India is one of the biggest markets for Renewable Energy in the World. India has the highest levels of irradiance needed for Solar Power generation coupled with India’s continuously growing energy needs – this makes it the most attractive market in the world for solar power generation.PLGCEP is committed to develop 2 GW of solar power plants between 2016 to 2019 and has successfully won and secured 170 MW solar power plant licenses in Jan –Feb 2016 under transparent reverse bidding mechanism instituted by Govt. of India.
PLGCEP is further bidding for 600 MW solar power plant licenses in the next quarter. Indian market is competitive, challenging – but is the largest market for renewable energy in the time to come. Govt. of India has a planned target to oversee development of 100GW of solar power plants by 2022. 100% Foreign Direct Investments are permitted under automatic route for renewable energy
India – home to 18% of the world’s population, uses only 6% of the world’s primary energy. India’s energy consumption has almost doubled since 2000 and the potential for further rapid growth is enormous. India’s economy already the world’s third –largest is growing rapidly.Policy makers at National and State levels are intensifying their efforts to ensure that energy is a spur, rather a hindrance to India’s advancement and efforts are being made to provide energy for all under current Govt.’s vibrant initiatives.
Meeting India’s energy needs requires a huge commitment of capital –India requires a cumulative $2.8 trillion investment in energy supply by 2040. Renewable Energy generation will play a huge role fueling India’s economic growth and making India self- sustainable for its energy requirements. PLGCEP is committed to develop solar and wind power plants and be a part of India’s economic growth.