Russia and India for Solar

Russia and India for Solar

There are lots of places to harness solar energy, and without a doubt, India is one of the best countries to use this energy.

The country is now in need of $200 Billion to make their ambitious goal of producing 175 gigawatts (GW) of solar energy by 2022 happen.

On the solar energy front, the government is trying to make solar projects economically viable and ensure that bankability and returns are reasonably assured for investors. India’s target for reaching 100 GW of solar power by 2022 assumes that 40 GW will come from rooftop solar projects and another 40 GW from large-scale projects. The remaining 20 GW is to come from ultra-mega solar power projects – solar parks, each with a minimum 500 MW capacity. MNRE has sanctioned over 30 parks with a capacity of about 19 GW in 21 states.

Experts expect that India will become as the fourth largest solar market globally this year, leading France, UK and Germany. With 25 GW of projects under different stages of development and about 35 new tenders with a cumulative capacity of 15.5 GW announced last year, and an additional 5 GW of new tenders to be announced in the coming months, the market is growing at an exponential rate.

Russia’s Entry

Though more evident in sectors like oil, gas and nuclear power, the renewable sector is slowly gaining momentum, cooperation  between Russia and India in the energy sector is on the rise.

Joint Secretary in the MNRE, Tarun Kapoor told IRI “Russia and India can co-operate in the field of renewable energy through exchange of technology, investment in the sector and companies participating in each other’s countries. Discussions for projects keep taking place time to time. However, no concrete project so far has been set up.”

Russian Ministry of Energy spokesperson, Minenergo said that “the Russian Energy Agency (REA) and Solar Energy Corporation of India (SECI) have signed an MOU for several large-scale solar photovoltaic (PV) power plants in December 2015. The initial pilot project of up to 500 MW is, however, just at initial planning stage.”

“The Indian solar power sector provides plenty of opportunities for foreign investors. Miyota is currently developing several project opportunities in India and Bangladesh with a total estimated capacity of almost 500 MW. For these projects, MIYOTA is partnering with Russian investors as well as solar-cell and modules manufacturers and technology providers,” CEO of Moscow-based Akis Tech Ltd and Delhi-based President of Miyota Power India, Alok Kumar said.

MIYOTA has, over the past few years, signed a joint investment contract with Russian Minneftegasstroy for investing in a portfolio of up to 60 MW of solar power in India. The company has signed agreements with Russian Hevel group, a joint venture between Renova Group and OJSC Rusnano, for joint co-production of solar PV panels for Indian market, and with Russian Solar Management Group for co-investments in solar power projects in India. In March, 2016, the company signed an MOU with the government of Haryana state for 100 Mw grid connected solar power project with investments of $90 million.

“The land acquisition process is currently underway”, Kumar added.

Author: Darvin Tocmo

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