Thanks to aggressive measures by the government.
Cumulative solar installations have crossed 10 GW in India according to The Ministry of New and Renewable Energy (MNRE), according to Mercom Capital Group.
Mercom also provided a run-down of what took place in India's energy industry in February. The 2017-18 budget proved to be a dampener for the Indian renewable energy sector. Manufacturing sector did not get the required boost. Accelerated depreciation was reduced from 80 percent to 40 percent and 10-year income tax holiday under section 80-IA was not reinstated.
Here's more from Mercom:
New Record Low Solar Tariff of Rs.3.30 (~$0.049)/kWh was logged at REWA Solar Park Auction in Madhya Pradesh, India.
It has been challenging for Rooftop solar with the elimination of key subsidies. Installation numbers are way behind the targets set by Ministry of New and Renewable Energy.
Cumulative renewable energy installed capacity in India crossed 50 GW.
Japanese company, JERA, invested $200 million (~Rs.13.36 billion) for a 10 percent stake in India’s ReNew Power.
Another TANGEDCO tender fizzles. In its most recent tender, the TANGEDCO received bids aggregating 300 MW against the tendered capacity of 500 MW.
Rural Electrification Corporation signs MoU worth Rs.151.5 billion (~$2.25 billion) with the state government of Jharkhand to develop transmission lines across the state and connect the entire state to the grid.
The SECI successfully auctioned 1,000 MW of wind at record low tariff of Rs.3.46 (~$0.051)/kWh in the first reverse auction for wind in India.
To utilize acquired land in Karnataka, ArcelorMittal is planning to construct a 600 MW solar farm.
It has been a year since the UDAY Program was launched. To date, 22 states and union territories have joined the program but the power industry is still waiting for positive results.
The PGCIL has secured a $500 million (~Rs.33.41 billion) loan from Asian Development Bank for the construction of green energy transmission corridor.
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