Azure Power to invest USD119.8 million for setting up 150MW solar plants in Punjab

India: Azure Power have plans to set up solar power plants in villages of Badal, Bahadurgarh Jadian in Bathinda and Korianwali & Bahadurkhera in Fazilka having an installed capacity of 150MW, for which the company would be investing an amount of USD119.8 million. These plants are slated to be completed by FY17 and is a part of 500MW capacity lined up for commissioning in Punjab by Hindustan Clean Energy. According to the State Renewable Minister, Bikram Singh Majithia, the state has witnessed an investment of over USD1.79 billion in the solar sector over the past few years and has the highest number of rooftop solar plants in the country. In addition to this, he also said that almost 2000 villages in Punjab is expected to receive power through solar plants only by 2017.  

TechSci Research depicts that the rising government investments in the sector, increasing technological advancements, growing environmental concerns, government support in the form of favorable policies, subsidies and tax incentives are expected have a significant positive impact on the market in the ensuing years. In addition to this, the government policies that promotes local manufacturing through subsidies and anti-dumping duties would further support the large scale production of equipment.

According to released report of TechSci Research “India Solar Power Equipment Market Forecast & Opportunities, 2020”, the solar power equipment market in India is projected to surpass USD4 billion by 2020. Growing demand for renewable sources of energy and favorable government incentives to drive India solar equipment market through 2020. Constantly improving solar equipment technologies, advanced manufacturing processes for production of hi-tech equipment and anticipated decline in equipment prices is projected to further drive the solar equipment market over the next five years.