The Sun That Powers

India's Future
India is leveraging its location to become a leader in solar energy. Find out
how government support, competitive prices, and ambitious innovation
are driving the solar revolution.

By Shreyansh Gupta
Government Backing for Solar Energy
Initiatives & Policies
The Indian government's ambitious
target of 100GW of installed solar
capacity by 2022 has led to a
number of supportive policies and
initiatives.
Major Solar Projects
India is home to some of the
biggest solar parks in the world,
including the 2 GW Bhadla Solar
Park in Rajasthan and the 1 GW
Kurnool Ultra Mega Solar Park in
Andhra Pradesh.
Rooftop Solar
The Indian government has set a
target of 40 GW of rooftop solar
installations by 2022. Net metering
and other incentives make it an
attractive option for households
and commercial buildings alike.
Why Invest in Solar Energy in India?
India Germany China US

Levelised Cost $0.038/kWh $0.073/kWh $0.065/kWh $0.056/kWh

of Electricity
(LCOE)

India is one of the most cost-competitive places in the world for solar energy. With LCOEs lower than even
China and promises of grid parity in many regions, investors and developers can unlock immense value by
participating in this industry.
The Levelized Cost of Energy (LCOE) is a key metric used in the energy industry to evaluate the cost of
producing electricity from different sources in it's lifetime.

LCOE represents the average cost of generating one unit of electricity and provides a standardized way to
compare costs across different energy sources.

LCOE helps in assessing the economic feasibility of energy projects, comparing the competitiveness of
various energy sources, and making informed decisions for future energy investments.

Solar energy has experienced a remarkable reduction in costs as its scale of production increased.
Considering India's context, wind energy requires specific wind speeds of around 40-50 kmph, which are
limited to only a few areas in the country. In contrast, solar energy emerges as the most viable option due
to its comparatively lower cost range of around $20-30. On the other hand, geothermal and nuclear energy
sources tend to be significantly more expensive when scaled up.

With India lying in the tropical region and enjoying abundant sunlight for approximately 360 days a year, the
country is exceptionally well-suited for solar energy production. It is noteworthy that India ranks among
the top five countries globally with a levelized cost of energy (LCOE) below $40 per megawatt-hour (MWh).
This LCOE figure is a remarkable 19% lower than the production cost of traditional coal-based energy.
Given these factors, including India's favourable climate and its comparative advantage in solar production,
the country emerges as a highly attractive and economically viable destination for harnessing solar energy.
The State of Solar Energy in India
Contribution to Power Generation

Solar energy contributes about 4.5% of India's

total power generation and has been the single
largest contributor to new capacity in recent
years.

1 2 3

Current Market Size Opportunities for Growth

India's solar energy capacity has grown over 12 Despite the remarkable progress made so far,
times in the last five years, reaching over 40 GW India has only scratched the surface of its solar
by October 2021. potential, creating opportunities in utility-scale,
rooftop, and even floating solar projects.
India's Leading the Way
with the International
Solar Alliance (ISA)
What is the ISA?

The International Solar Alliance (ISA) is a treaty-based intergovernmental

alliance of solar-rich countries located between the Tropics of Cancer and
Capricorn.

India's Position

With nearly 40% of the world's population living within the ISA member
countries, India is at the forefront of a new era of global cooperation to
promote solar energy.

ISA's Role in Development

The ISA is playing a crucial role in facilitating international cooperation to

achieve the shared objective of mitigating climate change and reducing
dependence on non-renewable energy sources.
The Challenges and Solutions for the
Solar Revolution in India
Challenges
Problems with financing, land
acquisition, and last-mile
connectivity persist in some
parts of the country.
Short-term Solutions
Battery storage, hybrid
projects, and innovative
financing models are sought
to help overcome some of the
short-term or long-term
challenges.
Long-term Solutions
Green hydrogen, floating
solar, and grid upgrades are
some of the solutions for
achieving long-term
sustainability, reliability, and
scalability of solar energy in
India.
Major Solar Projects in
India
2 GW Bhadla Solar Park, Rajasthan

1 GW Kurnool Ultra Mega Solar Park, Andhra Pradesh

750 MW Rewa Solar Park, Madhya Pradesh

590 MW Waaree Solar Park, Maharashtra

"The solar energy sector is where the action is." ~ Ratan Tata
The Future is Bright for Solar Energy in
India
Innovations
India's private sector and research
institutes are churning out
impressive innovations, such as
ultra-thin and flexible solar cells,
solar-powered EVs, and smart
grids.
Floating Solar
India's vast water resources
present an opportunity to explore
floating solar projects and hybrid
hydro-solar projects that can
mitigate some of the challenges
associated with land acquisition
and environmental clearances.
Scaling Up
India has some ambitious targets
for capacity addition, but the solar
industry is exploring ways to move
beyond that, including exports to
countries outside the ISA.
Solar Energy in India: A Bright Future
Ahead
India's solar energy sector is rapidly growing and has a bright future ahead. Through impressive innovations,
floating solar projects, and ambitious targets for capacity addition, India is well on its way to becoming a global
leader in solar energy.

Key Takeaways Conclusion

The growth of solar energy in India is a positive

Here are some key takeaways from the previous
cards:
India's private sector and research institutes
are driving impressive innovations in solar
energy.
development for the country and the world at
large. Solar energy provides a clean, cost-
effective, and job-creating solution to India's
energy needs. India's solar industry is poised to
play a leading role in the global transition to

India's water resources present an renewable energy.

opportunity to explore floating solar projects

and hybrid hydro-solar projects.

India has ambitious targets for capacity

addition and is exploring ways to move
beyond that, including exports to countries
outside the ISA.

Solar energy is a clean and renewable energy

source that helps reduce India's reliance on
fossil fuels.

The cost of solar power is expected to

decrease even further as technology
advances and economies of scale are
achieved.

The solar industry has the potential to create

millions of jobs in India.