Renewable Energy & Solar Energy Sector, India     Industry Research Report – Part I     Apr, 2013This presentation is mean...
TABLE OF CONTENTS          1 Energy Industry Overview, India          2 Global Solar Industry          3 Solar Industry in...
High energy base but low per capita consumption implies                   significant need to add capacity    While India ...
Installed base of ~212,000 MW; renewable sources                   account for ~12%       States generate over 40% of powe...
Industry is the largest consumer of power in India (~39%),                   followed by domestic consumption & Agricultur...
All 4 major segments of renewable energy (Wind, Bio                  Power, Small Hydro and Solar) have high growth potent...
1                  Wind Energy: ~3X growth potential exists       Significant Potential; 12th Plan aims to install        ...
2                  Small Hydro: ~6X growth potential       Significant Potential; 12th Plan aims to install               ...
Biomass & Bagasse Cogeneration have ~7X growth3                   potential       Significant Potential; 12th Plan aims to...
TABLE OF CONTENTS           1 Energy Industry Overview, India           2 Global Solar Industry           3 Solar Industry...
Global Solar PV demand reached ~29 GW in 2012 and is                 expected to reach ~45 GW by 2015              Global ...
Europe accounts for ~57% global PV demand (India accounts                 for ~2%)     Europe accounted for ~16 GW (of ~28...
TABLE OF CONTENTS           1 Energy Industry Overview, India           2 Global Solar Industry           3 Solar Industry...
Solar: Over 100X potential in India; low installed base       Significant Potential; 12th Plan aims to install            ...
India expected to have the 4th largest installed base of                   solar power (~20-22 GW) by 2020                ...
~88% of the installed solar base is in two states (Gujarat                  and Rajasthan); significant potential exists i...
Gujarat : 75 projects worth ~824 MW implemented under                  state policy; Adani project largest at ~40 MWSource...
Rajasthan: 65 projects worth ~442 MW implemented                  largely under JNNSM; Dahanu project largest at ~40 MWSou...
Jawaharlal Nehru National Solar Mission (JNNSM) defines                 policies to increase Solar penetration      #     ...
Thank you!20   CONFIDENTIAL                                 INCUBATION | INVESTMENTS | CONSULTING
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REV Partners Renewables and Solar India April 2013

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Renewable Energy in India; Solar Energy in India, 2013. For more, visit: www.revpartners.com

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REV Partners Renewables and Solar India April 2013

  1. 1. Renewable Energy & Solar Energy Sector, India Industry Research Report – Part I Apr, 2013This presentation is meant exclusively for the use of REV Partners Clients and PortfolioCompanies. Any use by external entities is under their own risk. No part of it may becirculated, quoted, or reproduced for distribution without prior written approval fromREV Partners. This material was used by REV Partners during an oral presentation; it isnot a complete record of the discussion.
  2. 2. TABLE OF CONTENTS 1 Energy Industry Overview, India 2 Global Solar Industry 3 Solar Industry in India2 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING
  3. 3. High energy base but low per capita consumption implies significant need to add capacity While India is 5th in terms of installed capacity… …it lags behind in terms of per capita consumption ~16 GW power generation capacity required p.a. till 2020 to meet demand (Estimates)Source: Ministry Of New And Renewable Energy, India; EIA; CEA; Rev Partners Analysis3 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING
  4. 4. Installed base of ~212,000 MW; renewable sources account for ~12% States generate over 40% of power in India; Renewable Sources account for ~12% of the installed total installed base of ~211,766 MW MW capacity India is quickly developing into one of the Thermal world’s most attractive markets for Renewable EnergyNotes: Renewable Energy Sources (RES) include SHP (Small Hydro Project ), BG (Biomass Gasifier), BP (Biomass Power), U&I (Urban & Industrial WastePower) and Wind EnergySource: Ministry Of New And Renewable Energy, Ministry of Energy; India; Rev Partners Analysis4 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING
  5. 5. Industry is the largest consumer of power in India (~39%), followed by domestic consumption & Agriculture (~19%) Others Rail/Traction Commercial Domestic Agriculture IndustrySource: MOSPI, India; Rev Partners Analysis5 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING
  6. 6. All 4 major segments of renewable energy (Wind, Bio Power, Small Hydro and Solar) have high growth potential Wind accounts for ~70% of the installed base Total potential is estimated at over 200,000 MW 1 2 3 4 Several policy measures have helped in the rapid growth Solar potential at 30-50 MW per Sq. km. of Renewable Energy deployment Strong Bio Power exists Jawaharlal Nehru National Solar Mission (JNNSM) Agro residues: 17,000 MW Feed-in-Tariff Cogeneration Bagasse: 5,000 MW Accelerated Depreciation (AD) Waste to Energy: ~4,000 MW Generation Based Incentives (GBI) Renewable Purchase Obligations (RPO) Renewable Energy Certificates (RECs) etcSource: Ministry Of New And Renewable Energy, India; Rev Partners Analysis6 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING
  7. 7. 1 Wind Energy: ~3X growth potential exists Significant Potential; 12th Plan aims to install Large potential in several Indian States additional 15,000 MW 11th Plan Target: 9,000 MW 11th Plan Achievement: 10,260 MW Deployment target 12th Plan :15,000 MW GBI scheme to be reviewed after 11th Plan and continued for 12th Plan for up to 4,000 MW capacity projects. Well established technology up to 2.5 MW single turbine 250-2000 kW unit size being manufactured and installedSource: Ministry Of New And Renewable Energy, India; Rev Partners Analysis7 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING
  8. 8. 2 Small Hydro: ~6X growth potential Significant Potential; 12th Plan aims to install Large potential in several Indian States additional 2,100 MW 11th Plan Target: 1,400 MW 11th Plan Achievement: 1,419 MW Deployment target 12th Plan :2,1000 MW Mature SHP technology with Equipment efficiency > 85%. Capacity Utilization Factor as high as 95% Manufacturing capacity of over 1000 MW Real time digital simulator set up at AHEC , IIT Roorkee; Model Turbine test and R &D bench being set up at AHECSource: Ministry Of New And Renewable Energy, India; Rev Partners AnalysisSHP (Small Hydro Projects)8 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING
  9. 9. Biomass & Bagasse Cogeneration have ~7X growth3 potential Significant Potential; 12th Plan aims to install Large potential in several Indian States additional 1,900 MW Biomass used in boilers to Biomass generate heat/ steam to drive Combustion turbine for generating electricity Biomass Simultaneous production of heat / Cogeneration steam and electricity Conversion of woody and non- 11th Plan Target: 500 MW (Biomass) & 1200 MW Biomass woody biomass such as Rice husk, (Bagasse Cogeneration) Gasification arhar stalks, cotton stalks, wood 11th Plan Achievement: 626 MW & 1369 MW chips etc. to producer gas respectively Deployment target 12th Plan :500 MW & 1400 MW respectively Biomass: Promote small capacity biomass projects Promote BOOT/BOLT model in cooperative sector sugar mills; Promote optimum cogeneration potential in small size sugar mills (<2500 TCD)Source: Ministry Of New And Renewable Energy, India; Rev Partners Analysis9 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING
  10. 10. TABLE OF CONTENTS 1 Energy Industry Overview, India 2 Global Solar Industry 3 Solar Industry in India10 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING
  11. 11. Global Solar PV demand reached ~29 GW in 2012 and is expected to reach ~45 GW by 2015 Global PV installations reached ~28 GW in 2012 Top 10 Players 1. Yingli Green Energy 2. First Solar 3. Suntech 4. Trina Solar 5. Canadian Solar 6. Sharp Solar 7. Jinko Solar 8. JA Solar 9. SunPower 10. Hanwha SolarOneSource: IMS Research; NPD Solarbuzz, Jan 2013;11 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING
  12. 12. Europe accounts for ~57% global PV demand (India accounts for ~2%) Europe accounted for ~16 GW (of ~28 GW) Top PV Markets (2012) accounted for ~86% of global global demand in 2012 demand [100% = 28 GW, 2012] Germany continues to be the largest Strong growth in China in 2012 (+70% yoy); China set to market in Europe become the largest single-country market in the world in Demand in Italy was 2nd largest in 2013 Europe; however market in Italy North America (US and Canada) grew >2X yoy declined during 2012 Japan set to grow by 50% in 2013 to become the fourth largest PV market in the worldSource: NPD Solarbuzz, Jan 2013;12 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING
  13. 13. TABLE OF CONTENTS 1 Energy Industry Overview, India 2 Global Solar Industry 3 Solar Industry in India13 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING
  14. 14. Solar: Over 100X potential in India; low installed base Significant Potential; 12th Plan aims to install High Solar Power Density in India additional 1,900 MW >100,000 MW potential @30-5-MW per Sq km Potential: 30-50 ME per sq. km. 11th Plan Target: 1100 MW Deployment target 12th Plan :4000 MW Target for 13th plan: 15,000 MW SOLAR Mission High energy received (~4-7KWh/m2 of solar 20,000 MW grid by 2022 (state policies energy daily; 1600 to 2200 KWh/m2 p.a.) extra); 2,000 MW off-grid by 2022 High frequency (~300-320 sunny days in a year) 20 million households covered by solar Rajasthan and Gujarat receive maximum radiation lighting in the range of 6–6.6 KWh per square meter 20 m sq m of solar thermal Low cumulative grid connected Installed solar power capacitySource: Ministry Of New And Renewable Energy, India; Rev Partners Analysis14 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING
  15. 15. India expected to have the 4th largest installed base of solar power (~20-22 GW) by 2020 FiTs (FiTs) FiTs FiTs Production / REC FiTs REC GBI for rooftop REC REC Investment Tax incentive REC Tax incentive installed PV Tax incentive Capital Subsidy tax credit Tax incentive Tax incentive for PVNotes: FiTs: =Feed-in-Tariffs; GBI = Generation Based Incentive ; REC: Renewable Energy CertificateSource: Ministry Of New And Renewable Energy, India; Rev Partners Analysis15 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING
  16. 16. ~88% of the installed solar base is in two states (Gujarat and Rajasthan); significant potential exists in other statesSource: Ministry Of New And Renewable Energy (Mar, 2013), India; Rev Partners Analysis16 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING
  17. 17. Gujarat : 75 projects worth ~824 MW implemented under state policy; Adani project largest at ~40 MWSource: Ministry Of New And Renewable Energy (Mar, 2013), India; Rev Partners Analysis17 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING
  18. 18. Rajasthan: 65 projects worth ~442 MW implemented largely under JNNSM; Dahanu project largest at ~40 MWSource: Ministry Of New And Renewable Energy (Mar, 2013), India; Rev Partners Analysis18 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING
  19. 19. Jawaharlal Nehru National Solar Mission (JNNSM) defines policies to increase Solar penetration # Segment Phase-I Phase-II target Phase-III target (2010 – 13) (2013-17) (2017-22) 1. Utility Grid Power including 1000 – 2000 MW 4000 – 10000MW 20000 MW roof top & distribution grid connected plants 100 MW 2. Off grid solar applications 200 MW 1000 MW 2000 MW 3. Solar Thermal Collectors 7 million m2 15 million m2 20 million m2 JNNSM is one of the eight National Missions laid out in India’s National Action Plan on Climate Change (NAPCC) Policies to incentivize : Installation of 22,000 MW on and off-grid solar power by 2022 Focus on both PV and CSP technologies Focus on solar appliances such as solar lighting, heating, and water pumps Policies laid out to facilitate inter-state trade Renewable Purchase Obligation (RPO) and Tradable ‘Renewable Energy Certificates (REC)Source: JNNSM; Rev Partners Analysis19 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING
  20. 20. Thank you!20 CONFIDENTIAL INCUBATION | INVESTMENTS | CONSULTING

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