Investment Opportunities in the Indian Wind Energy - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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Alstom India forms a Joint Venture with Bharat Forge in October 2013, the Stock Prices of Alstom Indias share price went up 80% in the last 5 months and during almost the same time frame, Bharat forges share price went up 120% (What does the JV have to do with wind energy, you may ask). ReNew, a clean energy company set up in 2010, received an $140 mn in funding from international players, has Goldman Sachs as its primary investor and currently has a total of $390 mn in equity invested.

The Indian govt. allows(calls for) a 100% FDI in the power sector and the FY13-14 union budget announced a tax holiday of 10 years for projects starting before March 2017, reducing the risk of uncertainty. The World bank announced to invest $775 mn in the Indian clean energy sector. -What does all this signify to an institutional investor? - What does all this mean to a stock trader? - How does all this information help companies that manufacture wind turbines and electrical systems? - What does this mean to you and me? - Is it the ripe time to enter the Indian renewable energy sector? This report tries to answer some of these questions and more, in detail. It does not go into technicalities of Wind turbine manufacturing and laying electrical lines and supplying to the grid. It assumes that the average investor either knows of these details or knows that these details do not matter at his level of investment.

The report shows the demand supply gap in the Indian power sector and highlights the under utilization of Indias vast wind energy potential and thus an opportunity for institutional investors and stock traders, although not alike. Apart from the above mentioned, the report gives a detailed financial analysis of Investing in Indian wind energy Capital investments, payback periods, cost of capital and source of funds, return on Investments, government clearances and allowances. It aims to update the investing world on the most happening period in the Indian renewable energy or the power sector. We do not claim the report is a one stop solution to all your investment needs. All we claim is, it is definitely going to be a starting point for your investment analysis.

The report serves more as an indicative journal rather than an investment guide. We have aimed to cover a complete ecosystem of thought surrounding the Indian renewable energy sector and hope you would find it thoroughly useful.

1. Introduction

2. India’s Power Scenario – Demand Supply Gap

3. Share of Renewable in the Country’s Power Generation Capacity

4. Renewable Energy Installed Capacity

5. Recent investment activities in the Indian clean energy value chain

5.1. PE Investments

5.1.1. GVFL investments in Ushdev Power Holdings Private Ltd.

5.1.2. GVFL investment in SITAC RE

5.1.3. ADB and GEF investment in ReNew Wind Power

5.1.4. DEG and ADB Investment in Welspun Renewable Energy

5.1.5. GE Energy financial Services investment in Welspun Renewable Energy

5.1.6. CDC Group investment in Green Infra

5.2. Mergers and Acquisitions

5.2.1. Tata Power’s Acquisition of ASW

5.2.2. Leap Green Energy’s Acquisition of DLF Wind Power

  6. Relevancy of Alstom’s Joint Venture with Bharat Forge

  7. World Bank’s investment vision towards Indian clean energy

  8. What do Share prices tell?

8.1. Alstom India stock price movement

8.2. Bharat Forge Stock price movement

8.3. Suzlon Stock movement – Bigger game?

  9. Wind Energy Value chain – Risks and opportunities

9.1. Production Risk and Market Risk

9.1.1. Production Risk

9.1.2. Indian Wind Energy potential

9.1.3. Market Risk

  10. Government Policies, Budget, Subsidies and Spending on Wind power

10.1. FDI in power sector

10.2. Tax holidays

10.3. Operating Subsidies

10.3.1. Feed-in-tariffs

10.3.2. Accelerated Depreciation

10.3.3. Financing

10.3.4. Generation Based incentives

10.3.5. Renewable Purchase Obligations

  11. Competitive Landscape – Current players in the sector

  12. Investment Analysis - Wind Energy Production in India

12.1. Capital investment

12.2. Operating Costs

12.3. Payback period scenarios

  13. Conclusion   14. Appendix

14.1. Sources

14.2. Disclaimer


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