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Rajasthan Driving the Next Phase of Growth in India’S Renewable Energy Sector

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Rajasthan Driving the Next Phase of Growth in India’S Renewable Energy Sector a webinar on RAJASTHAN DRIVING THE NEXT PHASE OF GROWTH IN INDIA’S RENEWABLE ENERGY SECTOR Post Event Report Table of Contents Message from Founding Chair, ReNew Foundation 4 Section I. India and Renewables 6-14 • India’s Energy Transition 6 • Current State Of Renewable Energy Sector in India 9 • Focus on AtmaNirbhar RE Sector – Can India Emerge As A Hub 12 for Solar Equipment Manufacturing? • The Next Phase of India’s Renewable Energy Transition 12 • Policy Support Needed For Achieving Mission 450 GW 14 Section II. Rajasthan and Renewables 15-20 • The Current Opportunities And Potential 15 • Government’s Role And Major Policies 16 • ReNew In Rajasthan 20 Section III. Highlights from the webinar 21-27 • What They Said…. 21 • Panel Discussion 25 Section IV: Media Coverage 28 2 3 MESSAGE FROM RE sector looks to turn AtmaNirbhar and reduce import dependence in response to the Prime Minister’s call for going local. All these factors could pave the way for Rajasthan in becoming one of largest contributors to India’s target of 450 GW of renewable energy Founding Chair, by 2030 and a major renewables hub. ReNew Foundation To deep dive into this area and explore the challenges & opportunities associated with Fortunately, at a time when countries are Rajasthan as a key driver of the next phase of growth in India’s renewable energy sector under pressure to reduce their carbon we conducted a webinar which saw participation of Central and State policymakers, emissions drastically, renewable energy sectoral experts & industry leaders. We were delighted to have Shri Babul Supriyo has emerged as a cleaner alternative. (Hon’ble Union Minister of State – Environment, Forests & Climate Change) deliver the Power generated by harnessing the wind Keynote Address while Shri B.D Kalla (Hon’ble Minister for Energy – Govt. Of Rajasthan) and the sun’s rays is pollution free and does outlined the state Government’s various policies and initiatives in his special address. not harm the environment. At the same This was followed by a panel discussion featuring M.M Ranwa (CEO, Rajasthan Urja time, a stream of technological advances Vikas Nigam Limited), Vishal Mehta (MD, Partner Boston Consulting Group, have also significantly reduced the cost India), Sanjay Varghese (President and Head of Solar Business, ReNew Power). of generation of renewables, thereby The session was moderated by Deepak Gupta (SVP, Regulatory Affairs, ReNew making it not only environment friendly Power). This report summarizes the key points that emerged from the webinar, and but also the commercially viable and more sheds light on the current business environment in Rajasthan and the state’s plans for affordable option, in most markets around being a leader in adoption of renewable energy. The report comprises a verbatim the world. Renewables’ capacity has grown coverage of the panel discussion that looks at how Rajasthan can realize its potential at a steady pace the world over and since in clean energy - especially solar, what technologies and innovations it should focus the last 2-3 years, incremental addition of on for future growth and how it can overcome roadblocks in this journey. renewables capacity has surpassed that of ReNew Foundation firmly believes in the power of dialogues to achieve common goals thermal power plants. India has emerged and we will continue to curate discussions on pertinent and concerning themes related as a major renewables hub, with the sector to energy sector to build a blue print for collaborative action which can be disseminated growing at a CAGR of around 20% since amongst key stakeholders. We would like to thank all the panelists, moderator and 2014. A major reason for this aggressive attendees of the webinar for their valuable opinions and insights that helped us put growth in capacity has been the Central together this report. We hope it provides a more granular understanding of the promise Government’s unflinching commitment that Rajasthan holds for being at the vanguard of India’s energy transition. to the sector’s growth by establishing a conducive policy framework and setting Vaishali Nigam Sinha an aggressive target of generating 175 GW from renewables by 2022. This has attracted several IPPs, who have all contributed to Founding Chair – ReNew Foundation an impressive ramping up of renewables capacity. India has also emerged as the no. 1 destination for RE investments among emerging markets, with marquee global investors, all eyeing an entry into the sector by picking up stakes in India RE firms. Today, India is the world’s fifth largest producer of renewable energy with a total installed capacity of 90 GW. The future market potential for renewables in India also looks very bright, with the Government having recently revised its targets. The state of Rajasthan blessed with a huge potential in renewable energy has been at the forefront of India’s energy transition. High solar radiation, good wind speeds and abundance of barren lands makes Rajasthan a highly attractive destination for investment in renewables. The state government has also introduced a highly enabling policy framework, to ensure ease of doing business for renewable energy developers. Rajasthan is also projecting itself as a potential base for manufacturing of solar equipment as the 4 5 I. India and Renewables Renewables deployment doubled over five years, with solar at the heart of this boom INDIA’S ENERGY TRANSITION GW 15 Today there is no denying that the climate threat is real and upon us, and only a 15 15 progressive reduction in carbon emission levels can bail us out. As the world looks to India to lead global climate mitigation efforts. It is heartening to note the phenomenal 13 13 4 2 2 rise of the renewable energy (RE) sector in India registering a CAGR of 18% between FY14-FY20, making us the world’s 5th largest RE producer with an installed capacity 3 of around 90 GW. Our transition to clean energy is well and truly afoot, on the back of 7 this massive expansion in capacity, as we seek to meet our growing energy needs in a 3 climate compatible fashion. From being a nascent, esoteric concept to a full-fledged, 2 12 vibrant sector within a decade - RE in India has well and truly arrived and significantly 10.3 11.1 transformed our energy landscape. While its impact on environment is well known, RE 3 can also act as an engine of economic growth by creating jobs and improving lives 5.3 through enhanced last mile energy access. Realizing this, we are seeing an increased 2.5 focus on fast tracking RE adoption across the length and breadth of the country. 2015 2016 2017 2018 2019 A resilient and vibrant renewable energy sector has been one of the brightest spots of the Indian economy in recent years. It was back in 2014 that the Central Government set Solar Wind Small hydro Biomass an aggressive target of generating 175 GW from clean energy by 2022, with a vision to Source: BloombergNEF, Ministry of New and Renewable Energy. nurture and grow renewables as a sustainable alternative to carbon spewing fossil fuels, Note: Note: Solar capacity is in DC. to address India’s ever growing energy needs. What followed was a phase of aggressive expansion in capacity, unmatched by any other developing country. Coal additions dropped while renewables grew Renewables need to keep growing to meet national targets GW GW CAGR = 13% 19 500 450 16 15 400 15 15 13 2 300 4 2 3 175 8 200 7 3 86 4 11 12 100 62 75 4 10 39 50 3 5 0 2 2015 2016 2017 2018 2019 2022 2030 2015 2016 2017 2018 2019 Solar Wind Small hydro Biomass Renewables Coal Solar Wind Small hydro Biomass Source: BloombergNEF, Ministry of New and Renewable Energy. Note:. Solar capacity shown in AC. Note: Large hydro was excluded from the 175GW target. The breakup of the 450GW target is not known and it may include large hydro. Source: BloombergNEF, Central Electricity Authority, Ministry of New andRenewable Energy 6 7 There are three primary drivers of this exponential growth. Average auction tariffs fell steeply Firstly, credit is due to the Central Government for fostering a highly conducive policy environment. Tax breaks, capital subsidies, 100% FDI, waiving Inter State Transmission Rupees/kWh (nominal) System charges, standardized and transparent auctioning of capacity, introduction of 6 RPOs for Discoms to assure offtake and simplifying land acquisition by developing Solar and Wind Parks drove the early phase of growth in renewables. The second reason is purely economic – a steady decline in costs. Rapid technological advances leading to efficiency gains coupled with aggressive bidding at keenly contested auctions have sent 5 tariffs southwards, with solar tariffs breaching the psychological barrier of Rs. 2/kWh in 2020. The sector once propped up by Govt. subsidies has now achieved grid parity, 53% drop besides the obvious environmental benefits. The third driver is availability of funds, critical for a capital-intensive sector like renewables. A supportive Government, policy stability, 4 huge market size, and well diversified projects have reduced the risk perception of the RE sector and helped attract investors. As compared to thermal power, RE projects offer less variable cash flows and higher profit margins, due to long term PPAs and rising 3 costs of coal. As more and more investors incorporate ESG metrics into their capital allocation decisions, funds are being diverted from oil and gas companies and ploughed into clean air/clean energy companies that are acting to mitigate the climate risk. In 2019, Climatescope ranked India as the no. 1 destination for RE investments, ahead of 2 China and Brazil.
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