The cost of India’s Solar Power Generation at Lowest in Asia Pacific - Energy Storage and EVs Clear Winners in Union Budget 2019

Press Release – Monday, August 12, 2019

Bengaluru / Pforzheim / Freiburg, August 12, 2019
The cost of solar power generation in India has fallen to half the level seen in many other markets in the region due to extensive solar resource, market scale and competition. At the same time, the new budget aims to seize the opportunity in energy storage and EVs through a range of incentives.

India – the second-largest power market in the Asia Pacific region with an installed generation capacity of 421 GW – has emerged as the lowest-cost producer of renewable energy in the area. Market intelligence firm Wood Mackenzie recently published a report that clearly shows that renewables, in particular solar power, are going to win the race when it comes to affordable and sustainable power generation in India.

The country has seen the levelized cost of electricity (LCOE) using solar falling to $38/MWh (Rs2,614) this year, which is 14% cheaper than traditional coal-fired electricity. According to Wood Mackenzie research director Alex Whitworth solar capacity in India is expected to touch 38 GW this year. The expanding market scale, coupled with high-quality solar resources and competition, has pushed solar costs down to half the level seen in many other Asia Pacific countries.

India has surpassed 1.7 GW of non-commercial rooftop solar capacity

Non-commercial rooftop solar in India is on the rise as well. Minister RK Singh recently told the upper house of the Indian parliament the nation had added 780 MW of new generation capacity in the last two years to pass the 1.7 GW mark for the segment. The share of renewables in India’s power mix is rising too, but not fast enough to ensure electricity supply for all.

Under the national Grid Connected Rooftop Solar Program – which offers financial assistance and incentives – the government has spent Rs.446.77 crore ($67 million) in the last fiscal year. The fund had paid out Rs.169.73 crore in 2017-18 – less than a third of the Rs.678.01 crore provided in the previous 12-month period. India aims to install 40 GW of rooftop solar projects by 2022.

Energy storage and EVs clear winners in new budget

India’s new budget aims to seize the opportunity in energy storage and EVs through a range of incentives. However, alongside demand, production and export, the government also needs to focus on e-waste management and Li-ion battery recycling to sustain raw material supply and minimize environmental impact. India's government wants to make the country a global EV manufacturing hub and expects the inclusion of solar storage batteries and charging infrastructure under its Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME II) scheme will boost its efforts.

The smarter E India displays current and future energy trends in Bangalore on November 27-29, 2019

India’s dynamic development offers enormous growth potential beyond the beaten track. This is where The smarter E India - India’s innovation hub for the new energy world – comes in. The platform sets focal points and trends, advances developments and promotes an exchange of ideas between industries. It presents cross-sector energy solutions and technologies and reflects the interaction of the solar, energy storage and electric mobility industry. The smarter E India will bring together the renowned Intersolar India, ees India and Power2Drive India. The smarter E India will open it’s doors in Bangalore at the Bengaluru International Exhibition Centre from November 27 – 29, 2019.

About The smarter E India

With three parallel energy exhibitions, The smarter E India is India’s innovation hub for the new energy world. It presents cross-sector energy solutions and technologies and reflects the interaction of the solar, energy storage and electric mobility industry. The smarter E India addresses all the key areas along the value chain and brings together local experts and international stakeholders in the energy future. Starting in 2019, The smarter E India will bring together the renowned Intersolar India, ees India and Power2Drive India. The exhibition trio will take place at the Bangalore International Exhibition Centre in the capital state of Karnataka on November 27-29, 2019.

For more information on Intersolar India, please visit: https://www.thesmartere.in/

Organizers: The event’s local organizer is MMI India Pvt. Ltd. Messe Muenchen India Pvt. Ltd. and its international contacts are Solar Promotion International GmbH, Pforzheim and Freiburg Management and Marketing International GmbH (FMMI).

Contact

In India:

Mr. Brijesh Nair, MM India Pvt. Ltd.
Tel.: +91 22 4255 4707, brijesh.nair@mm-india.in

Outside India:

Diana Döppe, Solar Promotion International GmbH
Tel.: +49 7231 58598-0, doeppe@solarpromotion.com

Further Content
Press Release
The smarter E AWARD 2025: Applications Are Now Open

November 4, 2024

One award, five categories, 15 winners and an abundance of innovative and intelligent ideas, products, services and projects:

Speaker
Ibrahim Kadriinamdar, Solplanet

Regional Sales Manager - MENA & India

India

Ibrahim Kadriinamdar has over 15 years of experience in new business development and market expansion, specifically in the Renewable Energy sector. He is a dynamic management professional with a proven track record of spearheading sales and business development initiatives across diverse industries. As Regional Sales Manager at Solplanet in Dubai, he played a pivotal role in driving business growth by identifying, evaluating, and securing new clients. His contributions have been recognised by industry bodies, including being named one of India's Top 100 Net Zero Leaders by NET ZERO Alliance, Solar Quarter, in 2023. Additionally, he was recognised as one of the "RE Leaders of Tomorrow in the top 40 under 40" by EQ International.

Speaker
Dilip Kumar, Inspire Clean Energy

Founder - Executive Director

India

Dilip Kumar started his career as an automation engineer, due to his keen interest in developing new products. He joined Rockwell Automation Inc., global leader in industrial automation, as Application Engineer. At Rockwell Automation, he was assigned growing responsibilities, leading to manage customers contributing 12% of its revenue in India. During his tenure, he received multiple awards for his technical & sales leadership. Between 2012 and 2016, he spearheaded SMA India's South Region. Consistently achieved exceptional and measurable results in identifying new markets, setting up new business territories, and building and leading teams in a dynamic environment. In the year 2015, he, along with Mr. Vikram Shetty founded Inspire Clean Energy (ICE) - a pure play, technical asset, operations, and maintenance management company for solar PV plants. In the last 9+ years, ICE has grown and is regarded as a technical expert in managing solar PV assets. Many of its processes are now de facto standard operating procedures in the industry. In late 2018, he co-founded Reparar Works (RW), India's first Solar PV repairs, refurbishment, and recycling company, focusing on sustainable ways to handle the post warranty life of PV components. Today, ICE and RW together as Life Cycle Management companies, have made a positive impact on close to 3 GWp of solar PV assets. Regarded as the go-to person in the solar PV tech community, he was awarded "Dr. Solar" in 2022, "PV Guru" and "Solar Specialist of the Decade" in 2023. With a strong sense of socio-environmental responsibilities culminating in formation of 'The ReLIFE Programme,' which helped provide livelihoods to people displaced by COVID. The program helped close to 200 people restart their lives who were the sole breadwinners for their families.

Speaker
Vinay Kumar Pabba, Vibrant Energy

COO

India

P. Vinay Kumar, COO of Vibrant Energy, backed by the Macquarie Group, is a Renewable Energy industry veteran with a track record of having built and managed ~ 3000 MW of Solar and Wind Assets. o As a Former CEO & MD of Brookfield Asset Management - India Renewables he was instrumental in launching Brookfield in the Renewables sector in India. He has also been an Independent Director on the Board of KKR-backed Virescent India which is one of India's first white-label RE InVITs. o Prior to Brookfield, he worked as COO of Greenko Group leading the Project Development Group. He built 3 GW of solar and wind plants including the world's largest solar plant (817 MW DC) in Kurnool (India) while at Greenko. Also part of the core team that dilgienced multiple acquisitions - including that of SunEdison's assets in India. o During prior stints with EPC companies in Transmission and Distribution, he executed largeformat transmission and distribution projects in India/Africa. Has experience across the Power Value chain (Generation, Transmission and Distribution). o Began his career with the Indian Revenue Service (IRS) where he spearheaded transformational IT initiatives for Indian Customs, like the Risk Management Systems (RMS) which won him the PM's award for excellence in Public Administration. He is also a recipient of the Finance Minister's Medal for best Officer and was also awarded the Samman Patra recognition. o Adjudged Solar Person of the year 2017 - by EQMag, among Solar heroes of 2018, and more recently among 100 most powerful solar leaders in 2021. He is a recognized industry thought leader, influencer in the clean energy industry in India. o Has a Bachelor's degree in Engg. from IIT Madras, PGDBM from XLRI Jamshedpur, and is a CFA.

Session
CEO Round Table on Battery Storage and Electric Vehicles

Friday, February 14, 2025, 02:00 pm - 03:00 pm

Ground Floor Admin Building

Theme: Localizing EV and Battery Manufacturing - Identify opportunities to boost domestic manufacturing of EV components and battery systems. - Assess challenges in building supply chain resilience amid global market uncertainties. - Leverage government schemes to foster local production while reducing dependency on imports.

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