ViewCube

August 2020

© 2020 CRISIL Ltd. All rights reserved.

Renewables sector

Reinforcing
renewables

1
 CRISIL ViewCube
ViewCube is a compilation of sector views expressed during CRISIL’s webinars.
These include CRISIL’s own views, that of stakeholders, and those emanating from a poll done during the webinar.

© 2020 CRISIL Ltd. All rights reserved.

Analytical contacts
CRISIL Ratings CRISIL Research

Manish Gupta, Senior Director Hetal Gandhi, Director

manish.gupta@crisil.com hetal.gandhi@crisil.com

Ankit Hakhu, Director Mayur Patil, Associate Director

ankit.hakhu@crisil.com mayur.patil@crisil.com

Varun Marwaha, Associate Director Surbhi Kaushal, Manager

varun.marwaha@crisil.com surbhi.kaushal@crisil.com

Shagun Sidana, Analyst Priyanka Shyamsukha, Analyst

shagun.sidana@crisil.com priyanka.shyamsukha@crisil.com

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 Contents

Section 1: Our view 04

Section 2: Their view 20

Section 3: Poll view 24

© 2020 CRISIL Ltd. All rights reserved.

List of CRISIL-rated companies in the renewables sector 27

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4
Section 1
Our view

© 2020 CRISIL Ltd. All rights reserved.

 Key messages
• Project execution to be impacted amid the Covid-19 pandemic; operational projects at limited risk owing to must-run status

• Government support needed to improve competitiveness of the domestic solar manufacturing industry

• Though new tender structures improve quality of power, higher tariff required to maintain similar returns

• The sector will need estimated investments of Rs 1.4-1.5 lakh crore over the next five years

© 2020 CRISIL Ltd. All rights reserved.

• Delay in payments from state discoms remain a concern, but expected increase in exposure to reliable central counterparties to 29%
by March 2022, mitigates this risk

• Conducive regulatory environment ensuring relative stability in cash flow, amidst the pandemic

• Refinancing of Rs 60,000–70,000 crore of renewable debt can free up capital for growth

5
 Policy clarity, low base and milestone period to drive growth
Nascent period Peak addition period Policy rehaul and Milestone period
uncertainty period

16 GW 24 GW 27 GW 56 GW 64 GW 79 GW 113 GW
Increased focus on investment; share Slowdown due to policy December 2022
National Solar Mission launched; first batches under milestone; healthy
of solar energy begins to rise changes, renegotiations and
NTPC; SECI was founded substantially, led by government push pipeline
pandemic-led restrictions
and fall in capital cost

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FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 P FY22P FY23P

Solar Wind Solar capacity additions Wind capacity additions

Slow growth Moderate growth High growth

Note: Installed base is only for solar and wind energy (excludes other renewables)
Source: MNRE, CRISIL Research

6
 Low module prices, efficient plant design support lower solar tariffs
Tariff drop aided by falling capital cost Module pricing remains a huge silver lining, despite duty
Rs / unit
FY15 6.53 $ per Watt-peak) Safeguard
China
changes Safeguard
0.80 duty
FY16 5.20 0.70 subsidy duty
implemented
0.70
policy maintained
@25% Rate
FY17 4.55 falls to at ~15%
0.60 0.65
20%
FY18 2.97 Bhadla 0.50
0.18–0.20
0.49
0.40 0.32 0.34
FY19 2.68 0.29
0.27 0.16-0.18
0.30 0.22 0.21
0.33
New tenders 0.14-0.16
FY20 2.90 0.20 0.27

© 2020 CRISIL Ltd. All rights reserved.

0.23
0.19
FY21 (YTD) 0.10
2.58 Benchmark tariff 0.15
0.00
FY21 expected 2.5-2.6 4.0-5.0 Tariff Capital Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Series2 Series1
trend cost
Note: YTD tariff spans from Apr to Jun 2020
PLF Regulatory Module prices post 14.5% SGD Module prices post 14.5% SGD, 10% BCD
FY21 expected tariff for regular solar tenders FY21 expected tariff for new tender structures
changes

Utilisation levels from rising base of newer projects aiding PLF Regulatory changes

Pan-India average PLF Sanctity of PPAs Safeguard duty imposition

~19%
Older projects form bulk of the installed base Tariff renegotiation and back-down Safeguard duty implemented in July
incidence, especially in Andhra Pradesh 2018, leading to an increase of ~10%
Design of plant in capital cost; payments have begun
22-25% DC overloading for newer projects increased to 40-50%, Covid-19 impact GST
from 20-30% earlier
MNRE allowed a blanket extension of Final effective GST higher at
Choice of technology projects for lockdown plus 30 days; 8-9%; reimbursements have begun
150-200 provision of force majeure allowed
bps Usage of higher efficiency technology becoming more economical

Note: The rate of 10% for basic customs duty has been used to depict a scenario; imposition of the duty and the actual rate are yet to be decided by the government
Source: SECI, MNRE, industry, CRISIL Research
Negative impact on sector Neutral impact on sector Positive impact on sector

7
 Site availability, delayed infra to keep wind tariffs from dropping
Tariffs inching up again, range bound at Rs 2.8-3.0 per unit Capital cost to remain stable
Rs / unit
Peak
FY15 4.8 demand; Change in Covid-19 Increased
good bidding led lower demand &
phase for mechanism additions new tech
FY16 4.5 OEMs

FY17 3.5

FY18 2.6 Rs 6.8-6.9 crore/MW Rs 6.8-6.9 crore/MW

Rs 6.6-6.7 crore/MW

© 2020 CRISIL Ltd. All rights reserved.

FY19 2.7 Benchmark tariff, tariff caps

FY20 2.8 Tariff Capital

trend cost
FY21 expected ~3.0 Execution issues FY15 FY'16 FY17 FY18 FY19 FY20 FY21 P FY22 P FY23 P

PLF Regulatory
0.00 1.00 2.00 3.00 4.00 5.00 6.00 changes Concentration of capacities leading to congested infra

PLF (%)*
Utilisation levels from increasing base of newer
projects aiding PLF
Rajasthan: 4,300 MW
Mainly in Barmer and Jaisalmer
35-38% Type I wind sites
Gujarat: 7,492 MW
28-32% Rann of Kutch region; select sites in
Type II wind sites Jamnagar, Porbandar, Morbi, Bhavnagar
Newer projects in Surendranagar
Time and cost overruns
5-10%
Karnataka: 4,791 MW
Project delays costing money Andhra Pradesh: 4,092 MW
Connectivity and terrain key constraints in ghat area Capacity located in Tamil Nadu:
9,304 MW
Note: *PLF at hub height greater than 100 m Mostly in Tirunelveli, Nilgiris, Erode,
Source: SECI, MNRE, industry, CRISIL Research Coimbatore and Tiruppur

Negative impact on sector Neutral impact on sector Positive impact on sector

8
 Domestic module makers less competitive than global leaders
Cost comparison between typical players in China and India
Polysilicon Ingot Wafer Cell Module China India
$80–100 crore 0.24-0.26
$20–25 crore 1-3%
Cent / W 10-13% Mark-up
0.20-0.22 0-2%
0.17-0.19 SG&A
Competitive China India 15% 7-10% 2-5% R&D
comparison 3-5% 1-3%
2-4% 12-15% Safeguard

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Maintenance
Characteristic Integrated large plants Smaller plants covering the 2-4% 5-8% duty Depreciation
end of the value chain 0-2% 10-13% Interest
Scale ~10 GW ~1 GW 3-5% 9-11% Cost break- Labour
65-70%
Raw material up Power & fuel
availability (100%) Raw material
45-50%
Power cost
Labour cost
Skilled
labour Demand- Expected module capacity
addition (FY21-FY23)
Technology supply gap
40-50%
Cost of debt Estimated domestic module
33-35 3-4 GW
production from existing
Capital cost of indicated GW (FY21-FY23)
At disadvantage Similarly placed At advantage
part of value chain
14-16 Total estimated capacity
Note: Based study of 2 Chinese suppliers with ~25% share of Chinese market and 1 domestic GW addition (FY21-FY23)
player with ~12% share in domestic market
Source: SECI, MNRE, industry, company filings, CRISIL Research

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 New business models warrant higher tariff to maintain returns
Power dispatchability to be the new focus area for upcoming renewable energy tenders

Peak power supply Round the clock Bundled – Thermal and renewable

Minimum annual CUF: 40% or Annual availability @80%; supply at

Annual availability required Annual availability @90%
Key features

3.504 MU/ MW least 51% annual energy from RE

Storage requirement Mandatory Can use Use of coal plants

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Two-part tariff: Tariff escalation @4% per annum up to Composite tariff; 30% of total quoted
Tariff condition
peak and off-peak tariff end of 15th year; fixed thereafter tariff be indexed to coal prices

Generation requirement (MU) 1,752 3,942 3,504

Assumptions and output

Scaling factor for RE component 1.3-1.5x 2.5-2.7x 1.1-1.3x

and storage 100% storage No storage No storage and 33% thermal
Expected operating cost
0.06-0.08 0.05-0.07 0.05-0.07
(Rs crore/ MW)
Expected total capital cost
4,500-5,000 5,000-5,500 3,500-4,000
(at AC capacity) (Rs crore)
Expected tariff range
(@14-16% equity IRR) (Rs per unit)
Players ReNew Power (300 MW)
ReNew Power (400 MW) 5,000 (tendered, not auctioned)
(capacity auctioned) Greenko (900 MW)
Quantum of storage element, scaling factor, and balance between solar and Thermal tie-up (existing plants versus
Key monitorables
wind power to achieve the generation requirement new plants)

Note: RE: Renewable energy; CUF: Capacity utilisation factor; For simplification of comparison, above scenarios are based on the assumption of standard 500 MW rated project plant capacity
Source: SECI, MNRE, industry, company filings, tender documents, CRISIL Research

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 Global investors – A key pillar of support for funding needs
Investments of Rs 1.4-1.5 lakh crore required over the next three years
Rs 1.4–1.5 lakh crore
Rs 1.2–1.3 lakh crore
4% Rs 1.1–1.2 lakh crore 20-25%
3%
21% 15-20% Green bonds
3%
19% 15-20% Foreign funds
17% Internal accruals
57% 40-45% FII & banks
42%

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FY15-FY17 FY18-FY20 FY21-FY23P

Sustained investor confidence key to meeting future needs; domestic lenders remain cautious

FY20 FY21 FY22

Domestic debt
Policy + New
instruments
Internal accrual
Global funding
(green bonds
and foreign funds)

Ease of availability Low Moderate High

Note: Estimates are based on publicly available data. Developer green bond issuances, equity investments pertaining to funding provided by global private equity, and sovereign funds to developers for
expansion have been considered; stake sales and acquisitions excluded
Source: SECI, MNRE, industry, company filings, CRISIL Research

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 © 2020 CRISIL Ltd. All rights reserved.
Renewables replete with refinancing opportunities
• Infra investment trusts (InvITs) and structures such as co-obligor groups seen as key sources of refinancing
• Increasing scale, diversity and track record make renewables sector conducive to refinancing, with comfort on cash flow stability
• Refinancing can free up banking lines and create room for debt capital for implementation of projects

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 CRISIL’s experience: Solar modules – Building track record of stable
power generation
Study undertaken for assessment of technology risk
• CRISIL has assessed a portfolio of over 7.5 GW solar projects
• 75 projects chosen with an operational track of over three full years (individual projects having CODs between 2011 and 2017)
• Unbiased sampling across multiple states, module manufacturers and developers
• 330 instances studied overall (a project’s performance for a year counted as one instance, represented by one dot in the chart below)

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Solar assets outperformed P90 estimations in nearly 80% of instances

Solar (PLF actual - P90)

5%
7% • Remaining 20% instances
were largely due to
3%
operational and O&M issues
40%
Actual PLF – P90

1%
31%
• Only stray incidences where
-1% 11%
performance was lower than
8% 3% from P90 PLF
-3%
1%
-5%
Source: CRISIL Ratings Indicates % of instances between -3% & -5%

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 CRISIL’s experience: Performance losses1 of solar assets within
modelled range and around the 2018 mark
Annual performance losses1 stable around 0.6% overall
0
0.63% 0.60%
>1.2%,
25%
• 70% of instances showed annual performance loss of
0 <0.8% (modelled/ expected & around typical loss warranted
2020 by suppliers for an asset over a 25-year life span)
0 0.8-
1.2%, study 0-0.4%,
7% 0.4- 59% • Average at 0.60-0.65%; within the range observed in a

© 2020 CRISIL Ltd. All rights reserved.

0 similar study undertaken in 2018
2018 study 2020 study 0.8%,
9%
Source: CRISIL Ratings study
• 1Performance loss = (PLFYn – PLFYn+1) – (Solar irradiationYn – Solar irradiationYn+1)
• Study of 57 solar projects having track record of more than three years
• One instance studied of one project represents annual performance loss in one year compared with the previous year. 210 instances studied in all

Vintage solar assets maintain stable performance even after 7 years

0.61%

• Performance of vintage projects seen within the same range of overall portfolio assessed,
indicating that older projects are also not showing signs of accelerated performance loss

Average performance loss in FY18-FY20

Source: CRISIL Ratings study

• Study of nine solar projects having track record of more than seven years
• One instance studied of one project represents annual performance loss in one year compared with the previous year. 63 instances studied in all

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 Payment behaviour of state discoms remains a key risk
~40% of industry’s operational private capacity exposed Variability/ volatility seen in payment profile of
to weaker discoms (payment period of over six months) state discoms
Percentage of operational private Payment track record across leading states (months)
capacity mix in overall renewables
15 Seen in CRISIL-rated projects
with respective state discoms (as
AP
of March 2020)

RJ

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10

Rajasthan
7%
KA
5
MP
Gujarat Madhya Pradesh
10% 5% MH
GJ
0
Maharashtra Average payment
8% period Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20
Telangana >6 months Gujarat Andhra Pradesh Maharashtra
5% Karnataka Madhya Pradesh Rajasthan
3-6 months
Karnataka Andhra Pradesh
8% <3 months
10%
• Average of multiple state discoms in a particular state (if applicable)
Tamil • Payments made by Andhra Pradesh discoms in December 2019/ January
Nadu • Central counterparties: NTPC (and 2020 have been amortised at full tariff
11%
NVVN), SECI & PTC • Payment delay/ track record means months of receivables standing in
• Additional 8-10% of capacities would March 2020 (similar to balance sheet method of calculation)
Source: MNRE, CEA, CRISIL Ratings be in captive and PSU balance sheets Source: CRISIL Ratings

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 Increasing proportion of central counterparties lowering payment risk
Increasing footprint of central counterparties

29% • In 2018, central counterparties accounted for over 55% of

30 30%
15%
20% capacities auctioned, and saw their share rise in fiscals
20 27 20% 2019 and 2020
5% 10%
10
3 9
14 0% • Similarly, with over 80% of capacities auctioned by central
0 -10% counterparties in fiscals 2019 and 2020, their share is likely

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Mar-18 Mar-19 Mar-20 Mar-22P to increase further, going forward
Capacity with central counterparties (GW) % of overall installed capacity

Note: Represents footprint among privately owned capacities (5-7 GW of capacities are owned by PSUs & government entities)
Source: CRISIL Ratings, MNRE annual report

Continuance of benefits of central counterparties to be seen

Strengths of central counterparties
• PSF may be small given the increasing scale with SECI (<three months of
• Bargaining power and diversification – Leads to payment in less than one
current overall billings)
month
(from SECI to projects) • Financial profile of SECI is currently healthy: no long-term debt
• However, SECI receivable days are on an uptrend
• Reasons for stronger bargaining power:
SECI receivable days
- Tripartite agreement
95
- Payment security fund (PSF) 80
48
- Increasing proportion of letters of credit received from underlying 41
discoms (>80% as of March 2020)
FY17 FY18 FY19 H1FY20E
Source: SECI annual report, CRISIL Ratings

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 Rs 60,000–70,000 crore of refinancing potential in the next 3 fiscals

Rs 60,000-70,000 crore potential for

refinancing with moderate to strong
counterparties

48 GW with top 20 players

(debt of over Rs 1.6 lakh crore)
90 GW of privately owned capacity with

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>1 year^ track record
(by March 2023) ~Rs 90,000 crore
(already refinanced / weak
counterparties, etc)
42 GW with other players

^ Typical time frame for stabilisation of project; this excludes 12-14 GW of capacities that would be commissioned in FY23; 7-8 GW capacities present with PSUs and governments

 Banks are aligned to refinance operational projects with a track record. Growing scale provides healthy opportunity to free up invested debt capital

 Through benefits of diversification and cash flow related covenants, healthy proportion of amber and red discom exposure can also be part of the
refinancing pool

 Refinancing has also increased in the ‘AA’ rated category, with over Rs 17,000 crore of debt refinanced (domestic / green bonds) in the past three
fiscals (vis-à-vis less than Rs 8,000 crore over fiscals 2014 to 2016)

17
 InvITs can support refinancing and aid capital unlocking
Regulations enable InvITs balance equity returns and debt service cushions
Healthy equity IRR of 12-14% possible with average DSCR of ~1.5 times in CRISIL’s assessed structures
Size of bubble indicates size of debt (Rs crore per MW)
Key concessions supporting suitability of
15.0%
InvITs

14.5%
4.4
• Relaxations around number of investors

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Equity IRR
and leverage cap in private InvITs 14.0%

• Ability to attract larger base, including retail 13.5%

investors in public InvITs
13.0%
3.8

• Tax relaxations on distribution or income 12.5%

earned by InvITs from their project SPVs 1.35 1.40 1.45 1.50 1.55 1.60 1.65 1.70
Average DSCR
• No dividend distribution tax applicable if
trust and SPVs operate in the old tax Source: CRISIL study of two renewable InvITs (bubbles represent different scenarios of leverage & acquisition cost of assets)
regime

Better reporting and corporate governance statutes, along with equity returns, enable InvITs to attract global equity players
such as pension and sovereign funds, and further aid equity capital unlocking

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 Summary
Growth outlook: Strong pipeline of auctioned capacity to drive capacity base to 113 GW by March 2022

Tendering activity: New bids such as round the clock and peak power supply, to increase, at higher tariff of ~Rs 4/ unit

© 2020 CRISIL Ltd. All rights reserved.

Operational performance: No new material surprises on technical and cost fronts

Regulatory environment: Remains conducive

Payment: Increase in share of reliable central counterparties seen as a silver lining, with their share expected to rise to ~29% of overall private
capacities by March 2022

Key risks: Weak credit profile and payment track record of state discoms, dependence on imported modules from China and grid-balancing
cost with increasing proportion

Refinancing potential: Rs.60,000–70,000 crore of debt over the next three fiscals

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20
Section 2
Their view

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 Excerpts from panel discussion held at the webinar (1/3)
Eminent panellists On scope of InvITs in renewables
• InvITs attract long-term investors as they invest in stable assets with least risky cash flows
Ramesh Subramanyam
• In the renewables segment, InvIT is an attractive platform as it isolates the risks related to initial financing
Chief Financial Officer and project stabilisation
Tata Power
• InvITs help churn capital while providing stable returns

• Over-leverage is an important issue, and hence, long-term investors must be disciplined to ensure stable

© 2020 CRISIL Ltd. All rights reserved.

Peeyush Mohit yield
Chief Operating Officer
O2 Power On attractiveness potential for equity investors
• Even amid the Covid-19 pandemic, confidence in investors has been maintained due to:
Shailesh Kumar Mishra - Demand recovery in renewables post mid-July, unlike in other sectors
Director
SECI
- Must-run status maintained by the government during the lockdown

- Addition of orders to pipeline and continued bidding

Pawan Agrawal • Investors remain cautious, however, due to policy changes around customs duties on modules and cells
Chief Financial Officer • Customs duties may be passed on to discoms as change in law and, thus, change in tariffs remain key
Azure Power monitorables for global investors

• Currently, equity investors have shown higher interest in commissioned assets, rather than under-
construction assets, due to the low financing and stabilisation risk involved

21
 Excerpts from panel discussion held at the webinar (2/3)
On availability of debt capital in the near term On discoms and hybrid tariffs
• Currently, banks and financial institutions are facing risk aversion from • There is a certain premium associated with hybrids as they fit in quite
investors, due to policy changes related to moratorium and exposure to efficiently in the load management of discoms
risky sectors
• Scheduling challenges are mitigated substantially under hybrids
• However, risk perception for renewables is generally lower, as the
industry has demonstrated stable operational performance and low
• Thus, back down of discoms’ own thermal power plants can be planned
better
degradation across various vintage assets

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• Also, the regulator has supported the must-run status amid the
• Extra tariff on hybrid side acts as buffer to ensure peaks are taken care
of, and this automatically increases the blended cost of tariff
pandemic

• External commercial borrowing investors have also shown interest in

• Hybrids offer discoms a fresh opportunity to improve system efficiency
and utilise co-generating capacities
underwriting projects in the renewables sector

On risk of degradation in renewable projects On government initiatives in innovative tendering

• Various assets with operational track record of over 11 years with

different types of modules installed, have shown much lower levels of
degradation than expected, on average
• Modules are expected to maintain similar level of degradation across
the life of assets
• The industry participated quite aggressively in peak power and round-
the-clock tenders
• Flow of innovative tenders is likely to continue, with other sources of
unconventional energy being added
• The Government of India has been keen on launching new schemes
and tenders in high-performance assets by fiscal 2022

22
 Excerpts from panel discussion held at the webinar (3/3)
On scaling up of domestic module manufacturing On payment quality record of central counterparties
• Self-reliance is a welcome step, given India’s large dependency on • Owing to the pandemic, all discoms are making payments to central
imports of modules from other countries counterparties with a slight delay

• However, domestic manufacturing should be carried out in a careful • However, with capacities ramping up, sustained delay in payments from
and calibrated manner to avoid disruptions in the value chain state discoms will be a key monitorable

• •

© 2020 CRISIL Ltd. All rights reserved.

Currently, domestic manufacturing does not deploy the latest Tripartite agreement and increasing proportion of letters of credit
technology. Hence, for utility scale procurements, India has a long way received from discoms are adequate safeguards
to go in becoming self-reliant
• Government schemes such as the Rs 90,000 crore fund, privatisation of
• On the modules side, India is likely to ramp up manufacturing in the union territory discoms and various other regulatory measures have
next 2-3 years. However, cell manufacturing will remain a bottleneck instilled confidence in investors

• Government stance on the approved list of module manufacturers

should be accommodative and pragmatic to match the demand-supply
situation

• Developers are considering reverse integration to increase their

margins. However, this needs to be done post consultation with all
stakeholders to negate disruption in value chain

23
24
Section 3
Poll view

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 Results of survey conducted during the webinar* (1/2)
Q1. Do you expect the renewables Q2. Will the pandemic further Q3. Do you think India can become a
sector to achieve generation of 175 GW weaken the track record of large domestic manufacturer of solar
by 2022? payments from discoms by March equipment over the next five years?
2021?

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20% 22%
34%

66%
80% 78%

Yes No Yes No Yes No

*Attended by over 680 participants

25
 Results of survey conducted during the webinar* (2/2)
Q4. How confident are you that central Q2. Do you expect the pace of Q3. Do you think the newer
counterparties will be able to maintain equity inflows in renewables to implementation models such as peak
their current payment track record over sustain over the next two years? power supply and round the clock will
the next three years? gain traction over the next 12-18
months?

12%

© 2020 CRISIL Ltd. All rights reserved.

19%
29% 28%

72%
59% 81%

High Medium Low Yes No Yes No

*Attended by over 680 participants

26
 List of CRISIL-rated companies in the renewables sector

© 2020 CRISIL Ltd. All rights reserved.

27
 List of CRISIL-rated companies in the renewables sector (1/3)
A V Anjaneya Prasad
Aatash Power Pvt Ltd
Adani Green Energy (UP) Ltd
Aditya Birla Renewables Ltd
Aditya Birla Renewables SPV 1 Ltd
Aditya Birla Renewables Subsidiary Ltd
Aditya Birla Renewables Utkal Ltd
Aditya Birla Solar Ltd
Adyah Solar Energy Pvt Ltd
Aftaab Solar Pvt Ltd
Al Ameen Green Energy Pvt Ltd
Alex Astral Power Pvt Ltd
Amplus Green Power Pvt Ltd
Amplus KN Solar Pvt Ltd
Amplus Power Solutions Pvt Ltd
Amplus Solar Solutions Pvt Ltd
Ampsolar Solution Pvt Ltd
Amun Solarfarms Ltd
Arun Vidyuth Pvt Ltd
Astonfield Solar (Rajasthan) Pvt Ltd
Avaada Solarise Energy Pvt Ltd
Avatar Solar Pvt Ltd
28
Avighna Solarfarms Ltd
AVP Powerinfra Pvt Ltd
Badoni Power Pvt Ltd
Baidyanath Power Pvt Ltd
Bhanuenergy Industrial Development Ltd
Bhanuenergy Infrastructure and Power Ltd
Bhumi Prakash Pvt Ltd
BLP Vayu (Project 1) Pvt Ltd
Bothe Windfarm Development Pvt Ltd
C Natarajan
Cargo Solar Power (Gujarat) Pvt Ltd
CBC Solar Technologies Pvt Ltd
Chattel Constructions Pvt Ltd
Chintapally Sai Baba Energy Pvt Ltd
Clean Solar Power (Bellary) Pvt Ltd
Clean Solar Power (Bhadla) Pvt Ltd
Clean Solar Power (Gulbarga) Pvt Ltd
Clean Wind Power (Bableshwar) Pvt Ltd
Clean Wind Power (Manvi) Pvt Ltd
Clean Wind Power (Ratlam) Pvt Ltd
Clover Energy Pvt Ltd
Clover Solar Pvt Ltd
CLP Wind Farms (Khandke) Pvt Ltd
CLP Wind Farms (Theni- Project II) Pvt Ltd
CLP Wind Farms India Pvt Ltd
Continuum Wind Energy (India) Pvt Ltd
Deligentia Energy And Infrastructures Pvt Ltd
DJ Energy Pvt Ltd
Dreisatz Mysolar24 Pvt Ltd
© 2020 CRISIL Ltd. All rights reserved.
Eaama Estates Pvt Ltd
Earth Solar Pvt Ltd
Fortum Solar India Pvt Ltd
Ganeshvani Merchandise Pvt Ltd
Ganges Green Energy Pvt Ltd
Glatt Solutions Pvt Ltd
Green Infra Corporate Solar Ltd
Green Infra Renewable Energy Ltd
Green Infra Wind Energy Ltd
Green Urja Pvt Ltd
GSM Powers
Halo Energie Pvt Ltd
Hero Future Energies Pvt Ltd
Hero Solar Energy Pvt Ltd
Hero Wind Energy Pvt Ltd
 List of CRISIL-rated companies in the renewables sector (2/3)
Hinduja Renewables Energy Pvt Ltd
Hinduja Renewables Pvt Ltd
Hiraco Renewable Energy Pvt Ltd
Hyderabad Chemical Products Pvt Ltd
IEnergy Wind Farms (Theni) Pvt Ltd
Impex India-Dehradun
Inox Renewables Ltd
Iris Ecopower Venture Pvt Ltd
Jakson Power Pvt Ltd
JBM Solar Energy Maharashtra Pvt Ltd
JBM Solar Power Maharashtra Pvt Ltd
JBM Solar Power Pvt Ltd
JMD Energy
Jodhpur Wind Farms Pvt Ltd
JSR Developers Pvt Ltd
Jyothi Enterprises
Kijalk Infrastructure Pvt Ltd
Kindle Engineering and Construction Pvt Ltd
Kiran Energy Solar Power Pvt Ltd
Kiran Renewables Pvt Ltd
Kiran Solar One Pvt Ltd
Kiran Suryaprakash India Pvt Ltd
29
Koppal Solar Power Projects Pvt Ltd
KSD Zonne Energie LLP
KVR Constructions
Latur Renewable Pvt Ltd
Leap Green Energy Pvt Ltd
Lexicon Vanijya Pvt Ltd
Lotus Clean Power Venture Pvt Ltd
Magnet Buildtech Pvt Ltd
Maple Renewable Power Pvt Ltd
MGM Green Energy Ltd
MI Mysolar24 Pvt Ltd
Mokia Green Energy Pvt Ltd
Molisati Vinimay Pvt Ltd
Navalakha Translines
Niketan Solar Solutions
Nikhath Noor
Oasis Green Energy Pvt Ltd
Odysseus Logos LLP
Olive Ecopower Pvt Ltd
Omega Solar Projects Pvt Ltd
Orange Jaisalmer Wind Energy Pvt Ltd
Orange Mamatkheda Wind Pvt Ltd
Orchid Renewable Powertech Pvt Ltd
Ostro Anantapur Pvt Ltd
Ostro Jaisalmer Pvt Ltd
Ostro Madhya Wind Pvt Ltd
Ostro Urja Wind Pvt Ltd
Palace Solar Energy Pvt Ltd
Panama Wind Energy Godawari Pvt Ltd
© 2020 CRISIL Ltd. All rights reserved.
Parampujya Solar Energy Pvt Ltd
Percept Solar Enterprises
Phatak Cleantech Pvt Ltd
Photon Surya Urja Pvt Ltd
Porbandar Solar Power Ltd
Poysha Power Generation Pvt Ltd
Prathamesh Solarfarms Ltd
Prayatna Developers Pvt Ltd
Precious Energy Services Ltd
Precision Technik Pvt Ltd
PT Wind Energy
PTC India Ltd
Raajhans Solar Pvt Ltd
Ranergy Solutions Pvt Ltd
Rayon Realty Pvt Ltd
 List of CRISIL-rated companies in the renewables sector (3/3)
Renew Agni Power Pvt Ltd
ReNew Solar Energy (TN) Pvt Ltd
ReNew Wind Energy (AP) Pvt Ltd
ReNew Wind Energy (Jath) Pvt Ltd
Renew Wind Energy (Karnataka 3) Pvt Ltd
Renew Wind Energy (Karnataka 4) Pvt Ltd
Renew Wind Energy (Maharashtra) Pvt Ltd
Renew Wind Energy (MP Four) Pvt Ltd
Renew Wind Energy (MP Three) Pvt Ltd
Renew Wind Energy (Rajasthan Four) Pvt Ltd
Renew Wind Energy (Sipla) Pvt Ltd
Renewable Trinethra Pvt Ltd
Responce Renewable Energy Ltd
Responsive SUTIP Ltd
RFE Belgaum Solar Pvt Ltd
RNS Power Ltd
Roop Ram Industries Pvt Ltd
Rudra SolarFarms Ltd
Rugby Renergy Pvt Ltd
Rugby Renergy Pvt Ltd
Rugby Renergy Pvt Ltd
Rugby Renergy Pvt Ltd
30
Sai Achyuth Energy Pvt Ltd
Salasar Green Energy Pvt Ltd
Sand Land Real Estates Pvt Ltd
Sanjay D Ghodawat
Santhana Lakshmi Renewable Energy Pvt Ltd
Santhiram Wind Power Pvt Ltd
Sapphire Industrial Infrastructures Pvt Ltd
Sarayu Cleangen Pvt Ltd
Satyam Green Energy
SB Energy One Pvt Ltd
SB Energy Solar Pvt Ltd
SB Energy Three Pvt Ltd
SBG Cleantech ProjectCo Five Pvt Ltd
Shah Promoters and Developers
Shri Sharan Solar Pvt Ltd
Solarfield Energy Pvt Ltd
Solarfield Energy Two Pvt Ltd
Solitaire Energies Ltd
Solitaire Industrial Infrastructure Pvt Ltd
Solnova Power Pvt Ltd
SP Photovoltaic Pvt Ltd
SPRNG Photovoltaic Pvt Ltd
Sprouts Energy Pvt Ltd
Sree Jnanakshi Renewable Energy Pvt Ltd
Sri Vinayaga Green Power Generation Pvt Ltd
SunBorne Energy Gujarat One Pvt Ltd
Sunkon Energy Pvt Ltd
Swelect Energy Systems Ltd
Tarun Kiran Bhoomi Pvt Ltd
Tata Power Renewable Energy Ltd
Torrent Solargen Ltd
Tri Solar Pvt Ltd
© 2020 CRISIL Ltd. All rights reserved.
Trinethra Wind And Hydro Power Pvt Ltd
Tulip Renewable Powertech Pvt Ltd
Unisun Power
Uttar Urja Projects Pvt Ltd
Vaayu Renewable Energy (Tapti) Pvt Ltd
VBM Power and Infrastructure Pvt Ltd
Vedanga Solar Energy Pvt Ltd
Vibrant Greentech India Pvt Ltd
Violet Green Power Pvt Ltd
Virupa Renewable Energy Pvt Ltd
Waa Solar Ltd
Waaneep Solar Pvt Ltd
Walwhan Renewable Energy Ltd
Walwhan Solar MP Ltd
Walwhan Wind RJ Ltd
Watsun Infrabuild Pvt Ltd
Wind World Wind Farms (Karnataka) Ltd
Yantra Green Power Pvt Ltd
ZNA Infra Pvt Ltd
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