Government intends to raise solar power generation capacity to 48GW by early 2019, out of 100 GW envisioned from the clean source by 2022 under the National Solar Mission.
The Ministry of New and Renewable Energy in its latest projections, has set a target of having 48GW grid connected cumulative solar power generation capacity by 2018-19.
According to latest targets, the ministry has envisaged adding 12GW capacity from the renewable source in the current fiscal. It plans to add 15GW and 16GW in 2017-18 and 2018-19 respectively. The target for adding solar power generation capacity was 2 GW for the previous fiscal.
India’s solar power generation capacity was 5,775.57MW as on March 7, 2016. However, more than half of the 52GW grid connected solar power generation capacity addition target will be achieved in last three financial years, with 2021-22 as terminal year under the National Solar Mission.
The ministry has planned adding 17 GW in 2019-20 and 17.5 GW each in 2020-21 and 2021-22 for achieving the overall target of adding 100 GW of solar power generation capacity by 2022.
Government estimated a total investment of around Rs 6 lakh crore to achieve the target of 100 GW. Solar power projects are being installed by both, private and public sector companies. Banks and Financial Institutions have given green commitments to finance up to 78,850 MW.
Financial institutions in India are also providing loans to this sector based on their prudential lending norms. Last June, the Centre had raised 5-fold the solar power generation capacity to 100 GW by 2022.
The 100 GW target comprises 40 GW through solar rooftop and 60 GW from large and medium scale grid connected solar power projects. With this ambitious target of adding 100 GW by 2022, India wants to become one of the world’s largest green energy producers, surpassing several developed countries.
However, industry experts doubt the government’s ambitious target in view of solar power tariff falling to as low as Rs 4.34 per unit and some developers facing difficulties in implementing projects. Some developers reportedly expressed intend to sell their projects due to burgeoning debt.