India to boost up solar target fivefold to 15 GW

India is planning to boost its solar energy target to 15 GW by 2019, more than five times current capacity, according to latest official information.

The proposal is initiated as part of Prime Minister Narendra Modi’s clean-energy acceleration and deployment drive.

The government plans to support 15 gigawatts of installations over the next five years, upgrading the current plan for 3.6 gigawatts by 2017.

The government may drop a plan to auction 1,500 megawatts of solar projects by April, as decided earlier.

The move was in favor of another ambitious program to install 5,000 _ 7,000 megawatts annually, according to New Delhi-based advisory Bridge to India Energy in a note to clients.

images

Subsidies to lower borrowing costs for projects are among the incentives under consideration, says the note.

Independent state-level programs could further that target. Andhra Pradesh, Telangana and Madhya Pradesh states may soon host solar parks of 1 gigawatt each, it said.

In 2010, India has launched a program to escalate solar-generating capacity to 20,000 MW by 2022, which will rise solar to about 5 percent of its power mix from nearly 1 percent now.

Recently Prime Minister Narendra Modi has emphasized on the future of solar power in energy-hungry India.

Now that the antidumping obstacle is out of the way, the Indian government can focus on its own motivated plans, stated, Consultancy Bridge to India Energy.

[email protected]