The Indian solar PV market saw 10.4 GW of new capacity added in the 2017-18 financial year, says Bridge to India, thus bringing cumulative installations to 24.4 GW as of this March. Leading the charge is the state of Karnataka. Concerns over the industry’s development remain, however.
If implemented, the huge tendering exercise would dwarf anything that has gone before it. Minister explains bidding will also include solar manufacturing and storage elements.
India saw 1.8 GW of corporate solar power purchase agreements in place by the end of 2017. There was a rush of installations for PV projects due to open access waivers. The market is expected to contract slightly this year as waivers are rolled back, but there will be sustained market growth through 2023.
Underlining India’s commitment to becoming the global renewable energy leader, Shri Anand Kumar, secretary of the Ministry of New and Renewable Energy, said the country plans 500 GW of capacity by 2030. He also underlined plans to become a solar and storage manufacturing hub; and said the International Solar Alliance needs to widen its membership.
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.
Global newly installed capacity for 2018 is forecast to reach 102.6 GW, of which “only” 39 GW are expected to come from China. Fourteen countries are expected to cross the GW threshold this year.
India’s Ministry of New and Renewable Energy (MNRE) has announced the new benchmark costs for off-grid solar photovoltaic (PV) systems and rooftop solar projects for the financial year (FY) 2018-19.
While news of Japan’s SoftBank announcing up to USD 60-100 billion investment in India’s solar PV power generation is creating ripples across the industry circles, industry analysts feel that the committment sounds unrealistic in view of India’s current PV market status and future needs.
Global solar PV demand this year will be less than in 2017, on the back of China’s latest policy decision, says TrendForce. Overall, it sees new installs dropping 40% in China to 31.6 GW. The protectionist measures taken by the U.S. will also be weakened by the resulting falling module prices.
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