Solar Parks Current Affairs - 2020

Investment Capacity of India in renewable sector reached 500-700 billion USD

The Institute of Energy Economics and Financial Analysis published a study according to which India has increased its potential of renewable energy investments to 500-700 billion USD. This is mainly because of improvements in solar power in the country.

Highlights

According to the study, the ultra-mega solar parks in the country have attracted foreign capital. The Bhadla Solar Park in Rajasthan is the largest solar park in the world. It is spread over 14,000 acres. The capacity of the park is 2245 MW of power.

Ultra-Mega Power Plant

The concept of ultra-mega solar parks was framed by India in 2016. In 2016, the Ministry of New and Renewable Energy had set a target of setting up of 40 industrial solar parks with a capacity of 20GW. The target was doubled to 40 GW in 2022.

The concept of ultra-mega solar parks involves local distribution companies and the state governments. This is mainly because large areas of land need to be acquired to set up a solar park. And since land is a state subject, state governments should certainly be involved.

Union Cabinet gives nod for 15000 MW grid-connected solar projects

Union Cabinet on 25 February 2015 approved the implementation of the scheme for setting up of 15,000 Mega Watt (MW) Grid-connected Solar Photo Voltaic Power projects under the National Solar Mission.

This decision was taken at Union Cabinet meeting chaired by Prime Minister Narendra Modi.

Facts about approved Scheme

  • It will be implemented under the National Solar Mission through state-run National Thermal Power Corporation (NTPC) Limited and its subsidiary NTPC Vidyut Vyapar Nigam (NVVN) Limited.
  • This project will also accelerate the process of achieving grid tariff parity for solar power and help to reduce consumption of conventional fuel such as kerosene and diesel.
  • Bundled power produced from these projects will allotted to various states that will provide land for setting up projects.
  • In case of projects development both private and government companies can take part in it. But they will be allocated projects through international competitive bidding.