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India’s Renewable Energy Market to see investment of more than $80 Billion by 2022

India: India set an ambitious goal of fulfilling a major chunk of its energy requirements through renewable energy majorly through solar power by 2022.It has open up door for clean energy projects to flourish in India. International financial Institutes such as Asian Development Bank and the US agency for International Development (USAID) have shown their interest in funding such projects. These agencies have signed up MoU with MNRE with the aim of providing planned investment in the Renewable Energy sector. The two agencies will foster their ties with private players through public private partnership in the development of solar parks. They will also assist the government and companies in developing technical capabilities, thereby encouraging India’s ambitious move towards developing clean energy sources.

Techsci Research depicts that development of Renewable Energy sector will need huge investment under its development phase. The Indian Government has set up a target of increasing India’s renewable energy capacity to 175 GW out of which 100 GW will come from solar powered projects. The growth in the renewable energy sector will also support the industries engaged in manufacturing of power equipment. The Indian Government has committed to provide USD2.25 billion of capital subsidy for the development of solar projects and investment commitment by Asian Development Bank and USAID will further give a boost for the faster achievement of these targets.  

According to a recently released TechSci Research report, 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. 

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