First Green Consulting Pvt Ltd News Letter India shining: Solar capacity shoots past 7.5 GW in May

India shining: Solar capacity shoots past 7.5 GW in May

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Is India turning too green too fast? That is the question gaining ground as cumulative solar installations in the country topped 7.5 GW (giga watt) in May, with about 2.2 GW installed so far this year – more than all of the solar installations achieved in 2015. Low bidding tariffs in an immature energy – especially power – market and infrastructure failing to keep pace with the rapid rise in solar capacity have heightened apprehensions over future funding and viability of projects.According to global clean energy market tracker Mercom, there are more than 22 GW of solar projects in the pipeline. Of this, projects for 13 GW are under various stages of construction, while request for proposal has been invited for another 9 GW. At the end of 2015-16, solar accounted for 2.5% of the net installed capacity in the country, up from 1.4% a year ago, and was the fastest-growing new energy source. Solar accounted for 17.4% of all renewable energy generation in 2015-16 against 10.5% in 2014-15.”The Indian solar market is growing in size but infrastructure and systems have not kept pace with auction announcements. For the sector to move from 2 GW to a 10 GW-a-year market, work still needs to be done,” a Mercom’s report quoted its co-founder and CEO Raj Prabhu as saying.


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