India’s solar power capacity addition would remain strong in a range between 7,000-7,500 MW on the back of a huge portfolio of projects awarded recently, research and ratings agency ICRA has said. “While currently there is a temporary lull in the announcement of fresh bids, the magnitude of solar project awards in the past 12-18 months has been quite significant. The backlog against these awards itself would support a solar capacity addition of about 7-7.5 GW in grid connected utility segment in 2017-18,” ICRA said.
The renewable energy sector reported a record capacity addition of over 11 GW in 2016-17, an increase of around 60 per cent over 7.1 GW reported in FY2016. This was driven by large capacity additions in the wind and solar power segments at 5.4 GW and 5.5 GW respectively as per the data released by the MNRE.
This was supported by favourable policy and regulatory framework, shorter gestation period and the improving tariff competitiveness of solar PV energy. According to ICRA, this capacity addition in the RE sector is at par with the added thermal power segment capacity of about 11.5 GW in 2016-17, which has declined from the peak capacity addition of 22.5 GW in 2015-16.
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