The Institute for Energy Economics and Financial Analysis, a Cleveland-based research institution, has forecast that solar power will account for more than a fifth of India’s increase in electricity demand by 2022.
The report says the installed capacity of solar power will touch 75 gigawatts in the period, which is 25 gigawatts less than the target the government of India has set.
Bloomberg reports quoting the study that India will be helped in the progress toward the target by a $50-billion investment in upgradation of the grid and new installations.
And within seven years the country’s solar capacity will be adequate to deliver 110 terawatt-hours, which is 22 percent of the required increase in power.
The report also adds that the net demand for electricity in India is likely to increase by 500 terawatt-hours by the fiscal 2022 if the country retains growth rate of 7 percent. It would be 60 percent of the requirement estimated last year.
The study report suggests that India is looking at a China-like expansion in solar installations. Chinese solar power capacity, Bloomberg New Energy Finance Data shows, surged from less than 1 gigawatt in 2010 to almost 33 gigawatts at the end of last year.
India is targeting renewable energy growth to the tune of 175 gigawatts by 2022, which will require an investment of $200 billion. Currently, though, the country has only about 37 gigawatts of green-energy capacity.
Ajith Kumar S
editor@greentechlead.com