EY stated in the report, “India’s solar sector is likely to grow substantially post the COVID-19 pandemic, with generation from solar PV forecast to outdo coal before 2040.”

India Is Now 3rd Best Country-min

After the United State and China, now India is the 3rd best country in terms of the Renewable Energy Attractive Index. India has achieved this by doing an exceptional job on the photo-voltaic front.

This happened in the time of COVID-19 which means, the impact of COVID-19 on the Indian solar sector was not that much. Yes, the projects slowed due to lockdown restrictions but still the Indian Solar sector was growing. This is a result of the combined efforts of the government along with the private sector. The policies made by the government and the groundwork done by the solar companies have helped the Indian Solar sector to reach here.

“India has moved one position above (3rd best country) from the previous index (4th), this is primarily due to the exceptional performance on the solar PV front. Installed solar PV capacity in India has skyrocketed to 39 GW marginally overtaking the wind capacity for the first time,” Somesh Kumar, Partner and National Leader, Power & Utilities, EY India, said.

In India, the solar adoption rate is growing, and seeing this now more and more foreign investors are looking into the Indian solar market. Ben Warren, EY Global Power & Utilities Corporate Finance Leader and RECAI Chief Editor said that “As a result, interest in renewable energy development has risen among institutional investors who have pledged to incorporate climate-risk concerns into their decision-making processes, resulting in new models of investment to locate opportunities that satisfy their risk and return expectations.”

In an interview, the Power Minister of India, Mr. R K Singh said that the power ministry is expecting the total Renewable Energy capacity of India to reach 100 GW. At the end of April, the total installed solar capacity of India was 40.5 Gw. The projects under construction and under auction were 36.48 GW & 24.42 GW respectively. Which makes the entire solar industry power capacity including the present capacity, under construction, and auction to be 101.39 GW.

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