In a bid to exceed Prime Minister Narendra Modi’s climate pledges, India announced that it will tender enough renewable energy projects over the next three years to surpass 200 gigawatts of green capacity build by 2022.
India declared a three-year program towards tenders for renewable energy projects that will meet its original target of 175 gigawatts of clean-energy capacity within five years, in addition to plans to spur local solar equipment manufacturing that will help push past the goal. It’s also looking at ways to export more wind turbines, a measure that may benefit Suzlon Energy Ltd.
“Our renewable road-map doesn’t include plans for floating solar projects and offshore wind installations, and we will comfortable exceed 200 gigawatts by 2022,” Power Minister R K Singh said in New Delhi.
With renewable energy targets second only to those set by the government of China, India has a long way to go from a current base of 60 gigawatts to reach its ambition of 175 gigawatts in five years. The South Asian nations needs to expand its current solar capacity seven-fold to reach the 100 gigawatts by 2022. It would have to double wind installations to touch 60 gigawatts over the same period.
The plan to exceed these targets will see tenders of more than 80 gigawatts of solar projects and 30 gigawatts for wind by the 2020 financial year, Anand Kumar, secretary at the new and renewable energy ministry, said in New Delhi.
Solar target timeline targets would unfold as follows:
1. The current fiscal year ending March 31 will see new solar tenders of 16.4 gigawatts
2. Solar tenders of 30 gigawatts each to come out in financial years 2019 and 2020
3. Almost 10 gigawatts floating solar capacity to be built on reservoirs
4. Solar equipment manufacturers will establish local units to supply domestic market
Wind energy goals would require:
1. India tendering almost 4 gigawatts wind projects by end of the fiscal year
2. New tenders of 10 gigawatts each in financial years 2019 and 2020
3. Plans to set up capacity through wind-solar hybrid projects
4. Additional tenders for 5 gigawatts of off-shore wind projects
India is also considering getting export-import bank support to help wind turbine makers increase exports, Kumar added.
Source: Bloomberg
