India to install more than 10 GW of renewables per year from 2017, BNEF
Post date: 03/11/2016 - 21:39
India is on track to install more than 10 GW of renewables per year from 2017 as large-scale renewables, rooftop solar and off-grid sectors show impressive growth. According to the new report of Bloomberg New Energy Finance »India’s Clean Energy Transition«, the country has now got the third biggest power sector in the world after China and the US. The report examines the recent growth across the country’s off-grid, small energy grids, rooftop solar and utility-scale renewable energy segments and looks at challenges in their future growth including financing trends.
Total annual investments in utility-scale projects crossed the $10 billion mark last year. The Indian government’s »175 GW renewables by 2022« target includes 135 GW of utility-scale projects. This implies that cumulative capacity would have to increase more than three times between 2016 and 2022, from 39 GW in 2015 to 135 GW, requiring investment of nearly $100 billion (an average $14 billion per year), says BNEF.
The small and rooftop solar sector will need another $50 billion to meet its own target of 40 GW by 2022. Rooftop solar in particular has become the fastest growing renewable power sub-segment in India’s clean energy market. Starting from a small base, annual installations have increased by nearly three times (from 72 MW to 227 MW) in the past three financial years and this trend is expected to continue. The cost of electricity from new rooftop projects is falling, and now lies between $69 and 92 per MWh.
The White Paper »India’s Clean Energy Transition« with 53 pages is available free of charge as PDF at BNEF website (see link below).