Greentech Lead India: As on 31 May 2013, India has installed 28446 MW or 28 GW of cumulative grid-interactive power from all renewable energy sources—including small hydro power, according to the latest figures from the Ministry of New and Renewable Energy (MNRE).
Wind Power contributed for the largest share with a cumulative grid-interactive capacity of 19317 MW or 19 GW while solar achieved only 1759 MW. The combined capacity from biomass and bagasse cogeneration totals more than 3602 MW (with nearly 1265 MW from biomass power and 2337 MW from bagasse cogeneration).
Government of India has set a target of 1100 MW for grid-interactive solar energy and 2500 MW for grid-interactive wind energy for the year 2013-14. The total capacity from all renewable energy resources –including small hydro power is expected to be 4325 MW.
Under the off-grid category, India has achieved cumulative capacity of 885 MW as on 31 May 2013. The solar PV systems (>1kW) contributed for nearly 125 MW. The government has set a target of 143 MW for 2013-14.
Earlier this year, the government said the country targets to raise its renewable energy capacity to 30 GW by 2017. Solar will constitute a major share of this capacity, with the country expected to increase it from the current 2 GW to about 10 GW by 2017, the government said.
Frost &Sullivan recently estimated that Indian solar market will be worth US$2.05 billion in 2013, up almost double from US$1.05 billion last year. The demand for chemicals and materials used in solar cells and modules is estimated to grow at a CAGR of 22.2 percent till 2015, with the growth for module components estimated at over 25 percent CAGR for the same time period.