Thread by @TimBuckleyIEEFA

India’s electricity sector transition continues to progress. #RenewableEnergy has been the least cost source of new generation capacity since 2017 at <Rs3/kWh, 20% below existing domestic coal power at Rs3.60. RE is over two-thirds of all new installs in 2019/20.

Indian electricity demand grew just 0.7% year-on-year in CY2019, a dramatic slowdown on the >6% CAGR this decade.
In the ten months to Jan’2020, India’s #coal fired power generation is down 26TWh. Not the peak, but definitely a clear sign of the technology transition underway.

And key players driving this technology driven transition like @AzurePowerSolar continue to power ahead!
energy.economictimes.indiatimes.com/news/renewable…

Azure Power has received a Letter of Award for 2GW of new solar at Rs2.92/kWh (US4.1c/kWh), partnering with @waareegroup who will build a new 500MW solar manufacturing plant. 🇮🇳✅ Targeting US$600m pa capex till FY2025.
investors.azurepower.com/events-and-pre…

India has some of the lowest cost VRE in the world at US4c/kWh year one tariff, but zero indexation => the LCOE is US3c/kWh over the 25 year contract. As India builds access to low cost global green bonds, the debt cost & hence required tariff will decline further.

Module price deflation continued unabated over 2019, hitting just US20c/w in India in 4Q2019, a global low, translating into even lower all-in capital construction costs of just ~US60c/w total.

This #RenewableEnergy deflation is compounding the financial distress in India’s financial system, brought on by ongoing stranded asset losses across the thermal power sector. By @IEEFA_India @Vibhuti_D_Garg & @simonjnicholas
ieefa.org/ieefa-report-i…

Under @gautam_adani’s leadership, #Adani Green is mapping out a plan to be one of the world’s largest solar developers – an exceptionally ambitious 18GW by 2025. 🇮🇳✅
business-standard.com/article/compan… by @shreya_jai

Including the greenshoe, the @SECI_Ltd has awarded 12GW of #solar at ₹2.92 (~US$0.04)/kWh to @AzurePowerSolar & Adani Green Power. 🇮🇳✅
mercomindia.com/adani-azure-wi…

And look at the Adani Green share price go! Up 546% since its June 2018 IPO vs just +17% for the wider Indian stock market.

Begs the question @gautam_adani, why bother with your stranded Carmichael HALE coal mine? Unbankable & unviable.
Better to buy @BHP’s 18Mtpa Mt Arthur. Willing seller, zero environmental issues, immediate production of high energy #coal at a third of the capital cost per tonne!

And one step at a time, #RenewableEnergy leaders are building up access to the global bond market. @ReNew_Power has raised US$450m at 5.9% pa with an average 5.5 year tenor. 🇮🇳✅
@ClimateBonds are becoming a key transition enabler!
livemint.com/companies/news… by @Ridhima__Saxena