India Optimistic on Ambitious Renewable Energy Goals
India's government is showing renewed confidence in renewable energy. According to The Guardian, a draft 10-year energy blueprint published last month forecast that the country will exceed the renewable energy targets set in Paris as part of last year's climate accord by nearly 50%--and three years ahead of schedule.
Industrial Info is tracking more than $176 billion in active renewable energy projects in India, including $96.6 billion in hydropower projects and $50.7 billion in solar-power projects.
By contrast, Industrial Info is tracking more than $390 billion in active fossil-fuel energy projects in India, more than 95% of which is related to coal-fired power.
The government currently predicts that 57% of India’s total electricity capacity will come from non-fossil fuel sources by 2027, with no new coal-fired power station likely to be needed in that time frame, according to The Guardian. Analysts said the growth will be driven by private-sector investment.
India has sought foreign investment for its renewables program, with mixed results. In an interview with India's Economic Times, Jean-Bernard Lévy, the chairman and chief executive officer of France's EDF Group, said India is among his company's top priorities, including a $2 billion commitment toward the sector. Still, EDF continues to shy away from capital-intensive projects, with Lévy telling the Times that the country should push itself even harder on its hydropower potential.
Among the active hydropower projects in India is Jindal Power Limited's $2.2 billion, 1,800-megawatt (MW) Kamla Hydro Power Station in Itanagar, Arunachal Pradesh, which is still in its early design phase; and Jaiprakash Power Ventures Limited's $646.6 million, 500-MW Hirong Hydro Power Station in West Siang, Arunachal Pradesh, which is in its site-selection phase. According to the current plan, Jaiprakash's facility would serve the state of Arunachal Pradesh under a 40-year contract.
Among the active solar-power projects in India is the OPG Power Generation Private Limited's $3 billion, 49-MW Govindpur Solar Power Station in Dhanbad, Jharkhand, and Solar Energy Corporation of India Limited's $1.03 billion, 1,000-MW Leh Ultra Mega Solar Power Station in Leh, Jammu and Kashmir, both of which are in their early planning phases.
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