Despite Slowdown in Indian Renewable PPAs in 2020, Positive outlook for 2021: Report

As more and more companies are procuring renewable power for their operations to help manage their electricity costs while contributing to corporate carbon emissions reduction targets. In India, the main drivers for many companies to do so are rising electricity tariffs for commercial and industrial consumers.

January 28, 2021. By Manu Tayal

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Despite the evident slowdown in corporate renewable energy power purchase agreement (PPA) capacity in 2020, there is a positive outlook for 2021, finds the wbcsd report.

As more and more companies are procuring renewable power for their operations to help manage their electricity costs while contributing to corporate carbon emissions reduction targets. In India, the main drivers for many companies to do so are rising electricity tariffs for commercial and industrial consumers, falling prices for solar photovoltaic (PV) technology and corporate sustainability goals, said the report. 

The wbcsd’s third market and policy update for corporate renewable PPAs in India provides readers with a renewed overview of market trends, policies and regulations from 2020, as well as an outlook for 2021.

It further said, a frequently used approach for companies to purchase renewable electricity is a corporate renewable PPA. According to the Bloomberg New Energy Finance (BNEF), India was the second largest growth market for corporate renewable PPAs after the US in 2019, with an addition of 1.4 GW of capacity. However, in 2020, India witnessed a significant slowdown in corporate renewable PPA activity, primarily due to regulatory changes and exacerbated by the COVID-19 pandemic.

The report analyzed that despite the evident slowdown in PPA capacity in 2020, there is a positive outlook for 2021. Also, the company ambition for procuring renewable power has been increasing, company appetite for corporate renewable PPAs is high, and power demand has bounced back to pre-COVID-19 levels.

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