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.