The country needs to tap emerging routes of debt and equity funding to accelerate towards its avowed target of 100 Gw of installed solar capacity by 2022.
To reach the envisaged solar goal, an estimated $140 billion in additional funding is needed. Securing the financing will need exploring new models as traditional approaches to funding will not suffice.
A report by the US-based Institute for Energy Economics & Financial Analysis (IEEFA) suggests broader use of green funds, development of a green climate fund and tapping new infrastructure development funds to achieve solar power targets.
“The push for 100 Gw of solar capacity by 2022 may seem unreachable, but looking at the massive changes just since 2010 clearly shows that it is a doable proposition. India’s solar transition began with the Jawahar Lal Nehru National Solar Mission (JNNSM) in 2010, which set a then-aggressive target of 20 Gw by 2022 — a goal that was easily reached in 2017. There has also been a clear shift in capacity addition over the years, with renewables overtaking thermal power to meet the country’s growing energy needs,” Vibhuti Garg, energy economist at IEEFA, said in a report titled ‘More Advances in Solar Transition’. Read more