News Update

Technological breakthroughs and economies of scale will make solar power competitive in six years and help India add 67,000 megawatts of solar generation capacity by 2022 - more than thrice the country's target, according to a report by consultancy firm, KPMG. The report, which will be released soon, says solar energy can contribute 7% of the total power needs of the country by 2022, helping cut coal imports by 30% or 71 million tonnes a year. This would result in saving of $5.5 billion in imports per year from 2022 onwards, it said. The projected increase in solar capacity can reduce India's carbon emissions by 2.5%, which is a tenth of the 20-25% reduction India has volunteered at the international summit on climate change in Copenhagen, KPMG says. It is estimated that solar power prices would decline at the rate of 7% per annum over the next decade. Efficiency improvement due to technological advancement and emergence of low cost manufacturing are likely factors that would aid the continuing trend.  Read full story...