Renewable Energy

August 2022
For updated information, please visit www.ibef.org
Table of Contents

Executive Summary 3

Advantage India 4

Market Overview and Trends 6

Strategies Adopted 13

Growth Drivers 16

Opportunities 22

Key Industry Contacts 26

Appendix 28

2
Executive summary

Ambitious targets
• In November 2021, at the Cop-26
Summit in Glasgow, Prime Minister
Immense growth potential Mr. Narendra Modi made a promise
to increase India’s renewable
• India has low conventional energy
energy generation capacity to 500
resources compared to its required
GW, and meet 50% of India’s
energy needs driven by a huge
energy needs through renewable
population and a rapidly increasing
means by the year 2030.
economy. However, India can harness
the huge potential of solar energy as it • The non-hydro renewable energy
receives sunshine for most of the year. capacity addition stood at 4.2 GW
It also has vast potential in the hydro for the first three months of FY23
power sector which is being explored against 2.6 GW for the first three
across states, especially in the months of FY22.
northeast.
• As of July 2022, India’s installed Increasing investment
renewable energy capacity (including
hydro) stood at 161.28 GW, • The non-conventional energy space in
representing 39.91% of the overall India has become highly attractive for
installed power capacity and providing a investors and received FDI inflow of
great opportunity for the expansion of US$ 11.62 billion between April 2000-
green data centres. March 2022.
• India is the only country among the G20 • More than Rs. 5.2 lakh crore (US$ 70
countries who is on track to achieve its billion) has been invested in India’s
targets under the Paris Agreement. renewable energy sector since 2014.
• ICRA expects renewable energy • India ranked third on the EY
capacity addition of 12.5 GW in FY22 Renewable Energy Country Attractive
and 16 GW in FY23. Index 2021.

Source: EY Recai (November 2018) , Central Electricity Authority, MNRE, DPIIT, IWTMA

3
Advantage India

4
Advantage India

1. Robust Demand 4. Increasing Investment

► In June 2021, Prime Minister Mr. Narendra ► Investment in renewable energy in
Modi stated that the renewable energy India reached a record US$ 14.5 billion
capacity in India increased by 250% in FY22, an increase of 125% over
between 2014 and 2021 and the country FY21.
ranks among the top five globally in terms ► Rising foreign investment in the
of installed renewable energy capacity. renewable sector (such as US$ 75
► The Central Electricity Authority (CEA) billion investment from the UAE) is
estimates India’s power requirement to
grow to reach 817 GW by 2030.
1 4 expected to promote further
investments in the country.
► As the economy grows, the electricity
consumption is projected to reach 15,280
TWh in 2040 from 4,926 TWh in 2012.
ADVANTAGE
Most of the demand will come from the real INDIA
estate and transport sectors.
2 3 3. Policy Support
2. Competitive Advantage ► In February 2022, Nepal and India
agreed to form a Joint Hydro
► India was ranked fourth in wind power, fifth Development Committee to explore the
in solar power and fourth in renewable possibility of viable hydropower
power installed capacity, as of 2020. projects.
► Power generation from solar and wind ► In July 2021, to encourage rooftop solar
projects are likely to be cost-competitive (RTS) throughout the country, notably
relative to thermal power generation in in rural regions, the Ministry of New and
India in 2025-2030. Renewable Energy undertakook
► As per the British Business Energy, India Rooftop Solar Programme Phase II,
ranks third on renewable energy which aims to install RTS capacity of
investments and plans. 4,000 MW in the residential sector by
2022 with a provision of subsidy.

Note: TWh - Terawatt Hour, PLI - Production-Linked Incentive

Source: Central Electricity Authority, Ministry of New and Renewable Energy, Mercom India, EY, News Sources, BloombergNEF

5
Market Overview and Trends

6
Renewable Energy Sources

Renewable Energy
Sources (RES)

Other forms of
Hydro Energy
renewable energy

Small Hydro Power

Wind Power Bio-Power Solar Power
(Projects ≤ 25 MW)

Urban & Industrial

Biomass Power
Waste Power

Source: Central Electricity Authority (CEA)

7
Generation capacity has increased at a healthy pace… (1/2)

Installed Renewable Energy1 Capacity (GW) - July 2022 Installed Renewable Capacity Breakup (GW) – July 2022

140 CAGR 13.93%

4.89
120 111.40 114.44
Solar Power
100 10.68

94.43
80 87.02 Wind Power
77.64 57.97
60 69.02
57.24 40.89 Bio-Power
40 45.92
20
Small Hydro
0
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23*

▪ The International Energy Agency’s World Energy Outlook projects a growth of renewable energy supply to 4,550 GW in 2040 on a global basis.

▪ Installed renewable power-generation capacity has increased at a fast pace over the past few years, posting a CAGR of 13.93% between FY16
and FY23*. India has 114.44 GW of renewable energy capacity in FY23*.

▪ 975.60 MW of renewable energy capacity was added in January 2022.

▪ As of July 2022, 39.91% of the total power installed capacity is from non-fossil based sources, which is in line with reaching the target of 40% by
the end of 2022.

▪ The country plans to reach 450 GW of installed renewable energy capacity by 2030, with 280 GW (over 60%) expected from solar power.

▪ The ambitious target of 450 GW will provide investment opportunities worth US$ 221 billion by 2030.

Notes: GW- Gigawatt, 1Large Hydro power projects not included as they are not included in renewable energy targets of GOI, * - till July 31, 2022
Source: Central Electricity Authority (CEA), International Renewable Energy Agency (IRENA), MNRE

8
Generation capacity has increased at a healthy pace…(2/2)

▪ Power generation from renewable energy sources (not including Electricity Generation from RES* (billion units)
hydro) stood at 18.99 billion units (BU) in July 2022, up from 16.61 BU
in July 2021.

▪ Power generation from renewable energy sources stood at 55.48

180
billion units (BU) between April-June 2022, up from 43.25 BU in the
same period in the previous year.

170.91
160
▪ The country ranks fifth worldwide in terms of the total installed wind
power capacity.

147.25
140
▪ In FY22, till December 2021, India has added 7.4GW of solar power

138.32
capacity, up 335% from 1.73 GW in the previous year.

126.76
120
▪ Off-grid renewable power capacity has also increased.
100
▪ From April 2015-February 2021, India has added 117.9 GW of power

101.84
generation capacity, which includes 64.5 GW from conventional
80

81.51
sources and 53.4 GW from renewable sources.

▪ In July 2021, the Ministry of New and Renewable Energy (MNRE) 60

65.78
gave the go-ahead to NTPC Renewable Energy Ltd., a 100%

55.48
subsidiary of NTPC, to build a 4,750 MW renewable energy park at 40
the Rann of Kutch in Khavada, Gujarat. This will be India's largest
solar park to be developed by the country's leading power producer. 20

0
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23#

Note: RES - Renewable Energy Source, *Large Hydro power projects not included, SPV - Solar Photovoltaic System, MWeq - Megawatt Equivalent, # - till June, 2022
Source: CEA, Make in India, MNRE, Mercom India, News Articles

9
Solar power generation growth likely to outweigh other sources by
2022

▪ Due to its favourable location in the solar belt (400 S to 400 N), India Top 10 state-wise solar installations in India (January 2022)
is one of the best recipients of solar energy with abundant availability.
▪ Solar power installed capacity has increased by more than 18 times,
Rank State Capacity (MW)
from 2.63 GW in March 2014 to 49.3 GW at the end of 2021.
▪ India has generated 47.64 BU of solar power in the first half of 2022, a
1 Rajasthan 10,506.95
34% YoY increase.
▪ The Bhadla Solar Park in Rajasthan’s Jodhpur district is the largest
2 Karnataka 7,534.92
solar power plant in the world. Spanning 14,000 acres, the power plant
is fully operational and has a capacity of 2,250 MW.
3 Gujarat 6,309.92
▪ Adani Group aims to become the world’s largest solar power company
by 2025 and the biggest renewable energy firm by 2030.
4 Tamil Nadu 4,894.49
▪ Delhi’s Indira Gandhi International Airport (IGIA) has become the first
Indian airport to run entirely on hydro and solar power. Around 6% of
the airport’s electricity requirement is met from the onsite solar power 5 Andhra Pradesh 4,386.45
plants.
▪ In November 2021, the government announced future plans to 6 Telangana 4,316.29
increase the funding under the PLI scheme for domestic solar cells
and module manufacturing to RS. 24,000 crore (US$ 3.17 billion) from 7 Madhya Pradesh 2,686.60
the existing Rs. 4,500 crore (US$ 594.68 million) to make India an
exporting nation.
8 Maharashtra 2,603.21
▪ The world's largest floating 600 MW solar energy project will be
constructed at the Omkareshwar Dam in the Khandwa district of
9 Uttar Pradesh 2,224.40
Madhya Pradesh at the estimated cost of Rs. 3,000 crore (US$ 3.84
billion). The project is expected to begin power generation by FY23.
10 Punjab 1,098.36

Source: CEA, Make in India, India Solar Handbook 2017, MNRE, Mercom India, Bloomberg NEF, Solar Energy Corporation of India, News Articles

10
Growth in hydro power

▪ India has overtaken Japan, becoming the nation with the fifth-largest Installed Hydro Capacity (GW)
hydropower production capacity in the world with a total installed base at
over 51.74 GW, and is only behind Canada, US, Brazil and China
according to the International Hydropower Association (IHA). 50.0
46.21 46.51 46.85
▪ India has the hydro power potential of around 145 GW, of which over 50 45.29 45.40 45.70
45.0
GW is already being utilised.
▪ Hydro power projects in India are classified into conventional hydro 40.0
projects and small hydro electric projects. Small hydro projects are
included in the government’s renewable energy sources (RES) targets. 35.0
▪ Installed capacity from large hydro projects in India increased from 35.9
GW in March 2008 to 46.85 GW as of July 2022, while capacity from 30.0
small hydro plants increased four-fold to 4.89 GW in the same period.
25.0
▪ A new hydro power policy for 2018-28 has been drafted for the growth of
hydro projects in the country. 20.0
▪ In February 2022, Creduce Technologies-HCPL JV announced winning
the bid for India’s single largest hydro power carbon credits project with 15.0
Satluj Jal Vidyut Nigam, which will create more than 80 million carbon
credits. 10.0

▪ In February 2022, Nepal and India agreed to form a Joint Hydro 4.49 4.59 4.68 4.79 4.82 4.89
5.0
Development Committee to explore the possibility of viable hydropower
projects.
0.0
▪ The Nathpa Jhakri Hydro Electricity Station of Satluj Jal Vidyut Nigam 2017 2018 2019 2020 2021 2022*
(SJVN) set a new monthly power generation record, increasing from
1,213.10 million units to 1,216.56 million units on July 31, 2021. Hydro Small Hydro Projects

Source: CEA, Ministry of Power, News Articles; *- Until July 2022

11
Strategies Adopted

12
Strategies adopted (1/2)
1 2
GREEN CITIES
▪ In December 2020, the Prime
Minister unveiled a plan to
create at least one ‘green’ city
in each state that will be
powered by renewable energy
sources, primarily solar
energy.
▪ The houses in these ‘green’
cities will have roof-top solar
energy panels and solar street
lamps. Additionally, waste-to-
energy plants will be set up to
generate renewable energy.
Source: CEA, Company Website, Livemint, Mercom, GOGLA, News Articles, KPMG
13
DEVELOPING RENEWABLE ENERGY HYBRID
PROJECTS
▪ Hybrid energy projects combine two or more renewable
power sources, such as solar and wind power, to
reduce inconsistencies and provide stable power
supply.
▪ The wind-solar hybrid model has gained popularity in
India since the National Wind-Solar Hybrid Policy 2018.
Hybrid tenders have received great responses in the
market, with Adani and ReNew power being key
players.
▪ More than 12.3 GW of collocated tenders have already
been issued. Other active participants include SB
Energy, Greenko, Tata Power, Vena Energy, JSW
Group, ABC Renewables, AMP Energy and ACME.
▪ Wind-solar hybrid projects with capacities of 1,440 MW
are under implementation in Rajasthan and Tamil Nadu.
3
ENSURING ROUND-THE-CLOCK
POWER (RTC) SUPPLY
▪ Renewable resources such as solar
and wind are time-bound and can
only produce power when there is
sufficient sunshine and wind.
▪ Round-the-clock (RTC) supply
mechanism can overcome these
natural limitations by bundling power
from other sources, such as thermal
power, with renewable power
sources. Simply put, conventional
and non-conventional resources can
complement each other to provide a
sustainable and stable power grid.
▪ Such bundled power is supplied to
distribution companies (DISCOMs),
eliminating the need for DISCOMs to
balance power.
Strategies adopted (2/2)
4 5
DRAFT ELECTRICITY RULES, 2021
▪ In August 2021, the Indian government proposed
new rules for the purchase and consumption of
green energy.
▪ The rules were part of the government’s measures
to encourage large-scale energy consumers,
including industries, to leverage renewable energy
sources for regular operations.
▪ Uniform Renewable Purchase Obligations (RPO)
have been introduced, requiring all electricity
distribution licensees to purchase or produce a
specified minimum quantity of their total
requirements from renewable energy sources.
▪ The rules mandate that the electricity generated is
to be used for the plant’s own requirements and not
be diverted to the electricity grid. The new rules
also emphasise on the use of hydrogen energy.
Source: CEA, Company Website, Livemint, Mercom, GOGLA, News Articles, KPMG
14
DECENTRALISED SOLAR POWER
▪ Selco Solar Pvt Ltd started installing
solar panels in slums which were not
connected to the grid as a pilot project
in 2008, and has since expanded into
other states as well. They have also
used standardized financial packages
to get the slum people to move away
from kerosene to solar power.
▪ Off-grid solar power is growing at a fast
pace in India, with sales of 392,000 off-
grid solar products in the first half of
2021.
7
SHIFT TOWARDS NON-
CONVENTIONAL ENERGY
▪ India’s leading conventional energy
producers are shifting towards non-
conventional energy resources to
achieve their sustainability goals
and contribute towards generating
clean energy.
▪ A rapid shift from fossil fuels to
clean renewable energy could lead
to the creation of 1.5 crore new
jobs in India by 2025 and increase
savings on electricity bills.
Growth Drivers

15
Renewable energy growth drivers

Government commitments
▪ Prime Minister Mr. Narendra Modi initially set the target of installing 175 GW of renewable energy capacity by 2030, but has now increased
it to 450 GW.
▪ In October 2021, the Ministry of Power announced a new set of rules aimed at reducing financial stress for stakeholders and safeguarding
timely cost recovery in electricity generation.
▪ In November 2021, the government announced future plans to increase the funding under the PLI scheme for domestic solar cells and
module manufacturing to Rs. 24,000 crore (US$ 3.17 billion) from the existing Rs. 4,500 crore (US$ 594.68 million) to make India an
exporting nation.

Investments
▪ In August 2022, Norfund, who manage the Norwegian Climate Investment Fund, and KLP, Norway’s biggest pension company, signed an
agreement to buy a 49% share of a 420 MW solar power plant in Rajasthan for Rs. 2.8 billion (US$ 35.05 million).
▪ Investment in the renewable energy in India reached a record US$ 14.5 billion in FY22, an increase of 125% over FY21.
▪ In 2022, India's renewable energy sector is expected to boom with a likely investment of US$ 15 billion, as the government focuses on
electric vehicles, green hydrogen, and manufacturing of solar equipment.

Favourable policies and incentives

▪ In April 2021, the Ministry of Power (MoP) released a draft of the National Electricity Policy (NEP) 2021 and has invited suggestions from all
stakeholders such as Central Public Sector Undertakings, Solar Energy Corporation of India, power transmission companies, financial
institutions such as the Reserve Bank of India, Indian Renewable Energy Development Agency, HDFC Bank, ICICI Bank, industrial, solar
and wind associations and state governments.

Merger & acquisitions

▪ In October 2021, Reliance New Energy Solar Ltd. (RNESL) announced two acquisitions to build more capabilities.
▪ In October 2021, Adani Green Energy Ltd. (AGEL) acquired SB Energy India for US$ 3.5 billion to strengthen its position in the renewable
energy sector in India.
▪ In August 2021, ReNew Power merged with Nasdaq-listed special purpose acquisition company (SPAC) RMG Acquisition Corp. II (RMG II),
which pegged the enterprise value of the new enterprise at US$ 8 billion.

Source : KPMG, MNRE, News Sources

16
Government policies

1. Repowering policy 6. Government Schemes

• In November 2021, the government announced future
• Promotes optimum utilisation of wind energy
plans to increase the funding under the PLI scheme
resources by creating facilitative framework for
for domestic solar cells and module manufacturing to
repowering.
Rs. 24,000 crore (US$ 3.17 billion) from the existing
• Providing interest rate rebate of 0.25% over and
Rs. 4,500 crore (US$ 594.68 million) to make India an
above the existing interest rate rebate offered to new
exporting nation.
•
wind energy projects.
All fiscal and financial benefits offered to new wind 1 6 • In June 2021, the Ministry of Power proposed to
revamp the ‘Renewable Energy Certificate (REC)
power projects will be extended to repowering
Mechanism’ and circulated a discussion paper for
projects.
comments from stakeholders in the power sector.

2. Wind-solar hybrid 5. Clean Energy

policy
• Aims to achieve a hybrid wind-solar capacity
of 10 GW by 2022.
• Hybridisation of the two technologies will help
in:
▪ Minimising variability
▪ Optimal utilization of infrastructure,
including land and transmission systems
2 5 Innovation
• In October 2021, India and the UK agreed on
a joint plan for smart power and renewable
energy projects.
• In June 2021, India launched the Mission
3 4 Innovation CleanTech Exchange, a global
initiative that will create a whole network of
incubators across member countries to
accelerate clean energy innovation

3. Renewable Purchase 4. Developing solar parks

Obligations (RPOs)
• RPO’s are a mechanism by which state electricity commissions
are obliged to purchase certain percentage of power from
renewable energy sources.
• Also, floor prices of the RPO have been set to provide certainty
to companies. The floor price has been set at US$ 144 per MW.
Note : GW - Gigawatt
Source : Ministry of New and Renewable Energy (MNRE), News Articles
and ultra mega solar
power projects
• The Solar Energy Corporation of India (SECI)
implemented large-scale central auctions for solar
parks and has awarded contracts for 47 parks with
over 25 GW of combined capacity.

17
Union Budget 2022-23

3. PUSH GREEN ENERGY, REDUCE

COAL EMISSIONS
2. NET ZERO EMISSIONS TARGET • The Budget announced the issuance of sovereign green bonds, as
well as conferring infrastructure status to energy storage systems,
• In the Union Budget 2022-23, the allocation for the Solar Energy
including grid-scale battery systems.
Corporation of India (SECI), which is currently responsible for the
development of the entire renewable energy sector, stood at Rs. • The Budget stated plans to provide financial support to allow coal-
1,000 crores (US$ 132 million). fired power plants to co-fire biomass pellets at a rate of 5-7%.
• The government is planning the development of Saksham • This will boost farmers' income and reduce air pollution and curb
Anganwadis with clean energy facilities. stubble burning, which reduces greenhouse gas emissions by 38
million tonnes a year.
• Clean energy will reduce pollution levels as villages become self-
sustainable with their use of clean energy.
• This is a forward step towards India’s goal of becoming a net zero
emissions country by 2070. 4. BUDGET FOR OTHER
ALIGNED MINISTRIES
• In the Union Budget 2022-23,
1. PLI SCHEME FOR SOLAR 2
MODULES 3 the allocation for ‘Hazardous
Substances Management’
stood at Rs. 4.5 crore (US$
• The government allocated Rs.
594,000).
19,500 crore (US$ 2.57 billion)
• The allocation for the Central
for a PLI scheme to boost
Pollution Control Board,
manufacturing of high-efficiency
responsible for tackling
solar modules.
• The government will prioritise 1 4
pollution around the country,
remained at Rs. 100 crore
the full integration of (US$ 13.2 million), the same
manufacturing units into solar as the year before.
photovoltaic (PV) modules.

Notes : GW - Gigawatt, MW - Megawatt, ckm - circuit kilometres

Source : Ministry of New and Renewable Energy (MNRE), Make in India, International Labour Organization , Bloomberg Quint

18
Increasing investments, FDI inflows and M&As

▪ India’s liberal foreign investment policy permits 100% FDI in the renewable energy New Investments in Clean Energy in India
sector. (US$ Billion)
▪ Ayana Renewable Power Pvt Ltd (Ayana) announced plans to set up renewable
energy projects totaling 2 gigawatts (GWs) with an investment of Rs. 12,000 crore
12
(US$ 1.53 billion) in Karnataka.
▪ In February 2022, Husk Power Systems, a renewable energy company working
towards rural electrification, secured a US$ 4.2 million loan from the Indian 10.8
10
Renewable Energy Development Agency (IREDA).
▪ In February 2022, Virescent Renewable Energy Trust (VRET), a renewable energy 9.3
infrastructure investment trust, raised US$ 87 billion through a domestic bond 8
issuance.
▪ In December 2021, India's largest energy provider, Tata Power, was awarded a
6
contract by the Maharashtra State Electricity Distribution Company Limited 6.2
(MSEDCL) to set up a 300 MW wind-solar hybrid power plant.
▪ In October 2021, the UAE announced investment of US$ 75 billion in India and 4
collaborate on clean energy projects.
▪ In October 2021, Adani Green Energy acquired SB Energy India for Rs. 26,000
crore (US$ 3.5 billion), making it India’s biggest renewable sector M&A deal. 2

▪ In August 2021, Copenhagen Infrastructure Partners (CIP) signed an investment

agreement with Amp Energy India Private Limited, to facilitate joint equity 0
investments of more than US$ 200 million across Indian renewable energy 2018 2019 2020
projects.
▪ In July 2021, Mitsui & Co. announced an investment of Rs. 30 crore (US$ 4.1
million) in Punjab Renewable Energy Systems Pvt. Ltd. (PRESPL), India’s biomass
supply chain management company.

Note: PSU – Public Sector Undertaking

Source: DPIIT, MNRE, News Articles

19
Increasing FDI inflows

Major FDI Investments in Renewable Energy Sector

Foreign Collaborator Country Indian Company FDI Equity Inflow (US$ mn)

Asian Development Bank India Avaada Energy Pvt Ltd. 50

Asian Development Bank Philippines Renew Power Ventures Pvt. Ltd. 44.69

AIRRO Singapore Pte Ltd. Singapore Diligent Power Pvt. Ltd. 41.07

ORIX Corporation Japan Lalpur Wind Energy Pvt. Ltd. 37.75

ENEL Green Power

Netherlands BLP Energy Pvt. Ltd. 32.61
Development B.V.

DEG-DEUTSCHE-InvestitionsUnd- WELSPUN Renewables

Germany 32.50
Entwicklun Energy Pvt Ltd.

ENERK International Holdings

Seychelles RKM POWERGEN Pvt Ltd. 32.50
Ltd.

OSTRO Renewal Power Limited Mauritius OSTRO Energy Pvt Ltd. 32.21

AREVA Solar Inc. U.S.A AREVA Solar India Pvt Ltd. 31.53

20
Opportunities

21
Huge untapped potential

▪ India is estimated to have renewable energy potential of 900 GW from Renewable Energy Potential in India
commercially exploitable sources - Solar energy: 750 GW; Wind
power1: 102 GW; Bio-energy: 25 GW; and Small Hydro: 20 GW.

▪ The country plans to reach 450 GW of installed renewable energy 800.00

750.00
capacity by 2030, with 280 GW (over 60%) expected from solar
power. 700.00
▪ 975.60 MW of renewable energy capacity was added in January
2022. 600.00
▪ In India, there is an estimated potential of about 8,000 MW of tidal
energy. 500.00

▪ Around 15,000 MW of wind-solar hybrid capacity is expected to be

added between 2020-25. 400.00

▪ According to a new report by GWEC and MEC Intelligence (MEC+),

between 2021 and 2025, India is expected to install ~20.2 GW of wind 300.00
power capacity, an increase of ~50% compared with the 39.2 GW
wind power capacity installed in the country in 2020-21. 200.00

102.00
100.00
20.00 25.00
0.00
Small Hydro Bio-Power Wind Power Solar Energy
Power

Notes: GW - Gigawatt, 1Wind Power potential is at 80 metres above ground level, MW-megawatt
Source: Ministry of New and Renewable Energy (MNRE), Central Electricity Authority (CEA), IIT Chennai Study

22
Rising power demand

▪ India’s ambitious renewables energy goals are transforming its power Peak Power Demand in India (GW)
sector. Rising population and widespread electrification in rural homes
is fuelling the demand for energy to power homes, businesses and 800.00
communities.

▪ The Central Electricity Authority estimates India’s power requirement 700.00

690.0
to grow to reach 817 GW by 2030.
600.00
▪ The peak power demand in the country stood at 210.79 GW on June
9, 2022.
500.00
▪ Solar power and wind generation recorded an all-time high of 43.1 GW
on July 27, 2021.
400.00
▪ According to data from the Ministry of Power, India's power
consumption increased 3.8% YoY in July 2022 to 128.38 billion units 300.00
(BU).

▪ India has an electricity-GDP elasticity ratio of 0.8. Thus, 7% growth in 200.00

210.8
energy supply will be required if India is to grow at 8%. This shows

164.1
164.1
159.5
153.4
that electricity will continue to remain a key input in India’s GDP 100.00
growth.
0.00

Note: GW - Gigawatt, E - Estimated

Source: Business Standard, Capacity addition estimates by CEA

23
Move towards renewable sources

▪ It has been estimated that renewables will comprise 49% of India’s power RES as Percentage of Total Installed Capacity (%)
generation by 2040.
▪ Over the last few years there has been an increase in percentage
contribution of renewable energy to total installed capacity. In 2013-14, 30.00% 28.32%
27.77%
the contribution was 12.92%, which increased to 28.32% as of July 2022.
▪ Replacing coal plants with renewable sources is expected to save India 24.71%
25.00% 23.51%
Rs. 54,000 crore (US$ 8.4 billion) annually due to reduced power costs.
21.80%
▪ About 5,000 compressed bio-gas plants will be set up across India by 20.06%
2023. 20.00%
17.52%
▪ According to the analytics firm British Business Energy, India ranked 3rd
globally in terms of its renewable energy investments and plans in 2020.
15.00% 14.18%
▪ In October 2021, Reliance New Energy Solar Ltd. (RNESL), collaborated
with Stiesdal A/S (Stiesdal)—a Denmark-based firm—to manufacture
hydrogen electrolysers and contribute to achieve India’s green energy 10.00%
transition mission.
▪ In July 2021, National Thermal Power Corporation Renewable Energy
Ltd. (NTPC REL), NTPC's fully owned subsidiary, sent out a tender to 5.00%

domestic manufacturers to build India's first green hydrogen fueling

station in Leh, Ladakh.
0.00%
▪ In June 2021, IKEA announced to launch programmes to help suppliers FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23*
in India transit to 100% renewable power. The company has ~50
suppliers in the country.

Note: * - Till July 31, 2022

Source: Ministry of New and Renewable Energy (MNRE), Central Electricity Authority (CEA), Greenpeace India, Minister of Petroleum and Natural Gas

24
Key Industry Contacts

25
Key industry contacts

Agency Contact Information

National Institute of Solar Energy Gwal Pahari,

National Institute of Solar Energy (NISE) Faridabad, Gurugram, Haryana- 122 003
Website: www.nise.res.in

12th K. M. Stone, Jalandhar - Kapurthala Road, Wadala Kalan,

Kapurthala - 144601 (Punjab), India
Sardar Swaran Singh National Institute of Tel: 91 1822 255544/ 507403/ 507406
Bio- Energy (SSS- NIBE) Fax: 91 1822 255544
Website: www.nibe.res.in

A-2/158, Janakpuri, New Delhi-110058, India

Tel: 91 11 25618472, 45652708
Fax: 25611622
Solar Energy Corporation of India (SECI)
E-mail: cvjvarma@gmail.com, cvjv1933@yahoo.com
Web site: www.seci.gov.in

Velachery - Tambaram Main Road , Pallikaranai, Chennai - 600

100
Tel: 91 44 2246 3982/ 83 / 84
National Institute of Wind Energy (NIWE)
Fax: 91 44 2246 3980
Website: www.niwe.res.in

India Habitat Centre Complex, Core- 4A, East Court, 1st Floor,
Lodi Road, New Delhi- 110 003
The Indian Renewable Energy Development
Tel: 91 11 24682214/ 21
Agency (IREDA)
E-mail: cmd@ireda.gov.in
Web site: www.ireda.gov.in

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Appendix

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Glossary

▪ CAGR: Compound Annual Growth Rate

▪ FDI: Foreign Direct Investment

▪ FY: Indian Financial Year (April to March)

▪ GOI: Government of India

▪ Rs.: Indian Rupee

▪ US$: US Dollar

▪ Wherever applicable, numbers have been rounded off to the nearest whole number

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Exchange rates

Exchange Rates (Fiscal Year) Exchange Rates (Calendar Year)

Year Rs. Equivalent of one US$ Year Rs. Equivalent of one US$
2004-05 44.95 2005 44.11
2005-06 44.28 2006 45.33
2006-07 45.29 2007 41.29
2007-08 40.24 2008 43.42
2008-09 45.91 2009 48.35
2009-10 47.42 2010 45.74
2010-11 45.58 2011 46.67
2011-12 47.95 2012 53.49
2012-13 54.45 2013 58.63
2013-14 60.50 2014 61.03
2014-15 61.15 2015 64.15
2015-16 65.46 2016 67.21
2016-17 67.09 2017 65.12
2017-18 64.45 2018 68.36
2018-19 69.89 2019 69.89
2019-20 70.49 2020 74.18
2020-21 73.20 2021 73.93
2021-22 74.42 2022* 76.73
Note: *- As on August 2022
Source: Foreign Exchange Dealers’ Association of India

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