Adani Group wins bid for developing 100MW solar unit in Chhattisgarh

India: In the latest solar auction conducted by the Solar Energy Corporation of India (SECI), the Adani Group won the project for setting up a 100MW solar power project in Chhattisgarh. Three companies like Adani Group, Azure Power and Spectrum Coal & Power were among the auction, out of which none of the bidders quoted below the reserve price i.e.., USD0.07 per unit. The winning company is obliged to supply electricity at the price it bid. The Ministry of New and Renewable Energy (MNRE) provides VGF, or subsidy, of up to USD0.15 million per MW to solar developers.

TechSci Research depicts that the growing demand for renewable sources of energy and favorable government incentives to drive India solar equipment market through 2020. Rising government investments into solar 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. 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.