India has increased its solar investment ambitions to US$100 billion by 2022, according to media reports.
Upendra Tripathy, secretary of the Ministry of New and Renewable Energy told Reuters that a previous target to attract US$100 billion of foreign investment into the country’s renewable energy sector would be scaled up with that figure sought for PV alone.
The county has already increased its installed capacity target from 20GW to 100GW by 2022. Tripathy told Reuters that “if you do not have a higher goal, you will not achieve anything”.
Since Prime Minister Modi took power, India has shelved an anti-dumping investigation into imported solar equipment, diverted a coal tax to fund PV projects and indentified the sites of 12 solar parks with space to house solar farms with a capacity of almost 14GW.
India hopes the investment will be led by China, Japan, Germany and the US.