Solar Installations Expected To Double In 2016, Says Mercom Report

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Solar projects worth a capacity of 4 GW are expected in India this year, representing an almost 100 per cent growth from last year’s 2,133 MW installations, Mercom Capital said in its quarterly market report on clean energy.
“The Indian solar sector is finally coming out of hibernation,” said Raj Prabhu, CEO, and co-founder of the clean energy communications and consultation firm.”Solar installations in 2015 increased by 142 percent after three years of remaining flat, and we expect 2016 and 2017 to record strong growth,” he said.There are just over 10 GW of solar projects under development, with cumulative solar installations in the country totaling 5,632 MW and about 8.4 GW expected toThere is cautious optimism in the solar industry as aggressive bidding remains a major concern throughout the sector,” said Prabhu.Most projects under way are expected to be commissioned in 2017 and developers hope that in the time period between bidding and procurement, module and balance of system (BOS) costs will continue to drop along with interest rates to make these projects feasible.Mercom says that the recently announced budget did not give much for the solar industry to cheer about as accelerated depreciation will be reduced from 80 per cent to 40 per cent beginning in FY 2017.

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