India Set to Join China as Global Leaders in Renewables, says Report

According to US based research institute, India’s “scheme for development of solar parks is becoming a successful model to attract foreign capital.” Furthermore, the report added the “Solar is Driving a Global Shift in Electricity Markets.”

Much like China, India is poised to become global giant in renewable energy technology-led transformation thus making them two leaders in the industry.

According to US based research institute, India’s “scheme for development of solar parks is becoming a successful model to attract foreign capital.” Furthermore, the report added the “Solar is Driving a Global Shift in Electricity Markets.”

“India doubled solar installs to 10 GW in 2017-18 and is rapidly up-scaling capacity to strive towards the ambitious and transformational 100 GW of solar by 2022,” said Tim Buckley, Director of Energy Finance Studies of the Institute for Energy Economics and Financial Analysis (IEEFA).

India’s Rajasthan is home to world’s largest solar project to date at 2225 MW and is currently under construction at the Bhadla Industrial Solar Park. This project on completion will be more than double the 1,000 MW Kurnool Ultra Mega Solar Park, largest operational park, in Andhra Pradesh.

In China the world’s largest floating solar project Sungrow’s 40 MW was commissioned in 2017 and will be developed in Anhui Province of the country. Similarly, two 150 MW floating solar projects are due for commissioning in china this year.

Given land constraints, India’s new policy target for 10,000 MW of floating solar nationally is a logical and commendable initiative to leverage this new innovation to enhance solar application and value proposition, said the report.

“As major corporations sign on to such deals, they continue to look to ‘green’ their entire supply chains, many of which sit in emerging markets. This activity helps expand access to capital in markets, which is often a key constraint,” co-author Kashish Shah said in a statement.

India aims to reduce thermal power from 67 percent of capacity in 2017 to just 43 percent by 2017 according their country’s national electricity plan.

“Banks clogged with thermal power plant bad debts won’t keep lending to this stranded asset sector; painful for India, but a positive for the transition to renewables,” Buckley said.