Policy

India’s ruling party Bharatiya Janata Party (BJP) has vowed continued focus on renewables, energy storage and electric mobility with a view to achieving energy independence for the nation by 2047.

The Ministry of New & Renewable Energy, Government of India, has extended the deadline for submission of R&D proposals under National Green Hydrogen Mission, to April 27, 2024.

Energy storage is the new solar for an increasing number of Chinese PV manufacturers. However, China still requires enabling policies for storage to provide the end-market volumes needed to bolster the fortunes of manufacturers old and new.

The United Arab Emirates (UAE) tops in green hydrogen competitiveness with the world’s lowest levelized cost of hydrogen (LCoH) of $2.7/kg in 2023 and a projected $1.7/kg in 2030. It is followed by Saudi Arabia and India, which could produce green hydrogen at $2.9-$3.2/kg in 2023 and $1.8/kg in 2030.

The International Renewable Energy Agency (IRENA) released a new report on the sidelines of the Berlin Energy Transition Dialogue this week describing the actions needed so the world complies with targets set at the recent COP29 conference in the United Arab Emirates. IRENA President Francesco La Camera says renewables are the only energy sources with the speed and scale to achieve the ambitious targets set in Dubai.

France’s TotalEnergies says it has signed 1.5 GW of on-site solar power purchase agreements (PPAs) with more than 600 industrial and commercial customers in more than 30 countries.

The residential rooftop solar scheme provides a central financial assistance (CFA) of 60% of the system cost for 2 kW systems and 40% of the additional system cost for systems between 2 to 3 kW capacity. The CFA will be capped at 3 kW. At current benchmark prices, this will mean INR 30,000 subsidy for 1 kW system, INR 60,000 for 2 kW systems, and INR 78,000 for 3 kW systems or higher.

The ALMM mandate reimposed from April 1, 2024 provides relief for solar developers with advanced progress in development and with expected commissioning post-March 31, 2024. It also allows exemption for open access-based and captive solar projects, enabling these projects to source modules from the most cost-competitive sources.

India’s Ministry of New and Renewable Energy is working on the modalities for promoting the use of green hydrogen in supporting round-the-clock electricity.

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.