Solar projects under construction face uncertainty in India

Factors like a labour shortage and proposed duties on module imports could lead to significant cost overruns for Indian developers.

From pv magazine India.

Fitch Group company India Ratings and Research (Ind-Ra) has revised the outlook for solar projects to stable for the second half of the current financial year (2020-21), anticipating their revenues from power generation to be in line with expectations. 

Speaking to pv magazine, Divya Charen, Ind-Ra’s senior analyst for infrastructure and project finance, said: “India Ratings believes that the credit profile of solar projects are on a strong footing, backed by stable operations and manageable counterparty risks. Counterparties such Solar Energy Corporation of India, NTPC, Gujarat Urja Vikas Nigam Limited and Bangalore Electricity Supply Company Limited have been paying regularly even during the lockdown period.

“Direct exposure to weak counterparties in the solar sector is lower than in the wind sector and most counterparty delays are already funded through internal liquidity or working capital facility. The low price of new power purchase agreements also make economic sense for distribution companies to favour solar.”

Significantly, despite a fall in electricity demand, solar projects remained mostly unaffected in the first quarter of the year, with project and grid availability remaining above 95% for most of the portfolio.

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