Power & Energy

India confident to meet 100 GW solar power target by 2022

15351826541.jpg

India is all set to achieve the huge target to reach 100 GW solar power generation level by the end of 2022. Previously, the safeguard duty imposed on the imported solar panels and other equipment made it unclear about the completion of the projects. Anand Kumar, Secretary, Ministry of New and Renewable Resources, said “We will definitely not only meet the target but will also exceed it. We would also work towards assuring it at affordable rate to the people.”

The fast emerging market of the solar panels and other components is solely supported by the Chinese items. The price of the items is extremely competitive in the market. Due to the extreme surge in the import of solar components from countries like Malaysia and China, the government had to impose the safeguard duty.

The tariff per unit of solar energy on auction reached its minimum of INR 2.44. The analysts have inferred that the new duty will increase the cost of units by almost 35 paisa. Anand Kumar also depicted the same and concluded that a higher price will be seen in the bids. India has already stepped on the mark of 21.65 GW solar energy production by the end of March this year.

India is stepping on a new future as it is the 3rd largest energy consumer in the entire world. The aim of constructing 175 GW of solar power by the end of 2022 will ensure a clean future ahead. The same plan also includes the rooftop projects adding 40 GW more to the venture.

Leave a comment