This presentation shows the status of the Indian solar industry and gives an overview of market shares (modules, inverters, EPC), solar tariffs and policies

1. www.bridgetoindia.com
INDIA SOLAR MAP
Jasmeet Khurana
BRIDGE TO INDIA
September 2013
Jasmeet.khurana@bridgetoindia.com
Key highlights

2. © BRIDGE TO INDIA, 2013 2
Disclaimer
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April 2013, New Delhi
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3. © BRIDGE TO INDIA, 2013 3
THE INDIA SOLAR MAP – AN OVERVIEW
The India Solar Map is an all-in-one map that depicts the trends of
the Indian solar market through simple and well-designed
graphics. We want this map to be a key ready reckoner for the solar
industry in India. We would like companies to retain and refer to
this map in order to understand the market developments and
make sound strategic decisions based on the insights from this
map.
BRIDGE TO INDIA interacts with various stakeholders in the market
on a regular basis to maintain a comprehensive project database.
We also have in-house market models in place. We have checked
our numbers with the respective companies in order to avoid any
misrepresentation. Wherever information was incomplete or
unavailable we have worked with assumptions that have been spelt
out in the map itself.
We would also request companies to help us achieve absolute
accuracy by cooperating with us and sharing the details of their
projects. This will help us work towards providing a reliable and
truly representative picture of the industry for all to benefit from.
We would continue with the ‘India Solar Map’ as a part of the
portfolio of products we offer.
©BRIDGETOINDIA,2013
Source: BRIDGE TO INDIA
project database

4. © BRIDGE TO INDIA, 2013 4
State policies have been the primary drivers
for projects commissioned till date
• 1.8 GW of projects
have been
commissioned as of
August 2013
• Gujarat, Rajasthan
and Maharashtra and
are the top 3 states
with the highest
commissioned
projects
• There are 12 state
solar policies in place
up till date
• With a considerable
number of LOIs
signed, Andhra
Pradesh, Tamil Nadu
and Punjab will see
the most number of
projects
commissioned in the
near future
Key takeaway
©BRIDGETOINDIA,2013
Source: BRIDGE TO INDIA project database and industry interviews

5. © BRIDGE TO INDIA, 2013 5
Around 42% modules used in India are thin film
• First solar has the
highest market share
in the module market
• In crystalline
modules, Canadian
solar has the highest
market share
• 5 out of top ten
suppliers are Chinese
• No Indian
manufacturer in top 5
• Vikram solar is the
only Indian
manufacturer to
feature in the top 10
• About only 18%
market is catered by
the domestic
manufacturers
Key takeaway
©BRIDGETOINDIA,2013
Source: BRIDGE TO INDIA project database and industry interviews

6. © BRIDGE TO INDIA, 2013 6
40% of the market share is occupied by the top three
EPC companies
• Moserbaer has done
the maximum EPC in
India
• Several new
companies have
forayed into the EPC
space and are doing
relatively well. For
example, Rays
experts, Chemtrols
solar and Cirus solar.
• 40% of the market
share is occupied by
the top 3 EPC
providers
• Lanco has provided
EPC to 75 MW
Mahagenco project
Key takeaway
©BRIDGETOINDIA,2013
Source: BRIDGE TO INDIA project database and industry interviews

7. © BRIDGE TO INDIA, 2013 7
Many project developers in India are doing EPC in-house
• Welspun Urja, as a
project developer, has
the maximum number
of projects in India
• Moserbaer and Lanco
are ranked in top 3
under own EPC as
well
Key takeaway
©BRIDGETOINDIA,2013
Source: BRIDGE TO INDIA project database and industry interviews

8. © BRIDGE TO INDIA, 2013 8
Around 50% of the market share is distributed between
SMA and Bonfiglioli
• SMA continues to
occupy the largest
market share in India
while Bonfiglioli is
catching up fast.
• ABB has managed to
gain a significant
market share in the
last couple of years
• Schneider started
operations recently
and has managed to
build a 6% share.
Key takeaway
©BRIDGETOINDIA,2013
Source: BRIDGE TO INDIA project database and industry interviews

9. © BRIDGE TO INDIA, 2013 9
In the next one year more than 700MW will be developed
under state policies other than that of Gujarat
• 1.1 GW of solar PV
capacity addition is
expected in the next
one year
• Most of this capacity
addition would be
under state policies
and projects based on
RPOs
• Going forward, no
major installations
are expected under
the National Solar
Mission and Gujarat
solar policy
• Many new projects are
expected to come up
in the states of Tamil
Nadu and Andhra
Pradesh
Key takeaway
©BRIDGETOINDIA,2013
Source: BRIDGE TO INDIA project database
©BRIDGETOINDIA,2013

10. © BRIDGE TO INDIA, 2013 10
Tariffs have fallen by 63% in the last 3 years
*Leveliz
ed tariff
offered
in Tamil
Nadu
has
been
calculat
ed
consider
ing 5%
escalati
on for
10
years.
Discoun
t rate of
15% has
been
assume
d
Tariffs
offered
in Tamil
Nadu
might
change
based
on the
consulta
tion
paper
release
d by
TERC
Averag
e tariff
offered
under
various
policies
are not
weighte
d
average
s
Tariffs
offered
in
Gujarat
are
levelize
d
*Leveliz
ed tariff
offered
in Tamil
Nadu
has
been
calculat
ed
consider
ing 5%
escalati
on for
10
years.
Discoun
t rate of
15% has
been
assume
d
Tariffs
offered
in Tamil
Nadu
might
change
based
on the
consulta
tion
paper
release
d by
TERC
Averag
e tariff
offered
under
various
policies
are not
weighte
d
average
s
Tariffs
offered
in
Gujarat
are
levelize
d
• The lowest bid was
reported in
Rajasthan and
Andhra Pradesh for
about INR 6.5
• Gujarat is still
offering the highest
levelized tariff in
the country
• Average tariff for
projects in the year
2013 has been INR
7.7
Key takeaway
©BRIDGETOINDIA,2013
Source: BRIDGE TO INDIA project database
* Levelized tariff has been calculated considering 5% escalation for 10 years.

11. © BRIDGE TO INDIA, 2013 11
Average project sizes in India have been increasing over
time
• The average project
size has been
increasing steadily
• More projects are
being developed in the
20-25 MW range as
well as some in the 50
MW range
• Some PV projects of
100 MW have also
been announced
recently
Key takeaway
©BRIDGETOINDIA,2013
Source: BRIDGE TO INDIA project database

12. © BRIDGE TO INDIA, 2013 12
2.3GW solar installations are expected in the commercial
parity space in the next 4 years
• The RPO driven
market is expected to
steadily increase
• The grid parity
commercial market
will also increase as
parity is reached in
more states
• The telecom market
and the diesel parity
market are both
dependent on the
price of diesel and the
adoption of solar is
expected to increase
considerably in the
coming years
Key takeaway
©BRIDGETOINDIA,2013
Source: BRIDGE TO INDIA market model

13. © BRIDGE TO INDIA, 2013
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