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Report on scaling up private investment in rooftop solar unveiled in India

Date
17 March 2016
Report on scaling up private investment in rooftop solar unveiled in India

NEW DELHI: A report titled Scaling Up Private Investment in Rooftop Solar was launched today by Piyush Goyal, Minister of State with Independent Charge for Power, Coal, New and Renewable Energy.

The product of an in-depth study by the Solar Rooftop Policy Coalition - which consists of The Nand and Jeet Khemka Foundation, The UK Department for International Development, The Climate Group and The Shakti Sustainable Energy Foundation - the report looks at ways to increase private investment in rooftop solar in India.

Authors focus on how solar on the roofs of business, institutions and homes can be scaled up to the Government’s target of installing 40 GW of rooftop solar capacity by 2022.  Rooftop solar will contribute to India’s energy security and is an important part of achieving the Government’s overall target of 175 GW of renewable energy by 2022.

Sir David King, UK Foreign Secretary’s Special Representative on Climate Change said: “India can be the game changer in the global transition to renewable energy, driving sustainable economic growth.  India has achieved great things in ground-mounted solar and this report can help repeat this success in rooftop solar.”

Uday Khemka, Managing Trustee, the Nand and Jeet Khemka Foundation said: “This is a really exciting time for rooftop solar which has huge potential for growth.  Implementing the recommendations of this report, including addressing risks faced by investors, will contribute to sustained scale up of the rooftop solar sector and accelerated progress towards the Government’s 40 GW target for rooftop solar by 2022.”

Stakeholder consultations were held in New Delhi, Mumbai and Hyderabad in August 2015. The report is aimed at policy makers in central and state governments, regulators, utilities, investors, banks, the solar industry, the real estate industry, think tanks, local government bodies and others with an interest in the future of rooftop solar.

The report was prepared by a team of eight experts from The Khemka Foundation, Bridge to India, Meghraj Capital Advisors and The Climate Group. This study makes recommendations that the authors estimate can double rooftop solar capacity by 2022 without any additional direct subsidy.

Krishan Dhawan, Chief Executive Officer of the Shakti Sustainable Energy Foundation said: “Rooftop solar is an important component of India’s ambitious plans to grow solar energy. For this initiative to succeed, it is vital that the right market and policy mechanisms are in place to facilitate investment and growth in this sector. We are very pleased to have supported this very timely publication.”

The report, which exclusively reflects a study about rooftop solar, is a result of a yearlong process involving a project team with experts from four organisations, contributions from 20 organisations as coalition partners and consultations in Delhi, Mumbai and Hyderabad. The study was conducted in close cooperation with the Ministry of New and Renewable Energy.

Phil Marker, Project Director for the Rooftop Solar Policy Coalition said: “India could double the adoption of rooftop solar to 26 GW by 2022 without further subsidy.  What will make the difference is making rooftop solar connections to the grid quicker and easier for consumers, proactive engagement from utilities, addressing risks deterring investors, and potentially using mandates to encourage adoption.”

Krishnan Pallassana, India Director, The Climate Group said: “This was an extensive and highly collaborative effort.  The Solar Rooftop Policy Coalition brought together four funding partners, experts from four organisations and twenty other coalition partners who contributed ideas and analysis.”

 

ENDS

Notes to the editor:

The Solar Rooftop Policy Coalition has four funding partners: The Nand and Jeet Khemka Foundation, The UK Department for International Development, The Shakti Sustainable Energy Foundation and The Climate Group:

The Nand & Jeet Khemka Foundation (www.khemkafoundation.net) was established in 2005 as a foundation focused on strategic philanthropy in India. The foundation’s focus areas comprise major development themes including education, health, climate change and the environment, social entrepreneurship and the welfare state.

The Department for International Development (DFID) (www.dfid.gov.uk) leads the UK’s work to end extreme poverty. We’re ending the need for aid by creating jobs, unlocking the potential of girls and women and helping to save lives when humanitarian emergencies hit.

Shakti Sustainable Energy Foundation (www.shaktifoundation.in) works to strengthen the energy security of India by aiding the design and implementation of policies that encourage energy efficiency, renewable energy and the adoption of sustainable transport solutions.

The Climate Group (www.theclimategroup.org) is an award-winning, international not for profit organization. It’s goal is a prosperous, low carbon future. We work with corporate and government partners to develop climate finance mechanisms, business models which promote innovation, and supportive policy frameworks. We share successful low carbon growth and pilot practical solutions, which can be replicated worldwide

The report was prepared by a project team consisting of experts from The Khemka Foundation, The Climate Group, Bridge to India and Meghraj Capital Advisers. Over 20 other organisations contributed ideas and analysis to the report. Consultations were held in New Delhi, Mumbai and Hyderabad in August 2015. The report is aimed at policy makers in central and state governments, regulators, utilities, investors, banks, the solar industry, the real estate industry, think tanks, local government bodies and others with an interest in the future of rooftop solar.

Scaling Up Private Investment in Rooftop Solar

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