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Raj Prabhu, CEO and co-founder of Mercom Capital Group, said, “After many years of waiting, the Indian PV market is finally taking off. This year is the best year for the Indian PV market, with a year-to-date installed capacity of 1.4GW. In the next five years, India's goal is to become the world's top five PV markets."
The Indian government has formulated a national PV development plan with the goal of achieving an installed capacity of 22 GW from 22 GW by 2022, of which 60 GW is a large-scale photovoltaic power plant and 40 GW is a rooftop photovoltaic project.
In the second phase of the second phase of the Jawaharlal Nehru [1] project (also known as the “National Photovoltaic Development Planâ€), the National Thermal Power Corporation (NTPC) participated in the auction of the 3000MW project. Among them, 1750MW has won the bid. Recently, Solar Energy Corporation of India released a 2000MW planning plan and adopted Adaptive Compensation Financing (VGF).
The provinces of Telangana and Madhya Pradesh in India conducted open bidding for 2000MW photovoltaic projects and 300MW photovoltaic projects respectively, and announced the bidding results in a short time. The above two projects have created a new low for domestic PV projects in India.
One of the bottlenecks in the development of the Indian PV market is the release and distribution of local tax funds. The Clean Energy Tax (a type of carbon tax) is a tax on carbon dioxide emissions that is designed to promote the development of clean energy. Mercom estimates that 60% of the clean energy tax collected is not converted into the National New Energy Development Fund (NCEF). The total amount of funds currently allocated to the Ministry of Renewable Energy (MNRE) accounts for only 19% of the tax collected. In the past two years, approximately 55% of NCEF funds were allocated to MNRE, and the remaining 45% were used for Ganges cleaning and comprehensive remediation projects.
Prabhu said, “Approximately $3 billion of unused funds in the NCEF will be used to establish a 'reserve support fund' to reduce credit risk due to payment delays and to encourage capital borrowing and lower capital rates.â€
With the effective promotion of the government's development plan, it is not difficult to find that some state-owned asset companies have also entered the photovoltaic industry and directly participated in the competition of private enterprises. The Indian Solar Corporation (SECI) has recently been transformed from a non-profit company to a commercial entity, which means that SECI can directly participate in the construction of photovoltaic power generation projects, power generation, electricity sales and production of photovoltaic equipment products. The move is contrary to the remarks made by Indian Prime Minister Modi "the government does not participate in the business activities of the photovoltaic industry." Mercom, a developer, manufacturer and investment company, said the move would have a negative impact on the development of the Indian PV industry. Despite the many bumps in the road to development, India's PV market has entered a new chapter.
Indian PV market is about to take off
Abstract MercomCapitalGroup Energy is a global communications consulting firm, recently released a quarterly report on the Indian PV market. Mercom predicts that India's PV installed capacity is expected to increase by 2,500 MW in 2015, year-to-date...
Mercom Capital Group, a global energy communications consulting firm, recently released a quarterly report on the Indian PV market. Mercom predicts that India's PV installed capacity is expected to increase by 2,500 MW in 2015 and 1400 MW has been completed since the beginning of the year. The cumulative installed capacity of photovoltaics in India is expected to exceed 4.5GW.