India Solar Development

India Gaining Ground on 20 Gigawatt Solar Goal

Written by Green Chip Stocks
Posted May 2, 2012

India’s solar energy industry has been nabbing some pretty positive headlines recently and this new development certainly won’t hurt.

According to India Times, the government-run National Solar Mission, whose goal is to install 20,000 MW of solar energy by 2020 recently announced it has commissioned 89% of its allotted capacity in its first stage.

The Indian government signed power purchase agreements with 28 solar power developers for 140 MW PV projects in January 2011. As of this writing, current capacity is at 125 MW.

“The progress so far is very good as most of the projects are commissioned. The delayed projects have been given one month extensions with a part of their bank guarantee encashed,” Joint Secretary of the Ministry of New and Renewable Energy Tarun Kapoor stated.

These recent developments have given the Ministry of New and Renewable Energy hopes of achieving grid parity within the next five years. In addition, the solar thermal sector saw power purchase agreements signed for 27 projects at 470 MW with a commission date of next May.

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