This could well be the boost that the Indian solar power industry needed to emerge as a leader on the global scenario. The World Bank considers the country’s Jawaharlal Nehru National Solar Mission 2010 a project that’s “well-poised” to help India gain the definitive tag of a global leader in solar power development. The mission was set up with the goal of installing 20 GW of solar power by the end of 2020. In 2010, the installed solar capacity was just 30MW and it grew to a whopping 2,000 MW in 2013.
These are the observations of a report titled “Paving the Way for a Transformational Future: Lessons from JNNSM Phase 1” that was released by the World Bank. The report states that the widespread growth and utilization of solar power can help reduce India’s current dependence on imported fuel. Further, it can also curtail emissions of greenhouse gas and help contribute to India’s energy security.
The WB is particularly impressed by the fact that India has made unprecedented progress in developing solar power over a period of three years, proving that it is in a position to make optimum utilization of solar power that is abundantly available in this country. The efficient and effective use of solar power can help the country address its power shortage; it can change the lives of millions of Indians who do not currently have access to power. This would potentially immensely contribute to the cause of economic development.
Looking at the success story of Phase I of the Mission, the World Bank is now in talks with the ministry of new and renewable energy to possible finance solar projects. Funds to the tune of around $13 billion are currently required with the debt requirement component being as high as $9 billion. If things go to plan, it is believed that the World Bank could partially finance the debt component.