Falling prices of solar PV panels, the growing costs of grid power, increasing government support, ample solar resources, and — most importantly — tremendous demand coming from a surging middle class are creating a “perfect storm” of conditions that are leading to massive growth in India’s solar power market, according to a recent report by GTM Research and Bridge to India. About six times as much capacity as the nation had at the end of 2010 — 54 MW — is expected to be installed in the nation in 2011, and another 1600 MW of capacity with signed power purchase agreements is in the pipeline, the report said. By 2016, India could be installing more than 3000 MW annually in solar PV projects. According to the report, in December, a National Solar Mission auction awarded 27 solar PV projects totalling 350 MW to large and small developers. Bids came in as low as $0.18 USD per kWh, and the average price awarded was $0.21/kWh USD, down 9 cents from a similar auction 13 months ago.
Source: Climate Change Business Journal
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