All you need to know about the Latest Developments in India's Solar Energy Leap

Samrat Pradhan (Correspondent) | Thursday, 10 September 2020, 12:09 IST

All you need to know about the Latest Developments in India's Solar Energy Leap

Ranking 4th in solar power generation, 4th in wind power, and also the 5th country in renewable power installed capacity, India's renewable energy space has become one of the most attractive renewable energy markets in the world today.

 

According to the IBEF report, “As on April 30, 2020, the installed renewable energy capacity stood at 87.26 GW, of which, solar and wind comprised 34.81 GW and 37.74 GW, respectively. Biomass and small hydro power constituted 9.86 GW and 4.68 GW, respectively. By December 2019, 15,100 megawatts (MW) of wind power projects were issued, of which, projects of 12,162 .50 MW capacity have already been awarded. Power generation from renewable energy sources in India reached 127.01 billion units (BU) in FY20.”

Also, a report by global clean energy communications and consulting firm Mercom states, “The rapid pace of growth of the solar market has largely been brought about by large players with top 10 companies accounting for 68 per cent market share in 2019. “ 

India’s Strong Clean-Energy Resources

Especially when it comes to Solar Energy developments, electricity from sunlight costs less to generate in India than from coal. Hence, it is a clear sign that the clean-energy source will play a big role as developing nations build out their power grids. 

For instance, built in 2018 by India’s Acme Solar Holdings Ltd., the solar plant can generate 200 megawatts of electricity. This will be enough to power all the homes in a middle-size U.S. town. Data trackers also say that India has the world’s cheapest solar energy.

According to the Indian government and industry trackers, “The power costs less to generate in India than the cheapest competing fossil fuel—coal—even with subsidies removed and the cost of construction and financing figured in.”

Competing with other fuel sources in some regions when it comes to newly built plants, technological innovation and falling solar-panel prices have made solar power inexpensive enough especially in fast-growing Asian markets where much of the world’s energy infrastructure expansion will take place. This could turbocharge growth of renewables in the global energy industry.

It is said that India has the solar energy resource capabilities which would account for nearly all the additional electric capacity the country’s Central Electricity Authority has projected it would add. This would be more than the country’s total from all power sources today. To safeguard the environment, 40 percent of its electric capacity will come from non-fossil fuels by 2030.

According to the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), “FDI inflow in the Indian non-conventional energy sector stood at US$ 9.22 billion between April 2000 and March 2020. More than US$ 42 billion has been invested in India’s renewable energy sector since 2014. New investment in clean energy in the country reached US$ 11.1 billion in 2018.”

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