India’s Solar Power Revolution to 2030
Author(s): Scott Douglas Jacobsen
Publication (Outlet/Website): Conatus News/Uncommon Ground Media Inc.
Publication Date (yyyy/mm/dd): 2017/04/12
Daniel Muoio from the World Economic Forum and Tech Insider recently reported on the solar power boom that is ongoing in India.
He reported that solar companies and renewable energy are the big bet from India. Prime Minister Narendra Modi stated that he wants to spend about $3.1 billion in state aid “for India’s solar panel manufacturing industry to increase India’s photovoltaic capacity and create an export industry.” This is a quote from Bloomberg News.
SunPower CEO Tom Werner said India is about to become the biggest market for solar energy, primarily because of Prime Minister Narendra Modi’s interest in growing the sector.
Some plans have not been made public. The government plans are that 4/10ths of the country’s energy will be from renewable energy by 2030. Currently there are 300 million people who aren’t connected to an electrical grid or solar reserves or energy reserves in India.
“‘The market that’s going to boom is India”, Werner told Business Insider. SunPower. The second biggest solar installer in the US, is owned by European oil giant Total.
However, solar energy could provide an affordable way for the self-generation of energy by Indian citizens. In November, 2016, “India built the world’s largest solar plant that can produce enough energy to power roughly 150,000 homes.”
“SunPower has already partnered with Mahindra EPC, a solar subsidiary owned by Indian conglomerate Mahindra Group, to build a 5-megawatt solar plant in Rajasthan, India. The plant generates enough electricity to power 60,000 rural homes.”
According to many environmentalists, a commitment to solar energy is an extremely important thing to both the government and society at large in terms of the long-term capacity building as well as the big growth seen in the near-term.
Werner didn’t disclose whether SunPower has any upcoming projects in India. However, Werner said the market will become increasingly more important in the future.
“SunPower isn’t the only company taking note — Tesla is also eyeing India and could enter the market as early as this summer, CEO Elon Musk tweeted earlier in February. Tesla acquired SolarCity in a deal worth $2.1 billion in November and is continuing to expand its battery division.”
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