India Approves 50 Solar Parks With 37.5 GW Capacity

India’s Union Ministry of New and Renewable Energy has approved 50 solar parks with a combined capacity of nearly 37.5 gigawatts (GW).

Addressing the 7th General Assembly of the International Solar Alliance (ISA), Minister Pralhad Joshi outlined India’s ambitious renewable targets, which include advancing offshore wind projects to meet a 30 GW capacity goal by 2030.

“We have approved 50 solar parks with a total capacity of nearly 37.5 GW and identified potential offshore wind energy sites to reach our 30 GW goal by 2030,” Joshi said, emphasizing India’s dedication to reshaping its energy future.

Under Prime Minister Narendra Modi’s leadership, India has set a 500 GW renewable energy target by 2030, with solar energy already crossing 90 GW in installed capacity.

The ISA, a coalition of 120 countries, aims to mobilize $1,000 billion in solar energy investments by 2030 through its “Towards 1000′ strategy, which seeks to achieve 1,000 GW of installed capacity, provide energy access to 1,000 million people, and mitigate 1,000 million tonnes of carbon dioxide emissions annually.

This international commitment aligns with India’s domestic efforts, where renewable energy projects, particularly in solar, are witnessing unprecedented growth.

“Our journey in renewables is one of vision and progress, with both domestic and international support driving significant achievements,” Joshi said, highlighting India’s recent budget allocation, which saw a 110% increase in funds for solar power projects.

New schemes like the PM-Surya Ghar Muft Bijli Yojana and tax exemptions on critical mineral imports underscore the government’s push to bolster solar infrastructure.

Additionally, India’s rooftop solar initiative, one of the most robust globally, is enabling communities to generate renewable energy directly at the household level.

Notably, India’s rural-focused PM-KUSUM scheme is transforming agricultural landscapes by enabling farmers to use solar power for irrigation and sell surplus energy, thus contributing to sustainable livelihoods.

“The PM-KUSUM scheme has been instrumental in enhancing rural energy access, and it’s helping farmers to not only irrigate their fields but also participate in the solar economy,” Joshi said.

The growth in the global solar sector has been equally remarkable, with the world expected to reach 2 terawatts of installed solar capacity by 2024.

Solar’s role in the global energy mix is rapidly expanding, as highlighted by the ISA data, which shows an investment surge from $144 billion in 2018 to an anticipated $500 billion by the end of 2024.

Source: https://energynewsafrica.com