ReNew Power Ventures becomes the first company in India to achieve 1GW solar capacity through clean energy projects

India: ReNew Power has emerged as the first company within a short span of 5 years to achieve an installed capacity of 1GW from a total of 29 wind and solar projects spread across 9 states in India. This is likely to play a significant role in supplementing India’s energy mix. The company has also signed PPAs of 286 MW in Telangana and have been awarded180 MW of solar projects in Karnataka and 522 MW in Jharkhand. The company is backed by global investment firms like Goldman Sachs, Abu Dhabi Investment Authority (ADIA), Asian Development Bank and Global Environment Fund.

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. Prices of solar panels declined by 19% in 2013 and by 12% in 2014 due to technology advancements and improvements in manufacturing processes, thereby making them cheaper.

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.