An old perspective

1. Now Available
India Infrastructure Research
www.indiainfrastructure.com
SOLAR POWER IN INDIA 2014
™ Annual Research Report
™ 3 Quarterly Updates
Research report with quarterly updates

2. Solar Power in India 2014
SECTION A: OVERALL SECTOR SCENARIO
1. Executive Summary
2. Size and Growth
™ Key Enablers and Growth Drivers
™ Existing Capacity
™ Upcoming Capacities
™ Issues and Challenges
™ Future Roadmap
3. Recent Developments
™ Recent Capacity Commissioned
™ State Initiatives
™ Solar REC Market
™ Manufacturing
™ Financing
™ RPO Compliance
™ Transmission Network Expansion Plans
™ Regulatory and Policy Developments
™ Capacity Awarded
™ Summing Up
4. JNNSM Update
™ Review of Phase I
™ Progress under Phase II
™ Investment Requirements
™ Issues and Challenges
5. State Programmes and Initiatives
™ Analysis of Investment Climate
™ Experience so Far
™ Tariffs
™ Solar RPO Compliance
™ Conclusion
6. State Solar Policies
™ Andhra Pradesh
™ Gujarat
™ Rajasthan
™ Tamil Nadu
™ Karnataka
™ Chhattisgarh
™ Kerala
™ Bihar
™ Madhya Pradesh
™ Odisha
™ Maharashtra
™ Uttar Pradesh
™ Punjab
™ Haryana
™ Conclusion
7. Solar Project Performance Analysis
™ Performance by Location
™ Performance by Technology
™ Project Performance by Size
™ Project Performance by Developer Type
™ Case Studies
8. Financing
™ Investment Trends
™ Debt Financing
™ Equity Financing
™ Off-grid Financing
™ Risks and Concerns
™ Conclusion
9. Economics of Solar Power
™ Cost of Generation
™ Capital Cost Breakdown and Pricing Trends
™ Analysis of Returns for Solar PV Projects
™ Analysis of Projects Based on REC
Mechanism
™ Conclusion
10. Domestic Manufacturing
™ Key Trends and Developments
™ Domestic Manufacturing
™ Plans and Investments
™ Market Opportunity for Foreign
Manufacturers
™ Issues and Challenges
™ Future Outlook
11. Future Outlook
™ Capacity Addition Outlook
™ Policy and Regulatory Outlook
™ Domestic Manufacturing Outlook
™ Outlook on Costs and Tariffs
™ Conclusion
SECTION B: SEGMENT ANALYSIS
12. Market for Utility-S
Scale Projects
™ Size and Growth
™ Power Evacuation
™ Solar UMPPs
™ Key Growth Drivers
™ Issues and Concerns
™ Conclusion and the Way Forward
13. Market for Solar Rooftop Projects
™ Market Potential
™ Key Trends and Growth Drivers
™ Policy Landscape
™ State Initiatives
™ Net/Gross Metering
™ Emerging Business Models
™ Challenges and Solutions
™ Outlook
14. Captive Solar Segment
™ Policy Support and Incentives
™ Growth Drivers
™ Existing and Planned Capacity
™ Emerging Models
™ Issues and Concerns
™ Conclusion
15. Focus on Off-G
Grid
™ Solar Irrigation Pumps
™ Solar Water Heaters
™ Solar Cooking
™ Solar Lighting
™ Solar Micro-grids
™ Solar Air-Conditioning or Cooling
™ Telecom Towers
™ Case Studies
™ Challenges and the Way Forward
SECTION C: PLAYER PROFILES
16. Developer Profiles
™ Welspun Energy Limited
™ Mahagenco
™ NTPC Limited
™ Mahindra Solar One
™ ACME Solar
™ SunEdison
™ Azure Power
™ Green Infra Limited
™ Hindustan Cleanenergy Limited
™ Tata Power Renewable Energy Limited
™ Solairedirect
17. Manufacturer Profiles
™ Tata Power Solar Systems Limited
™ Waaree Energies Limited
™ Moser Baer Photovoltaic Limited
™ Solar Semiconductor Private Limited
™ XL Energy Limited
™ Indosolar Limited
™ Vikram Solar Private Limited
™ EMMVEE Photovoltaic Power Private Limited
™ Websol Energy Systems Limited
™ PLG Power Limited
™ Lanco Solar Private Limited
™ Bharat Heavy Electricals Limited
™ Rajasthan Electronics and Instruments
Limited
™ Central Electronics Limited
18. Appendix
Quarterly Updates
(July 2014; October 2014; January 2015)
3 quarterly updates (24-40 pages each) which
will cover:
- Update on JNNSM
- Summary of Key New Developments
- Analysis of Key Trends
- Status of Key Upcoming Projects
- Update on Existing Project Performance
- Analysis of Policy and Regulatory
Developments
- Key Data and Statistics
Release Date: May 26, 2014
No. of page: 486
The report is available along with a
presentation in PDF format.
Table of Contents

3. List of Tables and Figures
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Growth in Installed Solar Power Capacity
in India
Quarterly Growth in Installed Solar Power
Capacity (MW)
Grid-connected Solar Power Projects by
State and Programme as of March 2014
Growth in Installed Capacity of Off-Grid
Applications
Growth in Installed Capacity of Off-Grid
Applications under Phase I of the JNNSM
Utility-scale Project Allocations in 2012-
13 and 2013-14
Ongoing Utility-scale Project Allocations
Utility-scale Project Allocations Expected
in 2014-15
Rooftop Solar Project Allocations in
2013-14
Key Challenges Facing Various Solar Sub-
segments
Key Projects Commissioned During
2013-14
Total Solar Capacity Installed (MW) as of
March 2014
Subsidy Offered by MNRE for Solar PV
lights and Small Capacity Systems
Off-Grid Installations
State-wise Solar Power Capacity
Accredited under REC
Key Transactions during 2013-114
State-wise RPO Targets (%)
Growth in Average Benchmark Tariffs
Announced by CERC
JNNSM Phase II Batch I result
Key Solar Projects Allocated or
Announced During 2013-14
Cumulative Phase-wise Targets under the
JNNSM
Solar Capacity Commissioned under
JNNSM Phase I as of January 31, 2014
Comparison of Select Parameters of
JNNSM Bidding Processes
Project-wise Allocation for DCR Category
(Part-A) under JNNSM Batch I Phase II
Project-wise Allocation for Open Category
(Part-B) under JNNSM Batch I Phase II
Summary of Bid Results under Batch I
and Batch II of Phase I and Batch I of
Phase II
Estimated Investment Requirements under
JNNSM Phase II
State-wise Overall Profit/Loss
Creditors for Purchase of Power for
Utilities of Key States (no. of days)
Grades Assigned to Utilities of Key States
State-wise Open Access Summary
State-wise Solar Power Targets and
Achievement as on March 31, 2014
List of Developers Selected by RRECL for
Setting up Projects under Rajasthan Solar
Policy
Status of Projects Allotted under Round II
State-Level Tariffs for Solar PV
State-Level Tariffs for Solar Thermal
Summary of Tariffs Discovered under
State Solar Programmes
State-wise Solar RPO targets (%)
Revised Solar RPO Trajectory for Gujarat
Revised Solar RPO Trajectory for
Rajasthan
Proposed RPO Trajectory for Captive
Producers and Open Access Consumers
Proposed Total RPO Trajectory for Captive
Producers and Open Access Consumers
Proposed RPO Trajectory for Haryana
Solar RPO Related Developments Across
Select States
Key Features of the Andhra Pradesh Solar
Policy
Key Features of the Gujarat Solar Policy
Key Features of Rajasthan Solar Policy
Key Features of the Tamil Nadu Solar
Policy
Key Features of the Karnataka Renewable
Energy Policy 2009-14
Key Features of the Karnataka Solar Policy
Key Features of Chhattisgarh Solar Energy
Policy, 2012
Key Features of Kerala Solar Energy
Policy, 2013
Summary of Bihar Renewable Energy
Policy
Category-wise Provisions under Madhya
Pradesh Solar Policy
General Policy Provisions for Solar
Projects in Madhya Pradesh
Summary of Odisha Renewable Energy
Policy
Key Features of Odisha Draft Solar Policy
Key Features of Uttar Pradesh Solar Power
Policy
Key Features of Punjab Renewable Energy
Policy
Key Features of Haryana Renewable
Energy Policy
State-wise Classification of Solar Power
Projects Tracked for Project Performance
Average Generation in Solar Projects of 1
MW Size
Average Generation in Solar Projects of 5
MW Size
Average Generation in Solar Projects of
Various Sizes
Comparing the CUF of Solar Projects
across Key Districts (per cent)
Performance of c-Si Modules Provided by
Key Players
Performance of Thin-film Modules
Provided by Key Players
Average Generation, CUF and Module
Providers of Projects using both
Technologies
Average CUF of Projects by States
Average Capacity Utilisation Factor (%) of
Projects Developed by Integrated Solar
Power Developers
Average CUF of Projects Developed by
Key IPPs
Average CUF of Projects Developed by
Power Generating Companies
Average CUF of Projects Developed by
Diversified Players
Investment Estimates in Solar Power
Segment
Select Convertible Debentures
Transactions in the Solar Power Segment
Key Debt Transactions by Domestic
Commercial Banks in the Solar Segment
since June 2011
IREDA's Sanctions and Disbursements
Loans Granted by PFS for Solar Power
Projects
Key Debt Investments by IFC in Solar
Energy Projects/Companies since April
2011
Key Investments by ADB in Solar Energy
Projects/Companies since April 2011
Key Debt Investment made by OPIC in
Indian Solar Segment
Key Debt Investment made by the US Ex-
Im Bank in Indian Solar Segment
Funds Provided by Other Foreign
Development Banks
Key PE and VC Deals in Indian Solar
Industry during 2010-2013
Key Normative Parameters for Solar PV
and Thermal Power Plants as per CERC's
Draft Tariff Order
Cost Parameters for Solar PV Projects in
Key States
CERC Solar PV Plant Capital Cost
Breakdown
Normative Capital Costs of Solar Thermal
Projects
CERC Solar Thermal Plant Capital Cost
Breakdown
Indicative Capital Costs of Operational
Solar PV Projects
Comparison of CERC-determined
Levellised Solar Power Tariffs between
2009-10 and 2013-14
RoE for Projects with CUF of 19 per cent
RoE for Projects with CUF of 20 per cent
RoE for Projects with CUF of 21 per cent
RoE for Projects with CUF of 22 per cent
Returns from Solar Projects in Rajasthan
Returns from Solar Projects in Gujarat
Returns from Solar Projects in Karnataka
Returns from Solar Projects in Madhya
Pradesh
Returns from Solar Projects in Tamil Nadu
Net Benefit from REC-based Projects vis-
à-vis FiT (Rs per kWh)
Net Benefit Derived from REC Projects in
Various States for Different Scenarios
Installed Capacity of Key Solar Cell
Manufacturers in India
Manufacturing Capacity of Major PV
Module Manufacturers in India
Foreign Ingot/Wafer Manufacturers
Supplying to Indian Cell Makers
Contribution of Inverter Manufacturers to
Installed PV Capacity in India
List of Equipment Suppliers of Various
CSP Projects in India
Indigenous Manufacturers of CSP Solar
Block Components
Foreign Module Manufacturers with
Significant Presence in the Indian Market
Solar Rooftop Capacity Addition Targets
Tender-wise Average Solar PV Tariffs
Achieved
Transmission Capacity Requirement and
Number of Proposed Corridors under
Desert Power Plan
Proposed System Strengthening and Last-
mile Connectivity System to TANGEDCO
Network
Proposed Intra-state System
Strengthening and Last-mile Connectivity
System to GETCO Network
Proposed Intra-state System
Strengthening and Last-mile Connectivity
System to RVPN Network
Installed Rooftop Capacity
Key Drivers for Solar Rooftop Projects
Highlights of the Pilot Scheme for Large-
Scale Grid-Connected Rooftop Solar
Power Generation Scheme
Status of Solar Rooftop Programme as of
March 2014
State-wise Solar Rooftop
Policies/Schemes
Key Features of Net Metering Guidelines
of Select States
Select Solar CPPs Commissioned by
Central PSUs
Select Solar CPPs Planned by Central
PSUs
Select Solar CPPs Owned by Industrial
Power Consumers
Solar Power Capacity at Airports
State-wise Sanctioned and Installed Solar
Water Pumps
Achievement and Targets of Rajasthan's
Solar Water Pump Programme
Other State Initiatives to Promote Solar
Water Pumps
Cost Comparison between Solar and
Diesel-based Irrigation Pumps
Estimated Use of SWH Systems in India
State-wise SWH Installations
MNRE's Benchmark Cost and Subsidy for
SWHs
State-wise Distribution of ETC Controller-
Based SWH Manufacturers
Cost of SWH Systems
MNRE Subsidy for Dish Solar Cookers
and Steam Generator Systems
Growth in Solar Lighting Systems
Between 2007 and 2013
Physical Progress of Rural Village
Electrification Programme as of June
2013
Details of the Scheme for installation of
Solar Charging Stations with LED Lanterns
State-wise Sanctioned Solar Mini/Micro-
grid Projects
Key Initiatives of Various Players
Breakup of the SWH Capacity Installed in
the National Law University
WEL's Project Portfolio
WEL's Upcoming Projects by 2016-17
Mahagenco's Project Portfolio
NTPC's Existing Solar Projects
Key Financials of NTPC (Rs million)
Mahindra One's Project Portfolio
Acme's Project Portfolio
Projects Awarded to Acme under Batch I
of JNNSM Phase II
SunEdison's Project Portfolio
Project Awarded to SunEdison under
Batch I of JNNSM Phase II
Azure Power's Project Portfolio
Capacity Awarded to Azure Power under
JNNSM Phase II Batch I
Azure Power's Upcoming Rooftop Solar
Projects
Green Infra's Solar Projects
Hindustan Cleanenergy's Operational
Projects Abroad
TPREL's Financial Performance
Capacity Awarded to Solairedirect India
under DCR Category of JNNSM Phase II
Batch I
Modules Manufactured by TPSS
TPSS' Financial Results (Rs million)
TPSS' Revenues from Sales of Solar
Products
Modules Manufactured by Waaree
Energies
Moser Baer's Financial Performance in the
Solar Products Segment (Rs billion)
Moser Baer's Revenues from Solar
Products
Modules Manufactured by Solar
Semiconductor
Modules Manufactured by XL Energy
XL Energy's Financial Results (Rs million)
XL Energy's Revenues from the Energy
Division (Rs million)
Cells Manufactured by Indosolar
Indosolar's Financial Results (Rs million)
Indosolar's Breakup of Revenue from Sale
of Products (in Rs million)
Select Modules Manufactured by Vikram
Solar
Major Utility-scale Projects Employing
Vikram Solar Modules since January
2012
Select Modules Manufactured by
EMMVEE Photovoltaic Power
Websol Energy's Financial Results
Websol Energy's Revenues from Sale of
PV Cells and Modules (Rs million)
Modules Offered by PLG Power
LSPL's Financial Results (Rs million)
REIL's Year-on-year Increase in Key Solar
PV Installations (in units)
REIL's Financial Results (Rs billion)
Modules Manufactured by CEL
Key Solar PV Systems Installed by CEL
L
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Key Enablers for Solar Power Growth in
India
Share of Various Technologies in Total
Installed Capacity (%)
Scheme-wise Technology Share
Quarterly Solar Capacity Addition during
2013-14
Average Net Monthly Generation of
Crystalline Technology-based Solar
Projects
Average CUF of c-Si-based Projects
Average Net Monthly Generation (kWh) of
Thin-film Technology-based Projects
Average CUF of Thin-film Technology-
Based Solar Projects
Average Net Generation per MW
Project CUF across Technologies (%)
Average Monthly Generation of 1 MW
Solar Projects
Average CUF of 1 MW Solar Projects
Average Monthly Generation of 2 MW
Solar Projects
Average CUF of 2 MW Solar Projects
Average Monthly Generation of 5 MW
Solar Projects
Average CUF of 5 MW Solar Projects
Average Monthly Generation of 10 MW
Solar Projects
Average CUF of 10 MW Solar Projects
Average CUF of Solar Projects Over 10 MW
Average Monthly Generation of Solar
Projects Over 10 MW
Capacity Utilisation Factor in Major
Project Sizes
Average Monthly Net Generation of
Projects Developed by Integrated Solar
Project Developers
Monthly Net Average Generation of
Projects Developed by IPPs
Monthly Net Average Generation of
Projects Developed by Diversified Players
Comparison of Generation across Players
Comparison of Average CUF across
Players
Net Exported Power at SunEdison's Patan
Project
Capacity Utilisation Factor at SunEdison's
Patan Project
Net Generation at Mahagenco's Sakri
Project
Capacity Utilisation Factor at Mahagenco's
Sakri Project
Net Generation and Capacity Utilisation at
Acme Solar's Khambat Project
Net Generation at Green Infra's Rajkot
Project
Capacity Utilisation at Green Infra's Rajkot
Project
Monthly Generation Performance of M and
B Switchgears' Rajgarh Project
Price Movement of Blended Polysilicon
and Spot Polysilicon
Forecasted Growth in Polysilicon Capacity
and PV Generation Capacity
Spot Market Prices of Crystalline PV
Modules
Inverter Prices in India in 2013-14
Price of Crystalline and Thin-film
Modules in India (Rs per W)
Cost break-up of Cell Manufacturing
Process
Cost break-up of Module Manufacturing
Process
Market Share of Module Manufacturers in
India
Cost Break-up of Polysilicon
Manufacturing in India
Market Share of Inverter Suppliers in the
Indian Market
Year-wise Solar Capacity Addition in India
Programme-wise Installed Solar Capacity
in India (as of March 2014)
State-wise Solar Utility-scale Capacity
Addition During 2013-14
Share of Various Players in Solar Power
Capacity (%)
Market Share of Key Integrated Solar
Power Project Developers (%)
Market Share of Key Independent Power
Producers having Solar Power Capacities
Market Share of Key Power Generating
Companies having Solar Power Capacities
Scheme-wise Share of Various
Developers in Installed Solar Capacity
State-wise Presence of Various
Developers in Different States
Technology Choice for Solar Thermal
Projects (totaling 500 MW) under JNNSM
Phase I
Implementation Structure of Gandhinagar
Photovoltaic Rooftop Programme
Growth Drivers of Captive Solar Power
Capacity
Growth in SWH Systems

4. SOLAR
POWER
IN
INDIA
2014
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