India to invest Rs 3.85 lakh crore to set up 77,000 Megawatt solar capacity

India is likely to invest Rs 385,000 crore for setting up 77,000 Megawatt of solar power generation capacity by 2022, Power and New and Renewable Energy Minister R K Singh said today

The government has set a target of installing 100,000 Mw of solar power capacity by 2022. Solar projects with aggregate capacity of 23,120 Mw have been installed up to July 2018.

"For installation of remaining around 77,000 Mw, an estimated investment of Rs 3,85,000 crore at Rs 5 Crore per Mw is required," the minister said in a written reply in Parliament, adding most of the investment in this sector comes from the private sector.

The private sector has invested around Rs 115,600 crore so far in setting up the 23,000 Mw operational solar capacity, at a rate of Rs 5 crore per Mw. The total installed capacity of solar projects created in the country during the last three years stands at 22,389 Mw.

Among the states, Andhra Pradesh has set up the largest base of solar capacity in the current financial year (2018-19) at 369.9 Mw followed by Tamil Nadu with 312.38 Mw. Data shows 13 Indian states have not set up any solar capacity this fiscal.

Source- ET Energyworld