According to a recent report by The Times of India, the solar capacity additions are expected to accelerate in the coming years, with a projected increase of 85-90 gigawatts (GW) planned for the fiscal year 2026-2027. This significant growth is expected to take place in India, which is already one of the world’s leading solar power-generating nations.
The report suggests that the country’s solar installed capacity has been growing at a rapid pace, with a 25% year-on-year growth rate. This growth is attributed to declining solar tariffs, increased investor interest, and the government’s efforts to promote renewable energy and reduce carbon emissions.
The report highlights that the Indian solar sector is witnessing intense competition, with several companies vying for projects. This has led to a significant reduction in solar tariffs, making it more attractive for investors to participate in the sector. The report notes that the Ministry of New and Renewable Energy (MNRE) is working to provide a favorable business environment, with easing of rules and regulations, to encourage further investment.
The report also points out that the Indian government’s aim is to have 40% of its energy generated from non-fossil fuels by 2030. To achieve this goal, the country needs to add an additional 100 GW of solar capacity by 2030. The current pace of growth, with 85-90 GW additions planned, seems promising, but more needs to be done to meet the target.
The report emphasizes the need for continued support from the government in the form of policies, incentives, and tax benefits to encourage the development of the solar sector. It is also crucial to develop the necessary infrastructure, including evacuation and transmission systems, to support the growth of the sector.
The report concludes that the Indian solar sector is poised for significant growth, driven by declining tariffs, increased investor interest, and government support. With a well-designed policy framework, adequate infrastructure, and continued efforts to reduce costs, India can meet its ambitious renewable energy targets and become a global leader in solar power generation.