Some really interesting developments are taking place in the Indian solar space. Module prices are hardening and there is talk of Discoms reneging on previous high tariff power purchase agreements (PPA) in light of declining tariffs, while developers are reportedly seeking to exit low tariff commitments in light of rising module prices. It’s all happening there! 

In such a dynamic and fast evolving eco system, it’s a good idea to step back and address value and valuation — after all, a solid understanding of those constants in the context of solar in India is a handy beacon that guides through still and choppy waters alike.

Figure 1 below provides an illustrative view of solar valuation architecture in tandem

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