Published Date : Jan 02, 2019
In the recent years, many states in India have adopted green energy, and solar has remained the top choice amongst all renewable energy options. With rapid rise in its demand, the government is planning to set up solar power in Kashmir, too. The Government of India has opened tenders for solar panel manufacturers to set up 7.5 gigawatts of solar energy in the northern state of the country.
Opportunity for Manufacturers
The request is part of a larger project to set up 23 gigawatts of solar energy in Ladakh. India plans to set 100 gigawatts of solar power by 2022. Solar Energy Corporation of India will invite solar power developers to sign a 35-year contract and develop the project in 54 months.
The support from government and other stakeholders has attracted investments from manufacturers in India and abroad. According to Department of Industrial Policy and Promotion (DIPP), more than US$42 billion has been invested in renewable energy since 2014. Today, solar accounts for more than 7% of the total installed power capacity. Sunlight throughout the year in India is the biggest advantage for solar power developers.
Solar Power Developers to get Governmental Policy Thrust in India
Besides these opportunities, Indian Government has also developed policies for supporting the growth of solar power developers. Benefits in customs and excise duties for solar roof top manufacturers are expected to give the industry a big boost. India aims to generate 49% electricity from renewable energy sources by 2040. India has already set up solar power facilities with combined capacity of more than 25 gigawatts, the Ministry of New Renewable Energy data shows.