Home India Government doubles down on solar parks after SunEdison setback
Government doubles down on solar parks after SunEdison setback

Government doubles down on solar parks after SunEdison setback

46
0

India will double the target for energy to be generated from solar parks by 2020, a top government official said, as roof-top installations progress slower than anticipated and U.S. company SunEdison’s projects are threatened by its bankruptcy.

The solar parks are sought after by companies because the Indian government acquires land for the installations and sets up transmission lines, major attractions in a country notorious for red tape and public opposition to land transfers.

Debt-heavy SunEdison was one of the first companies to be drawn into the programme to encourage solar use, bidding aggressively to win a 500 megawatt (MW) project in Andhra Pradesh state in India’s south last November.

But after its bankruptcy, SunEdison has been forced to initiate stake-sale talks with companies like Adani Group and Finland’s Fortum Oyj for funds, according to sources.

“We are adding 25 more solar parks to create a buffer for exigencies like SunEdison,” Upendra Tripathy, secretary at the Ministry of New and Renewable Energy, told Reuters on Monday. “Solar parks are a hit with companies. A lot of them are interested.”

Tripathy declined to name any companies. But the new generation target of 40,000 megawatts for solar parks was likely to be approved by Prime Minister Narendra Modi’s cabinet in two months, he said in an interview in his office.

Source-economictimes

(46)

Anand Gupta Editor - EQ Int'l Media Network

LEAVE YOUR COMMENT

Your email address will not be published. Required fields are marked *