According to a new report on the Indian energy market, India holds the potential to conduct a sharp ramp up of its solar deployments in line with China’s booming solar power scene in the recent years.
The report titled ‘India’s Electricity Sector Transformation’, by the Institute for Energy Economics and Financial Analysis (IEEFA), a Cleveland-based researcher, and Indian energy analysis firm, Equitorials, states that as of June 2015, India had 4GW of installed solar power projects. India is now left with just seven years to achieve its ambitious 100GW by 2022 solar target.
IEEFA compares India with China, which seems to be way ahead in its solar power plans, increasing its installations from 2GW in 2011 to 13GW in 2013. Further, China set its national target for 2015 at 17.8GW for 2015 and installed 5GW in Q1 alone. The report claims a rapid ramp up of this scale is just as possible in India. IEEFA also forecast India installing 75GW by 2021-22, a lofty figure, but still falling short of Prime Minister Narendra Modi’s 100GW target.
Source: The Hindu
According to Jasmeet Khurana, senior consulting manager at Bridge to India, “Not just 75GW but also 100GW is possible by 2022. However, realistically looking at various government initiatives that seem to be in the works, our estimate would be in the range of 50-60GW by 2022.”
He added that extraordinary political will and bigger power sector reforms would be required to achieve anything beyond that target. The report also adds that the primary driver of deploying 75GW would be access to international finance. In a boost to India’s solar power plans, Japanese firm SoftBanks’ announced a US$20 investment into the Indian solar market, with plans for 20GW of deployment in July.
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