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ICICI Securities Report
FY24, was a remarkable year for Indian renewables, surpassing our expectations – witnessing a cumulative bid of 50 giga watt of capacity. Note that FY21/FY22/FY23 saw bids in the tune of 18GW/12GW/7.2GW of power purchase agreement.
We estimate FY24’s 50GW of bidding will entail 40GW direct current of solar and 9.5GW of wind capacities. Set against FY23, wind had a good run in FY24; the strong pipeline for hybrid projects (25GW), Suzlon Energy Ltd. and Inox Wind Ltd. are natural beneficiaries.
The start of FY24 saw the Indian government announcing a 50GW bid – Street expectation was much lower.
Key risk: Delay in conversion of bid into power purchase agreement.
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