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India sets eyes on global solar energy sector domination with soon to be launched projects

India sets eyes on global solar energy sector domination with soon to be launched projects

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India’s Bhadla solar industrial park in Rajasthan will be the largest solar power plant once completed

When it comes to energy consumption, India has a bad reputation globally, especially for its over-dependence on fossil fuels such as coal. Even its Asian rival China has put in significant efforts to move its manufacturing economy’s dependence on fossil fuels to clean and renewable energy. In a period of 10 years, China has launched numerous mega solar power projects making them the global leader in solar energy.

However, things are about to undergo a massive shift according to a report published on Wednesday by the Institute for Energy Economics and Financial Analysis. According to the report titled “Solar Is Driving a Global Shift in Energy Markets”, which details some of the world’s biggest utility-scale and concentrated-solar-power projects, it isn’t China but India which will lead the solar energy race in the coming decade.

Even though at present, China is responsible for over half (53 GW) of the total solar energy produced globally, India is catching up fast. In 2017, India had an installed capacity of 10 GW solar power, almost double of its capacity in 2016. Crucially, India’s “Scheme for Development of Solar Parks” has proven successful at attracting foreign capital towards the construction of the world’s largest ultra-mega solar parks, notes the report.

Presently, China has the world’s largest solar power plant at Tengger, which has a capacity of 1,547-MW. However, according to the report, five out of the 10 mega solar plants across the world that are under construction or partially operational are in India, thanks to India’s push for development of “Industrial Solar Parks”.

“India has pioneered the concept of the ultra mega power plant (UMPP) in a single solar industrial park. This approach has been instrumental in driving economies of scale and procuring global capital flows…over the last two years with an immediate boon in the form of a halving of solar tariffs to a record low of Rs 2.44 (per unit),” the report said.

The top 10 mega solar projects include the nearly complete 2,225 MW Bhadla solar industrial park in Rajasthan, which will be the largest solar power plant once completed. The other upcoming solar power plants in the top 10 list include Pavagada Solar Park, Ananthapuramu – I, Kadapa Ultra Mega Solar Park and Rewa Solar Park.

Recently, India has launched an aggressive program to accelerate deployment of renewable energy across the country, setting an ambitious target of 275 GW of renewable energy, representing 40% of India’s total targeted installed generation capacity, by 2027.

Interestingly, Bhadla solar park’s lead will soon be short lived as in April 2018 India announced plans for a massive new 5,000 MW solar park along the Gulf of Khambhat in Gujarat.

Source: in.pcmag

Anand Gupta Editor - EQ Int'l Media Network

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