Applications & Installations

India Ratings maintains stable outlook for solar projects

India Ratings and Research says solar projects continue to operate in a stable manner, with adequate debt service coverage and comfortable internal liquidity. The fall in module prices over the six months to February 2023 is positive for under-construction projects, it claimed.
Uma Gupta
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Uma Gupta
Image: Acme Solar

From pv magazine India

India Ratings and Research has maintained a “stable” outlook for the Indian solar sector in fiscal 2023-24, while maintaining a “negative” outlook on wind power projects. It has revised the rating outlook for thermal assets to “positive” from “stable.”

India added 14 GW of solar and 1.8 GW of wind power generation capacity in 2022, according to analysts. However, wind projects continue to be plagued by generation variability.

“Elimination of reverse auction is likely to allow developers bid with a better risk-return profile and improve the capacity addition in the medium term,” said the analysts.

India Ratings and Research revised its outlook for thermal power projects to “positive,” based on an improvement in electricity demand that could increase plant load factor to above 65%, better visibility of coal-cost pass-through, and adequate liquidity.

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