India is the fastest-growing solar market, our top priority: First Solar
US-based Solar panel maker First Solar was the first global entrant in the Indian market since the inception of the National Solar Mission in 2011. The company has been leading panel provider to domestic and foreign Companies operating in India. Sujoy Ghosh, CEO, First Solar Indiatells Shreya Jai that momentum for investment is ready in the country, the states need to act now. Edited excerpts:How has the investment environment changed for the solar sector in India in past 5 years?The new government, when it came to power, scaled up renewable energy targets and ever since that was announced, there have been enabling regulations. One was for demand creation and other was to improve the quality of the off-take of power through PPAs, which is not very bankable given the financial status of the discoms. One challenge however is to provide the infrastructure for these targets. Also, to bring in capital on a scale and mitigate some the risks around land issue etc. For that, the central government has done its part to plug some of these gaps by bringing in NTPC & SECI to be the procurer. Then the solar park policy created a mechanism for the central government to give funds to the state whoever wanted to buy land and create large infrastructure for the mega solar parks. All the solar parks that have come for auction till yet have been over- subscribed in terms of capacity auction and fairly significant equity investment.