Author Archive: Kashish Shah

Energy Finance Analyst Kashish Shah has worked in the banking and public sectors in India and has a master’s degree in economics from the University of Sydney and an engineering degree from NMIMS University in Mumbai.

IEEFA: Solar is the new ruler of the Indian electricity market

Despite the pandemic, investor interest in India’s renewables market remains robust

The International Energy Agency’s (IEA) World Energy Outlook 2020 forecasts India to lead the recovery of global energy demand out of the COVID-19 pandemic for the coming decade. However, the IEA has downgraded its projection for the global energy demand growth rate to 9% from its pre-COVID forecast of 12% for the period 2019 to […]

November 12, 2020 Read More →

IEEFA: Indexed renewable energy tariffs could save India’s discoms up to Rs21,880 crore (US$3bn) over five years

An interim solution to ease financial pressure on discoms and accelerate closure of end-of-life coal plants

21 October 2020 (IEEFA India): The inflation indexation of tariffs for future solar capacity could provide much-needed financial respite to the distressed power distribution sector and help India move away from coal-fired power, according to a joint briefing note by the Institute for Energy Economics and Financial Analysis (IEEFA) and the CEEW-Centre for Energy Finance […]

IEEFA: NTPC is the flag-bearer for India’s electricity sector transition

The country’s largest thermal power generator is moving away from coal

The majority state-owned NTPC’s recent announcement that it will stop pursuing new greenfield coal-fired power projects is part of an ongoing strategic shift into renewable energy by India’s largest thermal power generation company. NTPC’s long-term target of about 32 gigawatts (GW) of renewables by 2032 – 24.6% of its total planned capacity of 130GW – […]

October 14, 2020 Read More →

IEEFA: These 7 auctions show India’s renewables sector is still primed for growth

Despite pandemic disruptions, there is plenty of investment capital available for renewable projects

22 September 2020 (IEEFA India): While the pace of renewable energy growth has slowed in India, positive outcomes in recent auctions suggest there remains plenty of appetite among domestic and foreign investors to build renewable infrastructure, according to a new IEEFA briefing note.  Policy-related headwinds and a collapse in electricity demand due to the COVID-19 […]

and September 22, 2020 Read More →

IEEFA India: Renewables-rich Rajasthan has potential to lead India’s energy transition

Shift to cheaper renewable capacity could alleviate discoms’ distress

17 September 2020 (IEEFA India): As India looks to expand its renewable energy capacity, a new report from IEEFA finds that Rajasthan can play a key leadership role in the country’s transition to a low-cost, low-emission, profitable electricity system.  Rajasthan’s installed renewable energy capacity reached 9.6 gigawatts (GW) at the end of fiscal year (FY) […]

and September 17, 2020 Read More →

IEEFA India: Retiring old thermal power first hurdle in reducing discom debt of well over Rs478,000 crore

Increasing competition, revising tariffs and deploying smart meters also recommended

5 August 2020 (IEEFA India): Our new report proposes recommendations to reduce financial and operational inefficiencies across India’s power distribution sector, which as of May 2020 had accumulated massive overdue payment liabilities of Rs116,340 crore (US$16bn) to generation companies while already carrying a total outstanding debt of Rs478,000 crore (US$66bn) (in FY2018/19). Written by Vibhuti […]

IEEFA India Podcast: Government-owned funders are leading backers of non-performing assets in the power sector

Over the years, the government-owned Power Finance Corporation (PFC) and the Rural Electric Corporation (REC) have been lending extensively to coal-fired power projects. In fact, over half of their total loan book is exposed to thermal power. Yet thermal power in India has become a less secure investment, as the two corporations have found. And […]

IEEFA India: World-leading solar parks kick-start India’s dynamic clean energy transition

Ultra-mega utilities attract foreign capital and global developers to a renewables investment boom

May 13, 2020 (IEEFA India)  ‒ The Indian government set itself a formidable target in 2016: Install a massive 175 gigawatts of renewable energy by the 2021/22 financial year and 275 gigawatts by FY2026/27 to transform the country’s power sector from an expensive, unreliable, and polluting fossil fuel‑based system into a low-cost, reliable and low-emission […]

IEEFA report: Is India’s PFC financing a herd of white elephants?

Government-owned electrification funders are leading backers of non-performing assets

7 May 2020 (IEEFA India) — Power Finance Corporation (PFC) and Rural Electric Corporation Ltd (REC), big state-owned institutions charged with financing a large part of India’s growing need for electricity generation, may instead be funding a herd of white elephants — obsolete and economically unviable coal-fired power plants that could soon become stranded assets. […]

IEEFA India: Funding dries up for new coal-fired power plant projects

Increased risk of non-performing assets in India’s thermal power sector

23 March 2020 (IEEFA India) ‒ Contradicting recent claims from the Environment Ministry, India’s coal-fired power project pipeline is rapidly shrinking with 46 gigawatts of cancellations in the last twelve months adding to over 600 gigawatts of cancellations this past decade, finds a new briefing note published today by the Institute for Energy Economics and […]