The Indian solar power market is heating up with the government of India making a massive commitment to the solar industry.
India plans to invest over $1 billion into renewable energy in the coming years, and it has just raised its solar power capacity targets from 22 GW to 100 GW by 2019. In comparison, the US solar power market has just passed 16 GW.
India is already working on the world’s largest solar power plant with an installed capacity of 750 MW which is 200 MW more than the 550 MW Topaz power plant, currently the biggest in the world. This ultra mega solar power project is part of the aggressive plan to make the country a solar powerhouse.
Global funds for India’s aggressive plan to install these mega solar power plants have begun to flow with a commitment from the World Bank to provide a 50% soft loan. The rest of the funds would be generated by the state and central governments.
How India achieves these aggressive targets will be interesting when the whole of the world is building smaller projects closer to demand sources instead of a massive solar plant that can be interrupted by a single cloud.