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Tue, Nov

India may miss 100GW solar power target by 2022

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Crisil stated that a safeguard duty on solar modules from China and Malaysia, which took effect this month and will continue for two years, is expected to slow capacity addition.

India may not reach its ambitious National Solar Mission target to add 100 gigawatt of solar power capacity by 2022 as the country is likely to touch 78-80 GW capacity in the best-case scenario, according to a report by the ratings agency Crisil published in Mint.

Crisil said it expected an additional 56-58GW of solar capacity addition between FY19 and FY23. Currently, India has a capacity to generate 21.65 GW of solar power. While 7.3 GW is under construction, based on already allocated schemes, another 1.7 GW is expected to be tendered and allocated over FY19, the report said.

Considering the current situations, Crisil stated that a safeguard duty on solar modules from China and Malaysia, which took effect this month and will continue for two years, is expected to slow capacity addition. The government has imposed this duty to protect domestic players from a steep rise in the inbound shipments of the product.

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