Markets

Developing the solar market in India has been a multifaceted journey marked by commendable achievements and occasional challenges. While the government’s support has been instrumental in fostering growth, addressing the challenges, ensuring policy stability, and promoting technological innovation will be critical to reignite momentum and achieve India’s renewable energy targets in the coming years.

The Serbian Ministry of Mining and Energy has signed a memorandum of understanding (MoU) with Chinese companies Shanghai Fengling Renewables and Serbia Zijin Copper. It envisages the construction of 1.5 GW wind and 500 MW of solar projects alongside a green hydrogen production facility with 30,000 tons of annual output.

Ratings agency ICRA has maintained a stable outlook for the renewable energy sector in India on the back of strong policy support, healthy demand prospects, superior tariff competitiveness among other positive factors.

Wood Mackenzie says the solar industry has reached a new stage in its evolution and is predicting around 350 GW of global solar installations annually for the next eight years. The research firm is also forecasting challenges for the solar manufacturing sector and long-awaited benefits from the Inflation Reduction Act in the United States.

The costs of transporting a container from China to Rotterdam have already almost tripled due to ongoing tensions in the Red Sea and the Gulf of Aden. Houthi militants have been attacking merchant ships there for weeks, preventing them from entering the Red Sea and transiting through the Suez Canal.

The Gujarat International Finance Tec-City (GIFT City) has partnered with the Indian Gas Exchange (IGX) and Gujarat State Petroleum Corp. (GSPC) to establish a global hydrogen trading mechanism.

Gautam Adani, chairman of Adani Group, says vertical integration at scale promises the greatest acceleration towards reducing the cost of green hydrogen from the current $3-5 per kilogram (kg) to the $1/kg mark.

In a new weekly update for pv magazine, OPIS, a Dow Jones company, provides a quick look at the main price trends in the global PV industry.

Vikram V, vice president & co-group head-corporate ratings, ICRA Ltd, speaks to pv magazine about falling solar cell and module prices, its impact on the Indian pv manufacturers, and way forward.

The number of PV installations around the world grew by an annual average of 28% between 2019 and 2023, including a 56% jump from 2022 to 2023, according to Wood Mackenzie. Growth is not expected from 2024 to 2028, however.