Solar Industry AMA Deep Dive: Ask me Anything

Quick & Dirty Reference Material to enable us to put up more relevant questions

1. Installation trends

• As of March 31, 2024, about 68.2 GW of utility-scale solar capacity in India has been commissioned, while another 65.6 GW is under pipeline (where auctions are completed).
• As of March 31, 2024, Rajasthan has maximum installed solar capacity of 19.9 GW followed by Gujarat (10.6 GW) and Karnataka (9.2 GW).
• In FY2024, about 11.7 GW of utility-scale solar capacity and another 3 GW of rooftop solar capacity were added in India.
• In FY2024, the top three states with maximum installed solar capacity were Gujarat (4.8 GW), Rajasthan (3.4 GW), and Madhya Pradesh (0.8 GW).
• For next year i.e. FY2025, about 16.9 GW of new utility-scale solar projects and 4 GW of rooftop/ onsite solar projects are expected to be commissioned.

Annual Market shares- FY2024

• Modules: Jinko, Longi, and Trina were the top three module suppliers in India in FY2024. The Chinese/ International players’ module shipment capacity is anticipated to dip in the next quarter because of the imposition of the ALMM order for solar PV modules effective from April 1, 2024.
• Module Export: In FY2024, the top 3 players, Waaree, Adani, and Vikram Solar, have contributed solar modules exports of about 50-70% of their total production in FY2024.
• Inverters: Sungrow, FIMER and Sineng were the top three inverter suppliers in India in FY2024.
• Project Developers: Adani, ReNew and O2 Power were the top three project developers with maximum solar projects commissioned in India in FY2024.
• Utility-Scale EPC Contractors: Jakson Green, Sterling & Wilson and Vikram Solar were the leading third-party EPC contractors for utility-scale solar projects in India in FY2024.
• Rooftop/Onsite model: Tata Power Solar, Havells and Orb Energy were the leading players that have setup maximum rooftop/ onsite projects in FY2024.
  Source(s):
  Solar Capacity in India: Annual India Solar Report Card FY2024
  ARC 2023 (jmkresearch.com)

Detailed Reference Material for Deep-Dives
2. IEA: Global Renewables 2024 Report Analysis & Forecast till 2030
3. Vikram Solar: Indian Solar Power Market Sep 2024
4. Green Rhino Energy : Solar Power Technologies
5. Oaklane Capital Proprietary: Solar_Master_Note_Oct 2024

In order to extract the most of the opportunity, requesting those interested - Please refer above Reference materials & the Solar Master Note, do some homework of our own, and upload relevant questions to this AMA Solar Industry Fri Oct 25 questions for Kuntal Shah/Oaklane Capital shared googledoc