The country has a target of setting up 100 GW of solar energy capacity by 2022.
India is expected to add new solar capacity of 5.1 GW this year, which is a growth of 137% over last year, Bridge To India said on Friday. It expects annual capacity addition of about 8-10 GW from next year.
According to PTI, amongst states, Tamil Nadu has the highest installed solar energy capacity, followed by Rajasthan, Andhra Pradesh, Gujarat, Telangana, Madhya Pradesh and Punjab. These seven states collectively account for more than 80% of total installed capacity as of mid-November.
M&A (mergers and acquisitions) activity in the renewable energy sector, especially in the solar sector, has been on the rise with the entry of global clean energy firms and financial investors, including pension funds and sovereign wealth funds. SoftBank Group, ReNew Power Ventures Pvt. Ltd, First Solar Inc., Tata Power Co. Ltd, Adani Power Ltd, CLP India and Fortum Oyj are some of the prominent solar project developers in the country.
India raised its 2022 solar energy target five-fold to 100 GW from an earlier target of 20 GW as part of the Narendra Modi-led National Democratic Alliance (NDA) government’s efforts to reduce dependence on coal-fuelled electricity.
Of the planned 100 GW capacity, 40 GW has to come from rooftop solar projects and 60 GW from grid-connected solar projects. India crossed 1 GW in total installed rooftop capacity in the month of October.
