Key support has dropped out of the Paris climate deal and the thrust is now on this large subcontinent to journey through to save the dependents. “Although India’s vision is lofty, its goals are comprehensive” – Narendra Modi.

With tremendous potential to achieve its goals, the Ministry of New and Renewable Energy (MNRE) has attracted global attention with its intention to scale up clean power generation capacity to 175 gigawatts (GW) by 2022. Of this, solar energy alone will be 100 GW. With approximately 300 days of sunshine every year, India is one of the countries that has the best conditions to harness solar energy in the world. A report by the Ministry of Power shows projections for FY 2016-17 – although falling short of its targeted 12,000 MW, the solar sector has had an impressive compound annual growth rate of 59% in the last four fiscal years.

The rapid expansion of solar power can drastically improve the quality of life for millions of Indians. To fulfill the agenda within the stipulated time, production of solar power should ideally increase by 15GW annually, for the remaining six years. This has the potential to create umpteen jobs in the industry and reinforce progress in all areas of development, helping the country fulfil its dream of becoming one of the largest harnessers of solar energy.

The growing momentum of activity in the renewable energy sector will get a further fillip if India addresses some of the key challenges.

The first challenge is on funding mechanisms. Bloomberg New Energy Finance (BNEF) estimated that India would require $100 billion dollar in financing to realize its solar vision. In addition to the existing resources, the ministry will be able to help realize this through support from domestic and foreign private investors. Funding from reputed bodies like World Bank and KfW Bank are a welcome indication of the interest the Indian solar industry holds for foreign investors. Two things are requisite to attract funding – clear and transparent plan of how the funds will be used and structured programmes to deploy these funds. Agencies like IREDA and SECI are a step in the right direction towards deploying these funds but the fund utilization plan and its goals need more clarity and transparency.

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