India increases solar park capacity target from 20 GW to 40 GW

Gujarat Solar Park in India
Gujarat Solar Park in India

India’s Cabinet Committee on Economic Affairs has approved an increase in solar park installed capacity target from 20,000 MW to 40,000 MW for projects to be development in solar parks and ultra-mega solar power projects, Mercom Capital Group, LLC (Austin, Texas, U.S.) reports.

Fifty solar parks each with a capacity of 500 MW or above will be constructed in various parts of the country, Mercom quotes the Government of India.

 

Solar Energy Corporation of India (SECI) will be the implementing agency.

The new solar parks will be constructed by 2019–2020 with central government financial support of Rs.81 billion (approx. USD 1.207 billion) and are expected to produce 64 billion kWh of solar power every year.

According to Mercom, the target capacity increase from 20 GW to 40 GW had been confirmed in the new budget. The solar parks will be developed in collaboration with state governments and union territory administrations, which are required to select the solar power park developer to develop and maintain the parks.

The park developers will be given a grant of up to Rs.2.5 million (approx. USD 37,271) to prepare a detailed project report on the park. Thereafter, Central Financial Assistance of up to Rs.2 million (approx. USD 29,816)/MW or 30 percent of the project cost, including grid-connectivity costs, whichever is lower, will be released under the program milestones.

Mercom had previously reported that 34 solar parks across 21 states aggregating 20 GW are under various stages of construction and completion.

 

2017-02-27 | Courtesy: Mercom Capital Group, LLC | solarserver.com © Heindl Server GmbH

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