Solar Energy Corp. of India – national solar company of India in making…

Spark, from the online resources, have learnt that, India is planning to set up a company to build federal solar projects and to assist the country reach a target of 20 GWs of solar energy capacity by 2022. Spark found that the initial capital of the company will be Rs. 20 Billion (USD 405.6 million).

 

This decision was taken considering shortage of funds and a relative lack of interest by commercial companies, India may miss solar energy targets set under a federal program.

Mr. Gireesh B. Pradhan, Renewable Secretary, said in an recent interview that the dedicated company will ensure that India meet solar target effectively.

 

The company (Solar Energy Corp. of India) will gradually take over responsibility for federal solar projects from NTPC Vidyut Vyapar Nigam Ltd., an arm of India's largest power producer NTPC Ltd.

 

First round of bidding under the National Solar Mission, has received little interest from domestic and foregin companies due to narrow margins, financial difficulties, nascent technologies and other hurdles. However, the second round of bidding after tweaking of bidding rules have generated higher interest.

Also, according to source, government is working to infuse more capital in the Indian Renewable Energy Development Agency (IREDA).