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India Plans To Add Nearly 60 GW Of Solar Energy By 2023
- Aug 21, 2018 -

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India's rating agency CRISIL said in a new report on Friday that India's solar capacity will increase by 55-58 GW over the next four years, an increase of nearly 300% compared to the 20 GW increase in 2014-2018.

The report said that the driving force for this growth is the national solar mission, the national solar policy, and some other programs launched by the Indian Solar Corporation (SECI) and the public sector.

But the outlook for rooftop PV is still bleak. CRISIL predicts that even if the roof segment increases by 7-8 GW in 2019-2023, the growth rate in this area will lag behind the overall target set.

CRISIL also said that a 25% guarantee tariff would increase the cost of capital by 15%-20%, which means that if the same rate of return is to be maintained, the unit bid price will increase by INR 0.30-0.40 ($0.0042-0.0057).

As of July this year, 4.7 GW have been implemented in the third and fourth phases of India's National Solar Mission Phase II, and another 150 megawatts have been tendered. SECI has allocated 5 GW of capacity and another 3 GW capacity at the tender stage.

India states have also set their respective radical goals for 2022. 7.3 of them are under construction and another 1.7 GW are expected to be tendered and allocated in the next fiscal year.

The India government has also been encouraging cash rich public sectors to build renewable energy projects. India's state-owned thermoelectric company already has more than 880 MW of capacity in operation and has tendered or allocated another 2.75 GW. India railway also promised to increase solar power to 5 GW by 2025.