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By Our Correspondent: · India solar capacity is expected to touch 18.7 GW by the end of 2017, about 5% of global solar capacity, growing by 89% over last year · Tamil Nadu, Andhra Pradesh and Telangana have emerged as the fastest growing states · Total new solar capacity addition in the next 5 years is expected at 56 GW BRIDGE TO INDIA, a leading consulting and knowledge services provider in the Indian cleantech market, announced in its latest edition of India Solar Handbook report that India, with 8.8 GW of projected capacity addition (growth of 76% over 2016), is set to become the third largest PV market in 2017, overtaking Japan. As of March 2017, India has already installed 12.2 GW of utility scale solar. According to the report, about 79 GW of solar capacity is expected to be added globally in 2017, with Asian countries continuing to dominate the solar industry while Europe continues to fall in rankings. Locally, Tamil Nadu, Andhra Pradesh and Telangana have emerged as the fastest growing states in India and in 2017, nearly 60% of total new capacity addition is expected to come from the southern states. Speaking on the launch of the report, Mr. Vinay Rustagi, Managing Director, BRIDGE TO INDIA, said, “Indian solar market has grown by an average 72% in the last 3 years and is now worth approximately 8-9 GW per annum. Growing market size and strong government commitment to the sector have attracted the world’s leading private sector players as well as resulted in lower tariffs for consumers. As the sector matures, however, there is a formidable new challenge arising in the form of how to absorb rising share of intermittent energy into the grid. Our second edition of ‘India solar CEO survey’ highlights that the industry is more optimistic about growth prospects but at the same time more circumspect about their individual business outlook because of growing competition and squeezed profitability. There is more optimism about rooftop market with expectation of 12 GW (CAGR 41%) to be added by 2021. The biggest concern for the sector is grid integration of growing renewable capacity followed by poor financial condition of DISCOMs, notwithstanding the progress made on UDAY reform package. Also, about 45% of the respondents feel that poor net metering implementation remains a major challenge for growth of the rooftop solar market.” About BRIDGE TO INDIA: BRIDGE TO INDIA is a leading consulting and knowledge services provider in the Indian cleantech market. Our multi-functional experience expertise combined with comprehensive in-house research capability enable us to develop insightful and highly sought-after industry analysis. Our overarching goal is to provide customised cleantech solutions and enable innovative business models in India. We work actively with all leading stakeholders including project developers and investors, energy customers, equipment suppliers, regulators, policy makers and development institutions. We have also helped a number of international top-tier cleantech companies in growing their business footprint in India by providing them with strategic advice, business planning, risk assessment and JV partner selection services.
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