Payment delays amount to risks of demand contraction for renewable energy projects in India. Andhra Pradesh, Tamil Nadu, and Telangana constitute high risk

1. 1
Note: Data is as on 20.08.2019, dues of EUR 0.18 mil. not considered due to Dispute regarding oversizing of DC capacity by report
* * Private DISCOMs include Torrent and DPL
Source: PRAAPTI PORTAL; CEA, CRISIL, Company Website, Financial Statements, MEC + Analysis
1%
Outstanding Dues to Generators from
DISCOMs
(EUR Mil.)
DISCOM dues have mounted up to nearly 9.6 Bil. EUR, RE generator dues contribute to 1.07 Bil.
EUR
1028.1
8550.6
9620.8
RE (Utility)
RE
(Captive/ C&I) 42.0
Outstanding
Dues
(RE+Non-RE)
Non-RE
5.6%
Indirect
(via central
intermediaries)
0.6%
0.3%
18.9%
5.5%
9.1%
19.2
26.7%
36.3%
10.5%
2.3%
0.2%
5.9%
0.2%
8.6%
22.7%
7.2%
0.1% 0.0%
Direct (State PPAs)
1,008.9
10.8%
28.4%
Andhra Pradesh
Telangana
PunjabTamil Nadu
Private DISCOM*
Madhya Pradesh
Karnataka
Maharashtra
Rajasthan
Uttar Pradesh
Gujarat
Bihar
Unknown
Series
Three states: Andhra Pradesh, Tamil Nadu and Telangana contribute to 70% of dues towards RE generators in India
Outstanding Dues to RE generator from State DISCOM and their breakup
for State PPAs and Central Authorities
(EUR Mil.)
1008.9
1028.1
Outstanding
Dues (RE)
19.2
Direct
(State PPAs)
Indirect
(via Central
Intermediatiaries)

2. 2
Top 15 asset owners by amount of dues, contribute 95%
238.1
171.9
97.8 90.9
75.5
53.8 48.2 39.0 36.7 30.6 20.1 19.1 17.8 17.3 16.3
55.1
HFE
Renew
CLP
TotalDues
(UtilityRE)
Adani
Tata
GIP
Continuum
Sembcorp
Ecoren
PTC
Azure
Actis
Solarpack
Mahindra
LGE
Others
1,028.1
Note:* Reason for data withdrawal by Greenko is not clear
Source: CEA, CRISIL, Company Website, Financial Statements, MEC + Analysis
Payment delays by asset owners* (Non-captive/ Non-C&I)
(EUR Mil.)
Nearly 13 GW of RE assets hit with outstanding dues, impact majorly top 15 asset owners
Greenko had submitted pending dues of EUR 216.98m on 12.08.2019 but withdrew information on 19.8.2019*
3.3 2.1 1.10.9 1.1 0.9 0.8 0.9 0.3 0.3 0.2 0.1 0.1 0.1 NA 0.9
Five largest RE asset owners, Renew, Adani, Tata, GIP & CLP, hit with 674 Mil. EUR outstanding dues on 8.5 GW of assets
Capacity (GW) 13.2