Shares of Tata Power Company Ltd, Waaree Renewables Technologies Ltd and Borosil Renewables Ltd are in focus on Tuesday morning as any announcement related to prioritisation of rooftop solarisation is seen positive for the stocks.
In its Budget 2024 preview, Reliance Securities said there is a need to prioritise rooftop solarisation and incentivise hybrid power projects and green hydrogen, battery energy storage systems (BESS) and initiatives to ensure stable and predictable solar and wind tariffs are key areas likely to receive some benefits
JM Financial said enhanced incentives for renewable energy are likely given the 500 GW target by 2030. This could include higher viability gap funding for areas like battery storage, offshore wind plants, and solar energy. It would be positive for power generators such as NTPC, Tata Power, JSW Energy, Adani Power and CESC. It would also be positive for power ancillaries such as Suzlon Energy Ltd, Inox Wind and Sterling & Wilson. It is positive on Tata Power, Borosil Renewable and Waaree Renewables on likely rooftop solarisation sops.
India aims to grow its renewable energy (RE) capacity 3 times to 500GW by 2030, with solar capacity likely at 292GW (FY24 82GW) and wind capacity at 100GW (FY24: 46GW) as the country aims at generating 50 per cent of power from non-fossil fuels. In FY24, India’s solar capacity added was a record 15GW (12GW in FY22/23).
This would accelerate, with over 20GW additions per annum likely by FY26, due to low project costs given easing module prices, faster project completion in 6-12 months, and government policies promoting rooftop solar projects and Project Kusum encouraging solar pumps, benefiting EPC companies, Anand Rathi noted last month.