Over recent years, renewable energy has emerged as one of the most significant players in grid-connected power generation capacity. The Indian government also focuses on attaining their agenda of sustainable growth. It will help them bring efficient solutions in meeting nations' need for energy and become an integral player for energy access.

India is dynamically growing in its solar capacity.

In 2019, the new installations across the nation will reach around 14 gigawatts (GW), which is more than 50% of the capacity added last year. When all these installations are completed, it’s projected that India’s installed solar capacity will reach to about 38 KGW. Driven by large-scale solar projects, India is estimated to add nearly 16 GW of solar-generated clean energy in 2019.

Note: To fulfil the company’s goal under the Paris climate agreement, the government of Prime Minister Narendra Modi also has set a target of building 100 GW of solar capacity around the nation by 2022.

With the large-scale solar project tenders being auctioned by central and state governments, there was recently an announcement by India’s ministry to issue tenders for 60 GW by March 2020. Apart from these large-scale projects, the installation of rooftop solar panels is also on the rise. Although Indian households are still restricting themselves from moving to rooftop solar panels, industrial and commercial buildings are adopting it expeditiously.

The rates of land are on an all-time high, and it is getting tough to acquire a piece of property. Therefore, developers are eyeing water bodies. Few latest tenders were suggested for floating solar, and they came out to be a success. As a result, the government is going to auction floating solar projects of up to 5 GW in 2019.

Facts on Solar Power Capacity in India

Competitive Advantage:

India was ranked fourth in EY Renewable Energy Country Attractive Index 2018.
India receives sunlight throughout the year and also has an immense hydropower potential.

Robust Demand

Electricity consumption in India is expected to grow and reach 15,280 TWh in 2040.
It’s projected that 40% of India’s power requirements will be met with renewable sources by 2030.

Increasing Investment

The Indian government is quite ambitious with its renewable energy targets. Consequently, they’re coming up with relevant project auctions and investments as well.
By bagging foreign investors, it’s expected from them to attract investments up to the US $80 billion in the coming four years.

So this was a brief overview of solar power capacity in India. There’s an abundant solar energy potential that can overrun the usage of extremely toxic, polluting, and rapidly depleting conventional sources of energy. If you are a solar plant manufacturer in India, you must be ready to leverage the opportunities that the government of India is eventually bringing your way.