India Sets Target Of 450 GW Of Installed Capacity Of NRE
India sets target of 450 GW of Installed Capacity of NRE by 2030. 1.19 lakh crore investment will have to be made every year to achieve the target of solar energy.
India has set a target of 450 GW (4.50 lakh MW) of installed capacity of new and renewable energy by 2030 and solar power will account for 280 GW (2.80 lakh MW).
To achieve the target of solar energy alone, an investment of Rs 1.19 lakh crore will have to be made every year for the next nine years.
However, to achieve the target of solar production on such a large scale, the production capacity of solar panels and other related items in India will also have to be increased.
Otherwise, India will have to import huge quantities.
According to the Ministry of New and Renewable Energy (MNRE), currently, the solar power generation capacity in the country is 40.5 thousand MW.
To achieve the target of 2.80 lakh MW by 2030, the solar capacity will have to be expanded by about 26,600 MW every year.
The cost of setting up one MW of solar power is Rs 4.5 crore. Thus, for the installation of 26.6 thousand MW every year, an investment of Rs 1.19 lakh crore will have to be made.
India has announced a Production Linked Incentive (PLI) for manufacturing incentives related to solar to achieve this mega target of solar power generation.
However, India will have to import huge quantities to expand solar production capacity if manufacturing does not start rapidly under the PLI.
According to ministry sources, while India has the capacity to manufacture 3000 MW photovoltaic cells annually, it has 10-15 thousand PV modules to manufacture.
At the same time, solar inverters can be made in the country only for 5000 MW. Components like polysilicon, wafer associated with solar power generation are not produced in India.
Solar wafers, sales modules, and inverters worth $2.5 billion were imported in the financial year 2019-20.
India sets target of 450 GW of Installed Capacity of NRE by 2030: Solar production lags behind the target of 2022.
The MNRE ministry had set a target of setting up 1.75 lakh MW of new and renewable energy generation capacity by the year 2022. Of these, the share of one lakh MW was from solar power.
However, looking at the progress made so far in setting up solar generation capacity, it is not looking easy to take the solar generation capacity to one lakh MW by next year.
Till August this year, the solar power generation capacity has reached only 40.5 thousand MW. About 60 thousand MW capacity will have to be installed in the next year.
The ministry claims that about 36.50 thousand MW tenders related to solar generation are in the final stage and tenders have been issued for more than 18 thousand.
