India recently conducted two auctions for wind/solar hybrid projects. Both the auctions were under-subscribed, with bids totalling 1.56GW awarded to SB Energy, Adani Green Energy and ReNew Power, against a total of 2.4GW on offer. The discovered prices were marginally below the ceiling tariff of₹2.70. Although the initial response from industry appears guarded, we believe that renewable hybrids can play a key role in helping India accelerate the decarbonization of power generation and lowering the cost of electricity in the medium term.
India has added 65-70GW of wind and solar capacity so far, with wind and solar contributing 9.5% of generated energy in May 2019. If the government target of 175GW is achieved by 2022, this share could exceed 15-16%. Renewable energy has three inherent challenges. Read More
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