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India’s solar dream rests on Chinese imports

August 19, 2016

India’s solar dream rests on Chinese imports

By Soumya Sarkar, thethirdpole.net
Friday 19 August 2016

The Indian solar energy sector is in the middle of unprecedented growth, fed by rapidly declining tariffs, improved technology and a global oversupply of photovoltaic panels and other material, mainly in China. Although a smaller market than the United States, China or Japan, it is expanding the fastest among major nations.

India expects to add as much as 5.4 GW of solar capacity in 2016, making it the fourth largest solar market globally. The country currently has a total capacity of 7.8 GW of solar power. In comparison, installed capacity in the United States is 25 GW.

The prospect for India looks bright. “The tailwinds are exceptionally strong with rapidly falling costs and greater environmental agenda in the post COP21 (Paris climate summit) world,” Bridge to India, an energy consultancy, said in its new India Solar Handbook.

“The solar development pipeline now stands at 22 GW with over 13 GW under construction,” Mercom Capital Group said in their India Solar Quarterly Market Update.

The bullishness benefits from a global glut in photovoltaic equipment. “Recent market reports suggest that an oversupply situation is building up in PV module manufacturing in China, especially for the second half of 2016 and this is likely to lead to significant price corrections in the market,” Bridge to India says. This has forced Chinese industry, particularly tier II firms, to lower prices and look at overseas markets.

Read more at Eco-Business.

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