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Preface
Solar Energy demand globally has been growing at about 30% per annum over the past 15 years. In comparison, the hydrocarbon demand growth rate is 0-2% per annum. This high growth rate in solar energy is due to many reasons increasing cost of petroleum products and the parallel decreasing cost of producing power from solar, and a concern world over on the harmful effects of using fossil fuels. In India, the high GDP growth rate has created a huge demand for energy, but the supply is unable to match the demand. The total installed capacity of power as of February 2011 is 172 GW. The estimated shortage of power in India is about 20 GW in February 2011.In addition, 56% of Indian population does not have access to electricity. This situation in power generation has prompted the Government of India to formulate new policies to encourage Renewable energy in general and solar energy in particular. In fact, India is one of the few countries in the world that has a dedicated ministry for New and Renewable energy. India is in the sunny regions of the world with most parts of the country receiving 4-7kwh (kilowatt-hour) of solar radiation per square meter per day, 250-300 sunny days in a year. Even though Solar energy constitutes a miniscule part in Indias installed power generation capacity (with grid connected solar PV generation at a mere 6 MW as of March 2010), in the medium and long run, it is expected that solar energy, especially solar PV will form a vital component of the country's energy mix. The recently released Jawaharlal Nehru National Solar Mission (NSM) and its generous incentives provide a great reason for entrepreneurs and investors to explore this industry. The National Solar Mission has three successive stages leading up to an installed capacity of 20,000 MW of solar energy comprising both solar PV and solar thermal - by the end of the 13th Five Year Plan in 2022. The solar installed capacity target under the NSM is expected to generate 25-30 TWh/annum by the year 2022. In order to encourage indigenous manufacturing of components used in solar power generation, the Government of India has mandated that 100% of the modules used in solar projects allotted in 2010-2011 have to be made in India. The Government has also mandated that from 2011-12, 100% of cells used in Solar Projects should be made in India. In view of the above factors, one of the attractive business sectors opening up is the solar module production. Solar module production forms the last stage of the solar PV manufacturing value chain, before the modules/panels are used in power plants. This report provides a comprehensive review of the Indian solar PV module making industry, and is targeted towards companies and businesses keen on investing in this segment. This
report focuses mainly on the crystalline silicon PV module segment. However, relevant technical information on thin film is provided in the report in order for the reader to understand the differences between the two technologies. Since the market for thin films is in a very nascent stage making it difficult to make any sort of scientific calculations on the market potential in India, the same has not been included in the report. The report was developed by Energy Alternatives India (EAI), a leading business intelligence and market research firm with a dedicated focus on Indian renewable energy and cleantech industries. The India Solar Module Market Report was last updated in May 2011.
Contents
1. Indian Solar PV Industry Status and Current Trends 1.1 Introduction 1.2 Solar Photovoltaics 1.3 Current Solar Photovoltaic Market Scenario
1.3.1. Market Share 1.3.2 Global Market Overview 1.3.3. Domestic Market Overview
1.5 Solar Modules in India- Industry Trends 1.6 Major Module Manufacturers
1.6.1 Domestic Players 1.6.2 Global Players
2. Basics of Modules - Technology Involved 2.1 Introduction 2.2 Modules 2.2.1 Technology Options Crystalline Silicon vs. Thin Film
2.2.1.1 Crystalline Silicon 2.2.1.2 Thin Film
2.3.4 Module Layup Station 2.3.5 Automated Solar Cell Assembly 2.3.6 Auto Busing System 2.3.7 Manual Busing Station 2.3.8 Manual EVA Layup Station 2.3.9 Manual Inspection Station 2.3.10 Automated Photovoltaic Module Laminators 2.3.11 Solar Simulators and PV Module QA Testers 2.3.12 High Voltage Test Station
2.5 Testing and Certification of Modules 2.6 Recent Technology Developments 3. Investment and Returns 3.1 Introduction 3.2 Costs and Returns
3.2.1 Costs 3.2.1.1 Land Requirement 3.2.1.2 Capital Investment 3.2.1.3 Operational Costs
3.3 Government Incentives to Support Solar PV Manufacturing 3.4 Returns Cash Flow, IRR, Payback Period 4. Risks and Mitigation 4.1 Introduction 4.2 Project Completion Risk 4.3 Country and Financial Risks 4.4 Operational Risks 4.5 Market Risks 5. Financing Options 5.1 Introduction 5.2 Renewable Energy Financing in India
5.2.1 Financing for Solar PV Module Production Energy Alternatives India @ www.eai.in
5.3 Nodal Agencies that Support Renewable Energy Financing in India 5.4 Financing Institutions in India 5.5 Examples of Investments in India for Solar PV 5.6 What Do Financial Institutions Look for Lending to Module Making Companies? 6. Next Steps 6.1 Introduction 6.2 Preparation of Prefeasibility Study 6.3 Preparation of Detailed Project Report 6.4 Module Turnkey Providers 6.5 Selection of Raw Material Suppliers and Entering into Memorandum of Understanding (MOU) with Them 6.6 Achieving Financial Closure of the Project 6.7 Implementation of the Project 6.8 Module Testing and Certification 6.9 Contacting Government Officials ANNEXURE I List of Solar PV Cell Manufacturers India List of Solar PV Cell Manufacturers Global ANNEXURE-II List of EVA/Back sheet/ Front sheet/ PET/ TPT/TPE/PVB & TCO Manufacturers Global ANNEXURE III List of Manufacturers of Connectors Global ANNEXURE IV List of Ribbon Manufacturers Global ANNEXURE V List of Manufacturers of Cables Global ANNEXURE VI List of Frame Manufacturers Global ANNEXURE - VII List of Glass Manufacturers Global ANNEXURE - VIII
1.1 Introduction 1.2 Solar Photovoltaics 1.3 Current Solar Photovoltaic Market Scenario 1.3.1. Market Share 1.3.1.1 Crystalline silicon PV 1.3.1.2 Thin-film PV 1.3.1.3 Solar PV - Concentrating Photovoltaic 1.3.2 Global Market Overview 1.3.3. Domestic Market Overview 1.4 Demand and Supply of Modules 1.5 Solar Modules in India- Industry Trends 1.6 Major Module Manufacturers 1.6.1 Domestic Players 1.6.2 Global Players 1.7 Drivers and Barriers for Solar PV Module Investments
Highlights
With its abundance of sunlight, India has tremendous potential to emerge as one of the leaders in solar power generation. According to the Government of Indias policy for the solar sector Jawaharlal Nehru National Solar Mission (JNNSM) a target of 20 GW of solar installations by 2022 has been set. In order to achieve leadership in solar power generation, it is important to have a local manufacturing base in India. The JNNSM aims to make India one of the major manufacturing hubs for solar PV manufacturing. The Mission plans to achieve this by mandating local content requirement for all projects that come under the JNNSM. Among the two dominant technologies in solar PV crystalline silicon and thin films, the former dominates in market share world over and is expected to continue to maintain its leadership position in the foreseeable future.
In India, apart from the JNNSM, other state policies on solar energy are expected to increase demand for Solar PV modules. This presents an opportunity for anyone Energy Alternatives India @is desirous of entering this sector. who www.eai.in
SAMPLE CONTENT 1. Indian Solar PV Industry Status and Current Trends Introduction
The Indian Solar PV Industry is at a very nascent stage in India. With the announcement of the Jawaharlal Nehru National Solar Mission (JNNSM) in 2010 and the mandates for local content requirement provided in the guidelines of the JNNSM has given a big push for the growth of the solar PV industry in India. The Solar policies of the various states like Gujarat, Rajasthan, Karnataka and the a few other upcoming state policies are also expected to create significant demand for solar PV industry. In this section of the report, various aspects of the solar PV modules sector in India are comprehended. This includes the details about the various technologies like crystalline silicon and thin films, demand and supply gap for PV modules in India, industry trends and an overview of the major players in the solar PV segment in India. As mentioned in the preface of the report, thin-film technology in India is at nascent stage. The focus of this report is on crystalline silicon, even though we also give details relevant to the thin-film technology.
0
2009 2010 2011 2012 2013 2014
Source: iSuppli
Highlights
2.1 Introduction 2.2 Modules 2.2.1 Technology options crystalline silicon vs. thin film 2.2.2 Crystalline Module Making 2.2.2.1 Module Structure 2.2.2.2 Assembly Process 2.3 Machines and Equipment 2.4 Thin Film Module Making 2.4.1Amorphous silicon manufacturing process 2.4.2 CdTe Manufacturing Process 2.4.3 CIGS Manufacturing Process 2.5 Testing and Certification of Modules 2.6 Recent Technology Developments Crystalline silicon technology and thin film technology differs in quite significant ways. Whereas crystalline silicon uses bulk material, thin film technology uses a substrate onto which tiny particles are embedded. The crystalline silicon module production process is an assembly processes involving several materials and different processes. This involves several equipments. Thin film module production has fewer materials and fewer steps. Thin film production is more than an assembly process and involves laser scribing and other processes. Once a module is produced, it can be sold to the market only after it has been testing and certifications according to IEC guidelines are done.
Properties
Monocrystalline cells
Construction
Thin film is made by depositing one or more thin layers (thin film) of photovoltaic material on a substrate. Less efficient than polycrystalline and Monocrystalline panels: Efficiency range 10% to 12%
Monocrystalline cells are A polycrystalline cell is cut cut from a chunk of from multifaceted silicon silicon that has been crystal. grown from a single crystal. Efficient compared to both poly crystalline and thin film: Efficiency range 15 to 19% Efficient than thin film solar cell but less efficient than Monocrystalline solar cell: Efficiency range -11-15%
Efficiency
Appearance
Polycrystalline solar cells Thin film, uniform in Monocrystalline cells tend to be non-uniform in color. tend to be uniform in appearance, Variations of appearance. blue color. Polycrystalline cells will appear grainy
Flexibility
plastic No
No
Weight
Light weight compared Heavier compared to to monocrystalline cells thin film but less in Heaviest and polycrystalline cells. weight compared to poly crystalline cells
Cost (As of January $1.37 per watt (1.03 $2.07 per watt 2011) per watt) (1.55 per watt) Area (Avg. output 0.623 MW per per 1000 sq.m)
0.98-1MW
0.91MW
Stability
Less stable
Performance
Performance is less Better than Performance is compared to polycrystalline cells and compared monocrystalline solar thin film solar cells. monocrystalline cells. cells. Thin film solar cells are largely unaffected while operating under higher temperatures
Temperature
Monocrystalline panels Multi crystalline panels operate at decreased operate at wide range of efficiencies in higher temperatures. temperatures
3.1 Introduction 3.2 Costs and Returns 3.2.1 Costs 3.2.1.1 Land Requirement 3.2.1.2 Capital Investment 3.2.1.3 Operational Costs 3.3 Government Incentives to Support Solar PV Manufacturing 3.4 Returns Cash Flow, IRR, Payback Period
Highlights
Module production is one of the segments in the Solar PV value chain with the least barriers to entry. The capital requirement and land requirement for setting up a PV plant is relatively low. Raw materials (solar cells) constitute the biggest component of the cost in a module. However, since the raw materials used in module production (solar cells especially) are quite expensive, working capital requirement is quite high. The operating profit for a module plant will be approximately 10%.
Highlights
4.1 Introduction 4.2 Project Completion Risk 4.3 Country and Financial Risks 4.4 Operational Risks 4.5 Market risks
Risk assessment is an essential part of decision making process for a lender or an investor. There are different types of risks at each stage of starting the module production venture and each risk has to be mitigated in different ways.
A i
Set penalty clause with the equipment supplier for delay in shipment
ii
iii
Since the land requirement for setting up a module plant is not very high, land acquisition is not a big risk in this case Availability of Skilled labourers play a key role in any project. Hence, Get very good laborers Skilled labour a delay in building skilled labour workforce may at the initial stages of outrun the project by a significant time the project Cost Overrun This refers to the various costs which directly or indirectly affect the projected cost predictions and hence in turn may disturb the overall cost pattern of
Import duty
the project. Most of the manufacturing equipments are needed to be imported from foreign markets. An increase in the import duties levied on these equipments may increase cost several folds.
ii
Land cost
This does not pose a major risk, since the government wants to support the growth of this sector The ever changing cost patterns of the land prices may Not a big risk since land significantly influence the cost of the entire project. required is small and will be purchased immediately
Financing Options
5.1 Introduction 5.2 Renewable Energy Financing in India 5.2.1 Financing for Solar PV 5.2.2 Asset Finance 5.2.3 Corporate Finance 5.3 Nodal Agencies that Support Renewable Energy Financing in India 5.4 Financing Institutions in India 5.5 Examples of Investments in India for solar PV 5.6 What Do Financial Institutions Look for Lending to Module Making Companies?
Highlights
Some of the major financing options are equity and debt financing. Asset financing and corporate finance are also resorted to by major companies. There are several financing institutions in India, both on the public sector (IREDA, SBI) and private sector (ICICI, YES bank, etc).
Prominent domestic banks that fund renewable projects are IDBI, ICICI, IFCI, SBI, and PNB among others. Foreign banks such as Standard Chartered, ABN Amro and Rabobank are also focused on renewable financing. There are also regional localized banks such as that also provide micro credit facilities for stand-alone units.
Next Steps
Highlights
6.1 Introduction 6.2 Preparation of Prefeasibility Study 6.3 Preparation of a Detailed Project Report 6.4 Selection of Module Turnkey Equipment 6.5 Selection of raw material suppliers and entering into Memorandum of Understanding (MOU) with them 6.6 Achieving Financial Closure of the project 6.7 Implementation of the project 6.8 Module certification 6.9 Contacting Government Officials There are several steps to be followed for successful commissioning of Solar PV module production unit. Preparation of DPR is the way to start things off. One of the key steps is the selection of the equipment vendor and of raw materials. Module testing is another critical step which is essential before the modules produced can be sold in the market.
List of Figures
Figure 1.1: Thin-Film Percentage of Total PV Module Production (Percentage of Watts) Figure 1.2: Global Market Overview Figure 1.3: Global PV Market Analysis for the year 2010 & 2011 Figure 1.4: Global PV System Installations by Region (2009 -2014) Figure 1.5: Demand CAGR (2010-2013) Figure 1.6: Analysis and Projections of the Solar Module Capacity Figure 1.7: Trends in Production of Solar PV Cells and Modules (MWp) in India Figure 1.8: Application of Solar PV Cells (MW) in India Sector Wise Figure: 2.1 Solar Modules Value Chain Figure 2.2: A Solar Module Assembly Figure 2.3: Components of a Solar Module Figure 2.4: The Solar Module Assembly Process Figure 2.5: Automated Solar Cell Tester Figure 2.6: Photovoltaic Glass Washer Figure 2.7: Pneumatic Assistance for String Placement Figure 2.8: Automated Solar Cell Assembly Figure 2.9: Automated Busing System Figure 2.10: Manual Busing System Figure 2.11: Manual EVA Layup Station Figure 2.12: Manual Inspection Station Figure2.13: Automated Photovoltaic Module Laminators Figure 2.14: Solar Simulators and PV Module QA Testers Figure 2.15: High Voltage Test Station Figure 2.16: Automatic and Semi-Automatic Module Assembly Line Figure 2.17: Thin Film Solar Technology, Residential Solar Figure 2.18: Stages in the Manufacturing of a-Si Solar Cells Figure 2.19 Temperature the Manufacturing of a-Si Solar Cells Figure 2.20: The Basic Structure of a CdTe Thin-Film Solar Cell Figure 2.21 Temperatures for the CdTe Manufacturing Process Figure 2.22: The Basic Structure of a CIGS Thin-Film Solar Cell Figure 2.23: Steps Involved in the CIGS Manufacturing Process Figure 6.1: Next Steps
List of Tables
Table 1.1: Solar PV Market Share Table 1.2: Global Polysilicon Production 2010 Table 1.3: Global Wafer Production 2010 Table 1.4: Global Cell Production 2010 Table 1.5: Production capacities of various value chain segments Table 1.6: Potential of the Solar PV Market Table 1.7: Utilization Rates of Solar Modules Table 1.8: Demand in India in 2011-2012 Table 1.9: Demand-Supply Gap Table 1.10: Solar Cells/Photovoltaic Cells Whether or Not Assembled in Module/Panel Imports Table 1.11: Solar Cells/Photovoltaic Cells Whether or Not Assembled in Module/Panel Exports Table 1.12: List of Solar Module Manufacturers in India Table 1.13: List of Solar Module Manufacturers at a Global Level Table 2.1: Comparison Table between Thin Film, Monocrystalline and Polycrystalline Solar Cells Table 3.1: Capital Costs Break up Table 3.2: Cost of Raw Materials (as of February 2011) Table 3.3: Working Capital Requirements Table 4.1: Project Completion Risks Table 4.2: Country and Financial Risks Table 4.3: Operational Risks Table 4.4: Market Risks Table 5.1: Debt Financing for Renewable Energy Highlights Table 5.2: Financial Institutions that Fund RE Projects in India Table 5.3: Private Equity Table 5.4: Venture Capital Table 6.1: Solar PV Module Assembly Line Turnkey Equipment Providers Table 6.2: Lists and Contact Details of Government Departments (SNA) in Various States Table 6.3: Central Government Relevant Department Details and Contact
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