The New & Renewable Energy sector has witnessed the highest ever-solar power and wind power capacity addition over the last two years since April 2014, and there has been an increase of 157% in solar power capacity addition (4132 MW) during the last two years, according to a government report.
The year 2015-16 recorded the highest ever wind power capacity addition of 3300 MW in 2015-16. Also, 34 solar parks of aggregate capacity of 20,000 MW have been sanctioned for 21 states, while Rs 356.63 crores has been released to Solar Energy Corporation of India for the projects, the report giving details of the initiatives taken by the government in this sector stated.
Some 31,472 solar water pumps were installed in 2015-16; this is higher than total number of pumps installed during the last 24 years since 1991. The Government has revised its target of renewable energy capacity to 175 GW by end of 2022, making it the largest expansion in the world and providing plenty of opportunities for investors.
As on October 31, 2016, the cumulative capacity of 46.33 GW grid interactive renewable energy capacity has been installed in the country, which constitutes 15% of the total installed power generation capacity of 307.69 GW. The total FDI equity inflow in the non-conventional energy sector during April 2014 to September 2016 was $ 1.77 billion.
To promote solar roof tops, Rs 5,000 crore has been approved for implementation of Grid Connected solar Rooftops systems over a period of five years up to 2019-20 under National Solar Mission (NSM). This will support installation of 4,200 MW Solar Rooftop systems in the country in the next five years.
Inter-sate transmission charges and losses for Wind and Solar projects have been waived off. Various projects of total 356 MW capacity have been sanctioned and projects of 84 MW capacity have been tendered for Indian defense and para military forces using solar cells and modules manufactured in India.
A Joint Indo-US PACE Setter Fund has been established, with a contribution of $ 4 million from each side to enhance clean energy cooperation.