in turn. All this is essential for a successful and sustainable relationship with our Indian customers. put them together into a sort of system and sell this to the customer with cost-effectiveness always being the crucial aspect.Other concerns voiced by PV project developers are things like round-the-clock service. the solar inverters and the fully integrated monitoring. Prior to our local presence. AEG is the parent company of Skytron Energy. AEG has a considerable advantage over several other competitors as it offers the complete solution requested by EPCs. they offer both. fully integrated
© BRIDGE TO INDIA. after realizing the importance of a monitoringsystem. New PV project developers need detailed information not only about theproviding company. control and supervision solutions. has benefited from Skytron’s long-term photovoltaic experience of more than 35 years.
Local presence is essential to being successful in the Indian market. EPC companies increasingly expect a complete package comprising both the solar inverters and the monitoring system monitoring. control and supervision systemsolution. control and supervision system as an integrated system solution. With growing project development volumes. This makes a huge impact on reducing delivery time and import costs for our customers.
The Indian market for monitoring systems is picking up slowly. By June 2012 we will be ready to manufacture 80% of our monitoring equipment locally in Bangalore where AEG already manufactures their central inverters. In addition. Also. I am convinced. though. But inspite of this.The Indian market for monitoring systems is picking up slowly. There are hardly any companies who have developed a monitoring. The current trend is to buy different components from different providers. Large size companies with proficient engineering teams will most likely demand high-end monitoring features for their PV projects. This partnership has helped us in increasing the customer base and getting orders for monitoring solutions. that only in a few years. the Indian customer usually goes looking around for a cheaper option. At the same time. which covers all the aspects of monitoring and control of both the DC and AC side of the PV plant. low cost and quick delivery are the two main challenges that skytron® energy is facing. Many training programs across the country add to the awareness of photovoltaic systems. we have already successfully installed and commissioned over 200MW of PV power with different customers in different states in 2011. and a reliable.In the current scenario. the number of companies providing monitoring solutions is also on the rise in India. 2012
The Indian market is quite different from the European or American market. that is to say.
be it for remote villages or telecom towers. Jens Burgtorf has been Head of the Department Asset Management Energy Production and Waste-to. and act as an intermediary. security. Nevertheless there is a huge potential for off-grid applications as well. Only on-grid installations will be able to contribute to this market significantly. Tel: +49 61 96 79-0 Fax: +49 61 96 79-11 15 Email info@giz. Jens Burgtorf CSO. i. which could supply solar energy on a more continuous basis. This is the sector of roof top mounted PV which added most of the capacity for instance in the German market. which is already installing a grid of monitoring stations all over India. Large on-ground PV plants are already under construction and much more in the planning phase. How do you rate the Indian solar market in the international context? India is with no doubt one of the most promising markets for solar energy in the world.
What challenge does the lack of irradiation data hold for bankability of projects in India? What do you see as possible steps to address this challenge? The lack of irradiation currently increases the risk for the investor in solar power plants in India. food security. he has been member of the extended Presidency of the German Geothermal Society. Nevertheless CSP should come with the option of energy storage.de
© BRIDGE TO INDIA. If we see that the price for PV modules will further come down and the cost for fossil fuel on the other hand will continue to rise. without government support? We already see examples where solar power can – without government support – compete for example with diesel-generated electricity. This is currently more expensive and restricted to certain areas in India. When and where will solar power be able to compete on purely commercial terms i. But a hugh potential still lies more or less untouched.giz. We support our partners with management and logistical services. Mr. Jens Burgtorf is the Director of the Indo. which supports the German Government in achieving its objectives in the field of international cooperation for sustainable development. governance and democracy. Where do you see the role of PV and CSP technology respectively in India? PV is the technology of choice if you want to invest in solar in India today. The electricity demand in India is still growing very fast.Mr. I see CSP more as a future market as the technology as much larger requirements with regard to the construction and operation of the plants. it will not take long till competitive solar power is available on a broader basis. resource conservation and climate change mitigation.Energy at City of Munich Municipal Utilities (2004 to 2007) and worked as a freelance energy consultant. GIZ operates in many fields: economic development and employment promotion. peace building and civil conflict transformation. and environmental protection.de www. The challenge is already addressed by the Ministry of New and Renewable Energy. Will the future of the solar market in India be in the on-grid or off-grid space? The main market will definitely be in the on-grid sector. 2012
. IndoGerman Energy Program.
GIZ is a federal enterprise. balancing diverse interests in sensitive contexts. Nevertheless it will still take some time and efforts to become as attractive as for instance the German PV market has been in the last years. Before joining GIZ. GIZ
Since March 2008. From 2005 to 2008. e. GIZ is supporting this project and the data received will be made public soon. German Development Cooperation based in New Delhi.German Energy Programme (IGEN) of GIZ – Deutsche Gesellschaft fuer Internationale Zusammenarbeit GmbH.e. If you do not know exactly what the irradiation is at the proposed project site the bankability of the project faces significant uncertainties and a possible fall of up to 30 % on the expected power generation. Director. reconstruction. health and basic education.
Commercial Department. as one of the strongest international markets with a substantial growth for the coming years.raitz@ibc-solar. we were happy to see that all installations were grid connected in time so that our clients were not facing the danger of losing their initial tariff. who are seeking projects on a balance sheet financing approach only. IBC SOLAR has already implemented more than 120. Engineering. Jan Marc Raitz
Mr. the plants’ performances have not only exceeded our expectations. International Project Development. With these we have proven our competitiveness under demanding market conditions. His task is to further develop and to strengthen IBC SOLAR’s current business internationally.ibc-solar. comprehensive consultancy services as well as operation and maintenance of the installations are key services. During the final installation phases we were required to send a high number of highly qualified engineers and site managers to India to guarantee that the systems were set-up in a proper manner and then finally guarantee our quality. PV Projects. IBC SOLAR is one of the world’s leading photovoltaic systems integrator. beside our German core market.com www. We believe that our combination of first class German engineering and project execution capabilities combined with a pricing competitive in local market conditions will be highly accepted within the Indian PV industry. Before joining IBC SOLAR he gathered vast experience in the field of renewable energies. in addition. Jan-Marc Raitz joined IBC SOLAR AG as Director Commercial Department PV-Projects in January 2011. who have kindly guided us on these first projects within the India PV market. delivery of all components and construction (EPC) of turnkey power plants make up the project businesses core competencies. the expectations of our clients have been met by 100% or more. substructures and erection services. Our compact and proven design has been one of the key success factors for the overall excellent performance of the systems.7GWp. This will give us more flexibility and control over the so-called local content such as civil works. What has been your experience in adapting the technology and Balance of Systems for projects in India? What are the challenges you have faced? It was necessary to adapt ourselves to the Indian market environment and to be willing to learn also from our Indian partners and customers. We are proud in receiving feedback from the market stating that our PV installations are among the top performing plants within all of India with a performance ratio by far above 80%. IBC Solar
Mr. customers and our team to learn from each other has been one of the driving success factors. 2012
. We intend to continue on this road and strengthen our EPC capabilities by opening our own office in the city of Mumbai within summer 2012. In this position he is in charge of the teams Sales. Is there a market for turnkey solar solutions in India? What is IBC SOLAR’s strategy for the market?
What has been the performance of your plants in India so far? Have they met your expectations? Yes. Globally. All this could be achieved without any compromise on our IBC quality standards and philosophy. Germany. Such projects shall be fully developed. pre-financed and built under an EPC regime by us before we finally sell them to interested investors.com
We are already considering today the Indian PV solar market. Following that.
© BRIDGE TO INDIA. Since 2008 IBC SOLAR has constructed several multi megawatt power plants under the NSM Policies for leading Indian multinational enterprises such as the Videocon Group. Commercial Management and Sales Coordination within the business unit “PV-Projects”. we intend to develop our own MW scale rooftop projects for which we foresee a bright future in the Indian PV market. We have successfully executed large scale photovoltaic power plants last year under the National Solar Mission Migration Scheme. The openness of our partners. Additionally. The scope of these ranges from largescale power plants to on-grid and off-grid systems that supply private residences. What are the EPC and module price developments that you expect in the months ahead in India? The prices will be dictated by the market anyway. It would not have been wise to simply stick to our German approach on project execution. but as of today we believe in being competitive with a
Established in 1982 in Bad Staffelstein. Tel: +49 95 73 92 24 51 9 Email jan-marc.000 ready-to-use photovoltaic installations with a total power of more than 1.Director.
Here it will be important to build a good distribution network for being close to the final customer. This partner will undertake contract manufacturing for us.
© BRIDGE TO INDIA.3) /Wp on a turnkey basis for large scale installations.system price of around M84. In addition. This carefree package will provide our customers and their financiers with the required trust to work with IBC SOLAR as one of the leading PV solution providers. such projects will be a bit more complicated in development and execution. Large scale rooftop installations are especially attractive to us. rooftop PV solutions for India? When do you think this segment of the market will take off? This market segment is still in its early stages. As a result. we have also engaged an Indian cell and module manufacturer for supplying us with IBC crystalline modules that are going to be manufactured in accordance with our specifications and under our quality regime. How important are off-grid. We will be in the position to offer clients a single source solution with product and plant performance guarantees. Importantly. This
will help us to be active in projects with local content requirement without any compromise on plant our product quality. Off-grid solutions on a kit basis will also become a standard the next years. Nevertheless.5 (€1. we intend to offer operation and maintenance services via our Mumbai offices. Here we believe we will already have the key answers in hand due to our longlasting experience abroad in this field. Furthermore. but can already be regarded as the next growth segment. these will be backed by first-class bank guarantees. we expect to be successful in India. 2012
he has provided consultancy services to multinationals as well as SMEs. there are numerous project opportunities available for multi-MW scale projects under various governmental feed-intariff schemes. Oliver Herzog joined BRIDGE TO INDIA in July 2011 as director. it is the only credible long-term power supply strategy. solar power can already today help India achieve a better power supply. governments and to investors. Bridge To India
Mr. at the moment. Irradiation levels are amongst the highest in the world. the fundamentals of solar power in India make sense. not a choice. 2012
. articles as well as two books on the topics of India and energy. nuclear power has not kept its promises and wind. hedge against future tariff hikes and increase the security of power supply. In order to meet India’s enormous energy demands. he joined a leading global renewable energy company. That means that for certain tariff groups and in certain locations. He has published many reports. This makes the Indian market different from any of the early solar markets in Europe or the US. Here. Herzog India. this is the real market to look out for. Fossil fuels are
limited. For one. to institutions. Oliver joined BRIDGE TO INDIA in July 2011 as Director. we work with international investors to develop projects for them as a “remittance” project developer. Hence there is a crucial need for every kWh that can be produced. Engelmeier Solar in India is crucial.
Director. India needs solar power. Solar power in India is a necessity. Herzog It is important to note that solar power in India has already reached grid parity in many places. In our view. is not able to meet its energy requirements. During the last two years he headed the operations of the project development and financing arm in Singapore and India. During his studies he worked for an international consultancy company with a focus on strategic management and restructuring. however. Managing Director. After his studies. Mr. where he worked for eight years. The process to make solar commercially viable has begun and it will spread to the larger parts of the market from here. small hydro and biogas projects in India. Bridge To India
Dr. India needs to produce affordable power and not replace power. Oliver Herzog
© BRIDGE TO INDIA. He studied Business Administration with a focus on accounting/controlling and general management at the University of Applied Science in Cologne. where he advised large European utilities on how to engage with the fast-rising market for renewable energies. At BRIDGE TO INDIA. At the same time. What is the significance of solar as a resource for India? Dr. biomass and hydropower are limited in potential. to invest into renewable energy projects across Asia and built a project pipeline of more than 400MW of PV. What makes the Indian solar market different from the other new as well as existing global markets? Mr. it already makes sense to add solar power to the overall power mix and thereby reduce the cost of energy. In addition. he worked for a leading strategy consultancy. Prior to his doctorate. He set up a trust worth €200m with GE Financial. Tobias Engelmeier
Founder.Dr. Tobias Engelmeier founded BRIDGE TO INDIA in 2008 as an integrated Indian solar service provider. in January 2004. This drives the industry. He was awarded a doctorate in political science from the South Asia Institute of the University of Heidelberg for his thesis on the relationship between identity and strategy in Indian politics. There is an electricity deficit in India that will cause blackouts for many years to come. Mr. wind. So.
Engelmeier Over the last two years. Engelmeier Reaching grid parity or commercial parity is going to change the
Over the last two years. a world class industry can be formed. Our estimate is that by 2016 we will have a total. thus making solar a more attractive option. the overall energy structure under the NSM is focussed on larger MW-scale power plants feeding into the grid. 2012
. This will be an inflection point. Herzog The NSM and various state policies at present have capacity addition plans of more than 20GW until 2022. we believe that India is on course to reach that target. Dr. India has.
market significantly. mini-grids.
The Indian government should also invest more in research. Herzog The Indian government should also invest more in research. A liberation of this market would have two profound effects: it would lead to significant and much-needed investment into grid-infrastructure and it would lead to a rise in power prices. and storage. For India to become a global technology leader. While this is a global phenomenon. minigrids. once a stronger regulatory framework with e. the focus should be on decentral applications. the focus should be on de-central applications. India’s electricity prices at present are not reflecting the actual costs of generation. low cost applications. and will reset the market potential of solar industry in India. the cost of solar has fallen dramatically. What are the challenges for the industry at the moment and what can be done to overcome them? Dr. What is the market potential of the Indian solar industry? How realistic are the growth projections? Mr. In the short term. This has advanced the case for solar power as it has brought it into the vicinity of parity with other sources of power and has strengthened the case for this technology in India. The captive market will take off. rural applications. All players along the value chain have stretched themselves more than ever before. We have just written reports on these topics to analyse them in-depth. Engelmeier The greatest push would come from a further de-regulation of electricity prices. Currently. net-metering is in place. the cost of solar has fallen dramatically. low cost applications. a lot will also depend on whether the Renewable Purchase Obligations market will take off and whether there will be a domestic content requirement. Commercial parity will further boost the solar market. Innovation in energy storage technologies will bring a second inflexion point which will boost the decentral systems further. with a view to replicating Indian models internationally. For India to become a global technology leader.g. Around these challenges and skills. and storage. given India’s massive energy demand.Dr. been able to closely mirror that drop in prices and reduced margins to a bare minimum. cumulative installed capacity of more than 12GW across various market segments. rural applications. While still at an early stage with currently around 1GW of installed capacity.
© BRIDGE TO INDIA. Mr. through the auction process.
800) per MW 9 to 15 months M500.780) per MW Not implemented Up to 1 month 1-2 month 2-3 months M1m (€15.000) per MW Details regarding audited reports not released Equity of min.100) at the time of PPA
PV crystalline modules used must be manufactured locally.800)per MW M2m (€30.000 (€5. M12m (€180.33
Gujarat Audited “Internal Resource Generation” of min.000) per MW
Financial preconditions for bidding
Non-refundable processing fee of M100.000) at the time of PPA For projects in connection with module production capacities exceeding 25 MW. M30m (€461.400) per MW at the time of proposal submission Non-refundable processing fee of M50.000) per MW Audited financial statements of the last two years (unconsolidated statements if project developer´s stake in a consortium exceeds 26%) Rajasthan Karnataka Bidding company’s net worth required: M30m (€461.
Thin film modules can be imported
For batch-II.000) per MW during the last 3 business years Equity of min.400) per MW M2m (€30. €77. modules must stem from own production PV modules must be certified in accordance with the IEC (International Electro technical Commission) specifications PBG due Gujarat policy did not define financial closure deadlines -PBG due -Penalty charged for every day of delay First month of delay Second month of delay M30.000 (€307) EMD of M1m (€15.000 (€7. PV modules must be certified in accordance with the IEC (International Electro technical Commission) specifications PBG of M5m (approx.538)
Earnest Money Deposit (EMD) of M2m (€30. M30m (€461. However. PV cells must also be manufactured locally
PV modules must be certified in accordance with the IEC (International Electro technical Commission) specifications
Specific PV modules output guarantees are mandatory
EMD and Bid Bond due
Failing to achieve financial closure
Loss of project developments rights EMD.000 (€1.000) per MW Non-refundable processing fee of M20. M20m (€308.000 (€1.000 (€1.000) per MW Refundable guarantees of M100.800) per MW For other projects the necessary guarantees are unknown at this stage. Refund upon successful realization of the project No used PV modules allowed PV modules must be certified in accordance with the IEC (International Electro technical Commission) specifications Specific PV modules output guarantees are mandatory The Bidder must deploy a commercially established technology which has been in use for at least one project in the world. 2012
Performance Bank Guarantee (PBG) of M3m (€46.800) at the time of participation in the auction
Bid Bond of M50.850) per MW M375.000 (€3. €7.500) in favor of the RRECL.540) per MW per day
Criteria for Project Allotment under Indian Solar Policies
Audited financial statements of the last four years (unconsolidated statements if project developer´s stake in a consortium exceeds 26%)
Equity of min. the requirements are expected to be similar to those under the NSM For projects that do not sell their electricity to the distribution companies of Rajasthan: The RRECL levies additional development fees of M1m (€15.000 (€769) per MW at the time of awarding. €769) Non-refundable fee of M10.000 (approx. depending on the discount offered For projects under the RPO-mechanism: Collateral of M500. depending on the discount offered
© BRIDGE TO INDIA.000) per MW Audited annual turnover of M48m (€738.000 (approx.690) per MW After 3 months M0.000 (€769) per MW at the time of awarding.000 (€150) towards the cost of the RFP Document Bid Bond of M50. Bid Bond and PBG due
For delay in commissioning
of up to 1 month
withholding of 20% of the PBG
of an additional month (total of 2 months)
withholding of further 40% of the PBG
of an additional month (total of 3 months)
withholding of the final 40% of the PBG
.000 (€461) per MW per day M60. €30.920) per MW M250.1m (€1.000 (€922) per MW per day Not implemented up to 3 months 3 to 6 months 6 to 9 months M125.690) per MW Bank guarantee of M2m (approx.
Project Developer Project Developer not defined PAC. Project Developer N/A NVVN. Project Developer X + 30 days RRECL.Project Developer N/A X GERC X RRECL X KREDL Project Devloper KREDL KREDL KREDL KREDL N/A ESCOM. Project Developer Project developer and lending institution N/A Deadline Parties Involved Deadline Parties Involved Deadline Parties Involved Rajasthan Karnataka
Request for Selection
Submission of Proposal
X + 30 days
X + 75 days
X + 90 days
X + 120 days
Letter of Intent (LOI) / License Award
Max: X + 135 days
Individual Project Meeting
Max: X + 165 days
Max: X + 345 days
Final permit Project Developer in accordance with government body Project Developer
N/A Project Devloper
Max: X + 530 days
NVVN NTPC Vidyut Vyapar Nigam Ltd.
RREC Rajasthan Renewable Energy Corporation Ltd. depending on project size in accordance with government body Project Developer X+360 days within 45 days of license award GUVNL.Project Developer N/A not defined GERC. Project Developer X + 75 days RRECL. Project Developer X+180 days RRUVNL. Project developer Project developer District on recommendation of RRECL RRECL.
KREDL Karnataka Renewable Energy Development Ltd. Project Developer N/A N/A N/A LOI+30 days LOI+210 days N/A not defined PAC X+150 days N/A N/A N/A X+135 days RRECL N/A Within 7 days of selection N/A N/A X + 105 days RRECL N/A not defined GERC. Project Developer Project Developer N/A N/A N/A within 120 days of awarding N/A up to 30 months after awarding.Procedural Overview for Indian Solar Policies
Gujarat Parties Involved NVVN Project Developer NVVN Project Developer NVVN NVVN.
PAC Political Action Committee
GERC Gujarat Electricity Regulatory Commission
GUVNL Gujarat Urja Vikas Nigam Ltd.
LOI Letter of intent
ESCOMS Electricity supply companies
PV 654. 2012
Gujarat Solar Policy Phase 1 Migration Gujarat Solar Policy Phase 2 NSM Batch 1.5MW
20% 3% 6% 18%
GE N TO I DIA . 20
2. Phase 1 Generation Based Incentive Demo Project RPSSGP REC Mechanism
Direct RPO Project
© BRIDGE TO INDIA.(as on May 20th 2012)
Current total grid connected installed capacity MAP FROM THE INDIA SOLAR COMPASS
7% 4% 5%
secure power from it.
Contact Akhilesh Magal akhilesh.com +91 813 033 0011 + 91 (11) 46 08 15 79
© BRIDGE TO INDIA. 2012 36
. We offer ELECTRICITY CONSUMERS a reduction in your electricity bills and ROOFTOP OWNERS an additional income from your rooftop – all at absolutely ZERO INVESTMENT.EARN and SAVE through SOLAR
BRIDGE TO INDIA offers an exciting business proposition for commercial and industrial electricity consumers and rooftop owners in the field of rooftop solar energy.magal@bridgetoindia. We will invest in a solar PV plant on your rooftop and provide you with competitively priced.
the company focuses on renewable energy technologies in the Indian market.BRIDGE TO INDIA is a consulting company with an entrepreneurial approach based in New Delhi. Through customized solutions for its clients. BRIDGE TO INDIA contributes to a sustainable world by implementing the latest technological and systemic innovations where their impact is the highest. Munich and Hamburg. Founded in 2008. companies and institutions. 2012
. BRIDGE TO INDIA offers market intelligence.
© BRIDGE TO INDIA. strategic consulting and project development
services to Indian and international investors.
Contact contact@bridgetoindia. Through customized solutions for its clients. 2012
. strategic consulting and project development services to Indian and international investors.com/blog
© BRIDGE TO INDIA.BRIDGE TO INDIA is a consulting company with an entrepreneurial approach based in New Delhi.com Follow us on facebook. BRIDGE TO INDIA contributes to a sustainable world by implementing the latest technological and systemic innovations where their impact is the highest. Founded in 2008. the company focuses on renewable energy technologies in the Indian market. BRIDGE TO INDIA offers market intelligence.bridgetoindia. Munich and Hamburg.com www.bridgetoindia. companies and institutions.com/ bridgetoindia www.