The Solar Energy Corporation of India’s 1.2 GW auction saw four companies – Ayana Renewable, ReNew Power, NYSE-listed Azure Power and Mahindra Susten – secure a combined capacity of 1.15 GW at INR2.54/kWh. Avaada Energy landed the remaining 50 MW, at Rs2.55.
The stay on the newly-proposed duty imposed by the Odisha High Court will offer relief to developers waiting to collect shipments from port. But companies must agree to pay the tariff at a later date if it is upheld by the judicial system.
Covid-19 disruption has been cited as the chief culprit as imports from China, Thailand and Vietnam slumped from April to January, but safeguarding duty also appears to have had an impact, with unaffected imports from nations such as Myanmar, Chad and Russia on the rise and Malaysian trade keeping steady.
Polycrystalline PV technology, which is seeing its market share tumble on the global stage, still dominates India’s small solar manufacturing base and is emblematic of the R&D shortfalls in the sector, according to a survey of the state of the industry.
The ‘safeguard’ duty will be levied on Chinese, Vietnamese and Thai solar cells – whether assembled into modules or not – at 14.9% from today and falling to 14.5% in six months’ time. Malaysian products are exempted as their imports have fallen dramatically since the duty was introduced, in July 2018.
The Directorate-General of Trade Remedies has called a meeting of concerned parties as it considers whether to extend the duty on solar cells.
Developers are also expected to drag their heels over project completion during the first half of the year as the safeguarding duty applied to imported Chinese and Malaysian solar products is due to expire at the end of July.
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