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Solar power in India is a fast-growing industry. As of 6 April 2017, the country's solar grid had a cumulative capacity of 12.28 gigawatts (GW) compared to 6.76 GW at the end of March 2016. India quadrupled its solar power generation capacity from 2,650 MW on 26 May 2014 to 12,289 MW on 10 March 2017. As Indian policy makers announce big-ticket projects and set huge targets for solar power capacity addition, global investors smell a huge opportunity.
Solar power in India is about to see a massive scale-up of 100,000 Mw. MNRE has got the mandate from the prime minister to achieve this goal by 2019.
On the manufacturing and power production side, at least 10 big Chinese solar companies are looking to set up joint ventures in India. Senior officials in the Madhya Pradesh government said talks with a Chinese solar cell manufacturer to set up a facility in the state were in the last stage. From the US, First Solar and SunEdison already have a presence in the country; both participated in bidding for state and Central projects. The others in line are mostly European power utility companies — EDF, Fonoroche and Solairedirect from France and B Electric from Germany. Solairedirect group created history in the first phase of the Jawaharlal Nehru National Solar Mission by bidding the lowest tariff of Rs 7.9 a unit for a five-Mw project.
Fatest Growing Solar Energy with Adavantages
The Indian solar market is a big space to play around and we will not only look at solar cells market but utility-scale projects as well,” said Sujoy Ghosh, country head, First Solar India. The company recently won 40-Mw solar power plants in Andhra Pradesh at a bid of Rs 5.35 a unit, the lowest in current times. Finland’s state-controlled Fortum India Pvt Ltd, which forayed in the Indian solar power market last year, is looking at both acquiring and bidding for projects. Fortum acquired a five-Mw solar power plant in Rajasthan last year, and also bid for 10-Mw in the Phase-II, second batch of the Jawaharlal Nehru National Solar Mission, in January this year. Senior executives of the company, which set up an office recently, said Fortum was gearing up to participate in the projects that the government was planning to offer.