RE
UPDATE
Q3 2022

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 Contents

1. Executive Summary 7

2. Installation trends 8
8
• Cumulative installation trends
9
• Yearly installation trends and projections
10
• Yearly Projections
11
• Quarterly trends

3. Quarterly RE Generation 12

4. Market shares 13
13
• Inverter Suppliers
14
• Module Suppliers

5. Tenders 17
• New tenders 17

• Successful auctions 21

• Tariff trends 23

6. Financing deals 24

7. Price Trends 26

8. Quarterly Import-Export Statistics 27

9. Financials Leading Players 28

10. GTAM Traded Volume 30

11. Annexure 31
Q3 2022 RE Updates

6
 1 Executive Summary

In Q3 2022 (July-September 2022), about 2.82 GW of utility scale solar capacity was
added. This is about 25% higher than the previous quarter’s installation. In wind
segment, about 1.02 GW was added, which is 138% higher than the Q2 2022 installation.
In rooftop solar, more than 400 MW were added in this quarter.

During Jan-Sep 2022 period, about 9.3 GW of utility scale solar capacity was added,
which is about 1.7 times higher than last year installations in the same period. About
1.89 GW of new wind capacity was added in the first nine months of 2022, which is
about 46% higher than 1.3 GW capacity added during January to September 2021.
Gujarat led the installations with the commissioning of more than 700 MW of new
wind projects in this period. In the rooftop solar segment, about 1,334 MW of new
capacity was added during January to September 2022, which is 34% less than January
to September 2021 installations.

According to JMK Research, in 2022, about 13.6 GW of solar is expected to be added in

India (~12 GW from utility-scale and 1.6 GW from rooftop solar). Whereas about 2.6 GW
is likely to be added in 2022 in wind sector.

Further, according to the Q3 2022 equipment shipment data received by JMK

Research, more than 2.9 GW of central and string inverters and about 1.56 GW of
modules were shipped in India in Q3 2022. Sineng was the leading inverter supplier
followed by Sungrow and FIMER. In the third quarter of 2022, Waaree was the leading
module supplier contributing 14% share of all shipments in India.

With respect to tender activity, in Q3 2022, 75 new tenders with a cumulative capacity
of 14.2 GW were issued across solar and wind segment, which is 25.7% higher than the
previous quarter.

In Q3 2022, about 3150 MW of RE capacity was auctioned and allotted to various RE

developers. Of the auctioned capacity, Tata Power won the maximum solar capacity of
450 MW followed by Avaada (325 MW), Engie, NTPC and SJVN (200 MW each). In wind
segment, Ayana Renewables won the maximum capacity of 140 MW. ReNew Power
(300 MW), Tata Power (200 MW) and Sprng Energy (160 MW) were awarded the
highest capacities under wind solar hybrid segment.

In Q3 2022, India saw the lowest-winning solar tariff of INR 2.49/kWh under GUVNL’s
750 MW solar (Phase XVI) tender in Gujarat. The lowest-winning tariff in wind segment
was INR 2.84/kWh under GUVNL’s 500 MW Phase III wind tender. While the
lowest-winning tariff in wind solar hybrid segment was INR 3.03/kWh under RUMSL’s
750 MW Wind Solar Hybrid tender.

In Q3 2022, solar cells and modules exports increased by 57% and 524% respectively,
Q3 2022 RE Updates

compared to the previous quarter's figures. However, the solar cells imports increased
by 64% and solar modules imports decreased by 64% in Q3 2022. The significant
reduction in the import numbers is because of the imposition of 40% basic custom
duty (BCD) on solar modules.

The report also analyses module price trends in India, investments and deals, details of
which are elaborated in further sections.

7
 2 Installation trends

2.1 Cumulative installation trends

India’s renewable capacity installation reached 118.08 GW as of September 30, 2022.

Solar continues to be the major contributor with 52% share in total renewable mix,
which is followed by wind with 35% share.

As of September 30, 2022, about 60.8 GW of solar and 41.7 GW of wind capacity were
installed in India. The current pipeline of combined capacity of solar, wind and hybrid
projects are around 45 GW, which is likely to be commissioned in the next 4-5 years.
Another 28 GW of projects are under bidding phase i.e., where tenders have been
issued but auctions are not yet completed.

Figure 2.1: RE Installations trends, as of September 30, 2022

ll Hydro
r Sma4%
we 120
Po %
io 9
B
100 19
So

80
Capacity (GW)
la r (

30
5 2 %)

118.08 GW
87.7 GW 60
3
7
40
)
35%

60.8 Under Bidding

41.7
d(

20 Pipeline
in
W

6 Commissioned
8
0 1.3
Hybrid Wind Solar

Source: MNRE, JMK Research

Note: Solar includes utility scale solar, rooftop solar, distributed/ off grid solar

In terms of cumulative solar installation, as of September 30, 2022, Rajasthan,

Q3 2022 RE Updates

Gujarat and Karnataka contributed around 51.3% of the total capacity. Whereas
in wind segment, Tamil Nadu, Gujarat, Karnataka and Maharashtra contributed
about 71.9% of the total wind capacity installed in India.

8
  

2.2 Yearly installation trends and projections

Utility Scale Solar: From Jan-Sep 2022, about 9.3 GW of new utility-scale solar
capacity was added in India. Compared to Jan-Sep 2021 period, installations are
about 1.7 times higher. Rajasthan, Gujarat and Tamil Nadu were the leading
states with most of the large-scale solar installations during this period.

Rooftop Solar: In the rooftop solar segment, about 1334 MW of new capacity
was added during January to September 2022, which is 34% less than 2068 MW
capacity added during January to September 2021. Gujarat, Maharashtra, and
Rajasthan were the leading states in the rooftop solar segment adding more
than 800 MW during the first nine months of 2022.

In order to achieve the rooftop solar capacity target of 40 GW, the government
has extended the timeline of the implementation of Rooftop Solar Programme
Phase-II from December 2022 to 31 March 2026 without any additional financial
support.

Distributed/ Off-grid Solar: From Jan-Sep 2022, about 604 MW of distributed/

off grid solar capacity was added in India.

Wind: From Jan-Sep 2022, about 1.89 GW of new wind capacity was added,
which is 46% higher than 1.3 GW capacity added during January to September
2021. Gujarat led the installations with the commissioning of more than 700 MW
of new wind projects in this period.

Figure 2.2: State-wise solar and wind capacity addition in India from Jan- Sep 2022

5,000
Utility Scale Solar
Wind
4,000
Rooftop Solar
Capacity (MW)

Off Grid Solar

3,000

2,000

1,000
Q3 2022 RE Updates

0
n

at

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er
ak

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ar

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Ke
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st

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rn
ja

il

Pr
ar

la
m
Ra

Ka

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ah

ra
Ta

dh
An

Source: MNRE, JMK Research

9
  

2.2 Yearly Projections

According to JMK Research, in 2022, about 13.6 GW of solar is expected to be

added in India (~12 GW from utility-scale and 1.6 GW from rooftop solar). Whereas
about 2.6 GW is likely to be added in 2022 in wind sector.

Figure 2.3: Year-wise solar and wind installation trends in India

15,000 250 6,000 80

70

200 60
5,000
12,000 50

150 40
4,000 30
Annual Growth (%)

Annual Growth (%)

9,000
Capacity (MW)
Capacity (MW)

100 20

3,000 10

50 0
6,000
-10
2,000
0 -20
-30
3,000
1,000 -40
-50
-50

0 -100 0 -60
e

e
20
18

19
17

21

20
18

19
17

21
22

22
20
20

20
20

20

20
20

20
20

20
20

20

Utility Scale Solar YoY Growth Wind YoY Growth

Source: MNRE, JMK Research

Note: The projection number for solar includes Utility Scale Solar and Rooftop Solar capacity
Q3 2022 RE Updates

10
  

2.4 Quarterly trends

In Q3 2022 (July- Sept 2022), about 2.82 GW of utility scale solar capacity was added.
This is about 25% higher than the previous quarter installations. In wind segment,
about 1.02 GW was added, which is 138% higher than the Q2 2022 installations
because of the peak wind season in the country. In rooftop solar segment, more
than 400 MW were added in the third quarter of 2022.

As per our estimates, the installation activity is likely to further pick up. In the next
two quarters, about 5.6 GW of solar, 2.5 GW of wind and 1.05 GW of hybrid
capacities are expected to get installed in the country.

Figure 2.4: Quarter-wise utility scale solar and wind installations

6000

5000
Utility Scale Solar Wind Hybrid

4000
Capacity (MW)

3000

2000

1000

0
21

22

22

3e
9

19

19

19

20

20

20

21

21
02

02

22
01

02

20

20

20
20

20

20

20

20

02
20

20

20

12
12

20
12
12

12
2

4
2

3
2

Q
Q

Q
Q

Q
Q
Q

Q
Q
Q

Q
Q

4
Q
Q

Q
Q

Source: MNRE, CEA, JMK Research

Q3 2022 RE Updates

11
 3 Quarterly RE Generation

The cumulative RE generation in Q3 2022 was 49,987 MU, down by 1.2% from
previous quarter’s generation data. In the third quarter of 2022, RE accounts for
12.2% of the total energy generated. Wind energy accounts for most of the
energy generation (49%) from renewable energy sources in Q3 2022 due to peak
wind season in the country, which is followed by solar at 42%, and other RES
(including biomass) at 9%.

Figure 3.1: Source-wise Renewable Energy Generation (MU) Q3 2022 - India

60,000 20
Solar
Wind
Other REs
50,000 % RE share in total energy generation
17
16.0%

40,000

14
Million Units

%age share
13%
12.73%
12.20%
30,000

11.72%
11.7% 11

20,000 10.7%
9.6%
9.0%
8.67%
8.25% 8
10,000

0 5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022
Q3 2022 RE Updates

Source: CEA, JMK Research

12
 4 Market shares

4.1 Inverter Suppliers

For Q3 2022, we have received more than 2.9 GW of shipment data from 14 players
providing both central and string inverters in India. In Q3 2022, Sineng was the
leading inverter supplier followed by Sungrow and FIMER.

Figure 4.1: Leading central and string inverter suppliers in solar sector in India in Q3 2022

1,200

1,000
Shipped Capacity (MW)

800

600
String inverter
Central inverter

400

200

0
ng

ER

lis

td

ls

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la

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oo
FI
Si

W
H
fa

St
ch
VT
Su

G
So

ita
s

IN
xe

H
Fo
Q3 2022 RE Updates

Source: JMK Research

Note: : Leading players are listed based on their shipment numbers in Q3 2022 (Jul-Sep) in India. Kehua, TBEA, SMA, Solaredge,
Huawei, Growatt and Delta have not shared their quarterly data, hence not included.

13
  

4.2 Module Suppliers

For Q3 2022, we have received about 1.56 GW of module shipment data from
16 leading suppliers. In this quarter, Waaree is the leading supplier
contributing about 14% share of total shipments. As per the data received
from the market players, nearly 85% of the module shipments in India in Q3
2022 are high-efficiency mono PERC modules.

Figure 4.3: Leading module suppliers in solar segment in India in Q3 2022

300
Chinese/ International suppliers
Shipped Capacity (MW)

Domestic manufacturers

200

100

ar
r
ns
s

r
r

on
e

er

r
r

la
gy

s
e

la

la
la

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ow

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ks
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ew
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da

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sh

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re
R

re
m
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m
G
re
k

at
vi

s
P

ita
at

A
Sa

av
N

Source: JMK Research

Note: Leading players are listed based on their shipment numbers in Q3 2022 in India. Canadian Solar, JA Solar,
PV Powertech, Risen Energy, Renesola and Jinko Solar have not shared their quarterly data, hence not
included. Data is based on self-declaration by companies.
Q3 2022 RE Updates

14
  

4.3 Project Developers

In terms of cumulative installation as of September 30, 2022, across both
utility-scale solar and wind segments, Adani is the leading player, with about
6.72 GW of operational capacity and another 20.43 GW of projects in pipeline.

Figure 4.4: Top 15 project developers across utility-scale solar and wind segment as of September 30, 2022

Adani

ReNew Power

NTPC Limited

Azure
Solar Commissioned Solar Pipeline
Tata Power Wind Commissioned Wind Pipeline

Greenko Hybrid Commissioned Hybrid Pipeline

Acme

Avaada

Mytrah

Sembcorp

Hero Future

Shell (Sprng Energy)

Neyveli Lignite
Corporation

CLP Group

Engie
Q3 2022 RE Updates

0 5 10 15 20 25 30
Capacity (GW)

Source: JMK Research

15
 ˈˡ˩˘˜˟˜ˡ˚

ʻ˜˚˛˘˦˧˅˘˟˜˔˕˜˟˜˧ˬ ʵ˘˦˧˜ˡʶ˟˔˦˦ ʵ˘˧˧˘˥ˊ˘˔˞ ʸ˫˖˘˟˟˘ˡ˧

ʙʸˡ˛˔ˡ˖˘˗ʶ˥˔˖˞ ˇ˛˘˥ˠ˔˟ʶˢ˘˙Ѓ˖˜˘ˡ˧˦ ʿ˜˚˛˧ ˃ʼʷ
ˇˢ˟˘˥˔ˡ˖˘ʤʥʵʵ ˃˘˥˙ˢ˥ˠ˔ˡ˖˘ ˅˘˦˜˦˧˔ˡ˖˘
ˆˢ˟˔˥ˀˢ˗˨˟˘

ˉ˜˦˜˧˨˦˔˧
ʻ˔˟˟ʣʥʟʵˢˢ˧˛ˁˢʡʽʤʣʤ
ʻ˘˟˜ˣ˔˗ʸ˫˛˜˕˜˧˜ˢˡʶ˘ˡ˧˥˘
ʺ˔ˡ˗˛˜ˡ˔˚˔˥ʟʺ˨˝˔˥˔˧
ʪʠʬʷ˘˖˘ˠ˕˘˥ʥʣʥʥ

˪˔˔˥˘˘ʳ˪˔˔˥˘˘ʡ˖ˢˠ ˪˪˪ʡ˪˔˔˥˘˘ʡ˖ˢˠ
 5 Tenders

5.1 New Tenders

In Q3 2022, 75 new tenders aggregating to a total capacity of 14.2 GW were

issued across renewable segment which is about 25.7% higher than the
previous quarter.

Figure 5.1: Quarter-wise utility scale solar, wind and hybrid tender issuance and allocations

20,000

18,000 New tenders issued Capacity allocated

16,000

14,000

12,000
Capacity (MW)

10,000

8,000

6,000

4,000

2,000

0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022

Source: JMK Research

Key RE tenders issued in Q3 2022 were:

• MSEDCL issued three solar tenders with a total capacity of 2500 MW in
Maharashtra.
• REMCL floated a tender for setting up of 1548 MW land based solar power plant
on Private/Farmers land near the Traction Sub-station (TSS) at 25 kV
connectivity under TSS-II category.
• GUVNL floated a tender of 750 MW solar power projects under phase XVI with
greenshoe option of additional up to 750 MW. GUVNL also issued a tender of
Q3 2022 RE Updates

600 MW solar power projects under Phase XVII with greenshoe option of
additional up to 600 MW.

17
 Storage tenders issued in Q3 2022
• SECI floated a tender for supply of 2250 MW of Round-the-Clock (RTC) power
from RE power projects, complemented with power from any other source or
storage in India under RTC-III category.
• REMCL also issued a tender for supply of 1000 MW of RTC power from RE
power projects with or without storage across the country.
• GUVNL issued a tender for setting up of pilot projects of 500 MW/1000 MWh
under Phase I of standalone Battery Energy Storage Systems (BESS) scheme in
Gujarat.

Figure 5.2: New RE Tender Issuance in Q3 2022

Rooftop/Small Scale
EPC, 1932 MW, 14% Solar, 463 MW, 3%

Project Development
(Floating Solar), 300 MW,
2%

Project Development
(KUSUM Scheme), 1591
MW, 11%

100%=14.2 GW

Project Development
(Solar), 5663 MW, 40%

Project Development
(Hybrid), 4255 MW, 30%

Source: JMK Research

Q3 2022 RE Updates

18
 Q3 2022 RE Updates

19
Capacity (MW)

0
500
1,000
1,500
2,000
2,500
SECI 2250 MW RE with ESS Storage
(RTC III) Pan India Sep 2022

2,250
REMCL 1548 MW Solar Pan
India Jul 2022

1,548
MSEDCL 1000 MW Solar Tranche

Source: JMK Research

VIII Maharashtra Aug 2022

1,000
MSEDCL 1000 MW Solar (Tranche

1,000
V) Maharashtra Jun 2022

REMCL 1000 MW RE with or without

1,000
ESS Storage Pan India Jul 2022

GUVNL 750 MW Solar (Phase XVI)

750
Gujarat Jul 2022

GUVNL 600 MW Solar Gujarat Sep

600
2022

MSECL 500 MW Solar (Phase IX)

500
Maharashtra Sep 2022
Figure 5.3: Details of key Project Development tenders issued in Q3 2022

GUVNL 500 MW with 1000 MWh BESS

500
Storage (Phase-I) Gujarat Aug 2022
tenders were floated under solar and hybrid segment respectively.

RUMSL 300 MW Floating Solar Phase

300
II Madhya Pradesh Jul 2022

TPDDL 255 MW Wind Solar

In Q3 2022, 9.97 GW of project development RE tenders were issued. Out of

255
the total issued capacity, about 5.96 GW and 4.01 GW of project development

Hybrid Pan India Aug 2022

Solar Tenders
Hybrid Tenders

MSEDCL 250 MW Solar 250

Maharashtra Aug 2022

AUTL 15 MW Solar Ladakh Sep

15
2022
 In Q3 2022, 7 new KUSUM tenders were issued, with a total capacity of 1,695 MW,
wherein MPUVNL issued a 1250 MW tender for selection of Renewable Power
Generators (RPGs) for setting up of solar power plants under feeder solarization
under PM KUSUM Component C scheme in Madhya Pradesh.

Madhya Pradesh (1,258 MW), Maharashtra (298 MW) and Gujarat (60 MW) have
issued the majority of these tenders in this quarter.

Figure 5.4: KUSUM solar tenders issued in Q3 2022

1,400
1,250 MW

1,200

1,000 Component A
Component C
Capacity (MW)

800

600

400
298 MW

200
53.69 MW 42.8 MW 26 MW 17 MW 8 MW
0
MPUVNL 1250 MW Solar (Under
KUSUM scheme Component C)
Madhya Pradesh Jul 2022

MSEDCL 298 MW Solar (Under

KUSUM Scheme Component
A) Maharashtra Aug 2022

PEDA 53.69 MW Solar (Under

KUSUM scheme Component
C) (EPC) Punjab Sep 2022

MGVCL 42.8 MW Solar (under

KUSUM scheme Component
C) (EPC) Gujarat Aug 2022

DHBVN 26 MW Solar (under

KUSUM scheme Component
A) Haryana Jul 2022

NHDC 8 MW Solar (Under

KUSUM Scheme Component C)
(EPC) Madhya Pradesh Sep 2022
MGVCL 17 MW Solar (Under
KUSUM scheme Component
C) Gujarat Jul 2022

Source: JMK Research

Q3 2022 RE Updates

20
  

5.2 Successful Auctions

About 3150 MW of RE capacity was auctioned and allotted to various RE

developers in the third quarter of 2022.

Out of the total auctioned capacity, 1,750 MW has been allocated to various
developers under solar segment, 1260 MW to hybrid segment and 500 MW to
wind segment.

Figure 5.5: RE tenders allotted in Q3 2022

1000 3.5

900
Capacity Tendered (MW)
Capacity Allotted (MW)
800 Lowest Tariff (INR/kWh)
3.03
700

Tariff (INR/kWh)
2.9 3.0
Capacity (MW)

600 2.82 2.84

500

400
2.5
300 2.49

200

100

0 2.0
GUVNL 750 MW Solar
(Phase XVI) Gujarat Jul
2022

RUMSL 750 MW Wind

Solar Hybrid Madhya
Pradesh Apr 2022

MSEDCL 500 MW Solar

Phase VIII Tranche VI
Maharashtra Jun 2022

MSEDCL 500 MW Solar

Phase VII Tranche III
Maharashtra Jun 2022

GUVNL 500 MW Wind

(Phase III) Gujarat May
2022

SECI 500 MW with 1000 MWh

ESS Storage Rajasthan Apr
2022

KSEBL 10 MW with 20 MWh

BESS Solar Kerala
Q3 2022 RE Updates

21
  

Of the auctioned capacity, Tata Power won the maximum solar capacity of 450
MW followed by Avaada (325 MW), Engie ,NTPC and SJVN (200 MW each). In wind
segment, Ayana Renewables won the maximum capacity of 140 MW followed by
Blupine Energy (100 MW), O2 Power and GSECL (70 MW each). ReNew Power (300
MW), Tata Power (200 MW) and Sprng Energy (160 MW) were awarded the highest
capacities under wind solar hybrid segment.
In addition, JSW Energy was awarded 500 MW under SECI’s pilot projects of 500
MW/1000 MWh Standalone BESS Systems at INR 1.08 million/MW/month in Q3
2022.

Figure 5.6: Developer wise project won in Solar tenders in Q3 2022

700

Solar Tenders
Wind Tenders
600
Hybrid Tenders

500
Capacity (MW)

400

300

200

100

0
Tata Power

JSW Energy

Avaada

ReNew Power

Blupine Energy

Engie

NTPC

SJVN

Sprng Energy

O2 Power

Ayana Renewables

UPC Renewables

Juniper Green

GSECL

Sukhbir Agro

Acme

EDF

Hero Future Energies

Q3 2022 RE Updates

Source: JMK Research

22
  

5.3 Tariff Trends

In Q3 2022, India saw the lowest-winning solar tariff of INR 2.49/kWh under
GUVNL’s 750 MW solar (Phase XVI) tender in Gujarat. This is about 25% higher
than the lowest solar tariff, INR 1.99/kWh that was discovered under GUVNL’s 500
MW solar Phase XI tender auctioned in 2020. The lowest-winning tariff in wind
segment was INR 2.84/kWh under GUVNL’s 500 MW Phase III wind tender.

While the lowest-winning tariff in wind solar hybrid segment was INR 3.03/kWh
under RUMSL’s 750 MW Wind Solar Hybrid tender in Q3 2022.

Figure 5.7: Lowest winning Tariff range in auctioned RE tenders

3.5
Solar 3.26 3.26
3.11
3.05
2.97
3.0 2.91
2.81
2.69
2.61
Tariff (INR/kWh)

2.55 2.58

2.5 2.51
2.5 2.49
2.43
2.36
2.29 2.30
2.2 2.17
2.14
2.0
1.99

1.5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022

Source: JMK Research

3.40 Wind 3.40 Hybrid

3.27

3.11
3.04
3.05 3.05 2.99
2.95
3.0 3.03
Tariff (INR/kWh)

2.83 2.83
Tariff (INR/kWh)

2.78 2.89
2.82 2.70 2.84
2.79 2.77
2.70 2.76 2.70 2.62
2.69
Q3 2022 RE Updates

2.54

2.42 2.53

2.35 2.35 2.41

2.34

2.00 2.00
22

22
19

20
19

21

20

22

22
9

21
02
01

20

20
20

20

20

20
20

20

20
20
12
12

3
3

3
4

3
3
Q
Q

Q
Q

Q
Q

Q
Q
Q

23 Source: JMK Research

 6 Financing Deals

The investment flow in RE sector in Q3 2022 was more than $6,627 million. About
8,737 MW RE assets were acquired in this quarter with total investment of more
than $4600 million. Another $1358 million equity investments were also raised by
various players.

Key investments in Q3 2022 were:

• Sembcorp Industries has entered into a share purchase agreement to sell

100% of the shares of Sembcorp Energy India Limited (“SEIL”) to Tanweer
Infrastructure Pte. Ltd for $1430 million. Tanweer Infrastructure will settle the
final consideration through a deferred payment note (“DPN”) provided by
Sembcorp Industries.

• Shell completed the acquisition of Sprng Energy group in Q3 2022.

• JSW Neo Energy, a wholly owned subsidiary of JSW Energy, has agreed to
acquire a portfolio of 1,753 MW of renewable energy generation capacity from
Mytrah Energy (India) for $1320 million.

• KKR and Hero Future Energies, the renewable energy arm of the Hero Group,
has signed the definitive agreements under which KKR and the Hero Group
will invest $450 million in the Company.

• Continuum Green Energy has raised $350 million in debt through a bond issue
to expand its solar, hybrid and wind projects.

Figure 6.1: Quarter-wise investment flow in Indian RE sector (US$ million)

5,000
Equity
Bonds
M&A
4,000 Other
Investments (US$ Million)

3,000

2,000
Q3 2022 RE Updates

1,000

0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022

Source: JMK Research

Note: Other includes IPO, JV, grant, debt and mezzanine funding
24
 Q3 2022 RE Updates Value (in US$ Million)

25
0
500
1,000
1,500
2,000
Sprng Energy (Acquirer : Shell)

Sembcorp Energy India Limited

(Acquirer : Tanweer Consortium)

Mytrah (Acquirer : JSW

Neo Energy Limited)

Atha Group (Acquirer : Actis)

Source: JMK Research

SenseHawk (Acquirer :
Reliance Industries)

Wind Two Renergy Private Ltd

Acquisitions

(Acquirer : Torrent Power)

Emmvee (Acquirer : O2 Power)

0
Figure 6.2: Investments by deal type in Q3 2022

1,000
3,000
5,000

2,000
4,000

MW

Value (in US$ Million)

0
100
200
300
400
500

Tata power

Hero Future Energies

Mahindra Susten
Apraava Energy


Serentica Renewables

Clean Max Kratos

Aerem
Equity

Fourth Partner Energy

Navitas Alpha Renewables

Ampyr Renewable Energy

O2 Power

 7 Price Trends

In the overseas market, the prices of solar cells have increased by 5.6% while the prices
of mono-PERC solar modules have decreased marginally by 0.8% on QoQ basis.

Figure 7.1: Global price trends of solar cells and modules in Q3 2022
0.30 Mono PERC solar modules
0.27 0.27 0.27 0.26
Prices (USD/Wp)

0.25 0.24
0.23
0.21

0.20 Cells
0.17
0.16 0.16 0.16

0.15 0.14
0.13
0.12

0.10
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022

Source: PV InfoLink, JMK Research

In the Indian market, the landed price for Chinese multi crystalline module
suppliers (excluding GST and BCD), was about 23-26 cents/Wp in Q3 2022 while
prices for mono PERC modules was in the range between 25-27 US cents/Wp.

Figure 7.2: India price trends of solar modules in Q3 2022

30
Mono PERC solar modules Multi crystalline modules
27.2 27.2 27.2 27
27 26 26
Prices (US cents/ Wp)

25.3
24.5 26
24 25.6
24 23 23
22 23.7 23.4
21.5 22.8
21 22.2
20.5
21 20 20 20
19
19.5
18 18.5 18.5
18.0
17.5
Q3 2022 RE Updates

15
Q4 2020
Q2 2020

Q3 2020

Q2 2022

Q3 2022
Q4 2018

Q4 2019

Q1 2020

Q4 2021
Q2 2018

Q3 2018

Q2 2019

Q3 2019

Q2 2021

Q1 2022
Q3 2021
Q1 2018

Q1 2019

Q1 2021

Source: PV InfoLink, JMK Research

Note: Modules prices given are FOB (Free on Board) prices. These prices are excluding safeguard duty and GST.

26
 8 Quarterly
Import-Export Statistics
In Q3 2022, solar cells and modules exports increased by 57% and 524%
respectively, compared to the previous quarter's figures. However, the solar cells
imports increased by 64% and solar modules imports decreased by 64% in Q3
2022. The significant reduction in the import numbers is because of the
imposition of 40% basic custom duty (BCD) on solar modules.

Figure 8.1: Quarter-wise import-export data of solar cells and modules

Exports Imports

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Q3 2022

0 20,000 40,000 60,000 80,000 1,00,000 1,20,000

Amount (in INR Million)

solar module (exports) solar cell (exports) solar cell (Import) solar module (Import)

Source: Ministry of Commerce and Industry, JMK Research

Q3 2022 RE Updates

27
10 Financials
Leading Players
During Jul-Sept 2022, among the private players, the highest revenue was
incurred by ReNew Power with INR 2,168 crore followed by Tata Power (INR 1,826
crore), Adani Green Energy (INR 1,686 crore) and Suzlon Energy (INR 1,438 crore)
while maximum profit was generated by Tata Power and Adani Green Energy of
INR 171 crore and INR 146 crore respectively.

Figure 10.1: Revenue of Leading RE Players during past four quarters, Quarter wise

5000

Q3 2021
Q4 2021
4000 Q1 2022
Revenue (in INR Crore)

Q2 2022
Q3 2022
3000

2000

1000

0
Tata Power Suzlon ReNew Power Adani Green Energy

Source: Companies websites, JMK Research

Note: Consolidated financial data has been considered for the above-mentioned companies
-Tata Power includes revenue and profit numbers for Tata Power Solar, Tata Power Renewable and Walwhan Renewable Energy Ltd

ReNew Power’s revenue decreased by around 7% in the quarter Q3 (July-Sept

2022) as compared to previous quarter i.e., Q2 2022, because of ~1.55% PPAs are
pending out of the total portfolio 13.4 GW.

In Q3 2022, Adani’s revenue and PAT has decreased by 1% and 33% respectively
as compared with the previous quarter because their solar and wind CUF has
decreased by 4.4% and 20.3% respectively in this quarter. The reason behind the
reduction in wind CUF is primarily due to a one-off disruption in the transmission
line of 150 MW wind power plant in Gujarat.
Q3 2022 RE Updates

Suzlon Energy’s Revenue has increased by 4.2% and PAT performance has also
increased significantly by 255% in Q3 2022 as compared to last quarter due to
new orders of nearly 193 MW.
In Q3 2022, Tata Power’s revenue and PAT have decreased by 16.1% and 10.5%
respectively. Additionally, the sales of Tata Power’s Solar Pumps have decreased
by 54% as compared to the previous quarter Q2.

28
 Figure 10.2: Profit After Tax (PAT) of Leading RE Players during past four quarters, Quarter wise

350
300
250
200
150
Profit (in INR Crore)

100
50
0
-50
-100
-150
-200
-250
-300
-350
-400
Tata Power Adani Green Energy Suzlon ReNew Power

Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q2 2022

Source: Companies websites, JMK Research

Note: Consolidated financial data has been considered for the above-mentioned companies
Tata Power includes revenue and profit numbers for Tata Power Solar, Tata Power Renewable and Walwhan Renewable Energy Ltd
-Suzlon Energy net Profit/Loss shown is excluding “exceptional items”
Q3 2022 RE Updates

29
 11 GTAM Traded Volume

The IEX and PXIL together traded a total of 517.2 MU in GTAM in Q3 2022, which is
49% lower than the volume traded in the second quarter of 2022. The average
trade price in IEX-GTAM for Q3 2022 was INR 5.57/kWh, while for PXIL it was INR
4.92/kWh. This is approximately 31% and 46% less than the respective previous
quarter’s prices.

Figure 11.1: Quarter wise GTAM Traded volume and Price Trend

PXIL GTAM - Traded Volume PXIL GTAM - Traded Price

IEX GTAM - Traded Volume IEX GTAM - Traded Price

2,000 10

1,800 1682 9

1,600 8
Million Units/ GWH

1,400 7

INR/kWh
1,200 6
955
1,000 5
862
800 724.40 4
586 555.45
600 3
459
374.93 384
400 2
237
200 233.20 1
89.72
0.39 33.86
0 0
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022

Source: IEX, PXIL, JMK Research

Q3 2022 RE Updates

30
12 Annexure

Table 12.1: List of new tenders issued in Q3 2022

Tendered Capacity
Tender Name Date of issue State Technology Tender Scope
(MW)

REMCL 1548 MW Solar Project

Jul-22 1548 Pan India Utility Scale Solar
Pan India Jul 2022 Development

MPUVNL 1250 MW
Solar (Under KUSUM
Rooftop/Small Project
scheme Component Jul-22 1250 Madhya Pradesh
Scale Solar Development
C) Madhya Pradesh Jul
2022
REMCL 1000 MW RE
with or without ESS Project
Jul-22 1000 Pan India RE with ESS
Storage Pan India Jul Development
2022
GUVNL 750 MW Solar
Project
(Phase XVI) Gujarat Jul Jul-22 750 Gujarat Utility Scale Solar
Development
2022
NLC 500 MW Solar
(EPC) Pan India Jul Jul-22 500 Pan India Utility Scale Solar EPC
2022
RUMSL 300 MW
Floating Solar Phase Project
Jul-22 300 Madhya Pradesh Floating Solar
II Madhya Pradesh Jul Development
2022
JAKEDA 200 MW
Rooftop/Small Rooftop/Small Scale
Rooftop Solar J&K Jul Jul-22 200 Jammu & Kashmir
Scale Solar Solar
2022
MSEDCL 1000 MW
Solar Tranche VIII Aug-22 1000 Maharashtra Utility Scale Solar Project Development
Maharashtra Aug 2022
IRCON 500 MW Solar
(EPC) Karnataka Aug-22 500 Karnataka Utility Scale Solar EPC
August 2022
GUVNL 500 MW with
1000 MWh BESS
Aug-22 500 Gujarat Hybrid Project Development
Storage (Phase-I)
Gujarat Aug 2022
MSEDCL 298 MW
Solar (Under KUSUM
Rooftop/Small
Scheme Component Aug-22 298 Maharashtra Project Development
Scale Solar
A) Maharashtra Aug
2022

31
  

Tendered Capacity
Tender Name Date of issue State Technology Tender Scope
(MW)

TPDDL 255 MW Wind

Solar Hybrid Pan India Aug-22 255 Pan India Hybrid Project Development
Aug 2022

MSEDCL 250 MW Solar

Aug-22 250 Maharashtra Utility Scale Solar Project Development
Maharashtra Aug 2022

GSECL, 220 MW Solar

Aug-22 220 Gujarat Utility Scale Solar EPC
(EPC) Gujarat Aug 2022

SECI 2250 MW RE with

ESS Storage (RTC III) Sep-22 2250 Pan India RE with ESS Project Development
Pan India Sep 2022

GUVNL 600 MW Solar

Sep-22 600 Gujarat Utility Scale Solar Project Development
Gujarat Sep 2022

MSECL 500 MW Solar

(Phase IX) Maharashtra Sep-22 500 Maharashtra Utility Scale Solar Project Development
Sep 2022

Source: JMK Research

Note: Tenders with 200 MW and above capacities have been mentioned in the above table

32
  

Table 12.2: List of tenders auctioned in Q3 2022 (Jul-Sep 2022)

Capacity Capacity
Minimum Commissioning
Tender Name Tendered Allotted Winner details
CUF Timeline
(MW) (MW)

• Solarcraft Power India 2 Private Ltd (Blupine

Energy)-120 MW (INR 2.49/kWh)
• Solairedirect Energy India Private Ltd
GUVNL 750 MW
(Engie)-200 MW (INR 2.50/kWh)
Solar (Phase XVI) 750 750 17% 18 months
• Tata Power Renewable Energy Limited-300 MW
Gujarat Jul 2022
(INR 2.65/kWh)
• Utkrrisht Solar Energy Private Limited (UPC
Renewables)- 130 MW (INR 2.66/kWh)

• Sprng Ojas Private Limited-160 MW (INR 3.03/

kWh)
RUMSL 750 MW • Tata Power Renewable Energy Limited-200 MW
Wind Solar Hybrid (INR 3.03/kWh)
750 750 30% -
Madhya Pradesh • ReNew Solar Power Private Limited-300 MW
Apr 2022 (INR 3.03/kWh)
• TEQ Green Power IX Private Limited (O2 Power)-
90 MW (INR 3.04/kWh)

• GSECL – 70 MW (INR 2.84/kWh)

• EDF – 30 MW (INR 2.98/kWh)
GUVNL 500 MW • Juniper Green – 40 MW (INR 3.04/kWh)
Wind (Phase III) 500 500 15% 18 months • Bluepine – 100 MW (INR 3.05/kWh)
Gujarat May 2022 • O2 Power – 70 MW (INR 3.17/kWh)
• Acme – 50 MW (INR 3.26/kWh)
• Ayana Renewable – 140 MW (INR 3.27/kWh)

KSEBL 10 MW with
20 MWh BESS 10 10 - 15 months • Hero Future Energies – 10 MW
Solar Kerala

MSEDCL 500 • SJVN – 200 MW (INR 2.9/kWh)

MW Solar Phase • Juniper Green – 75 MW (INR 2.9/kWh)
VII Tranche III, 500 500 19% 15 months • Tata Power – 150 MW (INR 2.91/kWh)
Maharashtra, Jun • Sukhbir Agro – 50 MW (INR 2.91/kWh)
2022 • Avaada – 25 MW (INR 2.91/kWh)

SECI, 500 MW with

1000 MWh BESS, • JSW Renew Energy Five Limited – 500 MW (INR
500 500 - 18 months
Rajasthan, Apr 1.08 million/MW)
2022

MSEDCL, 500
MW, Solar Phase
• NTPC – 200 MW (INR 2.82/kWh)
VIII Tranche VI, 500 500 19% 15 months
• Avaada – 300 MW (INR 2.83/kWh)
Maharashtra, Jun
2022

Source: JMK Research

33
  

Table 12.3: Summary of key financial deals in Q2 2022 in RE sector

Asset
Deal Value Stake
Date Company name Deal type Sector acquired Acquirer/ Investor
(US$ mn) acquired
(MW)

Continuum Green
Jul-22 Bond Renewable - - $350 million -
Energy

Tata Power
Greenforest New
Jul-22 Renewable Equity Renewable - $245 million 11%
Energies Bidco
Energy

Wind Two
Jul-22 Renergy Private Acquisition Wind 50 Torrent Power $4.10 million 100%
Ltd

Jul-22 Aerem Equity Solar - Blume Ventures $2.50million -

Fourth Partner
Jul-22 Equity Solar - Filatex india $1.29 million 26%
Energy

Ampyr Renewable Syngene

Jul-22 Equity Solar - $0.4 million 26%
Energy International

$1550
Aug-22 Sprng Energy Acquisition Renewable 2100 Shell 100%
million

JSW Neo Energy $1320

Aug-22 Mytrah Acquisition Renewable 1753 100%
Limited million

Aug-22 Tata Power Debt Renewable - Bank of America $320 million -

$263.97
Aug-22 Atha Group Acquisition Solar 400 Actis 26%
million

BlackRock-backed
Aug-22 Tata Power Equity Renewable - GreenForest New $251 million 5.27%
Energies Bidco

Wind Syngene
Aug-22 O2 Power Equity - $0.38 million 26%
(Open access) International

Aug-22 Emmvee Acquisition Solar 55 O2 Power - -

34
 Asset
Deal Value Stake
Date Company name Deal type Sector acquired Acquirer/ Investor
(US$ mn) acquired
(MW)

Sembcorp Energy Tanweer $1430

Sep-22 Acquisition Solar 4300 100%
India Limited Consortium million

Hero Future KKR and Hero

Sep-22 Equity Renewable - $450 million
Energies Group

Ontario Teacher's
Sep-22 Mahindra Susten Equity Renewable - Pension Plan $300 million 30%
Board

CDPQ
Sep-22 Apraava Energy Equity Renewable - $82.6 million 10%
Infrastructures

Reliance
Sep-22 SenseHawk Acquisition Solar 79 $32 million -
Industries

Serentica
$18.79
Sep-22 Renewables (SPV Equity Renewable Hindustan Zinc 26%
million
of Sterlite Power)

$4.96
Sep-22 Clean Max Kratos Equity Renewable UPL Limited 26%
million

Niveshaay with
the participation
of Action
Navitas Alpha
Tesa Group, $0.87
Sep-22 Renewables Equity Solar -
Madhusudan million
Private Limited
Sarda, IVY Growth
Associates and
others

Source: JMK Research

Q3 2022 RE Updates

35
OptiMOS™ power MOSFETs in TOLT
Optimized for superior thermal performance
lnfineon's OptiMOS™ power MOSFET family expands its high performance package offerings with the introduction of
the TO-Leaded top-side cooling (TOLT) package to its portfolio. The TOLT package offers the same high current low
profile benefits as the TO-Leadless (TOLL) package with the additional advantage of top-side cooling for optimum
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This innovative package combined with the key features of OptiMOS™ 5 power MOSFET technology enables best-in­
class products in 80V and lO0V as well as high current rating >300A for high power density designs.

With top-side cooling, the drain is exposed at the surface of the package allowing for 95% of the heat to be dissipated
directly to the heatsink, achieving 20% better RthJA and 50% improved RthJC compared to the TOLL package.

Benefits
2.5

> Increased system efficiency enabling extended battery life time

> Improves overall system cost by minimizing heatsink and thermal gel 2

> Reduce size with high power density, ease of manufacturing with FR4 PCB
> High power density with Best in Class performance (very low RDS(on) 1.5
�
and high current capability) ?
> Superior thermal performance which improves the overall system
1
reliability with longer end product life time
0.5

==
,.......=. =rm1M (Thermal
Interface Material) 0
TOLL TOLT
Rth (j-heatsink) @360um TM 5000s35
Toll on FR4 board without solder stop mask

https://www.infineon.com/optimos-tolt
.�
Infineon
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