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					</table><a href="https://totalenergies.com/" target="_blank" rel="noopener">TotalEnergies</a>, <a href="https://www.adanigreenenergy.com/about-us" target="_blank" rel="noopener">Adani Green Energy</a>, and <a href="https://bep.brookfield.com/" target="_blank" rel="noopener">Brookfield Renewable Partners</a> emerged as the leading global large-scale solar photovoltaic (PV) project developers in <a href="https://mercomcapital.com/" target="_blank" rel="noopener">Mercom Capital Group</a>&#8216;s Leading Global Large-Scale Solar PV Developers report released recently.
The report revealed the top ten global large-scale solar project developers between July 2022 and June 2023.
The developers from around the world with projects in at least two countries were considered based on a set of criteria comprising operational capacity, under-construction capacity, and projects with awarded power purchase agreements (PPA).
Mercom has considered projects with 1 MW or more capacity for the report.
TotalEnergies ranked first on the list of top solar project developers in the world, with a total capacity of 41.3 GW. Adani Green Energy, an India-based renewable energy developer, was second on the list with 18.1 GW; Canada-based Brookfield Renewable Partners ranked third with 18 GW.
&#8220;This year&#8217;s report includes several new companies, primarily led by European developers, but with project portfolios spread worldwide. Several leaders on the list are actively transitioning towards solar and other renewable energy sources. This shift aligns with the evolving priorities in the energy sector, focusing on achieving decarbonization goals set by nations and addressing energy security concerns in light of geopolitical developments,&#8221; said Raj Prabhu, CEO of Mercom Capital Group.
<img loading="lazy" decoding="async" class="aligncenter wp-image-61131 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2.jpg" alt="Top Global Large Scale Solar Developers List" width="1612" height="1543" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2.jpg 1612w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2-300x287.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2-768x735.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2-1536x1470.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2-650x622.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2-624x597.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2-600x574.jpg 600w" sizes="(max-width: 1612px) 100vw, 1612px" />
The top 10 developers accounted for a total of 145 GW of operational, under-construction, and PPA-contracted solar project capacity during the period.
Of these, 49.5 GW was operational, 29.1 GW was under construction, and 66.2 GW was PPA-contracted capacity.
Six of the ten top global solar project developers were from Europe, three from North America, and one headquartered in South Asia.
The top developer project portfolios were primarily located in North America, followed by Asia Pacific.
TotalEnergies led all three categories with 29.3 GW capacity under construction, PPA-contracted, and 12 GW operational capacity.
Brookfield Renewable Partners had the second largest capacity under construction and PPA-contracted with 13.6 GW, followed by Adani Green Energy at 11.1 GW.
<a href="https://www.enelgreenpower.com/" target="_blank" rel="noopener">Enel Green Power</a> ranked second for operational capacity with 9.2 GW, followed by Adani Green Energy at 7 GW.
Enel Green&#8217;s total capacity, including operational and pipeline projects, stood at 17.1 GW.
The other developers who made it to the top ten list include <a href="https://lightsourcebp.com/uk" target="_blank" rel="noopener">Lightsource bp</a> (12.3 GW), <a href="https://www.aes.com/" target="_blank" rel="noopener">AES Renewables</a> (10 GW), <a href="https://www.edf-re.com/" target="_blank" rel="noopener">EDF Renewables</a> (7.7 GW), <a href="https://invenergy.com/" target="_blank" rel="noopener">Invenergy</a> (7.2 GW), <a href="https://www.iberdrola.com/home" target="_blank" rel="noopener">Iberdrola</a> (6.8 GW), and <a href="https://www.ibvogt.com/" target="_blank" rel="noopener">ib vogt</a> (6.3 GW).
Mercom Capital&#8217;s report highlights the dynamic large-scale solar project development landscape around the world.
Mercom has <a href="https://mercomcapital.com/product/9m-q3-2023-solar-funding-ma-report/" target="_blank" rel="noopener">tracked</a> over 112 GW of solar projects changing hands between July 2022 and June 2023.
The full report, Leading Global Large-Scale Solar PV Developers, is available <a href="https://mercomcapital.com/product/2023-leading-global-large-scale-solar-pv-developers-report/" target="_blank" rel="noopener">here</a>.

TotalEnergies, Adani, Brookfield Emerge Top Global Large-Scale Solar Developers

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					</table>Here is a recap of important headlines from November 2023:
<a href="https://www.mercomindia.com/india-adds-5-6-gw-solar-47-yoy-drop" target="_blank" rel="noopener">In the first nine months of 2023, India has installed 5.6 GW of solar power capacity, marking a ~47% year-over-year (YoY) decrease from 10.5 GW.</a> The utility-scale solar project installations totaled 4.2 GW, a 54% YoY decline. The numbers were reported in Mercom India Research’s recently published Q3 2023 India Solar Market Update. Managing Director of Mercom India, Priya Sanjay, said, “Many projects have been granted extensions, with deadlines stretching until March 2024 and beyond, reducing the immediate urgency for installation.” She said healthier numbers are expected in Q1 of 2024.
<a href="https://www.mercomindia.com/solar-accounts-installed-power-capacity-q3-23" target="_blank" rel="noopener">Solar power accounted for 16.44% of the total installed power capacity and 39.4% of the total installed renewable capacity in the second quarter of 2023</a>, marginally up from 15.9% and 38.4% in the previous quarter. India’s installed renewable energy capacity, including large hydropower projects, stood at 177.1 GW, making up for 41.8% of the overall power capacity at the end of the quarter, according to data from the Central Electricity Authority, Ministry of New and Renewable Energy, and Mercom’s India Solar Project Tracker.
<a href="https://www.mercomindia.com/haryana-draft-solar-policy" target="_blank" rel="noopener">The Haryana government has unveiled the ‘Draft Haryana Solar Power Policy 2023,’ aiming for 6 GW of solar power installations by 2030.</a> This target comprises 3.2 GW of ground-mounted capacity, 1.6 GW of rooftop solar, and the solarization of 1.2 GW of irrigation pumps. Power distribution companies can set aside 20% of the ground-mounted solar capacity for small generators of up to 2 MW. They can issue separate tenders for this reserved capacity, and the tariff for small generators will be determined based on the bids.
<a href="https://www.mercomindia.com/karnataka-additional-surcharge-green-open-access" target="_blank" rel="noopener">Karnataka Electricity Regulatory Commission has approved an additional surcharge of ₹1.40 /kWh (~$0.017) for consumers availing power through open access for the financial year 2023-24</a>. The Commission has brought down the additional surcharge for all open access consumers procuring electricity from renewable sources from ₹1.48 (~$0.018)/kWh to ₹0.70 (~$0.0084)/kWh. The additional surcharge does not apply to captive consumption. The additional surcharge already paid by open access consumers will be adjusted, and the difference will be paid to or received from the power distribution companies.
<a href="https://www.mercomindia.com/maharashtra-hikes-banking-new-open-access-rules" target="_blank" rel="noopener">The Maharashtra Electricity Regulatory Commission has increased the banking charges for green energy open access consumers to 8% of the energy banked from 2%.</a> Following the Electricity Act 2003 and the Tariff Policy 2016, the Commission has enacted amendments to the Maharashtra Electricity Regulatory Commission (Distribution Open Access) Regulations, 2016. These changes, outlined in the (Second Amendment) Regulations, 2023, address recent sectoral developments, including amendments to the Electricity (Promoting Renewable Energy Through Green Energy Open Access) Rules, 2022.
<a href="https://www.mercomindia.com/indian-solar-exports-surge-q3-2023" target="_blank" rel="noopener">Solar cell and module exports from India surged 246% to $543.8 million (~₹45.5 billion) in Q3 of 2023 from $157 million (~₹12.5 billion) in Q3 2022</a>, according to recent data published by the Department of Commerce. Exports were up by 17% quarter-over-quarter from $463.8 million (~₹38.1 billion). The U.S. remained the top export destination in Q3 2023, accounting for 97.2%. Exports to the U.S. increased by 15.8% QoQ.
<a href="https://www.mercomindia.com/fdi-india-renewable-q2-fy24" target="_blank" rel="noopener">Foreign Direct investment (FDI) in India’s renewable energy sector saw a rise of 9% YoY in the Q2 of FY 2023-24.</a> FDI in renewables stood at $504.08 million (~₹42.01 billion) in Q2 compared to $461.51 million (~₹38.26 billion) in the same quarter last year, according to Ministry of Commerce and Industry data. The amount was, however, down 31% quarter-over-quarter from $737.17 million (₹60.73 billion). The market segments that witnessed the most investment flow during the quarter were solar, pumped hydro storage, and wind projects, mostly through the automatic route.
<a href="https://www.mercomindia.com/india-rooftop-solar-capacity-9m-2023" target="_blank" rel="noopener">India installed over 1.3 GW of rooftop solar capacity in 9M 2023, an increase of 12% YoY</a>, according to Mercom India Research’s newly released Q3 2023 Mercom India Rooftop Solar Market Report. India added 431 MW of rooftop solar capacity in Q3 of 2023, up 34.7% YoY. The installations also saw a quarter-over-quarter increase of 11.4% from 388 MW. India’s cumulative rooftop solar capacity reached 10.1 GW at the end of Q3 2023.
<a href="https://www.mercomindia.com/indias-solar-power-generation-in-2023" target="_blank" rel="noopener">India generated approximately 27 billion units (BU) of solar power in Q3 2023, up 19% YoY</a>, according to the data published by the Central Electricity Authority. The country’s solar power generation fell 12.1% QoQ after hitting a record high in Q2, as the seasonal monsoons dampened generation. Rajasthan, Karnataka, and Tamil Nadu recorded the highest solar power generation QoQ, with 9.5 BU, 3.4 BU, and 3.1 BU, respectively. However, solar generation in the top three states fell 7.2%, 15.3%, and 10.7% QoQ.
<a href="https://www.mercomindia.com/maharashtra-net-metering-cap-rooftop-5-mw" target="_blank" rel="noopener">The Maharashtra Electricity Regulatory Commission has increased the net metering cap for rooftop solar power projects to either 5 MW or the consumer’s contract demand/ sanction load</a>, whichever is lower. Net metering in the state was earlier capped at less than 1 MW. The increase in the net metering cap comes across as an effort to encourage the adoption of commercial and industrial rooftop installations. The Commission has also allowed consumers to opt for group net metering, net billing, or behind-the-meter connection.
<a href="https://www.mercomindia.com/rajasthan-tariff-kusum-component-c" target="_blank" rel="noopener">Rajasthan Electricity Regulatory Commission has approved a ceiling tariff of ₹3.55 (~$0.043)/ kWh for solar power projects to be set up under Component C</a> of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program for feeder-level solarization. The Commission directed distribution companies (DISCOMs) to apply the specified ceiling tariff in their upcoming bids. However, before each future bidding, DISCOMs should consistently assess market conditions.
<a href="https://www.mercomindia.com/uttar-pradesh-extends-educational-institutions" target="_blank" rel="noopener">The Uttar Pradesh Electricity Regulatory Commission has amended the rooftop solar grid-interactive system gross/net metering regulation of 2019, extending the net metering facility</a> to government and private educational institutions. Until now, the net metering option was available only for private tube wells and metered domestic consumers. The broadened coverage of the net metering facility is expected to benefit approximately 200,000 consumers falling under the Low Medium Voltage (LMV)-4A for public institutions, LMV-4B for private institutions, and High Voltage (HV)-1 categories, with a collectively sanctioned load of about 2,800 MW.
<a href="https://www.mercomindia.com/india-wind-energy-installations-fall-q3-2023" target="_blank" rel="noopener">India added 412 MW of wind power capacity in the third quarter of the calendar year 2023, representing a 53% YoY dip</a>, according to Mercom India Research. The installations were down 64% QoQ from 1,139.9 MW. The decline resulted from leading wind energy states like Karnataka and Rajasthan failing to register any installations during the quarter.
<a href="https://www.mercomindia.com/ministry-of-mines-issues-critical-minerals-blocks" target="_blank" rel="noopener">The Ministry of Mines has invited bids for the grant of concessions for 20 critical mineral blocks across seven states and one union territory.</a> The selection of eligible bidders will be based on the highest percentage of the value of mineral despatched quoted by them. The last date for the submission of bids is January 22, 2024. The tender document and applicable GST are priced at ₹300,000 (~$3,600). The total area allocated for the first-ever critical minerals auction is 463.995 hectares. The Ministry has identified four mineral blocks for mining leases and 16 mineral blocks for composite licenses, intending to conduct an electronic auction. The critical minerals essential for renewable energy listed in the auction include Lithium, Bauxite, Graphite, Nickel, Chromium, Copper, Manganese, and Molybdenum Ore.
<a href="https://www.mercomindia.com/procedure-carbon-credits-trading" target="_blank" rel="noopener">The Bureau of Energy Efficiency has issued the draft Detailed Procedure for Compliance Mechanism under the Carbon Credit Trading Program</a>. Under the new procedure, the Ministry of Environment, Forest and Climate Change will announce the greenhouse gas emission intensity targets for tons of carbon dioxide equivalent per unit of equivalent product for each defined trajectory cycle applicable to obligated entities.

Month in a Minute: Top Headlines from the Indian Renewable Sector in November 2023

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					</table>Large-scale projects are the drivers of solar development in India, with a pipeline of approximately 57 GW at the end of the second quarter (Q2) of 2022.
For India to achieve the ambitious target of 280 GW of solar power by 2030, more large-scale solar projects must be installed.
The industry is, however, beset by a host of challenges like supply chain constraints, rising prices, supply shortages, land acquisition, and transmission issues, holding them back from adding to these numbers. The basic customs duty (BCD) on imports, hike in Goods and Service Tax (GST) rates, the Approved List of Models and Manufacturers (ALMM), and transmission infrastructure delays in Rajasthan are also seen as hurdles.
Mercom India hosted a Solar Summit 2022 on July 28-29 in New Delhi. The summit addressed opportunities, emerging industry trends, the government’s solar installation goal, and supply chains.
A session dedicated to large-scale solar projects – ‘Large-Scale Solar Project Development – Keeping the Engine on Track’- deliberated on the current scenario, risk mitigation, the policy landscape, and measures to overcome hurdles in the way of large-scale project development.
The panelists were Dilip Nigam, Adviser, <a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>; Pradeep Kumar, Managing Director, <a href="https://www.longi.com/in/" target="_blank" rel="noopener">LONGi Solar India</a>; Sandeep Kashyap, COO, Solar Business, <a href="https://www.acme.in/" target="_blank" rel="noopener">ACME Group</a>; Saurabh Mehta, Head (BD and Project), <a href="https://www.mahindrasusten.com/" target="_blank" rel="noopener">Mahindra Susten</a>; and Vaibhav Roongta, Chief Business Officer, <a href="https://www.rayspowerinfra.com/" target="_blank" rel="noopener">Rays Power Infra.</a>
Priya Sanjay, Managing Director, Mercom India, moderated the session.
Policy Impact
Panelists spoke about how policy changes have impacted the large-scale solar installation numbers in the country.
Kashyap felt that while policies must be dynamic to help the sector, stability and clarity are equally important. “The MNRE has to an extent, helped most of the developers when it comes to providing extensions for projects on force majeure issues and GIB-related concerns. As a developer, if there is a stable policy for a few years, it really helps. Otherwise, there are financial pressures of handling policy changes as the raw material prices have also risen due to various supply chain issues.”
Mehta agreed with Kashyap.  “The government must ensure these changes don’t hurt the developers as we cannot factor in or forecast these changes when taking up projects. We keep a cushion for rupee depreciation, but the impact remains. The focus when picking large-scale projects is lower levelized cost of energy (LCOE) and managing the supply chain issues. For the short term post the BCD and ALMM implementation, we need strategies like importing cells for assembling modules in the country and part domestic sourcing. In the long term, we need more reliable and cost-effective domestic sourcing for the components.”
Roongta provided a solar park perspective where more players are involved and how the frequent policy change has a broad impact. “From an EPC perspective, the frequent changes hurt everyone involved since everyone is looking for ways to save cost. Extending projects without proper approvals can lead to penalties. Due to the supply shortage and new regulations, we juggle between bifacial and other technologies to manage projects and complete them on time.” He was confident that tariffs would become affordable with the execution of more and more large-scale projects.
Kumar spoke about how international manufacturers have lost business in the country. “Post-BCD and ALMM, we are currently running through a phase with no business at all. We are looking at a long-term plan and not just focusing on the Indian market but also globally for markets with scope. We are clear that the government&#8217;s intent is good and aims to boost domestic manufacturing and the local economy, so we plan to build partnerships along the same line and further our portfolio. In order to expand the domestic manufacturing capacity, the government must look at curtailing exports, providing PLI for the entire value chain, investing primarily in R&amp;D, provide continuous support through stable policies.”
Providing the government’s point of view on large-scale development and the way ahead, Nigam said, “We as a sector have come a long way. We must ensure transmission planning is more robust once we know where renewable energy projects are coming up. We have to ensure enough off-takers; otherwise, there is no point in installing so much capacity. More RTC and hybrid grid projects would also help get more DISCOMs on board. You can expect the same kind of support for domestic manufacturing as it is in China. We are in the process of finalizing a roadmap.”
The solar installation goal is stiff, and the challenges are many. It is more vital now than ever for the government to ensure that the hurdles in the way of the sector’s expansion are removed.
In May this year, Mercom <a href="https://mercomindia.com/india-needs-14-gw-to-meet-the-60-gw-by-2022/" target="_blank" rel="noopener">reported</a> that India needed 14 GW to meet the 60 GW large-scale solar target by 2022 that it has set for itself, which could be achieved easily if the government were to facilitate the commissioning of stalled projects.
Industry stakeholders <a href="https://mercomindia.com/policy-tweaks-achieve-indias-solar-target/" target="_blank" rel="noopener">believe</a>  that the government needs to tweak the policy regime for the solar target of 280 GW by 2030 to become a reality.

Policy Stability Vital for Large-Scale Solar Installations

According to Mercom’s recently released <a href="https://mercomindia.com/product/q2-2021-india-solar-market-update/" target="_blank" rel="noopener">Q2 2021 India Solar Market Update</a>, the average cost of large-scale solar projects in the second quarter of 2021 (Q2 2021) was ₹38.6 million (~$529,036)/MW.
The cost increased by 12% when compared to the same period <a href="https://mercomindia.com/average-cost-solar-fell-q2-2020/" target="_blank" rel="noopener">last year</a> when it was ₹34 million (~$455,532)/MW and a 5% rise from the <a href="https://mercomindia.com/higher-module-prices-raise-large-scale-rooftop-cost/" target="_blank" rel="noopener">previous quarter</a> (Q4 2020) when the cost was about ₹35.3 million (~$488,255)/MW.
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-28740" src="https://mercomindia.com/wp-content/uploads/2021/09/Q2-2021-Average-Large-Scale-Solar-Project-Cost-per-MW.png" alt="Q2 2021 Average Large Scale Solar Project Cost per MW" width="640" height="432" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/09/Q2-2021-Average-Large-Scale-Solar-Project-Cost-per-MW.png 640w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/09/Q2-2021-Average-Large-Scale-Solar-Project-Cost-per-MW-300x203.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/09/Q2-2021-Average-Large-Scale-Solar-Project-Cost-per-MW-624x421.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/09/Q2-2021-Average-Large-Scale-Solar-Project-Cost-per-MW-600x405.png 600w" sizes="(max-width: 640px) 100vw, 640px" />
The costs have soared due to the rise in the component costs led by modules and other commodities, along with a shortage of some raw materials. The global steel prices surged in the first four months of 2021. But steel producers struggled to supply as the production was low due to a shortage of iron ore, the raw material used to produce steel.
Meanwhile, the average cost per MW for rooftop solar installations was around ₹39.6 million (~$541,942)/MW, up 8% from the same period last year when costs stood at ₹36.5 million (~$489,027). The average cost for setting up rooftop solar systems was ₹38 million (~$524,445)/MW in the previous quarter, up roughly 4% quarter-over-quarter (QoQ).
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-28739" src="https://mercomindia.com/wp-content/uploads/2021/09/Q2-2021-Average-Rooftop-Solar-System-Cost-in-India-per-MW.png" alt="Q2 2021 Average Rooftop Solar System Cost in India per MW" width="562" height="368" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/09/Q2-2021-Average-Rooftop-Solar-System-Cost-in-India-per-MW.png 562w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/09/Q2-2021-Average-Rooftop-Solar-System-Cost-in-India-per-MW-300x196.png 300w" sizes="(max-width: 562px) 100vw, 562px" />
Increasing solar module ASPs continued in Q2 2021, driven by expensive polysilicon and higher raw material prices. Freight charges have remained high since last year due to shipping container shortages and global logistical challenges.
The container shortage issue has not yet been resolved, resulting in high freight charges, adversely impacting module prices. The module prices had surged due to the supply-demand gap, adding more financial burden on rooftop solar developers.
The rooftop solar sector has been seeing better financing opportunities with a reduction in the cost of debt, increased availability of equity, and the overall cost of financing going down. Q2 also saw many government tenders being issued, indicating a demand for rooftop solar in this segment.
However, bucking the trend, the bids have been <a href="https://mercomindia.com/tariff-neemuch-solar-auction-aberration/" target="_blank" rel="noopener">trending</a> down in the recent auctions, which is a cause for concern in the industry.

Average Cost to Build Large-Scale Solar Rises by 12% Year-Over-Year

The energy commission of Malaysia (<a href="https://www.st.gov.my/" target="_blank" rel="noopener noreferrer">Suruhanjaya Tenaga</a>) has awarded nearly 491 MW (490.88 MW) of large-scale solar projects to five companies.
The winning companies are ib vogt GmbH and Coara Solar, Cypark Resources Berhad and Impian Bumiria, JKH Renewables and Solarpack Asia, ENGIE Energie Services and TTL Energy, and Konsortium Beseri Jaya and Hanwha Energy Corporation Singapore.
The tender was <a href="https://mercomindia.com/malaysia-500-mw-solar-tender/" target="_blank" rel="noopener noreferrer">issued</a> in February 2019, by Suruhanjaya Tenaga to develop 500 MW of large-scale solar projects in Peninsular Malaysia. Once commissioned, the projects were to be connected to the grid and sell energy to Tenaga Nasional Berhad (TNB) under a power purchase agreement. This was the third large-scale solar project tender under the country’s large-scale solar program. The project capacity was between 1-100 MW and expected to be commissioned by 2021.
The tender document stated that interested bidders need to make a payment of RM 2,000 (~$490) for the purchase of the RfP documents.
In the notice inviting bidders, the electricity commission had stated that the proposals with the shallow connection would be encouraged to avoid unnecessary delays in the project implementation as well as reducing the cost of the interconnection. However, an alternative interconnection point may be offered by the bidder for consideration, subject to approval by the utility company.
Malaysia is a growing economy with rising energy demand. The country aims to increase its share of renewable energy from 2% to 20% by the year 2025.
In November 2018, Mercom <a href="https://mercomindia.com/malaysia-to-announce-tenders-500-solar-2019/" target="_blank" rel="noopener noreferrer">reported</a> that the Malaysian government was likely to come up with an open tender in 2019 for an estimated RM 2 billion (~$490 million) worth of solar projects.
The country’s leading utility company Tenaga Nasional Berhad (<a href="https://www.tnb.com.my/" target="_blank" rel="noopener noreferrer">TNB</a>), in April 2018, <a href="https://mercomindia.com/malaysia-ppa-60mw/" target="_blank" rel="noopener noreferrer">entered</a> into PPAs for 60 MW of grid-connected solar PV projects. This was after it <a href="https://mercomindia.com/tnb-ppas-180-mw-solar-malaysia/" target="_blank" rel="noopener noreferrer">entered</a> PPAs with six separate project developers to establish a combined 180 MW of grid-connected solar PV projects in March 2018. TNB had <a href="https://mercomindia.com/tenaga-nasional-berhad-secures-79-million-financing-50-mw-solar-project/" target="_blank" rel="noopener noreferrer">secured</a> RM 339 million (~$79 million) in financing from Affin Islamic Bank Bhd for a 50 MW large-scale solar project in Selangor, Malaysia, in August 2017.
Image credit: Solar Provider Group
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Malaysia Awards Over 491 MW of Solar Projects to Five Companies

The Indian solar industry did not fare as well as expected in 2019. The year saw some state-level policy upheavals, auction delays and cancelations, and a sluggish economy, among a range of other problems that thwarted the pace of solar installations. As the year comes to an end, Mercom looks back at the developments that got the most attention from our readers worldwide. Here are some of the top headlines from 2019:
<a href="https://mercomindia.com/35-gw-solar-installed-65-gw-more-india/" target="_blank" rel="noopener noreferrer">35 GW of solar Installed, 65 GW More to go for India to Reach its 100 GW Solar Target</a>
Total solar installations in India have crossed the 35 GW mark, according to Mercom’s India Solar Project Tracker. The country has a goal of reaching 100 GW of solar capacity by the end of 2022. Out of the 35 GW, ~31 GW of large-scale solar projects were in operation as of November 2019, while 4.1 GW of rooftop solar installations were recorded as of September 2019. India needs to install at a rate of over 20 GW a year to reach 65 GW of solar capacity in the next three years.
<a href="https://mercomindia.com/accurate-forecasting-renewable-generation/" target="_blank" rel="noopener noreferrer">Accurate Forecasting of Renewable Generation a Tough Task for Solar &amp; Wind Developers</a>
Renewable energy generation, especially from wind and solar power, is variable, due to its dependency on the weather. The most critical scheduling input comes from weather forecasting agencies. Without accurate weather prediction, it is impossible for a renewable generator to submit accurate schedules. With the seasonal variations, the generation frequency of renewables changes drastically in a shorter period, which the grid operators do not have the visibility into since until recently, the wind and solar generators were exempt from any forecasting and scheduling responsibilities.
<a href="https://mercomindia.com/india-e-commerce-industry-rooftop-solar/" target="_blank" rel="noopener noreferrer">India’s E-Commerce Industry: Untapped Market for Rooftop Solar</a>
The commercial and industrial (C&amp;I) segment is growing at a faster pace due to attractive solar tariffs as compared to retail power prices. However, even this segment has slowed down this year as installers have struggled to obtain financing. The 1 MW net metering cap has restricted rooftop growth. While educational institutions are an attractive rooftop solar market and corporate social responsibility funds can be tapped for its growth, the e-commerce sector can also be an attractive potential market for rooftop solar.
<a href="https://mercomindia.com/csr-funds-effective-tool-solar-expansion/" target="_blank" rel="noopener noreferrer">Corporate Social Responsibility Funds Can be an Effective Tool for Solar Expansion</a>
The concept of Corporate Social Responsibility (CSR) that was introduced through the Companies Act 2013 puts the onus on companies to formulate policies that will help uplift the community. As per the Companies Act, companies with a net worth of ₹5 billion (~$70.5 million) or more, or a turnover of at least ₹10 billion (~$141 million), or a net profit of a minimum ₹50 million (~$705,000), have to spend 2% of their average three-year annual net profit towards CSR activities in a given financial year. Even though the policy has been in place for years, compliance has been an issue, and the government is trying to enforce the CSR compliance aggressively.
<a href="https://mercomindia.com/lack-insurance-solar-modules-holding-indian-modules/" target="_blank" rel="noopener noreferrer">Lack of Insurance for Solar Modules Holding Back India-Made Modules</a>
Lack of insurance products for solar PV modules in India is a problem that needs to be addressed. Indian solar module manufacturers often point out that the Chinese government has made it a point to provide module insurance, thereby making it more attractive to solar PV project developers. Insurance generally backs up the warranty that’s extended by the manufacturers to their clients. The warranties generally are 10-year product warranty and 25-year performance warranty. The insurance companies usually inspect the manufacturing unit before extending the insurance offer for projects of 2 MW and above. They also offer export insurance. However, not all manufacturers have insurance.
<a href="https://mercomindia.com/harsh-penalties-deviation-settlement-solar-wind/" target="_blank" rel="noopener noreferrer">Harsh Penalties for Deviation Settlement is Playing Havoc with Solar, Wind Projects</a>
Due to the intermittent nature of wind and solar energy, forecasting and scheduling are essential for stable and efficient grid management. Over the past couple of years, central and several state electricity regulatory commissions have issued forecasting guidelines for the industry. These guidelines provide a methodology in case there is a deviation in the generation, and developers are required to pay penalties due to these deviations. This process is called deviation settlement mechanism (DSM) through which developers compensate electricity grid infrastructure providers for errors in forecasting and scheduling of power generated by their projects.
<a href="https://mercomindia.com/land-impediment-large-scale-solar/" target="_blank" rel="noopener noreferrer">Land is Still the Biggest Impediment for Large-Scale Solar Development</a>
Even with the headway made in the solar sector, large-scale project development is not easy. After hearing from solar developers, Mercom found that land acquisition, transmission, and successfully acquiring approvals remain a challenge to commission large-scale projects on time. Land acquisition is one of the single biggest challenges, and even the most experienced developers seem to have problems with it. Developers mentioned that solar park projects, where the government provides land, are also becoming increasingly competitive, forcing them to look at other state tenders. However, even the government is running into difficulties with respect to acquiring land and transmission infrastructure.
<a href="https://mercomindia.com/nbfc-crisis-financing-challenges-utility-scale-solar/" target="_blank" rel="noopener noreferrer">India’s NBFC Crisis Exacerbating Financing Challenges for Utility-Scale Solar Projects</a>
Since September 2018, India’s Non-Bank Financial Companies (NBFC) have been in a crisis after Infrastructure Leasing, and Financial Services (IL&amp;FS) admitted to defaulting on several payments to its creditors, consequently leading to a liquidity crisis. Broadly, the cause of the problem was how NBFCs had borrowed money from banks and investors to finance long term infrastructure projects stalled due to several reasons. This has essentially led to the drying up of funds in such financial institutions, making them unable to extend credit to infrastructure, housing, and retail sectors.
<a href="https://mercomindia.com/serious-policy-push-indias-rooftop-solar-market/" target="_blank" rel="noopener noreferrer">Serious Policy Push Needed to Get India’s Rooftop Solar Market to the Next Level</a>
New policy ideas and implementation by central and state governments is the need of the hour as we are beginning to see some slowdown. Most of the growth in the rooftop segment is currently coming from C&amp;I consumers, but residential rooftop has lagged due to financing challenges and unfriendly net metering policies in states where the policy exists mostly in name only. Net metering has always been seen as a threat by DISCOMs and has been a drag on the rooftop sector. Approval processes can be lengthy which can last anywhere between three to six months, discouraging most consumers.
<a href="https://mercomindia.com/small-rooftop-solar-companies-struggle-viable-financing/" target="_blank" rel="noopener noreferrer">Small Rooftop Solar Companies in India Struggle to Find Viable Financing Options</a>
Financing residential rooftop for small businesses has been extremely challenging. Compared to the United States or Europe, where every company and individual has a credit risk profile, India lacks such a system making it extremely risky to lend. A new system or program is needed to finance such consumers and expand the reach of rooftop solar. The rooftop segment is still relatively small and new, and banks have yet to get comfortable lending to these projects.
Image credit: Solariaenergia

Mercom India’s Most Read Articles of 2019

India saw a significant increase in new large-scale solar PV tenders announced with over 22 GW of mega solar tenders announced in the year 2018. According to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener noreferrer">India Solar Tender Tracker</a>, over 40 GW of large-scale solar projects were tendered in 2018.
Here is a quick glance at all the gigawatt solar tenders issued through the year 2018:
7.5 GW Solar Tender by SECI: The Solar Energy Corporation of India (SECI) issued a tender for the <a href="https://mercomindia.com/seci-rfs-7-5-gw-solar-leh-kargil/" target="_blank" rel="noopener noreferrer">development of 7.5 GW</a> of grid-connected solar power projects as part of <a href="https://mercomindia.com/jammu-kashmir-solar-kargil-leh/" target="_blank" rel="noopener noreferrer">MNRE’s scheme</a> approved by Government of India for setting up of 23 GW Solar PV Projects in Leh and Kargil regions in Jammu &amp; Kashmir.<a href="https://mercomindia.com/wp-content/uploads/2019/01/l1.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-12386" src="https://mercomindia.com/wp-content/uploads/2019/01/l1.png" alt="" width="408" height="168" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/01/l1.png 408w, https://cms.mercomindia.com/wp-content/uploads/2019/01/l1-300x124.png 300w" sizes="(max-width: 408px) 100vw, 408px" /></a>
2 GW by NTPC: <a href="https://mercomindia.com/ntpc-tenders-2-75-gw-solar/" target="_blank" rel="noopener noreferrer">In March 2018</a>, National Thermal Power Corporation (NTPC) tendered a total of 2 GW of grid-connected solar projects to be developed across the country and the tariffs quoted in the auction held in August 2018 ranged between <a href="https://mercomindia.com/ntpc-2-gw-solar-auction-results/" target="_blank" rel="noopener noreferrer">₹2.59 &#8211; 2.60 (~$0.0372 &#8211; 0.0373)/kWh</a>.
<a href="https://mercomindia.com/wp-content/uploads/2019/01/l2.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-12387" src="https://mercomindia.com/wp-content/uploads/2019/01/l2.png" alt="" width="409" height="170" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/01/l2.png 409w, https://cms.mercomindia.com/wp-content/uploads/2019/01/l2-300x125.png 300w" sizes="(max-width: 409px) 100vw, 409px" /></a>
2 GW by SECI: SECI tendered <a href="https://mercomindia.com/seci-tender-2gw-ists-solar/" target="_blank" rel="noopener noreferrer">2 GW of ISTS</a> connected solar capacity in January 2018, for which the auction was held in July 2018. The lowest tariff quoted by ACME Solar was <a href="https://mercomindia.com/seci-2-gw-ists-solar-auction-winners/" target="_blank" rel="noopener noreferrer">₹2.44 (~$0.0355)/kWh</a> and the tariffs ranged between ₹2.44 -2.54 (~$0.0355 &#8211; 0.0370)/kWh.
<a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener noreferrer"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-12332" src="https://mercomindia.com/wp-content/uploads/2019/01/cn.png" alt="" width="605" height="79" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/01/cn.png 605w, https://cms.mercomindia.com/wp-content/uploads/2019/01/cn-600x78.png 600w, https://cms.mercomindia.com/wp-content/uploads/2019/01/cn-300x39.png 300w" sizes="(max-width: 605px) 100vw, 605px" /></a>
1.4 GW by MSEDCL: <a href="https://mercomindia.com/maharashtra-solar-tender-50-mw-30-districts/" target="_blank" rel="noopener noreferrer">In September 2018</a>, Maharashtra State Electricity Distribution Company Ltd. (<a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;cad=rja&amp;uact=8&amp;ved=0ahUKEwi3tv6uoJXYAhVD8IMKHepjCLoQFggpMAA&amp;url=http%3A%2F%2Fwww.mahadiscom.com%2F&amp;usg=AOvVaw2QxivFcdTQaLrnZ2QmlQTP" target="_blank" rel="noopener noreferrer">MSEDCL</a>) floated a tender to develop 1.4 GW of solar projects in 30 circles of the state. While 50 MW of solar projects will be developed in 26 circles, 25 MW of solar projects will be developed in 4 circles.
<a href="https://mercomindia.com/wp-content/uploads/2019/01/l3.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-12388" src="https://mercomindia.com/wp-content/uploads/2019/01/l3.png" alt="" width="407" height="166" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/01/l3.png 407w, https://cms.mercomindia.com/wp-content/uploads/2019/01/l3-300x122.png 300w" sizes="(max-width: 407px) 100vw, 407px" /></a>
1.2 GW by NTPC: In November 2018, NTPC <a href="https://mercomindia.com/ntpc-tender-1-2-gw-solar-maharashtra/" target="_blank" rel="noopener noreferrer">tendered</a> 1.2 GW of ISTS-connected solar PV projects to be developed in the western region of the country. In the tender, the NTPC stated that the projects will be developed near NTPC switchyards.
1.2 GW Hybrid Tender by SECI: In June 2018, SECI tendered 2.5 GW of ISTS-connected <a href="https://mercomindia.com/seci-tenders-2-5-gw-of-ists-wind-solar-hybrid/" target="_blank" rel="noopener noreferrer">wind and solar hybrid projects</a> to be developed across the country. Later, the capacity was <a href="https://mercomindia.com/seci-reduces-solar-wind-hybrid-rfs/" target="_blank" rel="noopener noreferrer">reduced</a> to 1.2 GW. Since the tender was <a href="https://mercomindia.com/secis-1-2-gw-hybrid-tender-undersubscribed-150-mw/" target="_blank" rel="noopener noreferrer">undersubscribed by 150 MW</a>, SECI auctioned only 80 percent of the bid capacity.
<a href="https://mercomindia.com/wp-content/uploads/2019/01/l5.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-12390" src="https://mercomindia.com/wp-content/uploads/2019/01/l5.png" alt="" width="406" height="167" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/01/l5.png 406w, https://cms.mercomindia.com/wp-content/uploads/2019/01/l5-300x123.png 300w" sizes="(max-width: 406px) 100vw, 406px" /></a>
1.2 GW by KREDL: In <a href="https://mercomindia.com/kredl-tenders-1200-mw-pavagada/">January 2018</a>, Karnataka Renewable Energy Development Limited (<a href="http://kredlinfo.in/" target="_blank" rel="noopener noreferrer">KREDL</a>) tendered 1.2 GW of grid-connected solar PV projects to be developed at Pavagada Solar Park, in Karnataka’s Tumkur district. However, KREDL was able to <a href="https://mercomindia.com/lowest-tariff-kredl-pavagada-solar-auction/" target="_blank" rel="noopener noreferrer">auction merely 550 MW</a> of the tendered capacity in April 2018 and retendered the <a href="https://mercomindia.com/kredl-retenders-650-mw-solar-pavagada/" target="_blank" rel="noopener noreferrer">remaining 650 MW</a> capacity.
1.2 GW by SECI: On the last day of the year 2018, SECI issued a tender to setup <a href="https://mercomindia.com/seci-three-tenders-solar-wind-manufacturing/" target="_blank" rel="noopener noreferrer">1.2 GW</a> of ISTS connected solar PV power projects (ISTS-III).
1.2 GW hybrid tender by SECI: On the same day of announcement, SECI also issued another tender to develop 1.2 GW of ISTS-connected wind solar hybrid power projects (tranche-II).
1 GW by MSEDCL: In April 2018, MSEDCL retendered 1 GW of grid-connected solar PV projects <a href="https://mercomindia.com/msedcl-retenders-1-gw-solar-meet-rpo/">in order to meet</a> its Renewable Purchase Obligation (RPO) which was initially floated in <a href="https://mercomindia.com/msedcl-tenders-solar-meet-rpo/" target="_blank" rel="noopener noreferrer">December 2017</a>. Lowest tariff of ₹2.71 (~$0.0401)/kWh was quoted in the auction <a href="https://mercomindia.com/l1-tariff-1gw-solar-auction-msedcl/" target="_blank" rel="noopener noreferrer">held in May 2018</a>.
1 GW by MSEDCL: <a href="https://mercomindia.com/msedcl-tender-1-gw-solar/" target="_blank" rel="noopener noreferrer">In April 2018</a>, <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;cad=rja&amp;uact=8&amp;ved=0ahUKEwi3tv6uoJXYAhVD8IMKHepjCLoQFggpMAA&amp;url=http%3A%2F%2Fwww.mahadiscom.com%2F&amp;usg=AOvVaw2QxivFcdTQaLrnZ2QmlQTP" target="_blank" rel="noopener noreferrer">MSEDCL</a> tendered 1 GW of solar PV projects to be developed under the Mukhyamantri Saur Krushi Vahini Yojana.
<a href="https://mercomindia.com/wp-content/uploads/2019/01/l6.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-12391" src="https://mercomindia.com/wp-content/uploads/2019/01/l6.png" alt="" width="406" height="164" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/01/l6.png 406w, https://cms.mercomindia.com/wp-content/uploads/2019/01/l6-300x121.png 300w" sizes="(max-width: 406px) 100vw, 406px" /></a>
1 GW by MSEDCL (Phase-II): MSEDCL issued a tender for 1 GW of solar projects under the Maharashtra Solar Policy with a ceiling tariff of <a href="https://mercomindia.com/maharashtra-solar-tender-1-gw/" target="_blank" rel="noopener noreferrer">₹2.80 (~$0.039)/kWh</a> in December 2018.
1 GW Floating Solar by MSEDCL: In the same month, MSEDCL issued another tender to develop 1 GW of <a href="https://mercomindia.com/maharashtra-rfs-floating-solar-tariff/" target="_blank" rel="noopener noreferrer">floating solar PV</a> power project on Ujjani dam in Solapur district, setting the upper tariff limit at ₹3 (~$0.043)/kWh.
Subscribe to <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener noreferrer">Mercom India Solar Tender Tracker</a> to keep up with tenders and auctions as they happen.
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Image credit: Azure Power

A Snapshot of India’s Giga Solar Tenders from 2018

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Utility scale solar in India has seen exponential growth over the past two years with installations of approximately 9 GW to date, making up about 94 percent of total installations. Tata Power has come out on top with the largest share of operating projects in India, while ReNew Power comes out on top for the largest pipeline of large-scale projects in the country. With a steep fall in module prices over the last six months and slow development of the rooftop market, large-scale project development is expected to continue to make up a majority of solar installations in the country.
While developers like Adani and Azure have grown by building project pipelines organically over time, Tata Power and Greenko have taken the route of growth by acquisition. As the large-scale solar market grows, there are plenty of opportunities for entering the space though acquisitions.
Top Developers: Projects in Operation
Currently, there are approximately 200 developers with projects of at least 5 MW or more in operation. The top 20 developers account for almost 60 percent of all operating utility-scale projects in the country. Large conglomerates and private equity-backed pure-play developers are leading large-scale project development.
With the acquisition of Welspun Renewables’ portfolio, Tata Power is the top Indian solar project developer with operational utility-scale projects accounting for over 850 MW, almost 10 percent of the market, according to Mercom’s <a href="http://bit.ly/MercomIndiaDec2016Form" target="_blank" rel="noopener noreferrer">Solar Quarterly Market Update Dec 2016</a>. With several large installations, Adani has jumped up to second spot with almost 800 MW and 9 percent of market share and is expected to take the top spot in 2017.
<a href="https://mercomindia.com/wp-content/uploads/2017/06/TopDevelopers-OperatingProjects-Dec2016.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-4794" src="https://mercomindia.com/wp-content/uploads/2017/06/TopDevelopers-OperatingProjects-Dec2016.png" alt="" width="729" height="450" /></a>Top Developers: Project Development Pipeline
About 110 project developers have pipeline of 5 MW or more. ReNew Power is on top with a pipeline of over 1.3 GW accounting for nearly 10 percent of the market, with Adani taking the second spot again with over 1.2 GW, a 9 percent market share due to several project completions. Greenko follows closely with 8 percent largely due to its acquisition of the Indian project pipeline from SunEdison.
Adani is poised to become the largest Indian solar developer both in terms of operational and under development projects soon.
Click here to download the complete <a href="http://bit.ly/MercomIndiaDec2016Form" target="_blank" rel="noopener noreferrer">report</a>.
<a href="https://mercomindia.com/wp-content/uploads/2017/06/Top20Developers-Pipeline-Dec2016.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-4793" src="https://mercomindia.com/wp-content/uploads/2017/06/Top20Developers-Pipeline-Dec2016.png" alt="" width="727" height="463" /></a>
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