In 2015, Germany and India signed a deal outlining plans by Germany to provide loans amounting to €1 billion for the development of Indian solar PV plans. Loans are provided through development bank, KfW. On the Indian side, REC issues low-interest loan schemes in conjunction with private sector participation to disperse the funds.
The solar company has handed in detailed project reports for a planned 100 MW PV plant in Mizoram. The state introduced an incentive scheme last year, and held an investors summit in April of this year. According to company information, the project arose from the summit held in April.
Greenpeace India, Germi, and the IWMI-Tata Water Policy Program have released a report stating that the Indian government’s latest ambitions to deploy solar water pumps could meet the country’s solar PV target of 100 GW, if done comprehensively. So far the plan goes as far as 28 GW, and still needs legislative approval.
The independent power producer has continuously expanded its project pipeline, routinely winning multimegawatt tenders. The latest winning bid relates to a pending PPA at Rs2.64 per kWh.
Solar PV capacity is set to grow 17-fold, and wind six-fold, by 2050, to account for nearly half of global electricity generation, predicts BNEF, while investments will reach US$11.5 trillion. Cost reductions will drive this charge, particularly in the battery market, which will benefit from the EV manufacturing ramp up. Despite this, the electricity sector is still failing to bring CO₂ emissions down to the required levels, with its continued dependence on gas.
India’s PV sector is expanding at a serious pace, creating jobs and further securing energy supply for many businesses. Yet, sourcing battery cell technology at the current rate resulted in annual foreign exchange of Rs. 1012 crore creating deficits, that hopefully can be averted in the future.
The company was adamant that it will not exit the Indian PV market, after rumors last October suggested that the company will sell its PV assets in India. Now, the company reiterates its commitment and stresses that additional funding will be used to develop new assets.
Earlier this year the state announced it would install an additional 590 MW of solar PV to meet growing energy demand. Last year Assam had a 4.2% energy deficit.
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