Roof-top solar projects to serve residential, commercial and industrial energy needs
Roof-top solar projects to serve residential, commercial and industrial energy needs
Business Model Description
On-grid or Off-grid roof top solar panel installation projects to serve energy needs of industrial clusters (including MSME manufacturing clusters across industries, food parks, etc.), residential and commercial complexes, housing societies, community centres, government organizations and private institutions. In addition to reduction in electricity costs, on-grid solar rooftop projects allow users to earn additional income by supplying extra electricity generated to the community/central grid, thereby making them eligible for generation-based incentives and USD 0.03 (INR 2) per unit of electricity generated. (8.1)
Expected Impact
Improvement in the reduction of dependency on conventional sources of electricity and benefits to residential, commercial and industrial users from savings in energy costs generated from solar rooftop projects.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
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Country & Regions
- India: Countrywide
Sector Classification
Renewable Resources and Alternative Energy
Development need
India ranks 9 in Climate Change Performance Index (3.1) and is one of the most vulnerable countries in the world to global warming.
It is also highly vulnerable to climate-induced natural disasters, that make communities vulnerable based on their socio-economic and geophysical characteristics.
Power generation from renewable energy sources in India reached 101.84 billion units in 2018 and 126.76 billion units in 2019. Going forward, renewable energy is expected to account for ~55% of the total installed power capacity by 2030 (3.3).
Nationwide lockdown created disrupted supply chains across sectors and intensified the urgency for India to become self-sufficient to meet its energy needs and reduce its dependency on import of crude oil for generation of electricity, as well as transport facilities consumption.
Policy priority
India plans to add 30 GW of renewable energy capacity along the desert region on its western border, covering the states of Gujarat and Rajasthan.
The Delhi government has decided to shut down the thermal power plant in Rajghat and plans to develop it into a 5,000 KW solar park.
A new Hydropower policy for 2018-28 has been drafted for the growth of hydro projects in the country.
The Government of India has announced plans to implement a USD 238 million National Mission on advanced ultra-supercritical technologies for cleaner coal utilisation.
Gender inequalities and marginalization issues
As per SDG India Index report by Niti Aayog (3.2a), 99.99% (3.2b) households have access to electricity and 17 States and all UTs (except Lakshadweep) had shown substantial progress in respect to achieving SDG 7 (Affordable and Clean Energy), resulting in a cumulative score of 70 on 100 for India for SDG 7.
Women benefit from clean energy used for cooking as it helps them save the time spent gathering dirty fuels such as firewood or cow dung, and reduces exposure to indoor air pollution (responsible for 3.8 million premature deaths a year). (8.34)
Investment opportunities introduction
The Government of India has set a target to achieve renewable energy capacity of 175 GW by 2022 and 450 GW by 2030. As of 30 April 2020, India’s installed RE capacity stands at 87.26 GW (3.7), which includes 34.81 GW of solar, 37.74 GW of wind, 9.86 GW of biomass and 4.68 GW of small hydro. To achieve its target of 175 GW of renewable energy capacity by 2022, the government has estimated an additional investment requirement of USD 100 billion over the course of the next 3 years (3.8), which would require increased capital inflow from both Indian and international investors. As per Foreign Direct Investment (FDI) Policy, up to 100% FDI is allowed under the automatic route for renewable energy generation and distribution projects subject to provisions of The Electricity Act, 2003 (3.9).
Key investment deals in Indian RE sector amounted to USD 8.4 billion (3.10), of which 48% was in generalised renewable energy, 41% was in solar, 10% was in wind, while 1% was for storage or solar pumps.
Key bottlenecks introduction
In India, power demand has reduced by 25-30%. This decline in demand coupled with reduced collection of payments and slow economic recovery will adversely impact already stressed Distribution Companies (DISCOMS) by creating a cash gap of approximately USD 5 billion. (3.12)
Alternative Energy
Development need
India's Total Primary Energy Demand (TPED) is expected to grow by 63% by 2030. Concomitantly, India's contribution to the world's energy-related total CO2 emission is expected to rise from 6.7% to 10.6%. Therefore, achieving low-carbon energy security is critical for India. (3.2a) This can be achieved through greater adoption of renewable energy-based sources of electricity, as well as increase in the usage of electricity-based vehicles since as much as two thirds of deaths from air pollution in India can be attributed to exhaust emissions from diesel vehicles, responsible for nearly 385,000 deaths in 2015. (3.3)
India appears to be lagging behind on its targets for SDG 13 (Climate Action) with a score of 60 on 100, due to its dependence on coal resources for energy consumption, which still accounts for about 57% of electricity generation. Moreover, ~75% of India’s electricity is generated from fossil fuels, and the power sector is responsible for half of India’s CO2 emissions. (3.4)
Solar and Wind represent 90% of the country's capacity growth, which is the result of auctions for contracts to develop power-generation capacity that have yielded some of the world's lowest prices for both technologies. There is a need to innovate models that can harness the different sources of energy available in India with the potential to contribute to the overall energy mix and replace dependence on fossil fuels. (3.5)
Policy priority
The Rajasthan government in its Budget 2019-20 exempted solar energy from electricity duty and focuses on the utilization of solar power in its agriculture and public health sectors.
The Ministry of New and Renewable Energy (MNRE) has decided to provide custom and excise duty benefits to the solar rooftop sector, which in turn will lower the cost of setting up as well as generating power, thus boosting growth.
The Indian Railways is making increased efforts through sustained energy efficient measures and maximum use of clean fuel to cut down emission levels by 33% by 2030. The Indian Railways plan to generate 500 MW energy through roof-top solar panels and so far, 100 MW of solar plants have already been commissioned on roof-tops of various buildings, including 900 railway stations. (3.11)
Gender inequalities and marginalization issues
Electricity being a key ingredient for any modern production infrastructure, gaps in energy supply often act as a barrier to productive investments in rural and semi-urban areas. Distributed renewable energy and cleantech solutions can effectively bridge such energy gaps in an environment-friendly way. This facilitates local value addition by creating more productive investment opportunities, specifically in micro enterprises, while also creating demand for skilled and semi-skilled manpower. (3.13) Making such shifts will align with COVID-19 measures announced by GoI to spur growth of MSMEs to improve domestic manufacturing and production capacities.
Investment opportunities introduction
The Government of India (""GoI"" or ""Central Government"") has set a target to achieve renewable energy capacity of 175 GW by 2022 and 450 GW by 2030. As of 30 April 2020, India’s installed RE capacity stands at 87.26 GW (3.7), which includes 34.81 GW of solar, 37.74 GW of wind, 9.86 GW of biomass and 4.68 GW of small hydro. To achieve its target of 175 GW of renewable energy capacity by 2022, the government has estimated an additional investment requirement of USD 100 billion over the course of the next 3 years (3.8), which would require increased capital inflow from both Indian and international investors. As per Foreign Direct Investment (FDI) Policy, up to 100% FDI is allowed under the automatic route for renewable energy generation and distribution projects subject to provisions of The Electricity Act, 2003 (3.9).
Key investment deals in Indian RE sector amounted to USD 8.4 billion (3.10), of which 48% was in generalised renewable energy, 41% was in solar, 10% was in wind, while 1% was for storage or solar pumps.
Key bottlenecks introduction
Lack of financing for Renewable Energy Service Company (RESCO) firms, despite financial incentives being offered by the Indian policy and regulatory ecosystem. (8.31)
Solar Technology and Project Developers
Pipeline Opportunity
Roof-top solar projects to serve residential, commercial and industrial energy needs
On-grid or Off-grid roof top solar panel installation projects to serve energy needs of industrial clusters (including MSME manufacturing clusters across industries, food parks, etc.), residential and commercial complexes, housing societies, community centres, government organizations and private institutions. In addition to reduction in electricity costs, on-grid solar rooftop projects allow users to earn additional income by supplying extra electricity generated to the community/central grid, thereby making them eligible for generation-based incentives and USD 0.03 (INR 2) per unit of electricity generated. (8.1)
Business Case
Market Size and Environment
GOI targets to achieve 40 GW of solar rooftop by 2022
Within a decade ending on 31 March 2020, India expanded its installed solar power capacity by 233 times from 161 MW to 37,627 MW. Rooftop solar power accounts for 2.1 GW, of which 70% is industrial or commercial. (8.20)
As of 2019, despite strong growth, India achieved only 10% of its target capacity addition of 40 GW of solar rooftop PV (to be achieved by 2022). As of 2019, share of rooftop solar (which stands at 3,855 MW) is ~14% of cumulative solar installation in India, which is below GOI’s expected run-rate for its 2015 renewable energy plan and has a massive scope for improvement. (8.8)
Indicative Return
15% - 20%
Investors expect IRR of more than 14% on equity in the solar energy segment. However, with falling tariffs and increasing competition, most developers earn equity returns of ~12-13%, leaving very little margin for error if there are unplanned project delays or grid related curtailments. (8.13)
The cost per kW for a 100kW solar rooftop installation (commercial/industrial customers) is USD 580 (USD 58,000 for the system). Assuming a solar tariff rate of USD 0.07 per kWh, investors can expect an IRR above 16%, when unleveraged. If leveraged at 30:70, the IRR will surge over 23%. (8.14)
The features of 1 kW Indian residential solar rooftop installation are as follows: (8.18) - Payback period = 13 years (making it a financially feasible project) - Solar electricity is 20.5% more profitable than grid electricity - 95 units per month are generated - Internal rate of return is 8.3%
Investment Timeframe
Short Term (0–5 years)
Gestation period of conventional power plants could be 5-6 years, whereas that of a solar power plant is 6 months.
Due to shorter gestation period and low operating costs of solar projects, small 1-5 MW solar power plants can be built around rural communities to offer regular electricity supply to communities and businesses that experience unpredictable power outages. (8.22)
Infuse Ventures (VC based out of India) divested partial stake in Fourth Partner Energy in 3 years from the time of its original investment further confirming the investment timeframe for such projects. (8.15)
Market Risks & Scale Obstacles
Fragmented market ecosystem
Capital - Limited Investor Interest
Capital - CapEx Intensive
Market - High Level of Competition
Impact Case
Sustainable Development Need
Approximately 75% of India’s electricity is generated from fossil fuels, and the power sector is responsible for half of India’s CO2 emissions (which account for more than half the increase in global CO2 output since 2013). (3.4)
With rapid expansion in usage of coal, India’s CO2 emissions have grown two-fold between 2005-2019. However, shift to renewable energy sources and slower growth in coal-based power generation are likely to result in improved air quality. As per market estimates, growth in CO2 emissions in 2019 was ~2%, which is lower than the annual increase seen in any year since 2001. (3.4)
35% of global Green House Gas (GHG) emissions are directly or indirectly caused by electricity and heat generation (8.2). Solar power, on the other hand, is Green House Gas (GHG) emissions free, and the power generated through solar will replace anthropogenic emission of greenhouse gases estimated to be approximately 93,022 tonnes of CO2 per year, by displacing 95,145 MWh/year amount of electricity from the generation-mix of power plants connected to the Indian Grid, which is mainly dominated by fossil fuel based power plants. (8.3)
During FY2020, 35.22% of total electricity generation was from renewable energy and the share of solar power in the total renewable energy basket was 24.3%. (8.5)
Solar rooftop projects (including Solar PV systems installed for meeting residential, commercial and industrial energy needs) offer (1) an economical and clean alternative to conventional energy sources; (2) deliver reliability i.e., independence from grid-based energy sources that are prone to load-shedding and other hindrances; (3) a typical residential rooftop solar can save energy costs amounting to ~USD 662 per KW a year or around USD 16,550 with a 25-year lifetime of the installation. Thus, unlike the solar parks, that require large lands for establishment, solar rooftop projects can be installed in smaller residential or congested areas, allowing ordinary households to generate their own electricity at lower initial investment, as well as lower operating costs. (8.6)
COVID-19 has further underscored the need for India to become self-sufficient in its energy consumption and thus, moving towards renewable sources of energy for electricity production.
Gender & Marginalisation
Electricity being a key ingredient for any modern production infrastructure, gaps in energy supply often act as a barrier to productive investments in rural and semi-urban areas. Distributed renewable energy and cleantech solutions can effectively bridge such energy gaps in an environment-friendly way. This facilitates local value addition by creating more productive investment opportunities, specifically in micro enterprises, while also creating demand for skilled and semi-skilled manpower. (3.13) Making such shifts will align with COVID-19 measures announced by GoI to spur growth of MSMEs to improve domestic manufacturing and production capacities. Women benefit from clean energy used for cooking as it helps them save the time spent gathering dirty fuels such as firewood or cow dung, and reduces exposure to indoor air pollution (responsible for 3.8 million premature deaths a year). (8.34)
Expected Development Outcome
The business model under this IOA has the potential to increase cost savings (lower electricity bills) for residential, commercial and industrial sector users of rooftop solar. Further, it may reduce pollution by achieving the government’s target of ~55% total installed power capacity from renewable sources of energy (by 2030).
The business model under this IOA has the potential to increase employment opportunities for local communities by setting up on-grid and off-grid solar rooftop projects. Further, it may offer alternative income sources to households and businesses by supplying surplus electricity to the grid for a guaranteed, fixed price per unit of electricity generated. (8.1)
Gender & Marginalisation
Primary SDGs addressed
7.1.2 Proportion of population with primary reliance on clean fuels and technology
7.2.1 Renewable energy share in the total final energy consumption
7.b.1 Installed renewable energy-generating capacity in developing countries (in watts per capita)
Secondary SDGs addressed
Directly impacted stakeholders
People
Planet
Indirectly impacted stakeholders
People
Outcome Risks
COVID-19 related disruptions might affect the demand for roof-top solar due to the high installation cost involved. However, as the economy recovers, the appetite to bear the immediate cost, in order to reap the benefits of cost savings (lower operating expenses and usage cost) later, may improve.
Impact Classification
What
Roof-top solar can offer cost-effective solutions and improve energy productivity in order to meet India's energy demand (which is expected to double by 2040). (8.10 and 8.24)
Who
Beneficiaries include residential, commercial and industrial users who will benefit from savings in energy costs generated from solar rooftop projects.
Risk
COVID-19 related disruptions may affect the demand for roof-top solar due to the high installation cost involved.
Impact Thesis
Improvement in the reduction of dependency on conventional sources of electricity and benefits to residential, commercial and industrial users from savings in energy costs generated from solar rooftop projects.
Enabling Environment
Policy Environment
Budget 2020-21 proposed USD 3.11 billion for the power and renewable energy sectors in 2020-21. (8.23)
For residential and commercial solar PV applications, the GoI has set an ambitious target of 40 GW of rooftop solar projects by 2022 within the 100 GW solar target. (8.24). In the first six months of 2018, India had installed 1 MW of solar capacity every hour. This is evidence of the GoI's commitment to ensure increased capacities to produce and supply solar powered electricity as a proportion of total electricity produced and supplied.
The Ministry of New & Renewable Energy has several policies to incentivise and facilitate rooftop installations: a) providing central financial assistance for residential, institutional, social and government buildings; b) advising states to implement net/gross metering regulations and tariff orders; c) providing a model Memorandum of Understanding (MoU), Power Purchase Agreement (PPA) and CAPEX agreement for rooftop projects in the public sector; and d) appointing experts to support public sector undertakings in the implementation of rooftop projects in ministries and government departments in a bid to leverage existing infrastructure for rooftop solar projects (8.24)
For residential and commercial solar PV applications, the GoI has set an ambitious target of 40 GW of rooftop solar by 2022 within the 100 GW solar target. The target is supported by Renewable Purchase Obligations (RPOs), rooftop auctions and programmes that facilitate the deployment of rooftop solar PV on government buildings across states. (8.24)
In order to give a thrust to rooftop PV and other small solar power plants connected at distribution network at voltage levels below 33 kV envisaged under Phase I of the Jawaharlal Nehru National Solar Mission (JNNSM), the Ministry of New and Renewable Energy (MNRE) launched a programme on generation-based incentives. The programme is referred to as ‘Rooftop PV & Small Solar Power Generation Programme’ (RPSSGP). (8.25)
Financial Environment
Financial incentives: For rooftop solar, the State budget for Gujarat, for the year 2020-21 has provided USD 121 million in subsidy under Surya Gujarat Yojana—that gives residential consumers 40% subsidy on the stipulated cost of the solar system up to 3 KW and 20% subsidy for more than 3 KW and up to 10 KW capacity. (8.27)
Fiscal incentives: In February 2019 the Cabinet Committee on Economic Affairs (CCEA) approved financial support totalling USD 6.5 billion by 2022 to promote the use of solar among farmers. (8.24) Central Financial Assistance up to 30% of the benchmark cost for general category states (up to 70% of the benchmark cost for special category states i.e., North - Eastern States including Sikkim, Uttarakhand, Himachal Pradesh, Jammu & Kashmir and Lakshadweep, Andaman & Nicobar Islands) is being given in residential, institutional, social sector etc. (8.19) Achievement linked incentives up to (25%, 15% and 10%) of the benchmark cost for general category states and up to (60%, 36 % and 24 %) of the benchmark cost for special category states i.e., North - Eastern States including Sikkim, Uttarakhand, Himachal Pradesh, Jammu & Kashmir and Lakshadweep, Andaman & Nicobar Islands) is being provided based on achievement in various slabs. (8.19) Incentives from the Central Bank- Reserve Bank of India (RBI): Understanding the importance of Renewable Energy projects as a key part of social infrastructure for India, RBI now includes funding of RE projects by banking entities as part of Priority Sector Lending (PSL). It now includes renewable energy projects and grid-connected solar rooftop systems (MNRE, 2018a). The Department of Financial Services advised all public-sector banks to provide loans for grid-connected rooftop solar systems as a home loan or a home improvement loan, and the Department of Expenditure reduced the guarantee fee from 1.2% to 0.5% on USD 1.370 billion worth of multilateral loans (for solar rooftop installation). (8.24)
Regulatory Environment
The Ministry of New & Renewable Energy (MNRE) is in charge of the development of solar, wind and other renewables in India.
Solar Energy Corporation of India (SECI) is responsible for the implementation of various MNRE subsidy schemes, such as the solar park scheme and the grid-connected solar rooftop scheme. (8.24)
SSS-NIRE is an autonomous institution of the MNRE, an emerging R&D centre with a mandate to focus on bioenergy and develop innovative technologies in the area of renewables and biofuels. (8.24)
The Forum of Regulators of India brings together CERC with the SERCs as a forum for discussion and exchange of views, based on model guidelines or regulations (model guidelines on rooftop solar and net metering rules, tariff rationalisation and tariff guidelines). (8.24)
Marketplace Participants
Private Sector
Investors: Petroliam Nasional Bhd, or Petronas (Malaysia’s state-owned oil and gas company) acquired I Squared Capital’s majority stake in Amplus Energy Solutions Pvt. Ltd (rooftop solar power producer). (8.28). EverSource Capital (a JV between PE firm Everstone Capital and Lightsource BP) acquired Origin Renewables, which works in the solar rooftop space. (8.29). International Finance Corporation (IFC), invested an equity stake in Hero Future Energies (the renewable energy arm of the Hero Group) to set up 1 GW of greenfield solar (including solar rooftop) and wind plants in India. (8.30). Other investors in this space include: Caisse de Depot et Placement du Quebec, PROPARCO SA, Masdar Venture Capital, Green Investment Group Limited, Asia Development Bank, International Finance Corporation, GIC Pte. Ltd., I Squared Capital Advisors, LLC, Sunergy Investors LLC, Godrej Properties Limited, Sunergy Investors LLC, Amplus Energy Solutions Private Limited, Statkraft AS, SIL Rooftop Solar Power Private Limited, Romarsoi Limited, EverSource Capital Group, Globevestor, Inc.
Private Sector
Corporations: Luminous and Tata Solar provide residential solar rooftop panel installation services. Other players include: Azure Power Global Limited, Avaada Energy Private Limited, Hero Future Energies Limited, CleanMax Enviro Energy Solutions Pvt Ltd., Veer Energy & Infrastructure Limited, Amplus Energy Solutions Private Limited, SunTerrace Energy Private Limited, ZunRoof Tech Private Limited, Zolt Energy Private Limited, SunEdison Energy India Private Limited, Portfolio of Commercial and Industrial Rooftop Projects, Statkraft BLP Solar Solutions Private Limited, Solex Energy Limited, SolarTown Energy Solutions Private Limited, Sherisha Solar Private Limited, Ravindra Energy Limited, Origin Renewables Private Limited, Oriano Clean Energy Pvt. Ltd., Oorjan Cleantech Pvt. Ltd., Kintech Renewables Limited.
Non-Profit
National Solar Energy Federation of India (NSEFI) is an umbrella organization of all solar energy stakeholders of India. This apex solar organization works in the area of policy advocacy and is a national platform for addressing all issues connected with solar energy growth in India.
Target Locations
India: Countrywide
References
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