The Ministry of New and Renewable Energy has pointed out that the installation of 175 GW of renewable energy could be done by December 2022. The current installed renewable capacity is 81.3 GW after a relative slowdown in adding generation capacities in FY2019.
Reportedly, the Ministry of New and Renewable Energy (MNRE) has instructed NTPC and Solar Energy Corporation of India (SECI) to release performance bank guarantees (PBGs) for all the commissioned wind and solar power projects. The PBGs can be released in the span of 45 days from the commercial operation date (COD), on the condition that all required submission of necessary documents is fulfilled.
In a bid to boost Prime Minister Narendra Modi’s enterprising goal of achieving up to 175 GW of energy – relying solely on renewable sources – the government has yet again floated a renewable energy storage tender. A major chunk of the goal, amounting to 100 GW is dedicated to solar power.
The Ministry of New and Renewable Energy (MNRE) has reportedly made a decision, to request the Reserve Bank of India (RBI) to categorise renewable energy into a separate segment from power, and remove the priority sector lending limit for the sector to ensure higher financing.
According to an update released by Mercom India Research, the Indian solar market added 1,869 MW in the second quarter of 2017. This brings the total installations in the first half of the year to 4,765 MW, effectively eclipsing the 4,313 MW installed in all of 2016.