[Reposted] A peek into the bright future of India’s solar energy sector

A peek into the bright future of India’s solar energy sector http://theindianeconomist.com/a-peek-into-the-bright-future-of-indias-solar-energy-sector/


p class=”appyet_title appyet_title_read” style=”margin-top:15px;font-family:AppYet-Condensed-Sans;line-height:28px;color:rgb(136,136,136);font-size:22px;background-color:rgb(255,255,255);”>A peek into the bright future of India’s solar energy sector


p class=”appyet_subtitle” style=”width:290px;font-size:13px;color:rgb(153,153,153);border-top:1px solid rgb(221,221,221);border-bottom:1px solid rgb(221,221,221);line-height:1.5em;padding-top:4px;padding-bottom:3px;font-family:AppYet-Regular-Sans;background-color:rgb(255,255,255);”>The Indian Economist 


p class=”st__content-block st__content-block–text”>By Danielle Muoio

India is betting big on renewable energy and solar companies are taking notice.


p class=”st__content-block st__content-block–text”>SunPower CEO Tom Werner said India is about to become the biggest market for solar energy, primarily because of Prime Minister Narendra Modi’s interest in growing the sector.


p class=”st__content-block st__content-block–text”>“The market that’s going to boom is India,” Werner told Business Insider. SunPower, the second biggest solar installer in the US, is owned by European oil giant Total.


p class=”st__content-block st__content-block–text”>Modi wants to spend 210 billion rupees ($3.1 billion) on state aid for India’s solar panel manufacturing industry to increase India’s photo-voltaic capacity and create an export industry, according to Bloomberg. Called the “Prayas initiative”, short for “Pradhan Mantri Yojana” for Augmenting Solar Manufacturing, the plan has not yet been made public.


p class=”st__content-block st__content-block–text”>India’s government plans to draw 40% of the country’s energy from renewables by 2030. In India, where 300 million people aren’t connected to the electrical grid, solar energy serves as an affordable way for Indians to produce their own power.


p class=”st__content-block st__content-block–text”>In November, India built the world’s largest solar plant that can produce enough energy to power roughly 150,000 homes.


p class=”st__content-block st__content-block–text”>“The Indian government’s commitment to solar energy is why the country is likely to see the biggest growth in the near term”, Werner said.


p class=”st__content-block st__content-block–text”>SunPower has already partnered with Mahindra EPC, a solar subsidiary owned by Indian conglomerate Mahindra Group, to build a 5-megawatt solar plant in Rajasthan, India. The plant generates enough electricity to power 60,000 rural homes.


p class=”st__content-block st__content-block–text”>Werner didn’t disclose whether SunPower has any upcoming projects in India, but said the market will become increasingly more important in the future.


p class=”st__content-block st__content-block–text”>SunPower isn’t the only company taking note — Tesla is also eyeing India and could enter the market as early as this summer, CEO Elon Musk tweeted earlier in February. Tesla acquired SolarCity in a deal worth $2.1 billion in November and is continuing to expand its battery division.

Danielle Muoio is a tech reporter at Tech Insider

This article was previously published on World Economic Forum

Featured image source: wordpress



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