India ‘very confident’ of 12GW solar target in 2016/17

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Prime minister Narendra Modi officially approved the 100GW target last year and the industry has boomed since then. Credit: Narendra Modi

India’s Ministry of New and Renewable Energy (MNRE) has reaffirmed its yearly targets to achieve the overall goal of 100GW of grid-connected solar PV by 2022, in a new release.

Dilip Nigam, Solar Mission, MNRE, told PV Tech: “That plan for 100GW is very much on and we have prepared a roadmap for that and we understand that we are on the right track.”

Nigam said India’s target for the financial year 2015/16, which runs from April to March, was 2GW, yet the country managed to install around 3GW.

The target for FY 2016/17 is 12GW.

Nigam added: “Cumulatively we have to reach 17GW, which we are very confident to reach.”

However, consultancy firm Bridge to India's latest release today stated: “Bridge to India is of the opinion that while annual capacity addition in the Indian solar sector will continue to go up over the next few years, actual capacity added will be much smaller than MNRE estimates of 12GW and 15GW for FY17 and FY18 respectively.

“We also expect tariffs to stabilize or even rise marginally from current levels to attract sufficient interest from the financing community.”

Year Yearly Target (in GW) Cumulative Target (in GW)
2015/16 2 5
2016/17 12 17
2017/18 15 32
2018/19 16 48
2019/20 17 65
2020/21 17.5 82.5
2021/22 17.5 100

Last week, after reports emerged suggesting that the financial woes of US developer SunEdison could hit India's solar plans, Tarun Kapoor, MNRE joint secretary told PV Tech that they would only have a small impact on India’s overall solar deployment targets and any incomplete PV projects would be retendered immediately.

However, Bridge to India also pointed out that “the market is in uncharted territory as none of the sub-INR5/kWh (US$0.075/kWh) projects have closed financing yet.”

In other Indian news, comments for energy minister Piyush Goyal suggest that India may file 16 cases against the US over the protection of its solar panel producers in various states.

The US won a WTO case against India in February over India's own local content rules.

Speaking at Pune International Centre, Goyal added that US obstruction and pressures would not be acceptable to India. The traditional ethos of conservation makes India a natural country to lead the world efforts in the area of climate change.

This article has been revised to include statements from Bridge to India.

If you are looking to invest in or develop solar projects in India, join us on the 7th of June in London at  Solar Finance & Investment: India, a conference designed to bring together European and North American investors and developers looking into the Indian market, as well companies with consolidated presence that are exploring new partnerships.

Read Next

PV Tech Premium
May 25, 2022
Solar EPC Sterling and Wilson believes an easing of PV module supply concerns, the rise of alternate supply chains and a gigawatt-scale green hydrogen market will drive both short- and medium-term growth for PV developers and EPCs.
May 25, 2022
Module price increases, higher raw material costs and logistical challenges will pull down the return on equity (ROE) for 25GW of India solar projects, with 5GW of those at high risk given when they submitted their bids.
May 9, 2022
Indian independent power producer (IPP) Azure Power has appointed Harsh Shah as CEO, effective from 1 July, following the resignation of its previous CEO, Ranjit Gupta, last month.
May 6, 2022
Tata Power Solar has landed what it claims to be India’s largest single solar EPC order of 1GW for roughly INR5500 crore (US$715 million) from Indian state-owned utility SJVN Ltd.
May 2, 2022
Private equity firm Actis has agreed to sell its Sprng Energy renewables platform to energy major Shell for US$1.55 billion.
May 2, 2022
Indian Independent power producer (IPP) ReNew Power has signed a number of offtake agreements with both state utilities and corporates in India totalling roughly 2GW.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 7, 2022
Leonardo Royal London City, London, UK
Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
June 22, 2022
Sheraton Austin Hotel at the Capitol, Austin, Texas