India ranks behind the United States and China in IHS Markit’s latest rankings of most attractive solar markets.
A new report by ICRA says large-scale solar in the country will likely achieve the 60 GW target set by the Indian government. Rooftop solar and wind, however, will see a shortfall.
The expected return would leave the nation woefully short of its ambitious 175 GW clean energy target, which was laid down with a 2022 deadline. Chief executives who criticized aggressive clean power auctions said they would like to see more fossil fuel facilities thrown into the mix.
The global hybrid energy market, including energy storage, is projected to touch $40 billion by 2025. It is an opportunity that India has capitalized upon, earlier than others.
The ‘175 GW by 2022’ renewable energy target seems unachievable, necessitating the benchmark be moved to ‘450 GW by 2030’ instead. But even that will require the sector to move back to the front foot from 2021.
The Indian government is working on the creation of a Rs 10,000 crore (US$1.3 billion) alternative investment fund to provide payments to PV developers.
The land required to meet India’s 2022 renewable energy target ranges from approximately 55,000 to 125,000 km2, or areas roughly the size of Himachal Pradesh or Chhattisgarh, respectively. This much land is likely to impact 6700–11,900 km2 of forest land and 24,100–55,700 km2 of agricultural land. The good news is that India’s already degraded lands have the potential of 1789 GW, which is more than ten times the 175 GW target.
India needs to look at a diverse set of flexibility options such as natural gas capacity, variable renewables themselves, energy storage, demand-side response and power grids, to ensure successful integration of wind and and solar PV, says an International Energy Agency (IEA) report.
India may fall around 7 GW short of its ‘60 GW by 2022’ utility-scale solar target if the power purchase agreement revision proposal by the state government is implemented.
“The CRISIL report is neither factually correct nor takes into account initiatives taken by the MNRE to facilitate accelerated development and deployment of renewable energy in the country. India will not only meet 175 GW target but exceed it by 2022”—stated the ministry.
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