India Adds 15 GW of Renewable Energy Capacity in FY23: JMK Research Report

JMK Research, a market intelligence firm, has released its monthly report on the renewable energy (RE) sector in India. According to the report, 20 new RE tenders with a cumulative capacity of 4,809 MW were issued in March 2023. The tenders include a 9,000 MWh energy storage system with a minimum capacity of 1,500 MW, solar tenders with a total capacity of 703 MW under Mukhyamantri Saur Krishi Vahini Yojna (MSKVY) in Maharashtra, and a 500 MW solar tender in Haryana.

In April 2023, about 4,950 MW of RE tenders were auctioned and allotted, which includes four vanilla solar tenders, one wind solar hybrid (with energy storage), and one Round-the-clock (RTC) tender. In FY 2023, which started from April 2022, approximately 12,784 MW of solar capacity and 2,276 MW of wind capacity was added in India. In March 2023, a combined total of 3,018 MW of solar and wind capacity was added, taking the cumulative RE capacity to 125.1 GW.

JSW commissioned a 51 MW wind power project under SECI’s 1200 MW Tranche X wind tender in Tamil Nadu. In April 2023, approximately $3.375 billion was invested in the RE sector in India.

In terms of IEX – PXIL GTAM trend, the IEX traded a total of 60 MUs in GTAM in April 2023, which is 53% less than the volume traded in March 2023. The average trade price in IEX-GTAM for April 2023 was INR 6.1/kWh, which is about 7.9% higher than the previous month’s price.

Furthermore, domestic module prices continue to show a downward trend in April 2023 with a month-over-month decrease of around 1.1%. Additionally, 13 central and 7 state-level policies/notifications/regulations/orders were issued in April 2023.

The report by JMK Research provides insights into the current state of the RE sector in India, including tenders, auctions, installed capacity, key deals and financing trends, IEX-PXIL GTAM trend, module price trends, and policy and regulations.