Solar energy generation to touch 22 GW this fiscal

Solar energy generation  to touch 22 GW this fiscal
Riding high on massive response from investors in green power projects, Union Power and Renewable Energy Minister Piyush Goyal on Thursday said the government is confident that solar power generation capacity would reach 22 gigawatt (GW) in the current fiscal against the existing 12 GW in the country.

 “Solar power generating capacity would reach around 22 GW by the end of this fiscal. In wind energy too, bidding is going on and several companies have shown interest in investing in the sector”, Goyal said told reporters here after releasing a report on integration of renewables in the electricity grid.

As India has set ambitious target of generating 175 GW from all renewable sources by 2022, the government is wooing companies to invest in the green energy sector. The minister, who held a meeting with hydro power sector companies representatives on Wednesday, said new hydro power policy will be rolled out soon.

 Coal India, the world’s largest miner of the fossil fuel, will generate 1 GW of renewable electricity this year as part of the company’s plan to generate 10 GW green energy over the year, the minister said.

Solar power plant developers — including companies backed by Japan’s SoftBank and Goldman Sachs — are quoting-lower tariffs in auctions to win big projects.  Last month, solar power tariff had dropped to all-time low of Rs 2.44 per unit in the auction conducted for Bhadla solar park.

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