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India Renewables Sector: ~$200B-$300B to Reach 450GW ‘30 Renewable Target; Renewable Bonds ~40% of India HY Index; LPS May Not Be Longer Term Game Changer as State Discom Losses Continue; Dollar Issuers Compared Across Sponsor & Offtake Profile, Note Structure, Relative Value

Relevant Documents: Greenko OM Adani Green Energy Ltd Holdco OM Adani Green Energy RG1 OM Adani Green Energy RG2 OM Continuum Energy Aura OM Continuum Energy Levanter OM Diamond II Ltd OM Excel on Reorg Analysis Page   Reorg Asia Highlights: Over the past decade, investments in India’s renewable energy sector have totaled approximately $100 billion. To achieve the country’s ambitious 2030 goal of 450GW in renewable energy capacity, this investment figure needs to at least double; The economics of renewable energy projects, notably solar and wind, have significantly improved, offering more competitive tariffs compared with coal-based projects. This increased viability is largely due to various government initiatives, including fixed tariffs and the “must-run” status of renewable projects; The growing emphasis on Environmental, Social, and Governance, or ESG, principles has attracted substantial investments from a diverse range of institutions and corporations into India’s renewable sector. Consequently, the proportion of green notes issued by Indian renewable companies has surged to around 40% of indices tracking Indian high yield notes; In this report, Reorg provides a granular comparison of entities issuing USD notes in the Indian renewable energy sector, with a focus on credit-relevant factors, including sponsor profile, the offtaker split and[...]