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Policy and Financial Barriers to Micro-Grid Development in India

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Policy and Financial Barriers to Micro-Grid Development in India Policy and Financial Barriers to Micro-Grid Development in India Roberts Environmental Center at Claremont McKenna College Sustainable Development Policy and Finance Team May 16, 2019 Will Cullen CMC ‘19 Matt Psaltakis CMC ’19 Ally So CMC ‘21 Katie O’Neill CMC ‘21 Cade Moffatt CMC ‘21 Samantha Murphy CMC ‘21 Abby Gilliland CMC ‘21 Sam Willett CMC ‘20 Lude Rong CMC ‘20 TABLE OF CONTENTS INTRODUCTION Katie O’Neill (CMC ‘21) 5 Goals of Research 5 Methodology 5 BACKGROUND Katie O’Neill (CMC ‘21), Sami Murphy (CMC ‘21) 6 1. Energy Poverty in India 6 2. Sustainable Development Goals 6 3. Vision for Achieving Universal Electrification in India 7 4. Challenges to Micro-Grid Investment 8 1. Federal Government Policies Sami Murphy (CMC ‘21) 9 1. India’s Central Government’s Policy Goals 10 2. Multilateral Partnerships 10 3. Electricity Act of 2003 11 4. RGGVY 11 2. State & Local Level Policy Sami Murphy (CMC ‘21) 12 1. Overview 13 2. Case Study: Uttar Pradesh 14 Room for Improvement 15 3. Financing Barriers Sam Willett (CMC ‘20) and Cade Moffatt (CMC ‘21) 16 4. Comparing Strategies for Electrification Katie O’Neill (CMC ‘21) 18 1. Central Grid 18 2. Solar Home Systems 19 3. Micro-Grid 20 5. Current Companies Operating Matt (CMC ‘19) 23 Introduction 23 6. Case Studies: Micro-grid Companies ​ Sami Murphy (CMC ‘21), Cade Moffatt (CMC ‘21), Ally So (CMC ‘21) 26 1. Gram Oorja 26 2. Zola Electric 26 3. OMC Power 27 2 4. SELCO Foundation 27 5. Mera Gao 28 7. Case Studies: Funding Organizations ​ Cade Moffatt (CMC ‘21), Ally So (CMC ‘21) 30 1. Rockefeller Foundation 30 2. DBL Partners 30 3. USAID’s PACE-D Program 31 8. Additional Sources of Financing ​ Lude Rong (CMC ‘20) 33 1. Carbon Offsets 33 2. Carbon Offset Markets 34 3. Renewable Energy Certificates (RECs) and Guarantees of Origin (GOs) 35 4. Clean Development Mechanism 35 Works Cited 37 Appendix: 39 Definitions of Important Financial Terms for Micro-Grid Companies 39 3 INTRODUCTION Katie O’Neill (CMC ‘21) In the spring of 2019, the Sustainable Development Policy and Finance team of the Roberts Environmental Center began compiling this report to assist the social enterprise Grassroots and Rural Innovative Development (G.R.I.D) in improving their business operations. This report details a comprehensive analysis of existing micro-grid policies in India, comparison of different business models, and research on the renewable energy financing gap. Goals of Research This report has two overarching goals: 1) to advise G.R.I.D. and other rural micro-grid companies on how to best expand and improve their existing operations, and 2) to assist G.R.I.D in obtaining funding for their projects. To accomplish these goals, this report will analyze and explain financing obstacles for renewable energy investment, analyze Indian energy policy, and evaluate existing micro-grid business models. These tasks are ultimately designed to help G.R.I.D and other companies navigate the complicated and challenging arena of renewable energy development in India. Methodology Each analyst in the Sustainable Development team conducted an extensive literature review of renewable energy financing (including grants, debt, and equity investment), existing micro-grid business models, and renewable energy policy in India. These three topics were divided into specific areas of interest: Indian federal government policies, Indian state policies, financing policies, and business models. These areas of interest were selected after an exhaustive literature review process, after which the team deemed these areas to be the most crucial for micro-grid development. 4 BACKGROUND Katie O’Neill (CMC ‘21), Sami Murphy (CMC ‘21) 1. Energy Poverty in India Although global electrification has risen drastically in the past few decades, over 13% of the total world population, roughly one billion people, still lacks access to electricity. India remains the country with the largest unelectrified population in the world, with roughly 300 million people without access to electricity.1 In addition, there is a striking gap in electrification between urban and rural areas: in India, although 97% of urban areas are electrified, but only 77% of households have access to electricity.2 Discrepancies of energy accessibility stem from issues connecting remote areas to centralized electrical grids. Although the Indian Government announced the country achieved 100% village electrification in 2018, the definition of “electrified” used by the government allows a village to be “electrified” when only 10% of households in a village have access to electricity.3 This means that villages considered fully electrified may have up to 90% of its residents still relying on kerosene, coal, or no form of electricity at all.4 2. Sustainable Development Goals The United Nations announced the Sustainable Development Goals in 2015 to encourage countries to implement policies towards economic development while ensuring natural resources for future generations. United Nations Sustainable Development Goal (SDG) 7 is Affordable and Clean Energy for All. ​ ​ 1 World Bank. (2014). Switching on Power Sector Reform in India. Retrieved from http://www.worldbank.org/en/news/feature/2014/06/24/switching-on-power-sector-reform-in-india 2 World Bank Group. (n.d) SE4ALL Global Tracking Framework. Access to electricity (% of population) ​ Retrieved from https://data.worldbank.org/indicator/eg.elc.accs.zs. 3 Dutt D’cunha S.(2018). Modi Announces '100% Village Electrification', But 31 Million Indian Homes Are Still In The Dark. Retrieved from https://www.forbes.com/sites/suparnadutt/2018/05/07/modi-announces-100-village-electrification-but-31 -million-homes-are-still-in-the-dark/#36ba5ccb63ba 4 Bhushan, C. B., & Kumarankandath, A. (2016). Mini-grids Electricity for All. Retrieved from ​ https://www.cseindia.org/mini-grids-electricity-for-all--6864 5 Under the umbrella of SDG 7 are five smaller targets: 1) Universal access to modern energy services, 2) Increase renewable energy, 3) Double the global rate of energy efficiency improvement, 4) Enhance international cooperation, and 5) Upgrade renewable energy technology and infrastructure.5 However, while there has been major headway in increasing affordable access to energy throughout India, this has come at the cost of increased environmental detriments. In India, most electricity is produced via coal-powered plants, which emit greenhouse gases in significant quantities. Despite this, the federal government of India has recently increased its role in incentivizing renewable electrification throughout the country to accomplish SDG 7. Investing in clean and renewable energies, particularly in areas with limited access to electricity, is key to fulfilling SDG 7 and to slowing climate change.6 3. Vision for Achieving Universal Electrification in India India’s existing efforts to supply clean, affordable, and reliable energy to its population would greatly benefit from an increased emphasis on last-mile electrification projects. The current approach by the Indian government in decarbonizing its energy supply is characterized by centralized mega-grids and large-scale solar and wind projects. However, this approach does not create a solution for achieving universal electrification. Even though the government has recently achieved grid connection to every village in India, over 200 million people still lack access to electricity.7 For this reason, the use of off-grid systems is crucial to closing the urban-rural electricity gap and eventually electrifying the entire population. India’s electricity needs are decentralized, so they need decentralized energy solutions. An alternative approach to achieve both universal electrification and decarbonization would include thousands of self-sustaining electricity projects connected to the larger central grid, which can be used if there are ever power shortages. Such an approach would improve reliability and accessibility to all in India, especially the country’s rural poor.8 5 United Nations. #Envision2030 Goal 7: Afforable and Clean Energy. Retrived from https://www.un.org/development/desa/disabilities/envision2030-goal7.html. 6 United Nations. Sustainable Development Goals. (2016). Retrieved from ​ https://www.undp.org/content/undp/en/home/sustainable-development-goals.html. 7 BBC News. (2018) India says all villages have electricity. Retrieved from ​ https://www.bbc.com/news/world-asia-india-43946049 8 Bhushan, C. B., & Kumarankandath, A. (2016). Mini-grids Electricity for All. Retrieved from https://www.cseindia.org/mini-grids-electricity-for-all--6864 6 4. Challenges to Micro-Grid Investment Despite this, many barriers to electrification still remain. Only 9 out of 28 states have reached more than 90% electrification, meaning India is still very far away from meeting its goal of “Power for All” by 2012 as established in its 2001 REST (Rural Electricity Supply Technology) mission.9 While the cost of implementing renewable energy technology has fallen dramatically in recent years-- enough to make it competitive with the fossil fuel industry-- the renewable energy sector is emerging, relatively unexplored, and generally perceived as highly risky. Further complicating the issue is the plethora of different business models employed by different renewable companies. To navigate diverse energy needs, these companies have become highly tailored and location specific to better serve their own, niche clienteles. Consequently, this makes it difficult to compare impact and success across micro-grid companies,
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