As per a report by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK research, India’s total installed wind-solar hybrid capacity will increase by 11.6 GW between 2020 and 2023. Factoring in the allotted tenders as well as the trends in tariff rate for the projects, it was predicted that the total capacity of these projects will grow at a CAGR of 223 per cent in the next three years. The existing capacity wind-solar hybrid power in India stands at 148 MW and the prediction represents an 80-fold increase in the current capacity. These estimates were based on the tenders that were awarded under various central and state government schemes as well as the potential of wind and solar across various locations. Further, it was reported that the inherent complimentary nature of both wind and solar resources can increase the plant load factor to about 50 per cent compared to 20-35 per cent for standalone wind or solar plants.
The report outlines a financial model to predict tariff trends under different scenarios for a 250 MW wind-solar hybrid plant. It was found that when wind and solar are combined in the ratio of 80:20, the levelised tariff was Rs 2.49 per kWh in contrast to a higher tariff of Rs 2.57 per kWh in a 50:50 scenario. Further, the model showed that adding battery storage significantly increases project costs and is not feasible at present. It was also reported that the tenders for WSH floated by the SECI have been attracting low tariffs to the tune of Rs 2.67 per kWh. These figures are close to the tariffs for solar projects.