India misses 2022 renewables target of 175 GW by 30%
India has installed a cumulative renewables capacity (excluding large hydro) of 122 GW as of December 31, 2022, falling 30% short of its 175 GW target. While solar addition has remained more consistent than wind over the last few years, 2023 is going to be a challenging year for PV installation due to the shortage of domestically manufactured modules.
Solar in 2023
Here are three trends in the solar sector that will gain momentum in 2023, leading to wider PV implementation.
India added 3.3 GW of solar in Q3 2022
India installed 3,338 MW of new solar power capacity in the three months ending September. This included 2,602 MW from utility-scale solar, 485 MW rooftop, and 251 MW off-grid installations
International Solar Alliance launches innovation challenge in Africa
SolarX Grand Challenge aims to promote entrepreneurship and innovation and discover local solutions to meet the energy gap through solar energy solutions in the African region.
GEAPP, ISA sign $10 million grant agreement to boost solar deployment
The Global Energy Alliance for People and Planet (GEAPP) has signed a $10 million grant agreement with the International Solar Alliance (ISA) to boost the deployment of solar energy in developing countries.
India needs $300 billion to meet 2030 target of 500 GW non-fossil energy capacity
A new report by Arthur D. Little presents an integrated blueprint for India to achieve its true potential in the power sector with a focus on renewables.
EKI Energy, First Source launch climate edtech, finance venture
EKI Energy and First Source Energy have launched a joint venture entity that will drive focused educational initiatives while also mobilising funds from global markets for sustainable climate projects across the globe.
Off-grid solar continues to expand
The off-grid solar sector has shown resilience in the face of pandemic-related challenges, with 70 million people gaining access to electricity from early 2020 to the end of 2021. However, the ability to pay for solar energy kits has taken a hit.
ISA Assembly approves payment guarantee mechanism for solar projects in Africa
The fifth assembly of the International Solar Alliance (ISA) approved Solar Facility, a payment guarantee mechanism to mitigate risks associated with solar projects in Africa.
EKI Energy, ICAM launch $125 million climate impact fund
EKI Energy will invest up to INR 200 crore ($25 million) as an anchor investor in the fund with a deep focus on community development projects across remote locations in India and select countries in Africa, Asia and LATAM.
