A Month in a Minute: Top Indian Renewable Energy Stocks in February 2022

Here’s a recap of some of the most important titles of February 2022:

India installed a record 10 GW of new solar capacity in 2021, a big leap of 210% year-on-year (YoY) from the 3.2 GW installed in 2020, according to the recently published report by Mercom India Research for the fourth quarter and annual update of the Indian solar market. This is the highest solar installation capacity ever recorded in one year in India. The cumulative installed solar capacity amounts to 49.3 GW. The country also has a development pipeline of over 53 GW. In Q4 2021, India added 2.6 GW of solar, down 7% from 2.8 GW installed in Q3 2021. Installations were up 74% year-on-year from 1 .5 GW in the fourth quarter of 2020.

Solar tenders totaling approximately 6 GW have been floated by various government agencies in the fourth quarter (Q4) of calendar year (CY) 2021, a 6% increase from 5.8 GW in Q3 2021, according to Mercom India Research. The figures are down 26% compared to the same period last year. Auction activity was down 52% quarter-over-quarter (QT) and numbers were 4.3 GW for the quarter, down from 8.9 GW in Q3 2021. The numbers were up. increased by 44% compared to the same period last year.

Distribution companies (DISCOM) from ₹141.42 billion (~$1.89 billion) in overdue payments (excluding disputed amounts) at the end of January 2022, according to data published by the Department of Energy. The figure reported for January was 27% lower at ₹194.52 billion (~$2.61 billion) posted at the end of December 2021. According to data published by PRAAPTI, the outstanding amount of renewable generators at the end of the month stood at ₹11.75 billion (~$157.13 million).

In 2021, India imported solar cells and modules worth $3.52 billion (~₹262.6 billion), an increase of 641% from 2020. In 2020, India’s solar sector had imported solar modules and cells worth nearly $475.78 million (~₹34.65 billion). Exports increased by 58%, amounting to $133.36 million (~₹9.88 billion) in 2021 from $84.16 million (~₹6.13 billion) in 2020. Imports increased soared as the industry began to recover from the adverse effects of the COVID-19 pandemic. , and delayed projects have resumed construction activity.

Self-certification of solar photovoltaic (PV) inverters under the Bureau of Indian Standards (BIS) has been widened from December 31, 2021 to June 30, 2022, via a new notification issued by the Ministry of New and Renewable Energies (MNRE). However, the delay is subject to the condition that the manufacturers have valid accreditation from the International Electrotechnical Commission (IEC) and test reports from international testing laboratories for the proper execution of the order.

india installed renewable energy capacity, including large hydroelectric projects, amounted to 150.4 GW, representing a 38.41% share in the overall energy mix at the end of the fourth quarter (Q4) of 2021, according to data from the Central Electricity Authority (CEA), the Ministry of New and Renewable Energy (MNRE) and Mercom’s India Solar Project Tracker. The share of renewables increased slightly compared to last quarter, when the total number of renewable installations was 148.08 GW, with a share of 38%.

India generated approximately 68.77 billion units (BU) of solar energy in calendar year (CY) 2021, an increase of 18% year-on-year (YoY) from 58.19 BU generated the previous year, driven by new capacity installations. According to Mercom’s Third Quarter 2021 Indian Solar Market Update Report, India installed 7.4 GW of new solar capacity in the first nine months of 2021, a 335% year-on-year increase from compared to the 1.73 GW installed in the same period last year. The cumulative installed capacity at the end of the third quarter of 2021 amounts to 47 GW.

REC limited disbursed ₹4.7 billion (~$62.93 million) in loans to the renewable energy sector in the third quarter (Q3) of FY2022. This amount represents a 10% increase from the ₹4.27 billion (~$57.17 million) disbursed during the same period last year. In the third quarter of FY2022, the company provided ₹118.39 billion (~$1.58 billion) in power sector loans, down from ₹186.98 billion (~$2.5 billion). dollars) at the same time last year.

India added 1.45 GW of wind capacity in 2021, a 30% year-on-year (YoY) increase from the 1.11 GW installed the previous year, according to recent data released by the Ministry of New and Renewable Energy. India had over 40 GW of installed wind capacity at the end of 2021. However, capacity additions fell by 58% year-on-year in the fourth quarter (Q4) of 2021 with 212 MW, compared to 500 MW in 2020 .

The Indian Energy Exchange (IEX) negotiated 280 million units (MU) of renewable energy in January 2022, a decrease of 23.28% month-on-month (MoM) compared to the 365 MU traded the previous month. The exchange traded 8.65 billion units (BU) of energy during the month, growing 16% year-over-year (YoY). Power consumption increased 2.43% year-on-year to 112.67 BU during the month. In January 2022, peak electricity demand stood at 192.07 GW, growing 1.09% year-on-year.

Three subsidiaries of Adani Green Energy (AGEL) – Adani Green Energy (UP), Prayatna Developers and Parampujya Solar Energy have raised ₹6.123 billion (~$82.04 million) by their first issue of national bonds in the context of a private placement. According to the company’s statement, non-convertible debentures (NCDs) rated, listed, secured and redeemable with a face value of ₹1 million (~$13,383.55) each, in several series, have a coupon rate annualized average of 7.83% per year, which is significantly lower than existing debt. NTMs have a lifespan of up to about 12 years. Proceeds from the NCDs will be used to partially refinance an existing rupee term loan carrying a higher interest cost.

The Indian Renewable Energy Development Agency (IREDA) has announcement an updated list of successful bidders for setting up production capacities of at least 10 GW of vertically integrated high-efficiency solar modules under the Production Linked Incentive (PLI) scheme. According to the updated list, Reliance New Energy Solar’s PLI award amount is increased to ₹19.17 billion (~$254.24 million) for 4 GW capacity. Adani Infrastructure has been awarded a PLI of ₹6.63 billion (~$87.93 million) for a capacity of nearly 737 MW under the bucket fill method. Jindal India Solar Energy, which secured a PLI of ₹13.90 billion (~$186.8 million), has decided to withdraw from the bidding process.

The Solar Energy Society of India (SECI) disbursed payments of ₹5.43 billion (~$72 million) to solar and wind power generators for electricity purchased in January 2022. The amount disbursed represented 78% of the total amount paid by the nodal agency during the month. The nodal agency disbursed a total of ₹6.9 billion (~$91.51 million) in January, which included purchases of solar and wind energy, reimbursements to developers, rights and other compensation .

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