RE
UPDATE

Q4
2023
Lead Sponsors
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CONTENTS
EXECUTIVE SUMMARY | 6 INSTALLATION TRENDS | 7
Cumulative installation trends 7
Yearly installation trends and projections 8
Yearly Projections 9
Quarterly trends 10

MARKET SHARES | 12 QUARTERLY RE GENERATION | 15

Inverter Suppliers 12
Module Suppliers 13

TENDERS | 17 GTAM TRADED VOLUME | 25

New tenders 17
Successful auctions 22
Tariff trends 24

FINANCING DEALS | 26 PRICE TRENDS | 27

IMPORT-EXPORT STATISTICS | 28 FINANCIALS LEADING PLAYERS | 30

Exports by key domestic players 29
 EXECUTIVE SUMMARY
In Q4 2023 (October-December 2023), about 1.42 GW of utility-scale
solar capacity was added. This is about 67% higher than the
previous quarter's installations. In the wind segment, about 0.17 GW
was added, which is 138% lesser than the Q3 2023 installations. In
rooftop solar, there were no installations during this quarter.
From January to December 2023, about 6.5 GW of new utility-scale
solar capacity was added in India. This is about 42.5% lesser
installations than in January-December 2022 period. In the rooftop
solar segment, there was a substantial installation of 3 GW in 2023,
representing a significant growth of 58% compared to 2022.
About 2.84 GW of new wind capacity was added during January to
December 2023, which is 53.5% higher than the 1.85 GW capacity
added in the year 2022.
According to JMK Research, in CY2024, about 20.6 GW of new solar
capacity is expected to be added in India (16 GW from utility-scale,
4 GW from rooftop solar and another 600 MW from off grid
component). Whereas in the wind segment, it is projected that
around 4.5 GW of new capacity is likely to be added in CY2024.
Further, according to the Q4 2023 equipment shipment data
received by JMK Research, more than 7.9 GW of central and string
inverters and more than 10.7 GW of modules were shipped in India
in Q4 2023. Sungrow was the leading inverter supplier followed by
Updates
RE Updates
FIMER and Sineng. In the fourth quarter of 2023, Jinko was the
leading module supplier contributing around 35% share of all
shipments in India.
2023 RE
With reference to tender activity, in Q4 2023, 77 new tenders with a
Q3 2023
cumulative capacity of 34.1 GW were issued across renewable
segments, which is about 21.2% higher than the previous quarter.
Q4
6
Out of the total auctioned capacity in Q4 2023, Avaada won the
maximum solar capacity of 1400 MW, followed by NTPC (900 MW), and
NLC India (810 MW). In the wind segment, Avaada and Juniper Green
won 50 MW each. In the hybrid segment, Acme and Juniper Green
won the maximum capacities of 550 MW and 430 MW respectively.
In Q4 2023, the lowest-winning tariff in the solar segment was INR
2.52/ kWh under SECI 1000 MW ISTS connected solar tender which
is approximately 3.07% less than the tariff discovered in the
previous quarter under SECI’s 2000 MW ISTS connected solar
tender. The lowest-winning tariff in the wind solar hybrid
segment was INR 3.35/ kWh under the NTPC 1500 MW Wind Solar
Hybrid tender which was around 2.44% higher than the lowest
wind solar hybrid tariff discovered under Tata Power’s 225 MW Wind
Solar Hybrid tender in the previous quarter (Q3 2023).
Solar module imports increased by 138% and solar module exports
decreased by 38.5% in this quarter. The rise in the solar module import
figure is because of the sharp reduction in solar module and cell
prices globally.
In Q4 2023, the top 3 players i.e. Waaree, Vikram Solar and Adani have
contributed solar modules exports of about 50-80% out of their total
production capacity. These major Indian players are exporting modules
mainly to the U.S. due to higher available profit margins. Indian players
got this opportunity due to the restriction on imports of Chinese
modules followed by enactment of the Uyghur Forced Labor
Prevention Act (UFLPA).
The report also analyses module price trends in India, investments and
deals, details of which are elaborated in further sections.
 INSTALLATION TRENDS
Cumulative installations trends

India’s renewable capacity installation reached 133.88 GW as of
December 31, 2023. Solar continues to be the major contributor
with a 55% share in the total renewable mix, which is followed by
wind with a 33% share.
As of December 31, 2023, about 73.3 GW of solar and 44.7 GW of
wind capacity were installed in India. The current pipeline of com-
bined capacity of solar, wind, and hybrid projects is around 85.9 GW,
which is likely to be commissioned in the next 5-7 years. Another 67.6
GW of projects are under the bidding phase i.e., where tenders have
been issued but auctions are not yet completed.

Figure 2.1: RE Installations trends, as of December 31, 2023

l l Hy dro
Sma %)
(4 160
r
we
Po ) 18.9
io %
B (8
Under Bidding
120
Pipeline
So

Capacity (GW)
59.3
la r

Commissioned
( 5 5% )

100% 80
87.7 GW =
133.88 GW 6.4
)
( 33 %

7.2 8
40 73.3
ind
Updates
Updates
REUpdates

70.1
W

44.7 43.8 23.4

18.9
13.4 6
0
RE
2023RE

Solar Wind Hybrid Pumped

2023

Hydro Storage
Q22023
Q4
Q3

Source: MNRE, JMK Research

Note: Solar includes utility scale solar, rooftop solar, distributed/ off grid solar
7
 INSTALLATION TRENDS
Yearly installation trends and projections Figure 2.2: State-wise solar and wind capacity addition in India from January 2023-
December 2023

Utility Scale Solar: From January to December 2023, about 6.5 GW 3,500
of new utility-scale solar capacity was added in India. This is about Utility Scale Solar
3,000 Rooftop Solar
42.5% lesser installations than in January-December 2022 period.Ra-

Capacity (MW)
jasthan (2.19 GW), Gujarat (1.31 GW), Maharashtra (0.97 GW), Tamil 2,500 Off-grid Solar
Nadu (0.86), and Karnataka (0.36 GW) have emerged as the top lead- wind
ing states with significant large-scale solar installations in the country 2,000

during Jan-Dec 2023.. According to the recent upsurge in tender 1,500

activity, it is anticipated that utility-scale solar installations are likely to
increase going forward. 1,000

Rooftop Solar: In the rooftop solar segment, there was a substantial 500
installation of 3 GW from January to December 2023, representing a
0
significant growth of 58% compared to the year 2022.

at

ra

s
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ak

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ht
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at

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uj

as
Distributed /Off-Grid Solar: From January to December 2023, 500

O
rn
ja
G

il

Pr
ar

m
Ra

Ka

ah

a
Ta
MW of Off-grid solar was installed in India.

hy
M

ad
M
Wind: From January to December 2023, 2.84 GW of new wind capaci-
ty was added, which is 53.5% higher than the 1.85 GW capacity added Figure 2.3: State-wise solar and wind capacity addition in India till December 2023
in the year 2022. Gujarat led the installations with the commissioning Other States, 9756 MW,
of 1.23 GW of new wind projects during this period. This growth in 8%
wind installations can partly be attributed to the successful resolution Telangana, 4841 MW, 4% Rajasthan, 23971 MW, 20%
of the long pending SECI wind tenders in Gujarat (especially tranche MadhyaPradesh,
6014 MW, 5%
V to Vlll). Furthermore, the increasing popularity of hybrid tenders has
also contributed to this growth in wind installations. Andhra Pradesh,
Updates
Updates
REUpdates

8662 MW, 7%
100%
=
State wise installations 118 GW
Maharashtra, 10238 MW, Gujarat, 21773 MW, 19%
RE
2023RE

As of December 31, 2023, Rajasthan, Gujarat, Tamil Nadu and Karnata- 9%

2023
Q22023

ka, collectively accounted for approximately 67% of the total solar and
wind capacity installed in India. Karnataka, 15009 MW,
Q4
Q3

13%
Tamil Nadu, 17790 MW, 15%

8 Source: MNRE, JMK Research

Note: Note: Solar capacity includes utility-scale solar, rooftop solar, distributed/ off-grid solar capacity
 INSTALLATION TRENDS

Yearly Projections

According to JMK Research, in CY2024, about 20.6 GW of new solar capacity is expected to be added in India (16 GW from utility-scale, 4 GW
from rooftop solar and another 600 MW from off grid component). Whereas in the wind segment, it is projected that around 4.5 GW of new
capacity is likely to be added in CY2024.
Figure 2.4: Year-wise solar and wind installation trends in India

30,000 250 6,000 80

70

200 60
25,000 5,000
50

150 40
20,000 4,000

Annual Growth (%)

Annual Growth (%)

30

Capacity (MW)
Capacity (MW)

100 20

15,000 3,000 10

50 0
-10
10,000 2,000
0 -20
-30
Updates

5,000 1000
Updates

-40
REUpdates

-50
-50

0 -100 0 -60
RE
2023RE

17

18

19

20

21

22

23

17

18

19

20

21

22

23

e
24

24
20

20
20

20
20

20
20

20
20
20

20
20
20

20
2023
Q22023

20

20
Solar YoY Growth Wind YoY Growth
Q4
Q3

Source: MNRE, JMK Research

9 Note: Solar includes Utility Scale Solar, Rooftop Solar and Off grid solar capacity
 Quarterly trends

In Q4 2023 (October-December 2023), about 1.42 GW of utility-scale
solar capacity was added. This is about 67% higher than the
previous quarter's installations. In the wind segment, about 0.17
GW was added, which is 138% less than the Q3 2023 installations. In
rooftop solar, there were no installations during this quarter.
As per our estimates, the installation activity is likely to further pick
up. In the next two quarters, about 7.5 GW of solar and 1.85 GW of
wind capacities are expected to be installed in the country.

Figure 2.5: Quarter-wise utility scale solar and wind installations

6,000

Utility Scale Solar Wind

5,000
Capacity (MW)

4,000

3,000

2,000

1,000
Updates
Updates
REUpdates

0
RE

20

20

20

21

21

21

22

22

22

3
0

23

23

23

4e

e
2023RE

02

02
02

24
02

20

20

20

20

20

20
20

20

20
20

20

20

02
12

12
12

20
12
2023

12
Q22023

4
2

4
2

Q
Q

Q
Q
Q
Q

Q
Q

Q
Q
Q
Q

Q
Q

2
Q

Q
Q4
Q3

Source: MNRE, JMK Research

10
Capacity addition, Developers, Module suppliers,
Tariff trends, Inverter suppliers, Turbine
Leading players suppliers
market share etc. Installation trends, Projects,

E
Research & Analytics

T SHAR
tender participation, key
equipment suppliers
ROO RKET

ES
MA

FIL
MARKE
FTO

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(300+ policies all central and state
P

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policies, regulations, orders
summary, actual pdf documents)

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ST
S
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Landed cost, Cross-subsidy
surcharge, State-wise player-wise
corporate PPA market size etc.
AC CESS
OPEN ET

ANNUAL
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MAR

2500+ solar and 10,000+ wind projects

SUBSCRIPTION
with details of Developer, Plant
PROJ capacity, location, power off-taker,
ECTS
equipment supplier names etc.

TE
ND
ER
S
(350+ tenders with status of all ongoing
tenders, amendments and auctions
across the solar,wind, rooftop, hybrid and
storage tenders in India)
PLANS
PV NU
MA
DS

PLAYER
PROFIL

Leading solar cell and module players market

REN

FA

share, Global Vs. Indian module production trends,

Deliverables
CT

BOM cost analysis, import export trend etc.) Platinum Gold Silver Associate
CE T

RIU
ES

NG
PRI

Monthly module
RE Portal Annual Subscription
price trends of
Multi and Mono
perc modules
(Installation trends,
Projects, tender
participation, key
DATABASE RE Daily/ Weekly/ Monthly Newsletters
equipment suppliers
PORTAL
Monthly Regulatory Update

Project Excel Tracker (Solar/Wind/Hybrid)

5 paid reports in a year

access 1. Open Access C&I RE Market

To know the pricing for PREMIUM 2. RE+Storage Market in India

3. Solar PV Manufacturing in India
All
Reports
Any 3
Reports
Any 1
Report
-
different subscription plans, REPORTS 4. Wind sector in India
5. Rooftop Solar Market
write at
contact@jmkresearch.com https://jmkresearch.com/renewable-energy-sector-premium-reports/

Phone: +91-7428306655 EVENTS PASSES Delegate Passes for Conferences 6 passes 3 passes 2 passes 1 pass
 MARKET SHARES
Inverter Suppliers

For Q4 2023, we have received more than 7.9 GW of shipment data from 18 players providing both central and string inverters in India. In
Q3 2023, Sungrow was the leading inverter supplier followed by FIMER and Sineng.

Figure 4.1: Leading inverter suppliers in solar segment in India in Q4 2023

3,500

3,000

2,500
Shipped Capacity (MW)

2,000

1,500 String inverter Central inverter

1,000 Source: JMK Research

Note: Leading players are listed based on
their shipment numbers in Q4 2023
(Oct-Dec) in India. Kehua, TBEA, SMA,
Huawei and Delta have not
500 shared their quarterly data, hence not
Updates
Updates

included.
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Q3

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12
 MARKET SHARES
Module Suppliers

For Q4 2023, we have received more than 10.7 GW of module shipment data from 28 leading suppliers, which is more than doubled as
compared to the previous quarter's module shipment data. In this quarter, Jinko was the leading supplier contributing about 35% share of
total shipments. As per the data received from the market players, nearly 85% of the module shipments in India in Q4 2023 are high-
efficiency mono PERC modules.

In Q4 2023, Renew is the new entrant exploring the module shipment market with a capacity of 360 MW.

Fig 4.3 Leading module suppliers in solar segment in India in Q4 2023

4,500 10.7 GW+

p
m
4,000

ju
X
Shipped Capacity (MW)

>2
3,500

3,000 5.9 GW+

Chinese/ International suppliers
2,500 Domestic manufacturers

2,000

1,500
Q3 Q4
1,000 2023 2023

500
Updates
Updates
REUpdates

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Source: JMK Research

Note: Leading players are listed based on their shipment numbers in Q4 2023 in India. Canadian Solar, JA Solar, Risen Energy and Renesola have not shared their quarterly data, hence not included. Data
13 is based onself-declaration by companies.
As per the data received by JMK Research from various module suppliers
 MARKET SHARES

Project Developers

In terms of cumulative installation as of December 31, 2023, across utility-scale solar, wind and hybrid segments, Adani is the leading
player, with about 8.5 GW of operational capacity and another 20.8 GW of projects in pipeline.

30,000 Figure 4.3: Top 15 project developers across utility-scale solar, wind and hybrid segment as of December 31, 2023

25,000
Solar Commissioned Solar Pipeline

Wind Commissioned Wind Pipeline

20,000
Capacity (MW)

Hybrid Commissioned Hybrid Pipeline

15,000

10,000

5,000
Updates
Updates
REUpdates

0
RE

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2023RE

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Source: JMK Research

N
 QUARTERLY RE GENERATION
The cumulative RE generation in Q4 2023 was 38,342 MU, down by 36.3% from the previous quarter’s generation data due to the decline in the
wind energy generation due to off peak wind season in India.

In Q4 2023, RE accounts for 9.52% of the total energy generated. Solar energy accounts for most of the energy generation (64%) from
renewable energy sources in Q4 2023 which is followed by wind at 30%, and other RES (including biomass) at 6%.

Figure 3.1: Source-wise Renewable Energy Generation (MU) Q4 2023 – India

70,000 20

Solar Wind Other REs % RE share in total energy generation

60,000
17
16.0%

50,000

14
Million Units

13.24%

%age share
40,000 13%
12.73%
12.20% 12.20%

11.7%

30,000 10.7% 11.72%

11
10.60%
Updates

20,000 9.6% 9.59% 9.52%

Updates
REUpdates

9.0%
8.67%
8.25% 8
10,000
2023
Q22023
Q4 RE
2023RE

0 5
Q3

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023
15 Source: CEA, JMK Research
 TENDERS
New Tenders
In Q4 2023, 77 new tenders aggregating to a total capacity of 34.1 GW were issued across the renewable segment which is about 21.2% higher
than the previous quarter (Q3 2023 i.e., 28.1 GW).

In the fourth quarter of 2023, implementing agencies such as NTPC, SECI, and NHPC were among the dominant entities that have issued
tenders.

Key RE tenders issued in Q4 2023

• SECI issued an ISTS connected solar tender (ISTS-XIII) of 1500 MW capacity. In addition, SECI issued an ISTS
Solar
connected solar (Tranche XII) tender of 1000 MW capacity anywhere in India.
Solar • NTPC issued an ISTS-connected solar tender of 1500 MW capacity.
• SJVN invited bids for a 1500 MW an ISTS-connected solar tender.
• GUVNL issued a solar tender (Phase XXII) of 500 MW capacity.

Onshore Wind Offshore Wind

• SECI issued an ISTS-connected wind tender of • Additionally, in a positive development within the
Wind
1350 capacity. wind sector, the Government of India invited bids
• NTPC floated a 1000 MW of ISTS-connected wind for the development of offshore wind, totaling 4
tender (Tranche-III) across India. GW off the coast of Tamil Nadu.
Updates
Updates
REUpdates

•
Solar
SECI issued an ISTS-connected Wind-Solar Hybrid tender with a capacity of 2000 MW anywhere in India.
Wind Solar
SECI also floated a 1000 MW ISTS-connected RE Power (FDRE-V) tender anywhere in India.
RE

Hybrid
2023RE

• NTPC floated an ISTS-connected Wind-Solar Hybrid tender with a capacity of 1500 MW anywhere in India.
Q4
Q3 2023
Q22023

17
 Battery & Energy Storage System Pumped Hydro Storage

• NTPC invited bids to develop a 3000 MW FDRE • MPPMCL invited bids to develop 500 MW of
ISTS-connected RE power project with an energy pumped hydro storage tender anywhere in India.
storage system (ESS) in India.
Storage • NHPC issued a 1500 MW Wind-Solar Hybrid tender
with an energy storage capacity in India.
• Additionally, IndiGrid, India's power sector Infra-
structure Investment Trust (InvIT), has been grant-
ed a Letter of Award (LOA) by B SES Rajdhani
Power Limited (BRPL) for the implementation of a
20 MW/40 MWh B attery Energy Storage System
(BESS) project.

Figure 5.1: New RE Tender Issuance in Q4 2023

Rooftop/Small Scale Solar, 524 MW, 1%

EPC, 8,396 MW, 25% Project Development

(Solar), 6,760 MW, 20%

Project Development 100%

(Floating Solar), 66, 0% =
34.1 GW Project Development (Wind
Updates
Updates
Updates

Solar Hybrid), 6,500 MW, 19%

Project Development
(Wind), 2,750 MW, 8%
RE
RE
2023 RE

Project Development
2023
2023

(KUSUM tender), 3,437 MW,

Q2

10% Project Development (Storage), 5,650MW, 17%

Q4
Q3

Source: JMK Research

Note: Storage tenders include Pumped Hydro Storage, Energy Storage
18 Systems and RTC tenders
 TENDERS

About 8,834 MW RE capacity was allotted to various RE developers in the fourth quarter of 2023, about 112% higher than the previous quarter.

Figure 5.2: Quarter-wise utility-scale solar, wind, and hybrid tender issuance and allocations

50,000

45000
New tenders issued Capacity allocated
40,000

35,000
Capacity (MW)

30,000

25,000

20,000

15,000

10,000

5,000
Updates
Updates
REUpdates

0 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2024
RE
2023RE

Source: JMK Research

Q4
Q3 2023
Q22023

19
 Q2
Q3
Q4 2023
2023
2023 RE
RERE Updates
Updates
Updates

20
Capacity (MW)

0
400
800
1,200
1,600
2,000
2,400
2,800
3,200
3,600
4,000
NTPC 3000 MW FDRE ISTS-Connected
RE Power Projects Pan India Oct 2023

sector.
NHPC 1500 MW ISTS RE with ESS
(FDRE) Pan India oct 2023
TENDERS

SECI 1000 MW ISTS-connected RE

Power (FDRE-V) Pan India Nov 2023

MPPMCL 500 MW ISTS connected

Pumped Hydro Storage Pan India

RUMSL 400 MW RE with ESS (FDRE) with

Storage Tenders

600 MW solar Madhya Pradesh Sep 2023

GUVNL 250 MW/500 MWh BESS (Phase

II) Gujarat Nov 2023

SECI 2000 MW ISTS connected Wind Solar

Hybrid (Tranche VII) Pan India Oct 2023

NTPC 1500 MW ISTS Connected Wind Solar

Hybrid (Tranche-IV) Pan India Dec 2023

GUVNL 500 MW RE hybrid projects

Gujarat November 2023
Wind Solar Hybrid Tenders

SECI 1500 MW ISTS Connected Solar

(ISTS-XIII) Pan India Dec 2023

NTPC 1500 MW ISTS Connected Solar Pan

India, Dec 2023

SJVN 1500 MW ISTS connected Solar Pan

India October 2023

SECI 1000 MW ISTS connected Solar

(Tranche XII) Pan India Oct 2023

GUVNL 500 MW Solar (Phase XXII)

Gujarat Nov 2023

RECPDCL 290 MW Solar Pan India

Solar Tenders
Figure 5.3: Details of key Project Development tenders issued in Q4 2023

Nov 2023

RECPDCL 250 MW ISTS Connected Solar

Pan India Dec 2023

SJVN 120 MW Solar Assam Oct 2023

PSPCL 100 MW Solar Punjab Dec 2023

SECI 1350 MW ISTS-connected Wind

(Tranche XVI) Pan India Nov 2023

NTPC 1000 MW ISTS- connected Wind

(Tranche-III) Pan India Oct 2023
In Q4 2023, 34.1 GW of project development RE tenders were issued. Out of the total issued capacity, about 12.2 GW of project development

Wind Tenders

SJVN 300 MW ISTS-connected Wind

tenders were issued under the hybrid/storage/pumped hydro storage segment, 6.7 GW under the solar segment, and 2.75 GW under the wind

Pan India Nov 2023

BPCL 100 MW Wind Madhya Pradesh

and Maharashtra Dec 2023

Source: JMK Research

 TENDERS

In Q4 2023, 20 new KUSUM tenders were issued, with a total solar capacity of 3,397 MW under component C of KUSUM scheme. Additionally, a
KUSUM tender of 40 MW solar capacity was issued by UHBVN under component A.

Jodhpur Vidyut Vitran Nigam Ltd (JDVVNL) floated the majority of the KUSUM tenders under Component C in Jharkhand (1665 MW) and
Rajasthan (1,432 MW) respectively in Q4 2023. In the previous quarter (Q3 2023), approximately 6,648 MW of solar capacity was allocated under
Component C.

Additionally, around 524 MW of rooftop solar capacity was issued in this quarter.

Figure 5.4: Details of KUSUM Component-C tenders issued in Q4 2023

MPUVNL, 300 MW, 9%

100%
=
3,397 GW
Updates
Updates
REUpdates
RE
2023RE

JDVVNL, 3097 MW, 91%

Q4
Q3 2023
Q22023

Source: JMK Research

21
 TENDERS

Successful Auctions
In Q4 2023, about 9,660 MW RE capacity was auctioned, out of which around 8,838 MW RE capacity were allotted to various developers.

PFC Consulting issued its first ISTS connected solar tender of 1,250 MW in the previous quarter i.e., Q3 2023 and has concluded the auction in
this quarter.

On a similar note, RECPDCL has also concluded its first wind tender auction of 100 MW capacity in Q4 2023. Also, Rajasthan Rajya Vidyut
Utpadan Nigam (RRUVNL) conducted auction of its maiden solar tender of 810 MW this quarter.

However, GUVNL 500 MW solar (Phase XXII) and SJVN’s 1500 MW Wind Solar Hybrid with ESS (FDRE) tender was undersubscribed in this
quarter because the players were unable to match the L1 tariff in the auction.

In addition, NTPC ‘s 1500 MW Solar-Wind hybrid (Tranche-I) tender was short closed in Q4 2023.

Figure 5.5: RE tenders allotted in Q4 2023

3,000 5
4.38
2,500 Solar wind Hybrid Tariff
4

Tariff (INR/kWh)
3.58
Capacity (MW)

3.35
2,000
2.52 2.53 2.52 2.64 2.63 3
1,500
2
1,000

500 1
Updates
Updates
REUpdates

0 0
RRVUN 810 MW Solar
Rajasthan Dec 2022

GUVNL 500 MW
Solar (Phase XXII)
Gujarat Nov 2023
SECI 1000 MW ISTS
connected Solar
(Tranche XII) Pan
India Oct 2023
NHPC 3000 MW Solar
Pan India June 2023

PFC Consulting 1250

MW ISTS-connected
Solar Pan India Sep
2023

RECPDCL 100 MW
Wind Pan India July
2023

SJVN 1500 MW Wind

Solar Hybrid with ESS
(FDRE) Pan India June
2023

NTPC 1500 MW
Solar-Wind hybrid
(Tranche-I) Pan India
July 2023
Q22023
Q4
Q3 RE
2023RE
2023

22
 TENDERS
In Q4 2023, 18 RE developers emerged as successful bidders. Out of O2 Power (300 MW) and Sprng Energy (250 MW) during this quarter.
which, 15 were private sector entities, including Avaada Energy, Acme,
Avaada Energy won its first wind tender under RECPDCL’s 100 MW
Sprng Energy, Renew Power, Juniper Green, and Jakson Power,
solar tender this quarter. Additionally, Juniper Green Energy, Blupine
among others. Collectively, these private sector players accounted for
Energy, and Avaada secured their first hybrid tender in the fourth
approximately 80% of the auctioned renewable energy capacity. The
quarter of 2023.
remaining 20% during this quarter was secured by three prominent
public sector players like NTPC, NLC India and SJVN. Furthermore, Avaada Group has committed to investing Rs 40,000
crore to develop 6 GW of hybrid renewable projects in Gujarat.
Out of the total auctioned capacity, Avaada won the maximum solar
Additionally, Juniper Green Energy plans to invest Rs 8,000 crore for 1
capacity of 1400 MW, followed by NTPC (900 MW), and NLC India (810
GW of renewable energy projects, with the expected completion
MW). In the Wind segment, Avaada and Juniper Green won 50 MW
timeline by 2026.
each. In the hybrid segment, Acme & Juniper Green won the
maximum capacities of 550 MW and 430 MW respectively, followed by

1,500
Figure 5.6: Developer-wise project won in solar, wind, and Hybrid tenders in Q4 2023
1,350

1,200

1,050
Capacity (MW)

900

750
Solar Tenders
600
Wind
Updates
Updates

450
REUpdates

Hybrid Tenders
300
RE

150
2023RE
2023
Q22023

VN
gy

er

gy

er

y
c

gy

n
la

la
le
da

rg
tp

di

gi
m

or
e

w
er

er
er

So

So
re

ks

ab

SJ
In

En

ne
N

Ac

bc
aa

Po

Po
Q4

En

En
En

rG
Q3

Ja

w
w

a
LC

re
m
Av

dr
2

a
ne
ne

pe

ne

a
g

Se
O

t
N

la
av
in

Ta
rn

Re
Re

ni

So
pi

ah

ra
Sp

Ju

lu

ja

Ap

o
M
B

23

er
du

H
in

Source: JMK Research

H
 TENDERS

Tariff Trends

In Q4 2023, the lowest-winning tariff in the solar segment was INR 2.52/kWh under SECI 1000 MW ISTS connected solar tender which is
approximately 3.07% less than the tariff discovered in the previous quarter under SECI’s 2000 MW ISTS connected Solar tender.

The lowest-winning tariff in the wind solar hybrid segment was INR 3.35/kWh under the NTPC 1500 MW Wind Solar Hybrid tender which was
around 2.44% higher than the lowest wind solar hybrid tariff discovered under Tata Power’s 225 MW Wind Solar Hybrid tender in Q3 2023.

Figure 5.7: Lowest winning Tariff range in auctioned RE tenders

Solar Wind Solar Hybrid

4.0 5.5

3.5 4.7
3.26 3.26
3.11 3.05

Tariff (INR/kWh)
Tariff (INR/ kWh)

2.97 2.97
3.0 2.91 2.89 3.9
2.81
2.69 2.75
2.90 2.64 3.28 3.37
2.61 2.55 2.58 2.52 3.04
3.0 3.0
2.5 2.6 3.1 3.27
2.5 2.51 2.49 2.51 2.55 2.52
2.62 3.03 3.07 3.07
2.36 2.43 2.99 2.42
2.54
2.29 2.30
2.2
2.0 2.14 2.17 2.3 2.53
2.41 2.34
1.99

1.5 1.5
0
20

20

20

1
21

21

12 1
Q 22

Q 22

Q 22

Q 22

Q 23

Q 23

Q 23

23

20
20

22

23
22

22

23

23
21
02

2
02

20

20

20

0
20

20

20
0
20

20

20

20
20

20

20

20

20
20

20

20
20

20
20
12

12
12

4
2

3
2

4
Q

2
3

3
3
Q
Q

Q
Q

Q
Q
Q

Q
Q

Q
Q
Source: JMK Research

24
 GTAM TRADED VOLUME
The IEX traded a total of 33 MUs in GTAM in Q4 2023, a 585% decrease compared to the volume traded in the third quarter of 2023.
The average trade price in IEX-GTAM for Q4 2023 was INR 6.89/ kWh, marking a 14% increase from the price in the previous quarter.

Figure 6.1: Quarter wise GTAM Traded volume and Price Trend

2,000 10

1,800 1,682 9

1,600 8
Million Units/ GWh

1,400 7

INR/ kWh
1,200 6

955
1,000 5
862

800 4
586
600 3
459
384
400 314 282
2
Updates

237
Updates
REUpdates

221 226
200 1
33
RE

0 0
2023RE

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2023
Q22023

2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023
Q4
Q3

IEX-GTAM (Trade Volume) IEX-GTAM (Average Trade Price)

Source: IEX, JMK Research

25
 FINANCING DEALS
The investment flow in the RE sector in Q4 2023 was $1750 million. About $1450 million and $300 million of debt and equity were raised
by various players in Q4 2023.

Key investments in Q4 2023 were:

• Adani Green Energy has raised $1.36 billion from eight international banks as construction facility, taking its total funding pool to $3 billion since
the initial project financing started in March 2021.
• Sterling and Wilson Renewable Energy has raised INR 1,500 crore through Qualified Institution Placement (QIP) route.
• Radiance Renewables has secured around $90 million in green loans and will use the debt facility to finance the development of its 150 MW (AC)
solar project in Maharashtra. Radiance Renewables become the first commercial & industrial (C&I) renewable energy player in India to secure a
green loan project finance facility.

7,000 Figure 7.1: Quarter-wise investment flow in Indian RE sector (US$ million)

Equity
6,000 Bonds
M&A
Investments (US$ Million)

5,000 Other

4,000

3,000
Updates
Updates
REUpdates

2,000
RE

1,000
2023RE
2023
Q22023

0 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023
Q4
Q3

26 Source: JMK Research

Note: Others include debt, mezzanine funding, IPO etc
 PRICE TRENDS
Figure 8.1 : Global price trends of solar cells and modules in Q4 2023
In the overseas market, the prices of solar cells and
mono-PERC solar modules have decreased by 27.7% Mono PERC solar modules Mono PERC Cells
and 24.6% respectively on a QoQ basis in Q4 2023. 30

Additionally, there has been a 58.3% QoQ decrease in

Prices (US cents/ Wp)

27.1 26.8
25 26.5 26.3
the prices of solar cells and a 46.8% reduction in the 24.8
24.0
prices of mono-PERC solar modules in Q4 2023. 22.6 22.5
20 2.14 20.8
The significant decrease in solar module prices can
17.5
be attributed to the increased production and falling 15 16.9 16.3
15.7 15.7 16.0
14.7
prices of polysilicon in China. 13.4
14.1
13.2
12.4 12.9
10
9.4
6.2
5

21

21

21

22

22

22

23

23

23
02

02
02
20

20

20

20

20

20
20

20

20
12

12
12
2

4
2

4
Q

Q
Q

Q
Q

Q
Q

Q
Q

Q
Q
Source: PV Info, JMK Research
Average Prices for Domestic Modules

The all-inclusive domestic module prices till project site Figure 8.2: Average Prices for Domestic Modules in Q4 2023
(including freight charges, GST etc) for various 35 Multi crystalline modules Mono PERC solar modules Bifacial modules
categories are:
32.0
• The mono PERC 500 Wp module prices in Q4 2023 31.3
27.0 27.3
Prices (INR/ Wp)

stood at INR 21.2/Wp, marking a 13% decline from the 27.2 29.5
30 26.9
previous quarter’s (Q3 2023) price. There was a 32.7%
reduction in the price of mono PERC modules on
Updates
Updates
REUpdates

32.1 24.9 25.7

year-on-year (YoY) basis. 32.0 31.5 30.7
• The price for Polycrystalline 330 Wp modules was 25
27.8 22.2
INR 20.5/Wp, which is about 7.7% less as compared 22.48
RE
2023RE

to the preceding quarter’s price and a decrease of 24.4 20.5

21.2
2023

about 24.6% on YoY basis.

Q22023

20
• The price for B ifacial modules was INR 22.48/Wp in
22

22

22

23

23

23
02

20

20

20
20

20

20
Q4
Q3

Q4 2023, which is around 12.5% less than the price of

12

4
2

Q
Q

Q
Q

Q
Q

modules in Q3 2023. Furthermore, there is a YoY

Source: JMK Research
27 reduction of 29.8%. Note: Domestic module prices are all inclusive prices till project site including freight charges, GST, etc.
 QUARTERLY
IMPORT-EXPORT STATISTICS
In Q4 2023, solar cell exports increased significantly by around 101% and solar cell imports decreased by 13% in the fourth quarter of 2023.
Solar module imports increased by 138% and solar module exports decreased by 38.5% in this quarter. The rise in the Solar module import
figure is because of the sharp reduction in solar module and cell prices that has led to a sharp rise in imports in this quarter.

Figure 9.1: Quarter-wise import-export data of solar cells and modules

Exports Imports

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2022

Q3 2022

Q2 2022
Updates
Updates
REUpdates

Q1 2022

Q4 2021
RE
2023RE

0 50,000 1,00,000 1,50,000 2,00,000

2023
Q22023

Amount (in INR Million)

Q4
Q3

solar module (exports) solar cell (exports) solar cell (Import) solar module (Import)
28 Source: Ministry of Commerce and Industry, JMK Research
 EXPORTS BY KEY DOMESTIC PLAYERS

In Q4 2023, the top 3 players i.e. Waaree, Vikram Solar and Adani, have contributed solar modules exports of about 40-80% of their total
production in Q4 2023.
These major Indian players are exporting modules mainly to the U.S. due to higher available profit margins. Indian players got this
opportunity due to the restriction on imports of Chinese modules followed by enactment of the Uyghur Forced Labor Prevention Act (UFLPA).

Fig 9.2: Leading domestic module suppliers exports trend

78
800 80
73 Exports Data (Q3 2023) Exports as %share of Production (Q3 2023)
Exports Data (Q4 2023) Exports as %share of Production (Q4 2023)
700 70
63

Exports as %share of Production

Module Export Capacity (MW)

58
600 55 60

500 50

45
400 40

300 30
20
200 20
12
Updates

11
Updates

15
REUpdates

100 10
9 4
4 1 1
0 0
RE
2023RE

on

ys
es

s
an

la

sy

ie
vi

on
2023

as
gi
Q22023

So

ks
rg
at
w
Ad

nb
er

ov
Ja
ne

Sa

ne
am
En

N
Su
Re

rE
kr
e
Q4

ie
Q3

re

Vi

em
aa
W

Pr

29 Source: JMK Research

 FINANCIALS - LEADING PLAYERS
During Oct-Dec 2023, among the private players, the highest revenue was achieved by Tata Power (INR 4777 crore) followed by Adani Green
Energy (INR 2675 crore) while maximum profit was generated by Suzlon (INR 203 crores) and Tata Power (INR 174 crore).

Figure 10.1: Quarter-wise Revenue of Leading RE Players

6,000

5,000
Revenue (in INR Crore)

4,000

3,000

2,000

1,000
Q4 2023

Q4 2023

Q4 2023

Q4 2023
Q4 2022

Q4 2022

Q4 2022

Q4 2022
Q3 2023

Q3 2023

Q3 2023

Q3 2023
Q2 2023

Q2 2023

Q2 2023

Q2 2023
Q1 2023

Q1 2023

Q1 2023

Q1 2023
0
Tata Power Suzlon ReNew Power Adani Green Energy
Updates
Updates
REUpdates

Source: Companies websites, JMK Research

Note: Consolidated financial data has been considered for the above-mentioned companies
RE
2023RE

-Tata Power includes revenue and profit numbers for Solar EPC (TPSSL) and Renewable Generation (RE Gencos)
Q4
Q3 2023
Q22023

30
 FINANCIALS - LEADING PLAYERS
In Q4 2023, Adani's revenue increased by 2.32%, but its PAT decreased by 52.7% compared to the previous quarter, Q3 2023. On the other hand,
the sale of wind energy increased by 69% due to the addition of 304 MW in Gujarat. Additionally, the sale of hybrid energy saw a 100% increase
due to the addition of 304 MW capacity in Rajasthan.
In Q4 2023 Suzlon Energy's revenue and PAT increased by 10% and 99%, respectively, compared to the previous quarter (Q3 2023). The company
recorded a PAT (before exceptional items) of INR 203.13 crore in this quarter. This increase is attributed to a 42% growth in the wind order book,
reaching 2290 MW, compared to the previous quarter, Q3 2023 (1613 MW).
In Q4 2023, Tata Power's revenue increased by 69%, while PAT decreased by 52.7% compared to Q3 2023. The rise in revenue can be attributed
to winning 73 MW of group captive orders in Q4 2023, and the 3rd party rooftop order book stands at INR 2193 crore. Additionally, 103 MW of
rooftop installations were completed in this quarter.
In Q4 2023, ReNew Power's revenue decreased by around 33% as compared to Q3 2023. Additionally, PAT also decreased by 15% in Q4 2023
compared to the previous quarter, i.e., Q3 2023, due to a 59% decrease in wind PLF compared to the previous quarter, i.e., Q3 2023.

Figure 10.2: Profit After Tax (PAT) of Leading RE Players

500
400
300
Profit (in INR Crore)

200
100
0
-100
-200
Updates
Updates
REUpdates

-300
-400
-500
RE
2023RE

Tata Power Adani Green Energy Suzlon ReNew Power

2023
Q22023

Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023

Q4
Q3

Source: Company websites, JMK Research

Note: Consolidated financial data has been considered for the above-mentioned companies
31 -Tata Power includes revenue and profit numbers for Solar EPC (TPSSL) and Renewable Generation (RE Gencos)
-Suzlon Energy’s net Profit/Loss shown is excluding “exceptional items”
 

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