Renewable Energy Sector Report - April 2018

For updated information, please visit www.ibef.org April 2018
RENEWABLE ENERGY

Table of Content
Executive Summary……………….….…….3
Advantage India…………………..….……..4
Market Overview and Trends……….……..6
Porter’s Five Forces Analysis…………..…13
Strategies Adopted………….……..………14
Growth Drivers …………………...…..……16
Case Studies………...……………...……...25
Opportunities….……………..……………..21
Industry Associations……….......…………30
Useful Information……….......…………….32

For updated information, please visit www.ibef.orgRenewable Energy3
 As a part of its Paris Agreement commitments, the Government of India has set an ambitious target of
achieving 175 GW of renewable energy capacity by 2022. These include 100 GW of solar capacity addition and
60 GW of wind power capacity. The solar capacity target will be achieved before its 2022 deadline while wind
power capacity is expected to reach 60 GW by FY21.
 60 solar cities will be developed in India as part of Ministry of New and Renewable Energy’s Solar Cities
program.
EXECUTIVE SUMMARY
Ambitious Targets
 India has very low conventional energy resources compared to the required energy needs of its huge
population and rapidly increasing economy. But India can harness the huge potential of solar energy as it
receives sunshine most of the year. It also has vast potential in hydro power sector which is being explored in
the north-eastern states of the country.
 India added record 11.0 GW of combined wind and solar capacity in 2016-17. It is expected that India will
overachieve its Paris Agreement goals.
 Renewable sources are expected to help meet 40 per cent of India’s power needs by 2030.
Immense Growth
Potential
 The competition in the sector has risen recently, especially in the solar power segment, where tariffs reached
record low in May 2017. The large integrated players are in a better position with higher returns compared to
the smaller contractors.Competition
Source: EY, Central Electricity Authority, MNRE, DIPP, Livemint, IWTMA
 The renewable energy space in India has become very attractive from investors’ perspective and has received
FDI inflow of more than US$ 6.26 billion up to December 2017. India has also ranked second in the Renewable
Energy Attractiveness Index 2017 as there is ample push from the government and the economics of the market
is improving.
Increasing Investments

Renewable Energy
ADVANTAGE INDIA

ADVANTAGE INDIA
 India has relatively low per capita energy
and electricity consumption . It was one-
third of the world average in 2015-16.
 As the economy grows the electricity
consumption is projected to reach 15,280
TWh in 2040 from the 4926 TWh in 2012.
Most of this demand would come from the
growth in the buildings, industry and
transport sectors.
 Non-conventional energy received FDI
inflow of US$ 6.26 billion between April
2000 and December 2017.
 With government’s ambitious green
energy targets, the sector has become
quite attractive for both foreign and
domestic investors.
 India receives about 300 days of sunshine
in an year. This makes it a perfect
candidate to harness the solar power
available. India also has a large hydro
power potential which is being explored in
the north-eastern states of the country.
 Coupled with regular solar auctions and
new government mega projects like solar
parks, the setup and financing costs have
come down significantly in the past two
years.
 Indian government aims to achieve 175 GW
of renewable energy by 2022.
 Because of the immense support from
government, India has ranked 2nd in the
‘Renewable Energy Country Attractiveness
Index 2017’.
 The aim of the government to achieve
universal household electrification, also a
boon for the power sector. India also had
highest ever capacity addition in
renewable energy in 2016-17.
ADVANTAGE
INDIA
Source: Central Electricity Authority, Ministry of New and Renewable Energy
Note: TWh – Terwatt Hour

Renewable Energy
MARKET OVERVIEW
AND TRENDS

Renewable Energy Sources
Renewable Energy
Sources (RES)
Other forms of
renewable energy
Hydro Energy
Solar Power
Small Hydro Power
(Projects ≤ 25 MW)
Wind Power Bio-Power
Urban & Industrial
Waste Power
Biomass Power
Source: Central Electricity Authority (CEA)

RES WITH SHARES IN INSTALLED CAPACITY … (1/2)
Source: CEA, International Renewable Energy Agency (IRENA)
Visakhapatnam port traffic (million tonnes)Installed capacity for different RES – March 2018 (GW)
Notes: RES – Renewable Energy Source; GW – Gigawatt; 1Large Hydro power projects included here but not included in renewable energy targets of GOI
 India accounts for approximately 4 per cent of the total global
electricity generation and contributes 4.43 per cent to the global
renewable generation capacity.
 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.
 As of March 2018, total renewable1 power generation installed
capacity in the country stood at 114.32 GW, which is 33.23 per cent
of the total installed capacity of 344 GW.
 A hydro power revival policy is underway which amongst others is
likely to include the classification of all hydro power projects as
renewable energy
45.3
34.0
21.7
8.8
4.5
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Hydro Wind Solar PV Bio-Power Small Hydro

GENERATION CAPACITY HAS INCREASED AT A
HEALTHY PACE … (1/2)
47.0
50.1
52.4
56.0
63.5
67.0
70.0
77.0
85.7
101.7
114.3
0
20
40
60
80
100
120
140
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
Source: CEA, makeinindia
Note: RES – Renewable Energy Source; GW - Gigawatt, CAGR - Compound Annual Growth Rate; FY18* - data up to February 2018, Large Hydro power projects not included in
renewable energy targets of GOI
 Installed renewable power generation capacity has increased
steadily over the years, posting a CAGR of 9.29 per cent over
FY08–18.
 Power generation from renewable energy sources (excluding large
hydro) in India reached 93.21 billion units in FY18 (up to February
2018).
 India has the fourth largest installed capacity of wind power and the
third largest installed capacity of concentrated solar power (CSP)
 The Government of India has formulated an action plan to achieve a
total capacity of 60 GW from hydro power and 175 GW from other
RES (excluding large hydro projects) by March, 2022, which includes
100 GW of Solar power, 60 GW from wind power, 10 GW from
biomass power and 5 GW from small hydro power
 Solar installation in India is expected to increase 360 per cent by
2020.
 India witnessed highest ever solar power capacity addition of
5,525.98 MW and 467.11 MW of wind power capacity addition in
2017-181. 15,000 biogas plants were installed during the same time
period.
 About 4.96 million household size biogas plants have been installed
in India since the inception of National Biogas and Manure
Management Programme (NBMMP).
Visakhapatnam port traffic (million tonnes)Installed capacity from different RES (GW)
CAGR 9.29%

GENERATION CAPACITY HAS INCREASED AT A
HEALTHY PACE … (2/2)
35
39
44
60
72
8
25
57
175
275
0
50
100
150
200
250
300
350
400
End of 10th
Year Plan
End of 11th
Year Plan
End of 12th
Year Plan
FY22 F FY27 F
Hydro Other RES
Source: :CEA, India Solar Handbook 2017
Note: RES – Renewable Energy Source; GW - Gigawatt, CAGR - Compound Annual Growth Rate; , T – Target, F - Forecast
 Among the different sources of renewable power in India, the CAGR
in installed capacity over FY07–FY17 was
• 2.32 per cent for hydro power
• 20.12 per cent for other renewable energy sources, supported by
the commencement of solar capacity addition since 2012
 The Government of India is projecting a rapid 17.04 per cent CAGR
increase in other RES installed capacity to 275 GW by 2027
supported by a surge in solar power capacity addition.
 Off-grid power equivalent to 168.87 MW was added in the country
during January – November 2017.
 Under Union Budget 2018-19, Rs 3,762 crore (US$ 581.09 million)
has been allocated for grid-interactive renewable energy schemes
and projects which includes Rs 2,045 crore (US$ 315.88 million) for
solar power.
 Green energy corridors project has been allocated Rs 600 crore (US$
92.68 million) under Union Budget 2018-19.
Visakhapatnam port traffic (million tonnes)Comparison of installed capacity (GW)

SOLAR POWER GENERATION GROWTH LIKELY TO
OUTWEIGH OTHER SOURCES BY 2022 … (1/2)
32.7
14.8
8.3
4.4
Expected change in share of various RES from FY18* to FY22
(GW)
 Growth in solar power installed capacity is expected to surpass the
installed capacity of wind power, reaching 100 GW by 2022 from its
current levels of 21.65 GW as of December 2017.
 Three new solar parks have been approved in 2017-18 with a total
capacity of 1,523 MW.
 Rapidly falling costs has made Solar PV the largest market for new
investment.
 Further, the scaling up of the target of National Solar Mission to 100
GW from 20 GW of grid connected solar power by 2022, creates a
positive environment for investors keen to tap into India’s renewable
energy potential.
 World’s largest solar park with a capacity of 5,000 MW is being set
up in the state of Gujarat.
 In November 2017, Government of India signed a US$ 100 million
agreement with the World Bank for ‘Shared Infrastructure for Solar
Parks Project’.
 As of November 2017, Government of India is also planning ‘Rent a
Roof’ policy to push adoption of solar energy while giving the
households a chance to become energy independent.
Source: CEA, makeinindia, India Solar Handbook 2017
60.00
100.00
10.00
5.00
Wind Solar PV Biomass Small Hydro
Note: RES – Renewable Energy Source; GW - Gigawatt, CAGR - Compound Annual Growth Rate; FY18* - data up to July 2017; * - According to the India Solar Handbook 2017 released
by Bridge to India (BTI),

SOLAR POWER GENERATION GROWTH LIKELY TO
OUTWEIGH OTHER SOURCES BY 2022 … (1/2)
 Due to its favourable location in the solar belt (400 S to 400 N), India
is one of the best recipients of solar energy with relatively abundant
availability
 India has a vast potential for solar power generation with about 58
per cent of the total land area (1.89 million km2) receiving above 5
kWh/m2/day annual average global insolation
 This coupled with its highest global warming mitigation potential
makes it a viable alternative for power generation among the
available clean energy sources.
 Under Union Budget 2018-19, zero import duty on components used
in making solar panel was announced to give a boost to domestic
solar panel manufacturers.
 World’s largest solar park named ‘Shakti Sthala’ was launched in
Karnataka in March 2018 with an investment of Rs 16,500 crore
(US$ 2.55 billion).
 Solar sector in India received investments of over US$10 billion in
CY2017.
Source: CEA, Solargis, Mercom Capital

PORTER’S FIVE FORCES FRAMEWORK ANALYSIS
 Medium – Bargaining power of
suppliers is medium as it is a
relatively niche sector and the
suppliers are therefore limited, so they
enjoy some bargaining power. But the
power is not too high as the order
value is too high.
Bargaining Power of Suppliers
 High – Threat of substitutes is going
to remain high as long as other non-
renewable sources of energy remain
cost-effective.
Threat of Substitutes
 Low – As the sector is relatively new
and players are still establishing
themselves in the industry; the sector
has still not reached the stage of
competition. Therefore competitive
rivalry is quite low.
Competitive Rivalry
 Low – Threat of new entrants is low
as the cost of generating renewable
energy is very high; for example: the
cost of setting up a wind mill or a solar
panel etc; which makes entry of new
players highly difficult.
Threat of New Entrants
 High – Bargaining power of buyers is
high as the cost of switching to a
non-renewable energy source is low,
and customers will easily switch if
they find another cheaper source of
energy.
Bargaining Power of Buyers
Positive Impact
Neutral Impact
Negative Impact

Renewable Energy
STRATEGIES
ADOPTED

STRATEGIES ADOPTED
Source: Company websites, Livemint
 Suzlon, a key player in the wind power segment, is a vertically integrated company. It has been producing all the wind
turbines and installing them coupled with the maintenance. It has service support centres across the globe.
 Adani Power also aims to become the a fully-integrated solar PV manufacturer.
 The returns of fully integrated players exceed those of Engineering, Procurement and Construction (EPC)
contractors.
Full Integration
PPA & Lower
Tariffs
 With the increasing competition and increasing FDI, players in the solar sector have started bidding at lower prices with
solar tariffs reaching record low of Rs 2.44 (US$ 0.04) per unit in May 2017. Power Purchase Agreements with states
have become important part of the project cycle for Indian companies. Wind power tariff reached record low of Rs
2.43 (US$ 0.038) in 500 mw reverse auctions by Gujarat Urja Vikas Nigam Limited (GUVNL) in December 2017.
Decentralised
Solar Power
 Electricity to all has become a major thrust area for Government of India. This includes households and villages and
slums which are not currently a part of the grid or centralised distribution. 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 move from kerosene to solar
power.

Renewable Energy
GROWTH DRIVERS

GOVERNMENT POLICIES
 Promotes deployment of Offshore Wind Farms up to 12 nautical miles from coast. Research and
Development activities to take place up to Exclusive Economic Zone (EEZ) of 200 nautical miles.
 Under the policy single window clearance is offered.
 Tax holiday of 10 years for offshore wind energy generation.
National Offshore Wind
Energy Policy, 2015
 Promotes optimum utilisation of wind energy resources by creating facilitative framework for repowering.
 An interest rebate of 0.25 per cent over the interest rebate offered to new wind energy projects will be
provided.
 All fiscal and financial benefits offered to new wind power projects will be extended to repowering
projects
Repowering Policy
 Aims to achieve a hybrid wind-solar capacity of 10GW by 2022.
 Hybridization of the two technologies will help in:
• Minimizing Variability
• Optimal utilization of infrastructure including land and transmission systems
Wind-Solar Hybrid
Policy
Source : Ministry of New and Renewable Energy (MNRE), News Articles
Note : GW - Gigawatt
 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 Megawatt.
Renewable Purchase
Obligations (RPO’s)
 Aims to set up 25 Solar Parks and Ultra Mega Solar Power Projects targeting 20,000MW of solar power
installed capacity by 2019-20..
 US 83.78 million have already been sanctioned under the scheme.
 As of November 2017, the Ministry of New and Renewable Energy is conceptualising world’s biggest solar
tender and will invite bids for setting up of 20 GW of solar capacity.
Scheme for
Development of Solar
Parks and Ultra Mega
Solar Power Projects

INCREASING INVESTMENTS: FDI INFLOWS AND KEY
DEALS … (1/2)
Source: Make in India
Notes: FDI - Foreign Direct Investment, Pvt. Ltd. – Private Limited Company
 100 per cent FDI is allowed under automatic route for projects of renewable power generation and distribution subject to provisions of The
Electricity Act, 2003.
 The non-conventional energy sector has received a total FDI equity inflow of US$ 6.26 billion during April 2000 to December 2017.
Foreign Collaborator Country Indian Company FDI Equity Inflow (US$ mn)
Mudajaya Group Berhad Malaysia RKM Powergen Pvt. Ltd. 77.18
Gamesa Eolica S L Spain GAMESA Wind Turbines Pvt. Ltd. 66.76
AIRRO (Mauritius) Holdings Mauritius DILIGENT Power Pvt. Ltd. 62.44
Greenko Mauritius Mauritius M/s Greenko Energies Pvt. Ltd. 59.52
Azure Power Corporation Mauritius AZURE Power India Pvt. Ltd. 54.11
ORIX Corporation Japan TADAS Wind Energy Pvt. Ltd. 53.23
OSTRO Renewal Power Ltd. Mauritius OSTRO Energy Pvt. Ltd. 45.81
Major FDI Investments in Renewable Energy Sector

INCREASING INVESTMENTS: FDI INFLOWS AND KEY
DEALS … (2/2)
Foreign Collaborator Country Indian Company FDI Equity Inflow (US$ mn)
Asian Development Bank Phillipines 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
Development B.V.
Netherlands BLP Energy Pvt. Ltd. 32.61
DEG-DEUTSCHE-InvestitionsUnd-
Entwicklun
Germany
WELSPUN Renewables
Energy Pvt Ltd
32.50
ENERK International Holdings
Ltd
Seychelles RKM POWERGEN Pvt Ltd 32.50
OSTRO Renewal Power Limited Mauritius OSTRO Energy Pvt Ltd 32.21
AREVA Solar Inc U.S.A AREVA Solar India Pvt Ltd 31.53
Source: Make in India
Notes: FDI - Foreign Direct Investment, Pvt. Ltd. – Private Limited Company
Major FDI Investments in Renewable Energy Sector

GOVERNMENT INITIATIVES
 Targets deployment of 100 GW of solar power by 2022.
 Various incentives are being offered under the scheme:
• Zero import duty on capital equipment, raw materials
• Low interest rates and Priority Sector Lending
• Single window mechanism for all related
permissions
• Tax exemption and capital subsidies
available
 Project for evacuation of renewable energy from generation points
to the load centres by creating intra-state and inter-state
transmission infrastructure.
 India received a US$ 1.15 billion soft loan from German
development bank KfW for implementation of green
corridors project. 40 per cent of Intra state and 70 per
cent of inter state transmission schemes will be
funded through the soft loan.
 Scheme for setting up 1000 MW Inter State
Transmission Systems (ISTS) connecting
wind power projects.
 Projects of 50MW and above will be connected
to ISTS point.
 The scheme also provides for 25 years of PPA and PSA.
 The first round of auction was completed in February 2017
and another round of auction was announced in May 2017.
 Wind power capacity addition is expected to reach 3 GW in
FY19.
 As of January 2017, there were about
100,000 people working in four major
areas of renewable energy sector viz.
Solar, Wind, Biomass and Small Hydro
Power.
 To meet the rising demand of trained manpower, a
target of achieving 50,000 “SuryaMitras” of skilled
manpower in solar enery sector by 2019-20 has been
set.
Budget 2018-19 -
Ministry for New and
Renewable Energy
Allocation is
US$ 1.6 billion
Source : Ministry of New and Renewable Energy (MNRE), Make in India, News Articles
Notes : GW – Gigawatt, MW – Megawatt, PPA – Power Purchase Agreement, PSA- Power Sale Agreement

Renewable Energy
OPPORTUNITIES

HUGE UNTAPPED POTENTIAL
21.65 34.05
8.84 4.49
750
102
25 20
0.00
100.00
200.00
300.00
400.00
500.00
600.00
700.00
800.00
SolarEnergy
WindPower
Bio-Power
SmallHydroPower
Installed Capacity as of October 2017 Potential
Source: Ministry of New and Renewable Energy (MNRE), Central Electricity Authority (CEA), IIT Chennai Study
Notes: GW – Gigawatt, 1Wind Power potential is at 80 metres above ground level
 India is estimated to have renewable energy potential of 900GW
from commercially exploitable sources viz. Solar energy- 750 GW,
Wind power1 - 102 GW, Bio-energy – 25 GW and Small Hydro – 20
GW.
 As of March 2018, the installed power capacity of renewable energy
sources (other than hydro) in the country is 69.02 GW. Out of the
total installed capacity, 34.05 GW is contributed by wind power,
21.65 GW by solar energy, 8.84 GW by bio-power and 4.49 GW by
small hydro power.
 Recognizing this potential, a target of 175 GW of renewable energy
capacity by 2022 has been fixed.
 In India, there is an estimated potential of about 8000MV of tidal
energy.
Visakhapatnam port traffic (million tonnes)
Renewable energy potential and installed capacity as of March
2018 (GW)

RISING POWER DEMAND
119.0
122.3
130.0
135.5
136.0
148.2
153.4
159.5
164.1
295.0
690.0
0
100
200
300
400
500
600
700
800
Source: Business Standard, Capacity addition estimates by CEA, Aranca Research
Note: GW – Gigawatt, P – Provisional, E - Estimated
 India’s power demand has been rising at a fast pace. It is estimated
that India will require an additional power supply capacity of 450 GW
by 2034.
 The peak power demand of the country was reached 164.07 GW in
2017-18. It is estimated that this demand will rise to 295 GW by
2021-22 and 690 GW by 2035-36.
 Also, India has an electricity-GDP elasticity ratio of 0.8. A seven per
cent growth in energy supply will be required if India is to grow at
eight per cent. This shows that electricity will continue to remain a
key input in India’s GDP growth.
Visakhapatnam port traffic (million tonnes)Peak Power Demand in India (GW)

MOVE TOWARDS RENEWABLE SOURCES
 It has been estimated that renewables will comprise 49 per cent of
India’s power 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 the contribution was 12.92 per cent which has increased to 20.06
per cent by March 2018.
 India aims to achieve a total of 175 GW of installed renewable
energy capacity by 2022. It is estimated that India will become the
third largest solar market in 2017 while India already has the fourth
largest wind power installed capacity globally.
 India has moved from the seventh position in 2014 to second position
in 2017 in the Renewable Energy Attractiveness Index.1
 Replacing coal plants with renewable sources is expected to save
India Rs 54,000 crore (US$ 8.4 billion) annually due to reduced
power costs.
12.92% 13.17%
14.18%
17.52%
20.06%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
2013-14 2014-15 2015-16 2016-17 2017-18
RES (excluding large hydro) as a percentage of total installed
capacity (%)
Note: 1 - Renewable Energy Attractiveness Index by EY
Source: Ministry of New and Renewable Energy (MNRE), Central Electricity Authority (CEA), Greenpeace India

SUZLON ENERGY LTD (SUZLON)
1286.256
2239.7152
4,235.59
3,344.03
2,894.44
3,417.47
3,026.16
3,264.46
3,192.71
1,530.01
2,048.51
0
500
1000
1500
2000
2500
3000
3500
4000
4500
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
Source: Company website, Moneycontrol
 Suzlon Energy Ltd is one of the leading renewable energy solutions
providers in the world
 It has installed around 17GW of energy capacity globally and has
one of the largest in- house Research and Development set-up
facilities in Germany, the Netherlands, Denmark and India
 The company started operation in 1995 and is currently present in 18
countries across 6 continents, with over 8,500 employees of diverse
nationalities.
 Suzlon has over 10,000 MW of installed capacity in India with
installations spread across all key wind states
 Suzlon is the market leader in India with a 35 per cent share in
India’s cumulative wind energy installations
 Over the years, Suzlon, and its founder Tulsi Tanti, have been
bestowed with numerous awards for their role in green energy like
the Golden Peacock Eco- Innovation Award 2016, Renewable
Energy India (REI) Awards 2016, IWEF Awards 2016, Thomson
Reuters India Innovation Awards 2016 and many more
 The company has grown at a Compound Annual Growth Rate
(CAGR) of 4.76 per cent over FY07-17
 Its revenue has grown from US$ 1,286 million in FY2007 to US$
2,048 million in FY2017. During Q3 FY18, it reached Rs 1,820.81
crore (US$ 281.12 million).
 The company launched offshore Met Station in the Arabian Sea in
December 2017.
Visakhapatnam port traffic (million tonnes)SUZLON Revenue (US$ million)
CAGR 4.76%

EVOLUTION OF SUZLON
1995- 1996 1998-2000 2005-20082001-2004 2009-2012 2014-2015
 Suzlon is formed and
becomes operational
 Establishes a technical
collaboration with Sudwind
Energy GmbH
 Commissions its first 0.27
MW WTG for Indian
Petrochemicals Ltd at
Gujarat
 Enters Rajasthan and Karnataka and Madhya
Pradesh
 Forms two wholly owned subsidiaries in USA,
Germany, Australia and Denmark
 Initiates backward integration from its rotor blade
and wind turbine control systems units in Daman
 Enters China by opening office in Beijing
 Forms Suzlon Generators Pvt Ltd and Suzlon
Structures Pvt Ltd
 Commissions first WTG in Spain and Turkey and entered Scandinavia
 Crossed the 6 GW installation mark in India and 2 GW mark in USA
 Became 1st company to bring investment from a nationalised bank into
wind energy sector
 Opened training center for wind technicians in North America
 Announced launch of its newest WTG, the S111 2.1 MW, the latest
generation of the 2.1 MW fleet designed for low wind speed sites and
becoming the highest-yielding IEC Class III wind turbine of any
comparable class machine
 Suzlon enters Maharashtra by installing a
WTG for Ghodawat Pan Masala Products
 Forays into Tamil Nadu with commissioning
of first wind turbine in the state
 Commissions its first 50 MW and crossed the
100 MW mark at Maharashtra
 Commissions its first 1 MW WTG for Niskalp
Investments (formerly known as Tata Group
Co)
 Crosses the 3 GW installation mark in India
 Incorporates Suzlon Rotor Corp, USA
 IPO for 29.34 million shares on the BSE and NSE
 Formation of SE Forge Ltd. and wholly owned
subsidiary Suzlon Energy (Tianjin) Ltd
 Begins production of blades and nose cones in USA
 Achieves the elite status of Superbrand (2008-09)
 Floats maiden QIP of ~USD 552 million
 Harvard Business School conducts a study ‘The
Suzlon edge’
 Commissioned 10,000th WTG in Uruguay
 Signed agreements with Dilip Shanghvi Family and
Associates (DSA) for equity investments of INR
1,800 Crore for equity infusion to accelerate growth
 Receives the certification for its S111 2.1 MW
turbine, 50 Hz and 60 Hz variants, awarded by
TÜV NORD
Source: Company website, Aranca Research

WEBSOL ENERGY SYSTEMS LTD (WEBELSOLAR)
10.83
17.25
16.11
22.93
26.83
28.53
23.46
20.11
48.95
57.05
44.88
55.27
-
10.00
20.00
30.00
40.00
50.00
60.00
FY06FY07FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17
Source: Company website, Moneycontrol
 Websol Energy Systems Ltd is a leading manufacturer of
photovoltaic monocrystalline solar cells and modules in India
 It designs modules for grid and standalone solar PV power plants,
rural electrification and remote communications for the best
performance under diffused sun light
 It has international certifications making it one of the few
technologically independent manufacturers of solar cells and
modules in India
 Websol has also picked up many awards and accolades generating
confidence in customers about the commitment for continual
improvement in products and processes
 The company has grown at a strong Compound Annual Growth
Rate of 15.28 per cent over FY2006-16
 Its revenue grew from US$ 10.83 million in FY2006 to US$ 44.88 in
FY2016 and Rs 3707.7 million (US$ 55.27 million) in FY17.
Visakhapatnam port traffic (million tonnes)WEBELSOLAR Revenue (US$ million)
CAGR 15.28%

EVOLUTION OF WEBSOL ENERGY SYSTEMS
1994-1999 2000-2001 2005-20062002-2004 2007-2008 2009
 Technical collaboration with
Helios Technology, Italy
 Started with 1 MW installed
capacity and Processed 4
inch and 5 inch wafers
 International certification
from JRC for IEC 61215
standards for 90Wp Module
 International certification for W1000 as per IEC
61215 standards
 UL 1703 listing for all W 900 type modules
 Capacity expansion from 3MW to 5MW
 International certification as IEC 61215 and IEC 61730 for 180
W/220Wp
 UL and CSA listing for 180/220Wp modules
 Installed PECVD technology for Silicon nitride antireflective coating at
Salt Lake plant
 Engineering, Procurement and Construction Management Consultant
appointed for Falta plant
 Cell efficiency reached 16.5 per cent plus
 Processed 8 inch wafers and converted it
154x154 mm solar cells
 Installed Capacity increased to 3MW
 Capacity increased from 5MWp to 10 MWp
 Commenced commercial production of W1600 and
W2000R
 International certification from TUV safety class II for
W2000 and W1600 type modules
 Industrial site finalised in SEZ Falta, West Bengal for
120 MW expansion
 30 MW cell & module line installed and
commissioned
 Solar PV cells and modules trial production started
in May 2009
 Received IEC 61215 and IEC 61730 certification
for 180 Wp and 225 Wp module
 Established representative offices in USA and
Germany
Source: Company website, Aranca Research

Renewable Energy
INDUSTRY
ASSOCIATIONS

KEY INDUSTRY ASSOCIATIONS
National Institute of Solar Energy (NISE)
Address: Velachery - Tambaram Main Road , Pallikaranai, Chennai -
600 100
Tel: 91 44 2246 3982/ 83 / 84
Fax: 91 44 2246 3980
Website: http://niwe.res.in/
Address: National Institute of Solar EnergyGwal Pahari,
Faridabad, Gurugram, Haryana- 122 003
Website: https://nise.res.in/
National Institute of Wind Energy (NIWE)
Sardar Swaran Singh National Institute of Bio- Energy (SSS-
NIBE)
Address: India Habitat Centre Complex, Core- 4A, East Court, 1st
Floor, Lodi Road, New Delhi- 110 003
Tel: 91 11 24682214/ 21
E-mail: cmd@ireda.gov.in
Web site: http://ireda.gov.in/
Address: 12th K. M. Stone, Jalandhar - Kapurthala Road, Wadala
Kalan, Kapurthala - 144601 (Punjab), India
Tel: 91 1822 255544/ 507403/ 507406
Fax: 91 1822 255544
Website: http://www.nibe.res.in/
The Indian Renewable Energy Development Agency (IREDA)
Solar Energy Corporation of India (SECI)
Address: A-2/158, Janakpuri, New Delhi-110058, India
Tel: 91 11 25618472, 45652708
Fax: 25611622
E-mail: cvjvarma@gmail.com , cvjv1933@yahoo.com
Web site: http://seci.gov.in

Renewable Energy
USEFUL
INFORMATION

GLOSSARY
 CAGR: Compound Annual Growth Rate
 FDI: Foreign Direct Investment
 FY: Indian Financial Year (April to March)
 GOI: Government of India
 INR: Indian Rupee
 US$: US Dollar
 Wherever applicable, numbers have been rounded off to the nearest whole number

EXCHANGE RATES
Exchange Rates (Fiscal Year) Exchange Rates (Calendar Year)
Year INR INR Equivalent of one US$
2004–05 44.81
2005–06 44.14
2006–07 45.14
2007–08 40.27
2008–09 46.14
2009–10 47.42
2010–11 45.62
2011–12 46.88
2012–13 54.31
2013–14 60.28
2014-15 61.06
2015-16 65.46
2016-17 67.09
2017-18 64.45
Year INR Equivalent of one US$
2005 43.98
2006 45.18
2007 41.34
2008 43.62
2009 48.42
2010 45.72
2011 46.85
2012 53.46
2013 58.44
2014 61.03
2015 64.15
2016 67.21
2017 65.12
Source: Reserve Bank of India

DISCLAIMER
India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared by Aranca in consultation
with IBEF.
All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The same may not be reproduced,
wholly or in part in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or
incidentally to some other use of this presentation), modified or in any manner communicated to any third party except with the written approval
of IBEF.
This presentation is for information purposes only. While due care has been taken during the compilation of this presentation to ensure that the
information is accurate to the best of Aranca and IBEF’s knowledge and belief, the content is not to be construed in any manner whatsoever as a
substitute for professional advice.
Aranca and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in this presentation and nor do
they assume any liability or responsibility for the outcome of decisions taken as a result of any reliance placed on this presentation.
Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on the part of the user due to any
reliance placed or guidance taken from any portion of this presentation.

Renewable Energy Sector Report - April 2018

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Renewable Energy Sector Report - April 2018