• 99 days Could Crypto Overtake Traditional Investment?
  • 104 days Americans Still Quitting Jobs At Record Pace
  • 106 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 109 days Is The Dollar Too Strong?
  • 109 days Big Tech Disappoints Investors on Earnings Calls
  • 110 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 112 days China Is Quietly Trying To Distance Itself From Russia
  • 112 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 116 days Crypto Investors Won Big In 2021
  • 116 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 117 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 119 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 120 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 123 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 124 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 124 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 126 days Are NFTs About To Take Over Gaming?
  • 127 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 130 days What’s Causing Inflation In The United States?
  • 131 days Intel Joins Russian Exodus as Chip Shortage Digs In
  1. Home
  2. News
  3. Breaking News

India's Solar Sector On The Verge Of Collapse

India

The COVID-19 pandemic has taken its toll on India’s solar power program. According to a new report from ETEnergyWorld, India was able to add only about 989 megawatt (MW) of solar power capacity in the first quarter of 2020, compared with the expected 1,864 MW that was scheduled to be commissioned in that quarter.

The total installed capacity of solar energy was at 37,916 MW as of March 31, 2020, according to the report, “India Solar Compass Q1 2020,” by clean energy consultancy Bridge to India.

The report broke down the actual completion at 689 MW, comprising 19 projects split among: central government tenders of 257 MW, state government tenders of 415 MW and other projects of 18 MW capacity, all far below previous estimates in part due to COVID-19 related disruption.

On March 25, the Indian government imposed the first of its COVID-19 lockdowns. The report stated that even when project construction was allowed to commence from April 20, significant slippage in commissioning progress was likely the result of constraints related to equipment and labor availability.

Rooftop solar projects have been hit badly. Only 300 MW of estimated capacity were added in Q1 2020, according to the report.

Of the total utility scale added (32,176 MW), rooftop solar and off-grid solar capacity came in at 5,740 MW and 978 MW, respectively, while the total project pipeline stood at 28,972 MW as of March 31, 2020.

Power demand had begun to grow gradually in January and February before falling by as much as 25-30% towards the end of March as the lockdown took effect.

Related: How A Pandemic Made Americans Better Workers

A few days ago, Indian Prime Minister Narendra Modi called for every metro area in every Indian province to be powered entirely by rooftop solar power. He was addressing a meeting to review the work of the ministries of power and new and renewable energy.

But despite the slowdown in the execution of projects, tender issuance in Q1 was high with the Solar Energy Corporation of India Ltd (SECI) issuing 9,414 MW of tenders.

Total tender issuance and auctions during the quarter stood at 14,293 MW and 8,241 MW, respectively, the new report added.

Meanwhile, the International Renewable Energy Agency has said new solar and wind farms would cost less than many of the world’s coal-fired power plants, arguing governments should invest in them to boost economies amid the coronavirus outbreak, the Indian Express reported.

Francesco La Camera, director-general of the International Renewable Energy Agency (IREA), was quoted as saying renewables must be the backbone of national efforts to restart economies in the wake of the COVID-19 outbreak.

According to the IREA report, if the 500 GW of high-cost coal plants were replaced with solar and wind farms, it would reduce carbon emissions by about 1.8 gigatons — equivalent to 5% of CO2 emissions in 2019 — and save consumers billions of dollars.

By Sohrab Darabshaw via AG Metalminer

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment