Indian solar energy projected to grow by 1,000 MW
- 28 March 2014
NEW DELHI: A global clean energy consulting firm has forecast Indian solar energy will continue to expand over the next 12 months, with projected growth levels reaching 1 GW.
Mercom Capital highlights that rising diesel prices, coupled with coal shortages, make solar energy an extremely attractive alternative for electricity.
The economic analysis firm asserts that India has experienced severe power shortages, and given that back-up generation is significantly expensive, industrial growth has suffered.
Raj Prabhu, CEO and Co-Founder of Mercom Capital Group, stressed the need for further investment in the sustainable energy resource, stating: "It is time for developers to go directly to consumers, there is a large power-starved market waiting to be served that looks better and better every day as diesel prices keep climbing."
Solar energy is now more affordable than ever before, as the cost of Indian solar production has dropped 61% over the past three years.
Yet despite this price cut, growth in India has been modest to date, with 1,004 MW added in 2013 and 986 MW the previous year. However, just last month the Government of India announced that it will build the world's largest solar plant which, with a 4 GW power capacity, has the potential to triple the nation's solar capacity.
Similarly, from 2015 on, a number of PV projects linked to the Jawaharlal Nehru National Solar Mission (JNNSM) are expected to come online.
Jarnail Singh, India Program Manager, The Climate Group, remarked: "Investment in solar energy offers Indian citizens real control over power and productivity. The Climate Group is committed to equitable and reliable access to this new technology, and through our Bijli - Clean energy for all initiative we hope to enable more rural communities to access grid-quality electricity through off-grid methods. These measures will improve their quality of life while also cutting dangerous emissions."
Graphs courtesy of Mercom Capital
By Alana Ryan