India to Spend Rs. 3.85 Lakh Crore for 77GW Solar Capacity Target

Out of the total target of installing 100,000 MW of solar capacity target by 2022, 23,120 MW solar capacities have already been installed till July 2018.

Bringing clarity to the parameters of the solar energy target of 100 GW, Indian Government asserted investment of Rs. 3,85,000 crore for setting up pending 77,000 MW of solar capacity target.

Out of the total target of installing 100,000 MW of solar power capacity by 2022, 23,120 MW solar capacities have already been installed till July 2018.

“For installation of remaining around 77,000 Mw, an estimated investment of Rs 3,85,000 crore at Rs 5 Crore per Mw is required,” the minister said in a written reply in Parliament, adding most of the investment in this sector comes from the private sector.

The ministry also claims that it has installed the 23,000 MW solar capacity at a cost of Rs. 1,15,600 crore at a rate of Rs. 5 crore per MW.

Among the states, Andhra Pradesh has set up the largest base of solar capacity in the current financial year (2018-19) at 369.9 Mw followed by Tamil Nadu with 312.38 Mw. Data shows 13 Indian states have not set up any solar capacity this fiscal.

Further, the solar target seems to face some headwinds as the government has rolled out the safeguard duty on the imports from China and Malaysia. The industry manufacturers and the solar plant developers have mixed reactions for the development of duty.

Source: ETEnergy