Between November 2018 and February 2019, four solar power tenders each totaling 1 GW are set to be issued by SECI, India’s only Central Public Sector Undertaking (PSU) involved in the solar energy sector.
India has set an ambitious target of achieving 100 GW of solar power by 2022. As of September 30, 2018, the country’s cumulative installed solar capacity was 26 GW, or just a little over 25% of the target.
This August, ratings agency CRISIL reported that in the next four years, India could add 56-58 GW of solar capacity, a nearly 300% jump from the 20 GW added between fiscal years 2014 and 2018.
The ramp up will be driven by capacities allocated/tendered under the National Solar Mission, state solar policies, other schemes driven by SECI and public sector undertakings (PSUs), the report stated.
The prospect of rooftop solar, however, will continue to be bleak. CRISIL predicts that even though 7-8 GW will be added in rooftop solar segment during 2019-2023, the pace of growth for the sector is going to fall behind the overall target set for it.
Overall, this year does not bode well for the solar sector. In Q3 2018, India added just 1.2 GW solar capacity – a 43% decline from the respective period a year earlier. The 1.9 GW capacity addition in the first half of FY 2018-19 is also 44% lower than the corresponding period last fiscal.
The total installed solar capacity in FY 2017-18 was 9.1 GW, but total installation in FY 2018-19 is expected to be just 4.1 GW, down 55% over the previous year and well short of the Ministry of New and Renewable Energy’s 16 GW annual plan.