Page 18 - Edelweiss India Conference 2022 FLIPBOOK

THE NEW EDGE

Some media articles suggest that 3,000 modules/panels of 335 watt each are required in
order to set up a 1MW solar plant. India’s target of 100GW solar capacity by FY22 would
imply net addition of 58GW.

This, we reckon, translates to 173mn modules with total capacity of 58GW. Given the current
module manufacturing capacity of 10–15GW in the country, we are short of approximately
43GW.

India enjoys lowest PV installation cost; scope for more cuts too

Over the past one decade (2010–20), PV installation cost has reduced drastically across
countries in a range of 70–90%. While India ranked sixth among countries with high PV
While India ranked sixth installation costs in 2010, in 2020 it boasts the lowest PV installation cost anywhere in the
among countries with world.
high PV installation
costs in 2010, in 2020 To be precise, India’s PV installation cost in 2020 was USD596/kW (down 88% since 2010)
it boasts the lowest despite being heavily reliant on imports of solar modules from China and Taiwan. We
PV installation cost believe setting up an integrated module factory will further trim PV installation cost in the
anywhere in the world country.

India PV installation cost: Down to one–tenth of 2010 levels

India

5,500
5,112

4,400

(USD/kW) 3,300 3,149 2,763 2,844 1,930

2,200

1,315 1,132 1,129
1,100 802 626
596

0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: Edelweiss Research, IRENA

16 Edelweiss Securities Limited