Nigeria! Solar Energy is Cheap, Look At India's New Milestone

Energy for Opportunity

India's solar power generation capacity reached 10,000 MW mark this month, making feasible its ambitious target of adding to its national grid 100 GW of solar power and 175 GW of overall renewable energy source by the year 2022. This new milestone shows India’s solar energy production capacity has increased 100 percent per year over the past three years.

India’s Power, Coal, Mines, New & Renewable Energy Minister Piyush Goyal went on his twitter handle to celebrate the remarkable achievement. The tweet reads, "Bright Future: India has crossed 10,000 MW of Solar power capacity today. More than 3 times increase in less than 3 years,"



As of May 2014, India’s solar power generation capacity was 2,650 MW. A conducive environment made available by government policies and actions has encouraged interest in India’s renewable energy sector. As at early February, lower capital expenditure and cheaper credit had pulled down solar tariff to a new low of ₦ 14.05 (Rs 2.95) per unit in an auction conducted for the development of 750 MW capacity in Rewa Solar Park in Madhya Pradesh India.

The auction was conducted by a joint venture of Madhya Pradesh government (a state government) and Solar Energy Corporation of India (SECI). Last year in January, solar power tariff had dropped to a new low, with Finland-based energy firm Fortum Finnsurya Energy quoting Rs 4.34 a unit to bag the mandate to set up a 70-MW solar plant under NTPC's Bhadla Solar Park tender. In November 2015, the tariff had reached ₦ 21.90 (Rs 4.63) per unit following aggressive bidding by US-based SunEdison, the world's biggest developer of renewable energy power plants.


Oga Fashola WHAD DE DO?