Connect with us

Hi, what are you looking for?

CleanTechnica

Clean Power

India Sets Target Of 48 GW Solar Power Capacity By March 2019

Originally published on PlanetSave.

Highly ambitious annual solar power capacity addition targets have been announced by the Indian Ministry of New & Renewable Energy.

With a target to have an operational solar power capacity of 100 GW by March 2022, the Indian government has announced annual capacity addition targets for the next few years. The Ministry of New & Renewable Energy (MNRE) plans to add 15 GW and 16 GW solar power capacity in the financial years 2017-18 and 2018-19, respectively.

In the current financial year, the government targets an addition of 12 GW solar power capacity. If this target is achieved, India’s installed solar power capacity will cross 17 GW by the end of March 2017. By early March this year more than 5.7 GW of solar power capacity was operational in India.

The ministry has planned an addition of 17 GW in the financial year 2019-20, and 17.5 GW each in 2020-21 and 2021-22.

A massive amount of funding will be required to achieve these targets. Thankfully, several Indian as well as international banks have already sanctioned large sums of funding for solar power projects. The ministry recently announced that Indian banks and non-banking financial institutions sanctioned Rs 71,200 crore (over $10 billion) as debt finance to renewable energy projects since February 2015.

Most of this finance has been approved for solar power projects. Of the total amount sanctioned, Rs 29,500 crore have already been disbursed. Banks and financial institutions had committed to provide finance for 76,352 MW of renewable energy capacity. The total amount committed by the 40 participants entities was Rs 382,255 crore.

India is also in talks with development banks like the Asian Development Bank, International Finance Corporation, KfW, the Japan International Cooperation Agency, and the New Development Bank to access cheap debt finance for setting up solar power projects.

Reprinted with permission.

 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 

Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Advertisement
 
Written By

An avid follower of latest developments in the Indian renewable energy sector.

Comments

You May Also Like

Cars

Log kya kahenge? (What will people say) This is the mindset that Jothi Viknesh, a 32-year-old from Tamil Nadu, sought to defeat when he...

Clean Transport

BILITI Electric recently announced plans to set up the world’s largest electric 3-wheeler manufacturing facility in India’s Telangana state. The plant will have a...

Clean Power

Welcome to another issue of our India x Cleantech series! On a monthly basis, we are pulling news from across clean technology sectors in...

Clean Power

Wallflowers no more: solid oxide fuel cells are ready to do the green hydrogen dance.

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.