India's Ultra Mega Solar Parks- An Investment Opportunity worth $700 Billion: IEEFA Report

The report added that India now houses multiple ultra-mega solar parks with a capacity of more than 1 GW, with two of them being the largest commissioned in the world. The Bhadla solar park in Rajasthan is the world’s largest such installation to date, covering more than 14,000 acres with the total capacity of 2,245 MW

May 13, 2020. By News Bureau

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India’s ultra-mega solar parks have fascinated foreign capital, top global developers, and delivered investors with an opportunity to join a $500-700 billion renewable energy and grid infrastructure investment boom in the coming decade, as per a latest report by IEEFA.

According to the report titled ‘India’s Utility-Scale Solar Parks —A Global Success Story’, India has established the ultra-mega solar park and, in the process, overcame a range of challenging hurdles.

“It is worth looking back over the past four years to see just how far the Indian renewable energy industry has advanced. The Indian utility-scale solar parks have kick started India’s energy sector transition amid myriad policy and project execution issues, India’s utility-scale solar park model has firmly stood its ground,” said Kashish Shah, research analyst, IEEFA.

He added that this approach has driven economies of scale and attracted global capital into India’s renewable energy sector over the past five years, with an immediate boon in mid-2017 of halving solar tariffs to a record low of Rs 2.44/kWh at the prevailing exchange rate.

The report added that India now houses multiple ultra-mega solar parks with capacity of more than 1 GW, with two of them being the largest commissioned in the world. The Bhadla solar park in Rajasthan is the world’s largest such installation to date, covering more than 14,000 acres with the total capacity of 2,245 MW.

It added that utility-scale solar parks in India have effectively overcome the three major risks linked with renewable energy development in India, which are project execution risk, off-taker risk, and operation and maintenance risk.

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