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According to a recent report, India's total installed solar and wind capacity is expected to reach only 35 GW and 12 GW
respectively over the next five years due to lockdown plans implemented to curb the spread of COVID-19.
Clean energy consultancy Bridge to India reports that under the earlier baseline scenario, new estimates of solar and wind generation by 2020-2024 are 43 GW and 15 GW
, respectively.
"As the number of infections in India is still rising rapidly, there is still a great deal of uncertainty
about the economic outlook," the report said.
The energy sector has been hit
by multiple demand and supply shocks.
After the government announced a series of temporary relief measures, the short-term impact on the renewable energy sector was relatively small
.
”
The outlook for the coming years looks even bleaker
due to weak electricity demand growth, deteriorating financial conditions and further constraints on debt financing, the report added.
Regarding the short-term impact of the pandemic on the industry, the report said that 2-3 GW of installed capacity will be lost by 2020, while working capital and operating costs for developers and contractors will increase
.
Medium-term impacts will include reduced new installations due to continued weak electricity demand, higher offsetting risk, lower borrower demand and risk of policy uncertainty for rooftop solar
.
However, this will also drive local manufacturing
.
In the long run, it is expected to accelerate India's transition to clean energy and make equity capital more accessible
.
According to a recent report, India's total installed solar and wind capacity is expected to reach only 35 GW and 12 GW
respectively over the next five years due to lockdown plans implemented to curb the spread of COVID-19.
Clean energy consultancy Bridge to India reports that under the earlier baseline scenario, new estimates of solar and wind generation by 2020-2024 are 43 GW and 15 GW
, respectively.
"As the number of infections in India is still rising rapidly, there is still a great deal of uncertainty
about the economic outlook," the report said.
The energy sector has been hit
by multiple demand and supply shocks.
After the government announced a series of temporary relief measures, the short-term impact on the renewable energy sector was relatively small
.
”
The outlook for the coming years looks even bleaker
due to weak electricity demand growth, deteriorating financial conditions and further constraints on debt financing, the report added.
Regarding the short-term impact of the pandemic on the industry, the report said that 2-3 GW of installed capacity will be lost by 2020, while working capital and operating costs for developers and contractors will increase
.
Medium-term impacts will include reduced new installations due to continued weak electricity demand, higher offsetting risk, lower borrower demand and risk of policy uncertainty for rooftop solar
.
However, this will also drive local manufacturing
.
In the long run, it is expected to accelerate India's transition to clean energy and make equity capital more accessible
.
