SPCI Announced to Shortly Float Tenders for 2,300 MW of Solar Energy

Ashwini Kumar, the Managing Director of Solar Power Corporation of India announced to shortly start inviting bids for 2,300 MW of solar power.

India: The company has finalized the tenders for producing 5,500 MW of solar power in the country, among which the power purchase agreements for 3,200 MW have already been signed while the tenders for remaining 2,300 MW are in different stages of implementation. The tenders are being floated with a precondition to partially source the equipment domestically so as to be a part of Make in India initiative. Also, the New and Renewable Energy Ministry has approved the tenders for another 100 MW of rooftop solar power for government buildings.

TechSci Research depicts that the constantly improving solar equipment technologies, advanced manufacturing processes for production of hi-tech equipment and anticipated decline in equipment prices is projected to drive the solar equipment market over the next five years. Furthermore, launch of Jawaharlal Nehru National Solar Mission by Government of India in 2010 has been a major initiative taken to promote sustainable development of the solar energy sector in the country. These positive developments happening in Indian solar power sector are expected to positively influence solar power equipment market in India during the forecast period.

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, wherein solar energy would be generated by employing photovoltaic (PV) and concentrated solar power (CSP) technologies across the country.