Why Solar energy is the future source of Power and Wealth in India?

INDIAN SOLAR SECTOR SCENARIO

The Indian renewable energy sector is the second most attractive renewable energy market in the world. The focus of Government of India is on clean energy after the Paris Agreement. With the increasing support of government, the sector is attractive from the investors perspective. In addition, India ranked second in Renewable Energy Attractive Index 2017. Renewable energy will play an important role for India to meet its energy demand.

CURRENT MARKET

In December 2017, total installed renewable energy capacity in India was 62.846 GW. Furthermore, it is around 18.8 percent of total energy capacity of the country (333.5 GW).

In addition, solar power capacity was 17.05 GW (27.13 percent). Total solar capacity in India may be 8 percent of global solar capacity by 2035.


MAJOR INVESTMENTS IN SOLAR SECTOR

Following are some major investments and developments in the Indian solar sector:

  • Private Equity (PE) investments in India’s wind and solar power have increased by 47 percent in 2017.
  • Adani Group from India is the 12th largest utility solar power developer in the world in January 2018.
  • NLC India Ltd commissioned its 130 MW solar power project in Tamil Nadu in January 2018.
  • In addition, the Asian Development Bank (ADB) and the Punjab National Bank (PNB) have signed a financing loan worth Rs 650 Crore, which will be used to support solar rooftop projects on commercial and industrial buildings across India.
  • Furthermore, the Government of India and the Asian Development Bank (ADB) have signed a loan agreement for Rs 1100 Crore to be provided to Power Grid Corporation of India Limited (PGCIL) for construction of interstate transmission systems for solar power projects which will enable the transfer of surplus solar energy to power-deficit states.

GOVERNMENT ROLE

Following are some major initiatives by Government in the Indian solar sector:

  • The Maharashtra State Government plans to set up a 500 MW capacity solar park in its Dhule district.
  • The Ministry of New and Renewable Energy (MNRE) will provide custom and excise duty benefits to the solar rooftop sector. It will lower the cost of setting up as well as generate power, thus boosting growth.
  • The Union Cabinet will raise bonds worth Rs 2,360 crore (US$ 366.2 million) by the Indian Renewable Energy Development Agency (IREDA), which will be used in various renewable energy projects in FY 2017-18.
  • Prime Minister of India, Mr. Narendra Modi, has proposed building model cities where power demand is met only by solar energy.
  • Mr. Ashvini Kumar, Managing Director, Solar Energy Corporation of India (SECI), outlined Government of India’s plan to tender 750 MW of solar capacity, along with offering deals covering four GW of wind capacity during FY 2017-18.
CONCLUSION

With Government of India aiming to achieve high in the solar sector. Indeed, Sun is the future power source in India. Not only Solar energy will be a power source, it will be a wealth generator for many investors. 

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