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Contents

Introduction

How to Use the Solar Profits guide?

Solar Profits Snapshot

Is Solar Profitable?

Section 1 OVERVIEW

1.1 Introduction

1.2 Solar PV – Growth and Trends

India’s Unique Proposition

1.3 Solar Thermal

1.4 List of Sectors and Opportunities in the Solar Sector

Section 2 SOLAR THERMAL

2.1 Introduction to Solar Thermal

2.1.1 Using the Heat of the Sun

2.2 Solar Thermal – Heating Applications

2.2.1 Market Overview

2.2.2 Technology Overview

Low Temperature Solar Thermal

Medium Temperature Solar Thermal Applications

High Temperature Solar Thermal Applications

2.2.3 Emerging Opportunities in Solar Thermal – Refrigeration & Air-Conditioning

Summary of Solar Thermal Based Heating

2.2.4 Business Opportunities in Solar Thermal

2.3 Solar Thermal – Power Applications

2.3.1 CSP Vital Statistics

2.3.2 CSP Advantages over Solar PV and Wind Power

2.3.3 Types of Concentrating Solar Power Plants

2.3.4 Storage for Concentrating Solar Power

2.3.5 Highlights of CSP

2.3.5 CSP Global Trends

Global CSP Capacity

Indian CSP Installations

Prominent CSP Projects Worldwide

Highlights of Prominent Global CSP Projects

2.3.6 R&D in CSP

2.3.7 Business Opportunities in CSP

2.4 Solar Thermal – Products

2.4.1 Solar Cookers

2.4.2 Solar Water Heaters

2.4.3 Large Area Solar Dish Concentrator for Process Heat

2.4.4 Solar Thermal Air-Conditioning

2.5 Market Status of Solar Thermal Products

Installed Capacity

Key Takeaways for Solar Thermal Products

SECTION 2 – SUMMARY & HIGHLIGHTS

Opportunity Summary for Solar Thermal

Section 3 SOLAR PV

Overview of Solar PV Opportunities

3.1 Solar PV Components

3.1.1 Solar Panels (Modules)

3.1.2 Inverters

3.1.3 Monitoring Systems

3.1.4 Mounting Structures

3.1.5 Balance of System

PV Value Chain – Value Addition by Manufacturing Stage

Solar PV Technologies

3.2 Manufacturing Opportunities

Indian Solar PV Manufacturing Overview

Drivers for PV Manufacturing in India

Solar Manufacturing – Raw Material Processing

Solar Manufacturing – Intermediate

Solar Manufacturing – Finished Products

Key Takeaways for Manufacturing and Finished Products

3.3 Service Opportunities

3.3.1 Power Generation

3.3.2 Design & Implementation

Utility Scale – Engineering Procurement Construction (EPC)

Rooftop – System Integrators

Key Takeaways for Service Opportunities

3.4 Other Solutions

3.4.1 IT Based Services

3.4.2 Operations & Maintenance (O&M)

3.4.3 Owner’s Engineer

3.4.4 Financing

3.4.5 Support Services

SECTION 3 – SUMMARY & HIGHLIGHTS

Section 4 SOLAR PV – OFFGRID

4.1 Off-grid Renewable Energy in India

Key Takeaways

4.2 Introduction to Solar Off-Grid Applications and Products

4.2.1 Solar PV Systems

4.2.2 Solar PV Products

1. Solar Street Lighting

2. Solar Home Systems

3. Solar Lanterns

4. Solar Pumps

5. Emerging Solar PV Applications and Products

4.2.3 Market Status of Offgrid Solar Products

Installed Capacity

Future Outlook

Off-grid Solar Products – Key Takeaways

4.2.4 Drivers of Off-grid Solar Market Growth

1. Lagging Grid Growth

2. Price Trends

3. Technology and Design Innovation

4. Kerosene Prices

5. Growth Economics

6. Rural Electrification

4.2.5 Challenges and Bottlenecks for Off-grid Solar Industry

4.2.6 Key Aspects to Consider

1. Costs

2. Technology Differentiation

3. Central & Regional Policies and Mandates

4. Value Chain & Key Industry Segments

5. Business Model and Marketing Strategy

4.2.7 Analysis of the Attractiveness of Off-grid Sector

SWOT Analysis

Off-grid Solar Drivers & Challenges – Key Takeaways

4.3 Off-grid Products Business Value Chain Analysis

4.3.1 Solar Off-grid Products Value Chain

Manufacturing Opportunities

Trading & Service Opportunities

4.3.2 Prominent Companies in the Various Stages of Off-grid Solar Products

1. Kotak Urja Pvt Ltd.

2. TATA Power Solar India Ltd

3. SELCO Solar Pvt. Ltd

4. D.Light Design Inc

5. Solkar Solar Industry Ltd

6. Aspiration Energy

Off-grid Solar Opportunities – Key Takeaways

4.4 Government Initiatives/ Programs to Support Off-Grid Renewable Energy

Deployment

4.4.1 Remote Village Electrification Programme

4.4.2 Subsidies/Incentives under National Solar Mission

4.4.3 Tax Incentives for Solar Products

4.4.4 Akshay Urja Shops

Key Takeaways

4.4.5 Identification of Attractive Off-grid Segments

1. Going Green

2. Remote and Rural Markets

3. Government Policies

4. Understanding Local Mindset

5. Energy Self-Dependence and Freedom from Grid Connectivity

6. Demographic and Geographic Profile

4.4.6 Opportunities in Diverse Off-grid Applications

1. Telecommunication Sector

2. Common Service Centres

3. ATMs

4. Water Pumping Systems

5. Large Commercial Buildings/Facilities

6. On-shore and Off-shore Oil & Gas

7. Desalination

8. Remote Monitoring Stations

9. Cathodic Protection

4.4.7 Understanding the Role of NGOs

Key Takeaways of Attractive Segments for Off-grid Solar

Opportunity Summary for Solar PV Off-grid Sector

Section 5 SOLAR PV – ROOFTOP

5.1 Basics of Rooftop Solar PV

5.1.1 Stand Alone PV Systems/Small Rooftop Packs

5.1.2 Grid-tied Rooftop Solar Power

5.1.3 Hybrid Systems

5.2 Rooftop Solar Segments

5.2.1 Residential Rooftops

5.2.2 Commercial Rooftops

Consumers of Rooftop Solar Power

5.3 Drivers & Challenges for Rooftop Power Generation

Rooftop Solar - Size and Scale of Opportunity

5.4 Key Drivers for Rooftop Solar Power in India

Policies

Key Challenges for Rooftop Solar Power Plants in India

List of Challenges in Rooftop Solar Marketing and Customer Acquisition

Rooftop Solar Drivers & Challenges – Key Takeaways

5.5 Cost Economics of Solar Rooftop

5.5.1 Component cost of rooftop PV systems

5.5.2 Incentives/Subsidies

1. Accelerated Depreciation (AD)

2. MNRE Subsidy

3. Final cost of Rooftop PV system factoring in AD and Subsidies

Economics of Rooftop Solar – Key Takeaways

5.6 Marketing Strategies for Rooftop Solar

Types of Customers

1. End Users

2. EPCs & System Integrators

3. OEMs & Suppliers

Needs of Customers

Nature of Competition

5.7 Attractive Segments

Attractive Segments for Residential Rooftop Solar Sector

Attractive Segments for Industrial Rooftop Solar Power Sector

5.8 Technology innovations

1. Non-penetrating mounting structures

2. Elevated mounting structures

3. East-West layout

4. Diesel substitution

5. Critical load support

6. BIPV

7. Concentrating Solar PV

8. Powerwall

9. Wind- Hybrid System

10. Solar Smart Grids

5.9 Commercial Innovations

1. Build Own Operate (Transfer) – BOO(T)

2. Community Owned Solar

SECTION 5 – SUMMARY & HIGHLIGHTS

Opportunity Summary for Rooftop Solar PV Sector

Section 6 SOLAR PV – MEGAWATT SCALE

6.1 Status of MW Solar Power Plants in India

6.1.1 Prominent Developers

6.1.2 Non-Developer Stakeholders

Key Takeaways

6.2 Business Models for MW Scale Solar PV

6.2.1 Sale to Utility

6.2.2 Sale to Private Consumer

6.2.3 Captive Consumption

6.3 Key Customer Segments for MW Scale Power Plants

6.3.1 Power Purchasers

6.3.2 Developers

6.3.3 EPCs

6.3.4 OEMs

6.3.5 Others

Needs of Customers

Competitor Scenario for MW Solar Power Plants

6.4 Drivers & Challenges for MW Scale Power Generation in India

Drivers for MW Solar Power Plants

1. Central & State Policies

2. Increasing Cost of Conventional Power

3. Decreasing Cost of Solar Power

Challenges for MW Scale Solar Power Plants

1. Reverse Bidding and Low “Market Discovered” Prices

2. Delay in Policy Implementation

3. Financial Closure

4. High Interest Rates

6.5 Financing Options in India

Overview

6.6 Marketing & Go-to Market Strategies for MW Solar

SECTION 6 – SUMMARY & HIGHLIGHTS

Opportunity Summary for MW Solar

Section 7 CASE STUDIES

7.1 Indian Solar Entrepreneurs

EPCs

1. Vikram Solar

2. Sterling & Wilson

3. Refex Energy

4. Tata Power Solar

SOCIAL ENTREPRENEURS/BUSINESSES

1. MeraGao Power

2. Nature Infratech

OEM & COMPONENTS

Solar Mounting Structure Manufacturing

Nuevosol Energy Pvt Ltd

Inverter Manufacturing

Su-Kam

ReGen Powertech

Panel Manufacturing

Waaree Energies

Solar Cables Manufacturing

Ravin Cables

Solar Batteries Manufacturing

Amara Raja Batteries

Trackers Manufacturing

SmartTrak Solar Systems

Others

Megawatt Solutions

7.2 International Solar Entrepreneurs

IT SOLUTIONS

1. Gridmates

2. PVComplete

3. Savenia Home Ratings

4. Solar Site Design

5. UtilityAPI

6. Sunrun

7. EnergySage

7.3 Acquisitions

1. SolarCity Acquisition of Silevo

2. Chinese-owned Elkem Acquires REC Solar

3. Havells India to Acquire Promptec Renewable Energy Solutions

4. Avigo-backed Tecpro Systems Acquires EverSun Energy

5. Swelect Acquires HHV Solar

7.4 Training Services & Support

1. Solar Energy International (SEI)

2. The European Energy Centre (EEC)

3. SolPower People, Inc.

SECTION 7 – SUMMARY & HIGHLIGHTS

Section 8 INNOVATIONS/NICHE OPPORTUNITIES

1. Solar Powered Coach

2. Coloured Solar Panels

3. Solar Powered ATMs

4. Solar Powered Telecom Towers

5. Solar Grill/Cookers (based on thermal battery)

6. Solar Powered Food Cart

7. Solar Powered Drones

8. Advanced Solar Storage/Smart Battery

9. Swarm Solar

10. Mobile Solar Powered Homes

11. Solar Trees

12. Solar Powered Rickshaw

13. Solar Powered Boats

14. Solar Powered Autonomous Cleaning Devices/Robots

15. Solar Food Dehydrator

16. Solar Powered Bio Toilets

17. Solar Sails

18. Solar Powered Algae Control

19. Solar Powered Internet of Things (IOT)

SECTION 8 – SUMMARY & HIGHLIGHTS

APPENDIX

Top Criteria employed by developers to choose EPCs

Other criteria

Prominent companies serving the MW Solar sector

1. Developers

2. EPCs

3. Other Service Providers

4. Component Manufacturers

Modules

Mounting Structures

Cables

Inverters

Battery

IT Solution Providers

Prominent EPC companies serving the Rooftop Solar sector

Emerging Off-grid Solutions – International

Solar Apex Bodies & Organisations in India and their Roles

1. MNRE

2. CWET/NIWE

3. SECI

4. SESI

5. NSEFI

6. SERIIUS

7. CSRI

8. NISE

IITs Involved in Solar Research

1. IIT BHUBANESHWAR

2. IIT BOMBAY

3. IIT DELHI

4. IIT GANDHINAGAR

5. IIT GUWAHATI

6. IIT INDORE

7. IIT JODHPUR

8. IIT KANPUR

9. IIT KHARAGPUR

10. IIT MADRAS

11. IIT ROORKEE

Solar Mango Services for the Solar Power Sector

MW Scale Solar Power Plants

Rooftop Solar Power Plants

Diversifying into Solar

EAI’s Cleantech Consulting

List of Tables

Table 1: Classes of Solar Thermal

Table 2: Polysilicon Manufacturing - Opportunity Analysis

Table 3: Ingot & Wafer Manufacturing - Opportunity Analysis

Table 4: Cell Manufacturing - Opportunity Analysis

Table 5: Solar Glass Manufacturing - Opportunity Analysis

Table 6: Crystalline Module Manufacturing - Opportunity Analysis

Table 7: Comparison of PV Material (Thin-Film)

Table 8: Thin-Film Module Manufacturing - Opportunity Analysis

Table 9: Inverter Manufacturing - Opportunity Analysis

Table 10: Monitoring Systems Development - Opportunity Analysis

Table 11: Mounting Structures Manufacturing - Opportunity Analysis

Table 12: Balance of System Manufacturing - Opportunity Analysis

Table 13: Solar Power Generation - Opportunity Analysis

Table 14: EPC Services - Opportunity Analysis

Table 15: System Integration - Opportunity Analysis

Table 16: IT Solutions - Opportunity Analysis

Table 17: Plant O&M - Opportunity analysis

Table 18: Owner's Engineer - Opportunity Analysis

Table 19: Financing - Opportunity Analysis

Table 20: Support Services - Opportunity Analysis

Table 21: Opportunity Summary for Solar PV – Summary

Table 22: Solar PV Off-Grid Sector

Table 23: Off-grid Product Manufacturing - Opportunity Analysis

Table 24: Solar Product Trading - Opportunity Analysis

Table 25: Solar Products - Tax Incentives

Table 26: Sample State-City grid tariff comparison (Rs. /kWh)

Table 27: Rooftop Solar Marketing& Customer Acquisition - Challenges

Table 28: Component Cost of a 1 kW PV Plant

Table 29: Tax Savings from Accelerated Depreciation

Table 30: Savings from Capital Subsidy (15% & 30%)

Table 31: Cost of 1 kW PV Plant after AD and Subsidies

Table 32: Rooftop Solar - Customer Needs By Segments

Table 33: Rooftop Solar - Nature of Competition by Segment

Table 34: Commissioned Capacity By State/Union Territory As Of 13.07.2015

Table 35: MW Solar Stakeholder Needs

Table 36: MW Solar - Competitor Scenario

Table 37: Solar Tariff for Different States

List of Figures

Figure 1: Solar Business Ecosystem

Figure 2: Solar Irradiation Map of India

Figure 3: Growth in PV Installations - India

Figure 4: Growth in PV Installations - International

Figure 5: Solar Thermal Business Ecosystem

Figure 6: Concentrating Solar Thermal Power Global Capacity 1984-2012

Figure 7: Worldwide PV and CSP Installation

Figure 8: Solar Water Heaters (millions of m2 of collector area)

Figure 9: No. of Box Type Solar Cookers

Figure 10: Solar PV Sector

Figure 11: Solar PV Value Chain

Figure 12: Types of Inverter based on Modularity

Figure 13: Grid Tied System

Figure 14: Off-Grid System

Figure 15: Hybrid System

Figure 16: Prominent Balance of System Components

Figure 17: Module Costs

Figure 18: Market Share of Solar PV Technologies

Figure 19: Polysilicon Manufacturing Process

Figure 20: Ingots and Wafers Manufacturing Process

Figure 21: PV Cell Manufacturing Process (Crystalline Silicon)

Figure 22: PV Cell Manufacturing Process (Thin-Film)

Figure 23: TABLE 24: OFF-GRID/CAPTIVE INSTALLATIONS (MW)

Figure 24: MW of Rooftop Solar Plants under 100 kW (Self Consumption)

Figure 25: No. of Solar Water Pumps Commissioned

Figure 26: No. of Solar Home Lighting Systems Commissioned

Figure 27: No. of Solar Lanterns Distributed/Sold

Figure 28: SWOT Analysis for Off-Grid Sector

Figure 29: Solar Off-Grid Products Value Chain

Figure 30: Solar PV Rooftop Sector

Figure 31: Schematic Of Solar-Diesel Hybrid

Figure 32: Diesel Prices from 2002 to 2015

Figure 33: Megawatt Scale Solar Business Ecosystem

Figure 34: Business Models for MW Scale Solar

Figure 35: Utility Scale Solar - Key Customer Segments

Figure 36: Sources of Funds for MW Scale Solar Plants

Figure 37: A Solar Tree

SECTION 1 OVERVIEW

1.1 Introduction

Let’s first consider the overall solar energy business ecosystem.

Broadly, the solar energy sector can be divided into Solar Photovoltaic (PV) and Solar Thermal. While

PV is the use of sunlight to generate electricity, the solar thermal sector involves the use heat of

sunlight for heating or power generation.

We will cover each of the above business domains in this report.

FIGURE 1: SOLAR BUSINESS ECOSYSTEM

1.2 Solar PV – Growth and Trends

India’s Unique Proposition In geographical terms, India is located near the earth’s equator and consequently solar insolation is

high.

Economic Value

Geographical Location

Infrastructure Reliability and Efficiency-

Power Shortage

Fall in prices

FIGURE 2: SOLAR IRRADIATION MAP OF INDIA

Solar PV installations in India have grown from a mere 460 MW in 2011 to almost 3,000 MW by end

2014 – a stunning 86% annual growth. By march 2016, India had achieved 6.7 Gigawatts of installed

solar power capacity. At a global level as well, the solar PV sector is growing at a hectic pace, with

global cumulative installations crossing 200 GW in mid-2016, and expected to have a 20% growth

over last year.

FIGURE 3: GROWTH IN PV INSTALLATIONS - INDIA

India has added a significant amount of solar capacity in the last few years, since the Jawaharlal

Nehru National Solar Mission (JNNSM) was inaugurated in 2010. How has our performance

compared with other countries? This chart tracks our progress over the last few years.

FIGURE 4: GROWTH IN PV INSTALLATIONS - INTERNATIONAL

Compared with other prominent developed and developing economies, India lags in solar

power generation. That is set to change with the National Solar Mission targeting 100 GW of

solar power by 2022

Germany incentivised solar power through feed-in-tariffs (FiT). The USA offered tax credits

and emphasised net metering which particularly helped rooftop installations. All these

propelled these countries to the top of the table in rooftop solar installations

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

2011 2012 2013 2014 2015 2016 (July)

Solar PV Installed Capacity in India (MW)

0

5

10

15

20

25

30

35

40

45

50

Germany USA China India

PV Installed Capacity - Countrywise (MW)

2011

2012

2013

2014

2015

1.3 Solar Thermal

Solar thermal energy (STE) is a form of energy and a technology for harnessing solar energy to

generate thermal energy or electrical energy for use in industry. It is a carbon-free, renewable

alternative to the power we generate with fossil fuels like coal and gas. Solar thermal technology is

large-scale by comparison. (More details given in report)

1.4 List of Sectors and Opportunities in the Solar Sector

The complete list of opportunities for the solar energy sector is provided below. For select sections

in this report, we also highlight, based on this list, opportunities that are relevant to that section.

Overall Table of Opportunities in Solar Sector for each Industry Category given here

SECTION 2 SOLAR THERMAL

2.1 Introduction to Solar Thermal

For those of us glued to the solar radar, most of what we see and hear today are news about

solar PV. There is hardly anything on solar thermal. And if at all we hear anything on the thermal

side, it is about how large scale solar CSP plants under the National Solar Mission are facing

tough times. Newspapers and mainstream blogs have a purpose – to report mainstream news.

But most emerging (and attractive) business opportunities are not mainstream. Which is why

these should be more interesting to entrepreneurs and investors. Solar thermal is one such.

(More details given in report)

2.1.1Using the Heat of the Sun Type of Solar

Thermal Low Temp Solar

Thermal Medium Temp Solar Thermal

Medium Temp Solar Thermal

High Temp Solar Thermal for

FIGURE 5: SOLAR THERMAL BUSINESS ECOSYSTEM

Class I Class 2 Power Generation

Example

Temperatures

TABLE 1: CLASSES OF SOLAR THERMAL

(More details given in report)

2.2 Solar Thermal – Heating Applications

2.2.1 Market Overview

2.2.2 Technology Overview

Low Temperature Solar Thermal

Medium Temperature Solar Thermal Applications

Overview

Challenges

(More details given in report)

High Temperature Solar Thermal Applications

Overview

Challenges

2.2.3Emerging Opportunities in Solar Thermal– Refrigeration & Air-Conditioning Potential

Challenges

Industry Structure

Summary of Solar Thermal Based Heating

2.2.4Business Opportunities in Solar Thermal

2.3 Solar Thermal – Power Applications

2.3.1 CSP Vital Statistics

2.3.2 CSP Advantages over Solar PV and Wind Power

2.3.3 Types of Concentrating Solar Power Plants

2.3.4 Storage for Concentrating Solar Power

2.3.5 Highlights of CSP

2.3.5 CSP Global Trends

Global CSP Capacity

Solar PV vs. Solar CSP

(More details of each subtitle given in report)

Indian CSP Installations

Current Status:

(More details given in report)

Project Name

Location Owner(s) Technology Turbine Capacity

Status Start Year

PPA/ Tariff Rate

Prominent CSP Projects Worldwide

Highlights of Prominent Global CSP Projects

2.3.6 R&D in CSP

2.3.7 Business Opportunities in CSP

2.4 Solar Thermal – Products

2.4.1 Solar Cookers Box Type Solar Cookers

Dish Type Solar Cooker

Solar Steam Cooking

2.4.2 Solar Water Heaters

2.4.3 Large Area Solar Dish Concentrator for Process Heat

2.4.4 Solar Thermal Air-Conditioning

2.5 Market Status of Solar Thermal Products

Installed Capacity Solar Thermal

Solar Water Heaters

(Details and Number of Solar Water Heaters (millions of m2 of collector area) from years 2011 to

2015 given in graph)

Box Type Cookers

(Details and Number of Box Type Solar Cookers from years 2011 to 2015 given in graph)

Dish Concentrator & Solar Thermal Air Conditioning

Key Takeaways for Solar Thermal Products

o

SECTION 2 –SUMMARY & HIGHLIGHTS

Opportunity Summary for Solar Thermal

Table of Opportunities in Solar Thermal for each Industry Category given here

SECTION 3 SOLAR PV

This section will help you understand the types and components of a PV System. PV, the technology

which converts sunlight directly into electricity, is among the fastest growing segments of the

renewable energy industry. It is already well established in many countries including India, and looks

set to become one of the key technologies of the 21st century.

Manufacturing opportunities are also discussed in this section.

FIGURE 6: SOLAR PV SECTOR

Overview of Solar PV Opportunities

(Figure of Solar PV value chain given here)

3.1 Solar PV Components

3.1.1 Solar Panels (Modules)

3.1.2 Inverters (Types of Inverter- Central, String, Micro, Grid-Tied, Off-Grid, and Hybrid are discussed in detailalong

with figures and schematic diagrams.)

Solar Thermal Solar PV

Solar

3.1.3 Monitoring Systems

3.1.4 Mounting Structures

3.1.5 Balance of System (Details on each subtitle given in report.)

PV Value Chain – Value Addition by Manufacturing Stage (Chart showing reduction of Module costs and explanation given here)

Solar PV Technologies (Crystalline, Thin Film technologies and their Market Share is explained here)

3.2 Manufacturing Opportunities

Indian Solar PV Manufacturing Overview

Drivers for PV Manufacturing in India

Growing Demand

Domestic Content Requirements

Requirement of Tailored Technology

Priority Sector Lending

Avoiding Volatility in Foreign Borrowing

Solar Manufacturing – Raw Material Processing

Polysilicon

(Details on each subtitle given in report.)

(Manufacturing Process given in detail here)

Solar Mango Analysis

Competitive Landscape

Investment Required

Payback Period

Margin Potential

Risk Assessment

Solar Mango recommendation given here

The previous table and recommendation is given for the following titles given below

Ingots & Wafers

Solar Cells

MONOCRYSTALLINE CELLS

POLYCRYSTALLINE CELLS

Solar Manufacturing – Intermediate

Glass

Solar Manufacturing – Finished Products

Solar Modules

CRYSTALLINE SILICON

THIN FILM

TABLE 2: COMPARISON OF PV MATERIAL (THIN-FILM)

PV Material Advantages Disadvantages

Amorphous Silicon

Cadmium Telluride

Copper Indium GalliumSelenide

FIGURE 7: PV CELL MANUFACTURING PROCESS (THIN-FILM)

Inverters

MONITORING SYSTEMS

Mounting Structures

Balance of System

(More details of each of the following given in report)

AC CABLES

AC DISTRIBUTION BOARDS

AC ISOLATOR

ARRAY JUNCTION BOXES

BATTERIES

CONNECTORS

DC CABLES

DC DISTRIBUTION BOARDS

DISCONNECTS/SWITCHES

EARTHING KIT

FUSES

LIGHTNING PROTECTION

METERS

SURGE PROTECTION DEVICES

TRACKERS

TRANSFORMERS

1.3 Service Opportunities

3.3.1 Power Generation

3.3.2 Design & Implementation

Utility Scale – Engineering Procurement Construction (EPC)

Rooftop – System Integrators

Key Takeaways for Service Opportunities o

1.4 Other Solutions

In addition to the above core services, several additional services are also required for construction

of solar plants

Key Takeaways for Manufacturing and Finished Products

Solar Mango recommendation given here

3.4.1 IT Based Services Solar Project Management

3.4.2 Operations & Maintenance (O&M)

3.4.3 Owner’s Engineer

3.4.4 Financing

3.4.5 Support Services

SECTION 3– SUMMARY & HIGHLIGHTS

TABLE 3: OPPORTUNITY SUMMARY FOR SOLAR PV – SUMMARY

Value chain component Competition

Investment required

Payback period Margin Potential Risk assessment Key Drivers Suitable for

Manufacturing Opportunities

Polysilicon

Ingots & Wafers

Solar Cells

Glass

Solar Module(Crystalline)

Solar Module(Thin Film)

Solar Inverter

Monitoring System

Mounting Structure

Balance of System

Service Opportunities

IPP (Utility Scale)

IPP (Rooftop)

EPC

System Integration

Other Solutions

IT

O&M (Utility)

Value chain component Competition

Investment required

Payback period Margin Potential Risk assessment Key Drivers Suitable for

O&M (Rooftop)

Owner’s Engineer

Financing (Utility)

Financing (Rooftop)

Support Services

SECTION 4 SOLAR PV – OFFGRID

4.1 Off-grid Renewable Energy in India

Solar energy doesn’t have to be synonymous with grid power – and indeed, in a country like India

where there are many regions that are off-grid or effectively off-grid, solar energy’s value is

significantly enhanced by its ability to be independent of the grid. (More details given in report)

(Chart and status of Off-Grid installations with explanation given here)

FIGURE 8: TABLE 24: OFF-GRID/CAPTIVE INSTALLATIONS (MW)

TABLE 4: SOLAR PV OFF-GRID SECTOR

Overview of Off-grid Solar Manufacturing Sector in India

Manufacturing Incentives at the National Level?

Key Takeaways

4.2 Introduction to Solar Off-Grid Applications and Products

4.2.1 Solar PV Systems

4.2.2 Solar PV Products

1. Solar Street Lighting

2. Solar Home Systems

3. Solar Lanterns

4. Solar Pumps

5. Emerging Solar PV Applications and Products

(Explanation of each subtitle given)

Portable Solar Power Supply Products

Popular Lighting Products

Traffic Lights, Signs, Safety, etc.

4.2.3 Market Status of Offgrid Solar Products

Installed Capacity

Solar PV

Future Outlook

(Data as of December 2014, sourced from MNRE given here)

(Charts for the following for the years 2011 to 2015 given here)

Off-grid/Captive Rooftop Plants/Rooftop Power Packs

Solar Water Pumps

Solar Home Lighting Systems

Solar Lanterns

Off-grid Solar Products – Key Takeaways

4.2.4 Drivers of Off-grid Solar Market Growth The major drivers of demand are

1. Lagging Grid Growth

2. Price Trends

3. Technology and Design Innovation

4. Kerosene Prices

5. Growth Economics

6. Rural Electrification

(Explanation for each subtitle given)

4.2.5 Challenges and Bottlenecks for Off-grid Solar Industry Education& Training:

Market Awareness:

Industry Scenario:

Costs:

Expanding Off Grid Applications:

Testing Standards:

Value Chain and Business Models:

4.2.6 Key Aspects to Consider

1. Costs

2. Technology Differentiation

3. Central & Regional Policies and Mandates

4. Value Chain & Key Industry Segments

5. Business Model and Marketing Strategy

4.2.7 Analysis of the Attractiveness of Off-grid Sector

SWOT Analysis

FIGURE 10: SWOT ANALYSIS FOR OFF-GRID SECTOR

Off-grid Solar Drivers & Challenges –Key Takeaways

o

WEAKNESSES

________________________________________________________________________________________________________________________

____________________________________________________________________________________

_______________________________________________________________________________________________________________________________________

STRENGTHS

_____________________________

_________________

_____________________________

_____________________________

__________________________

_____________________________

_____________________________

__

FIGURE 9: SOLAR PV ROOFTOP SECTOR OPPORTUNITIES

________________________

________________________

________________________

__________

________________________

____________

________________________

_______________________

4.3 Off-grid Products Business Value Chain Analysis

4.3.1 Solar Off-grid Products Value Chain

FIGURE 11: SOLAR OFF-GRID PRODUCTS VALUE CHAIN

Manufacturing Opportunities

Module Manufacturing

Solar PV Products and Tailored Off-grid Solutions

Solar Mango Analysis given here

Trading &Service Opportunities

Solar Mango Analysis given here

4.3.2 Prominent Companies in the Various Stages of Off-grid Solar Products (Location, Year of Establishment, Line of Activity, Profile, Website, Milestones and Highlight Activities

of the following companies given in detail)

1. KotakUrja Pvt Ltd.

2. TATA Power Solar India Ltd

3. SELCO Solar Pvt. Ltd

4. D.Light Design Inc

5. Solkar Solar Industry Ltd

6. Aspiration Energy

Off-grid Solar Opportunities –Key Takeaways

Manufacturing Assembly Transport Logistics Wholesale Retail

4.4 Government Initiatives/ Programs to Support Off-Grid Renewable Energy Deployment

4.4.1 Remote Village Electrification Programme

4.4.2 Subsidies/Incentives under National Solar Mission

4.4.3 Tax Incentives for Solar Products

S.No Item Basic Duty Rate

(A) Customs duty

1. The following goods, namely : (A) Silicon in all forms (B) Undiffused silicon wafers,

2. Solar cells

3. Solarlanternorlamp

4. Equipment gadgets based on solar energy

5. Specified raw materials for manufacture of solar cells & modules

(B) Excise Duty

1. Specified Non-Conventional Energy devices/systems

2. Silicon in all forms

(C) Direct Taxes Section 32

1. Accelerated80%depreciationonspecifiedrenewableenergybased devices/projects

TABLE 5: SOLAR PRODUCTS - TAX INCENTIVES

4.4.4 AkshayUrja Shops

Key Takeaways

4.4.5 Identification of Attractive Off-grid Segments

1. Going Green

2. Remote and Rural Markets

3. Government Policies

4. Understanding Local Mindset

5. Energy Self-Dependence and Freedom from Grid Connectivity

6. Demographic and Geographic Profile

4.4.6 Opportunities in Diverse Off-grid Applications

1. Telecommunication Sector

2. Common Service Centres

3. ATMs

4. Water Pumping Systems

5. Large Commercial Buildings/Facilities

6. On-shore and Off-shore Oil & Gas

7. Desalination

8. Remote Monitoring Stations

9. Cathodic Protection

4.4.7 Understanding the Role of NGOs

Opportunity Summary for Solar PV Off-grid Sector

Table of Opportunities in Solar PV Offgrid for each Industry Category given here

Key Takeaways of Attractive Segments for Off-grid Solar

SECTION 5 SOLAR PV – ROOFTOP

5.1 Basics of Rooftop Solar PV

5.1.1 Stand Alone PV Systems/Small Rooftop Packs

5.1.2 Grid-tied Rooftop Solar Power

5.1.3 Hybrid Systems

5.2 Rooftop Solar Segments

5.2.1 Residential Rooftops

5.2.2 Commercial Rooftops

Consumersof Rooftop Solar Power

Industrial/Energy Consumers

FIGURE 12: SOLAR PV ROOFTOP SECTOR

Residential Consumers

5.3 Drivers & Challenges for Rooftop Power Generation

Rooftop Solar - Size and Scale of Opportunity

5.4 Key Drivers for Rooftop Solar Power in India

Policies (More details on the following given here)

CAPITAL SUBSIDIES

NET METERING

Unreliable Grid Power Supply

Grid & Diesel Power Cost

COST OF POWER

GRID TARIFFS IN INDIAN CITIES FOR INDUSTRIAL, COMMERCIAL, AND RESIDENTIAL CONSUMERS

The below table gives a comparison of grid tariffs for different categories of consumers across 5

Indian cities:

TABLE 6: SAMPLE STATE-CITY GRID TARIFF COMPARISON (RS. /KWH)

Industrial/Commercial Residential

State-City Category Industrial Tariff

Commercial Tariff Consumption Tariff

Andhra Pradesh – Hyderabad

11 kV

33 kV

132+ kV

Gujarat – Ahmedabad

500 kVa

500-2,500 kVa

> 2,500 kVa

Industrial/Commercial Residential

State-City Category Industrial Tariff

Commercial Tariff Consumption Tariff

Karnataka – Bangalore

1-1,00,000 kWh

>1,00,000 kWh

1-2,00,000 kWh

>2,00,000 kWh

Maharashtra – Mumbai

Express feeder

Non Express feeder

Seasonal

Tamil Nadu - Chennai

HIGH COST OF DIESEL POWER

Urge to Go Green and Corporate CSR

Key Challenges for Rooftop Solar Power Plants in India (Detail on the following challenges are given)

Upfront Capital Costs

Slow Adoption Rate

Lack of Clarity in Rooftop Solar Policies

Lack of Implementation of Incentives & Net Metering

SUBSIDY IMPLEMENTATION DELAY

NET METERING IMPLEMENTATION DELAY

List of Challenges in Rooftop Solar Marketing and Customer Acquisition

Problems in customer acquisition Criticality of the problem

Awaiting subsidy

Not high business priority

High Capital Cost/Raising Money

Poor salesmanship

Lack of clarity

Negotiations with other vendors for low price

General corporate inertia

TABLE 7: ROOFTOP SOLAR MARKETING& CUSTOMER ACQUISITION - CHALLENGES1

Rooftop Solar Drivers & Challenges –Key Takeaways

5.5 Cost Economics of Solar Rooftop

5.5.1 Component cost of rooftop PV systems TABLE 8: COMPONENT COST OF A 1 KW PV PLANT

Component

Amount

(Rs.)

% of

total

cost

PV modules (Crystalline)

Inverters

Balance of System (cables, etc.)

Installation

Total

5.5.2 Incentives/Subsidies Several incentives are available for rooftop solar PV plants through the Jawaharlal Nehru National

Solar Mission.

1Source: Solar Mango survey of rooftop solar EPCs

1. Accelerated Depreciation (AD)

TABLE 9: TAX SAVINGS FROM ACCELERATED DEPRECIATION

Item Rs.

Cost of a 100 kW rooftop solar plant (A)

Accelerated depreciation @80%

Corporate tax rate*

Tax saved through depreciation (B)

Net cost of rooftop solar plant (A)-(B)

2. MNRE Subsidy

The impact of subsidy, if received, is illustrated in this table:

TABLE 10: SAVINGS FROM CAPITAL SUBSIDY (15% & 30%)

Item Subsidy @ 30% (Rs.)

Subsidy @ 15% (Rs.)

Actual cost of a 1 kW rooftop solar plant

Benchmark cost

Subsidy on actual cost

Net cost after subsidy benefit

5.6 Marketing Strategies for Rooftop Solar

Types of Customers

1. End Users

Prominent End User Sub-sectors

RESIDENCES

5 Subsectors given here

COMMERCIAL & INDUSTRIAL

13 Sub-sectors given here

Economics of Rooftop Solar –Key Takeaways

2. EPCs & System Integrators

3. OEMs & Suppliers

This segment can be further divided into

5 Sub-sectors given here

Needs of Customers TABLE 11: ROOFTOP SOLAR - CUSTOMER NEEDS BY SEGMENTS

Segment Needs

End Users

Residential

Commercial/Institutional

Industrial

PCs& System Integrators

Large, Pan Indian

Regional

Small and Very Small

OEMs & Suppliers

Panel OEMs/suppliers

Inverter & charge

controller OEMs

Battery OEMs/Suppliers

Mounting structure

OEMs/Suppliers

Other Balance of System

OEM/Suppliers

Nature of Competition TABLE 12: ROOFTOP SOLAR - NATURE OF COMPETITION BY SEGMENT

Segment Nature of Competition

End Users

Residential

Commercial/Institutional

Industrial

EPC

Large, Pan Indian

Regional

Small and Very Small

OEMs & Suppliers

Panel OEMs / suppliers

Inverter & charge

controller OEMs

Battery OEMs/Suppliers

Mounting structure

OEMs/Suppliers

Other Balance of System

OEM/Suppliers

5.7 Attractive Segments

Attractive Segments for Residential Rooftop Solar Sector

Attractive Segments for Industrial Rooftop Solar Power Sector

5.8 Technology innovations

Details on these innovations and scenario in India given for each

1. Non-penetrating mounting structures

2. Elevated mounting structures

3. East-West layout

4. Diesel substitution

5. Critical load support

6. BIPV

7. Concentrating Solar PV

8. Powerwall

9. Wind- Hybrid System

10. Solar Smart Grids

5.9 Commercial Innovations

1. Build Own Operate (Transfer) – BOO(T)

2. Community Owned Solar

Marketing Suggestions for Rooftop Solar Opportunities

SECTION 5 –SUMMARY & HIGHLIGHTS

Opportunity Summary for Rooftop Solar PV Sector

Table of Opportunities in Rooftop Solar PV for each Industry category is given here

SECTION 6 SOLAR PV – MEGAWATT SCALE

A megawatt-scale is a large scale PV system designed for the supply of merchant power into the

electricity grid. The following schematic shows the MW scale business ecosystem.

6.1 Status of MW Solar Power Plants in India

TABLE 13:COMMISSIONED CAPACITY BY STATE/UNION TERRITORY AS OF 31.05.2015

S .No State/UT

Total Cumulative Commissioned Capacity till 31-03-2015

Total Cumulative Commissioned Capacity during 2015-16 (MW)

Total Cumulative Commissioned Capacity till 31-03-2016 (MW)

Total Cumulative Commissioned Capacity till 31-05-2016 (MW)

1 Andhra Pradesh

2 Arunachal Pradesh

3 Bihar

4 Chhattisgarh

5 Gujarat

6 Haryana

7 Jharkhand

8 Karnataka

FIGURE 13: MEGAWATT SCALE SOLAR BUSINESS ECOSYSTEM

9 Kerala

10 Madhya Pradesh

11 Maharashtra

12 Odisha

13 Punjab

14 Rajasthan

15 Tamil Nadu

16 Telangana

17 Tripura

18 Uttar Pradesh

19 Uttarakhand

20 West Bengal

21 Andaman & Nicobar

22 Delhi

23 Lakshadweep

24 Puducherry

25 Chandigarh

26 Daman & Diu

27 J&K

28 Himachal Pradesh

29 Mizoram

30

Others (PSU/channel partner) under

Rooftop

TOTAL

(Key Highlights from the table given here)

6.1.1 Prominent Developers Some of the prominent developers of MW scale solar projects in India based on projects

completed/bids won are given (in alphabetical order)

A quick analysis of the above companies show that they belong to three main categories

Large corporate backed companies –

Vertically integrated solar companies –

Independent Power Producers –

Details given for all three

6.1.2 Non-Developer Stakeholders Other than the developers, several other stakeholders are critical to the success of MW scale solar

projects

Government –

EPCs –

Component providers –

Financers –

Explanation given for all above

Key Takeaways

6.2 Business Models for MW Scale Solar PV

A utility scale Solar PV plant can be monetised through the following:

FIGURE 14: BUSINESS MODELS FOR MW SCALE SOLAR

6.2.1 Sale to Utility

6.2.2 Sale to Private Consumer

6.2.3 Captive Consumption Key Customer Segments for MW Scale Power Plants

For an entrepreneur or business keen on opportunities in MW Scale power plants, which are the key

customer segments?

What services you wish to offer, and who will pay for these services depend on the customer

segment you wish to focus on.

The key customer segments are

Power Purchasers

Developers

EPCs

OEMs

FIGURE 15: UTILITY SCALE SOLAR - KEY CUSTOMER SEGMENTS

6.3.1 Power Purchasers

6.3.2 Developers

6.3.3 EPCs EPC Value Chain Components

TYPES OF EPCS

6.3.4 OEMs

6.3.5Others In-depth explanation of each of the customer segments given in the report

Needs of Customers Based on Solar Mango’s interactions with a range of stakeholders over the past many years, a list of

key needs for each of the customer segment is provided below.

TABLE 14: MW SOLAR STAKEHOLDER NEEDS

Stakeholder/Customer Segment Sub-segments Needs

Power Purchasers Government

utilities

Private companies

Developers Large

Independent

Power

Producers

Small

Independent

Power

Producers

Captive Power

Producers

EPCs Large, National

EPCs

Medium-scale

Regional/

National EPCs

Small, Regional

Sub-component & Raw Materials

OEMs EPCsPower Plant Developers

Power Purchasers

Stakeholder/Customer Segment Sub-segments Needs

EPCs

OEMs Panel

manufacturers

Inverter &

Other Balance

of System

Manufacturers

Competitor Scenario for MW Solar Power Plants TABLE 15: MW SOLAR - COMPETITOR SCENARIO

Stakeholder/Customer Segment Competitor Scenario

Power Purchasers

Government utilities

Private companies

Captive consumers

Developers

Large Independent

Power Producers

Small Independent

Power Plant Developers

Developers for Captive

Consumption

EPCs

Large, National EPCs

Medium-scale Regional/

National EPCs

Small, Regional EPCs

OEMs

Panel manufacturers

Inverter & Other Balance

of System Manufacturers

6.3 Drivers & Challenges for MW Scale Power Generation in India

Drivers for MW Solar Power Plants

1. Central & State Policies

Bidding under Central and State Policies

TARIFF BASED

VIABILITY GAP FUNDING (VGF)

DOMESTIC CONTENT REQUIREMENT (DCR)

FIXED TARIFF

Central Policy – National Solar Mission

OVERVIEW

STATUS

Detailed explanation for the above subsections given with current status

State Policies

The table below provides a summary of tariffs for different states.

TABLE 16: SOLAR TARIFF FOR DIFFERENT STATES

State Year

AD/Non

-AD

Tariff

Comments Low High

Andhra

Pradesh

2014

Andhra

Pradesh

2015

Chhattisgarh 2014

Gujarat 2015

Jharkhand 2016

Karnataka 2014

Madhya

Pradesh

2014

Maharashtra 2014

Punjab 2013

Punjab 2013

Rajasthan 2014

Rajasthan 2014

Tamil Nadu 2014

Tamil Nadu 2014

Tamil Nadu 2016

Tamil Nadu 2016

Telangana 2014

Uttarakhand 2014

Uttar Pradesh 2013

2. Increasing Cost of Conventional Power

3. Decreasing Cost of Solar Power

There can be no better business case for the growth of large-scale solar power plants.

Challenges for MW Scale Solar Power Plants

1. Reverse Bidding and Low “Market Discovered” Prices

2. Delay in Policy Implementation

3. Financial Closure

4. High Interest Rates

6.4 Financing Options in India

Overview

FIGURE 16: SOURCES OF FUNDS FOR MW SCALE SOLAR PLANTS

Total project cost is about Rs. 5.75 Crores/MW

6.5 Marketing & Go-to Market Strategies for MW Solar

SECTION 6 – SUMMARY & HIGHLIGHTS

Opportunity Summary for MW Solar

Table of Opportunities in MW Solar for each Industry Category given here

SECTION 7 CASE STUDIES

The following case studies are given

Indian Solar Entrepreneurs

International Solar Entrepreneurs

Acquisitions

Training Programs

7.1 Indian Solar Entrepreneurs

EPCs

1. Vikram Solar

2. Sterling & Wilson

3. Refex Energy

4. Tata Power Solar

SOCIAL ENTREPRENEURS/BUSINESSES

1. MeraGao Power

2. Nature Infratech

OEM & COMPONENTS

Solar Mounting Structure Manufacturing

NuevosolEnergyPvt Ltd

Inverter Manufacturing

Su-Kam

ReGenPowertech

Panel Manufacturing

Waaree Energies

Solar Cables Manufacturing

Ravin Cables

Solar Batteries Manufacturing

Amara Raja Batteries

Trackers Manufacturing

SmartTrak Solar Systems

Key Highlights

Others

Megawatt Solutions

7.2 International Solar Entrepreneurs

IT SOLUTIONS

1. Gridmates

2. PVComplete

3. Savenia Home Ratings

4. Solar Site Design

5. UtilityAPI

6. Sunrun

7. EnergySage

7.3 Acquisitions

1. SolarCityAcquisition ofSilevo

2. Chinese-owned ElkemAcquires REC Solar

3. Havells India to Acquire PromptecRenewable Energy Solutions

4. Avigo-backed Tecpro Systems Acquires EverSun Energy

5. SwelectAcquires HHV Solar

7.4 Training Services & Support

1. Solar Energy International (SEI)

2. The European Energy Centre (EEC)

3. SolPowerPeople, Inc.

SECTION 7 – SUMMARY & HIGHLIGHTS

SECTION 8

INNOVATIONS/NICHE OPPORTUNITIES

Explanation and Solar Mango analysis/recommendation given here

1. Solar Powered Coach

2. Coloured Solar Panels

3. Solar Powered ATMs

4. Solar Powered Telecom Towers

5. Solar Grill/Cookers (based on thermal battery)

6. Solar Powered Food Cart

7. Solar Powered Drones

8. Advanced Solar Storage/Smart Battery

9. Swarm Solar

10. Mobile Solar Powered Homes

11. Solar Trees

12. Solar Powered Rickshaw

13. Solar Powered Boats

14. Solar Powered Autonomous Cleaning Devices/Robots

15. Solar Food Dehydrator

16. Solar Powered Bio Toilets

17. Solar Sails

18. Solar Powered Algae Control

19. Solar Powered Internet of Things (IOT)

SECTION 8 –SUMMARY & HIGHLIGHTS

APPENDIX

Top Criteria employed by developers to choose EPCs

Prominent companies serving the MW Solar sector

List of companies in each of these sectors given:

1. Developers

2. EPCs

3. Other Service Providers

4. Component Manufacturers

Modules

Mounting Structures

Cables

Inverters

Battery

IT Solution Providers

Prominent EPC companies serving the Rooftop Solar sector

Emerging Off-grid Solutions – International

Solar Apex Bodies & Organisations in India and their Roles

1. MNRE

2. CWET/NIWE

3. SECI

4. SESI

5. NSEFI

6. SERIIUS

7. CSRI

8. NISE

IITs Involved in Solar Research

1. IIT BHUBANESHWAR

2. IIT BOMBAY

3. IIT DELHI

4. IIT GANDHINAGAR

5. IIT GUWAHATI

6. IIT INDORE

7. IIT JODHPUR

8. IIT KANPUR

9. IIT KHARAGPUR

10. IIT MADRAS

11. IIT ROORKEE

SOLAR MANGO SERVICES FOR THE SOLAR POWER SECTOR Solar Mango is India’s leading research and consulting firm dedicated to solar energy, with a special

focus on rooftop solar. It is a part of EAI, which is a leading firm in the Indian renewable energy

sector.

Solar Mango provides the following services and solutions for the solar power and renewables.

MW Scale Solar Power Plants Solar Mango provides end-to-end project management consulting, covering policy, financial, and

operational and technical project management for solar power plants. We can thus be with you from

beginning until end of the project, acting on your behalf as your business strategy advisor, financing

facilitator, techno-commercial supervisor, as well as owner’s engineer during the implementation of

the project. Write to us at consult@eai.in with your requirements.

Rooftop Solar Power Plants For large industrial and commercial rooftop solar power projects (above 500 kW), Solar Mango

provides turnkey project management consultancy services. For smaller rooftop solar projects, Solar

Mango can assist companies in finding the right vendors for implementing the project. More about

Solar Mango from www.solarmango.com

Diversifying into Solar Solar Mango helps corporates keen on diversifying into the solar energy sector with strategic advice

& critical market inputs.

EAI’s Cleantech Consulting Solar Mango’s parent, EAI, provides strategic consulting and market analysis for a range of

renewable energy sectors – solar (PV and thermal), biomass, wind and emerging cleantech domains.

More about our renewable energy consulting services from http://consult.eai.in

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