Solar Power is rising at a breakneck pace in India with ambitious projects coming to light each day.
India fulfills most of its energy requirements from coal but solar power is slowly making the move in the subcontinent. Only last year, India attracted 30% corporate funding in this segment.
Japanese investors and other FDIs are planning to invest a whopping sum of $100 billion in India’s solar real estate to make it prosper even more. These are clear signals of the market becoming self reliant and ready to take off.
World’s Largest Solar Power Plant
India will also house the Bhadla Industrial Solar Park, which is set to become the world’s largest solar plant when it starts operating at its full capacity.
In addition, other solar power plants that are planned in India will join the list of world top ten rankings. This way India will takeover USA in solar power generation rankings, staying behind China, which is the world’s number one right now.
Diu is a part of an island union territory in west India that earlier had to import electricity from the neighbouring state of Gujarat. But now, with ambitious developments in Solar electric plants, Diu is meeting most of its electricity requirements with Solar power and has achieved electriciy independence from Gujarat.
This has been possible due to government subsidies in solar rooftop equipment and installations at most of governmental buildings.
Power Purchase Agreements
Fortune 500 companies such as Adobe and Accenture are now coming up with Power purchase agreements in Bengaluru region. The agreements are a vital step in allowing these companies purchase power from solar power generators at fixed rates whenever it is available. Such measures encourage the take up of solar energy in other institutions as well.
International Solar Alliance
International Solar Alliance is a world-level community of 122 countries that receive ample solar power across the year, which was initiated by Prime Minister of India in 2015.
The steps have prompted the World Bank to offer $1 billion in funds for development of the alliance. This is a major step forward to draw in investments for solar energy from all parts of the world.
Smart Grids in India
In order to solve the growing solar power demand and integration of the same with india’s not so robust power grid system, new smart grids are currently being tested in several parts of the country.
These grids are aimed to optimize the flow of power in the grid where the grid can automatically switch between solar power and main power by detecting changes.
An estimated investment of 44.9 billion USD is expected to be made in the decade of 2017 to 2027, to integrate smart grids in several parts of the country.
India is ready to embrace alternative sources of energy that could help meet power requirements and open up the current situation to a more manageable pricing. There have been proactive efforts by the government and foreign companies.
These efforts will have direct impacts on the growing solar real estate market in India, which is now open for investment.