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Foreign Firms Surge to Provide India’s 280,000MW Solar Energy Goal

Foreign Firms Surge to Provide India’s 280,000MW Solar Energy Goal

India’s $100 billion push into solar energy over the next decade is being driven by foreign players as local manufacturers are no longer protected by government restrictions on the sector. SunEdison of California will invest up to $4 billion in a manufacturing facility, and China‘s Trina Solar has unveiled plans for a $500 million plant. Both these companies will tie up with Indian firms to build the plants.

San Francisco-based First Solar will build 5,000 MW of solar power before 2020, and says it will rely on imported panels for now because it is cheaper to buy component parts internationally where they are more readily available, reports Reuters.

Solar Panels
Solar Panels

Sarus Solar, formed by Canadian Solar Inc., and two other Canada-based firms, plans to spend about $1.02 billion to build a 500-MW photovoltaic power plant in India. The first solar park will be constructed in the state of Maharashtra’s Thane district the firm’s head of operations for India, Arun Agarwal, said. The second 500-MW project will be in the northern Jharkhand state and has already been approved, he added.

Japan’s SoftBank will invest up to $20 billion. The firm said it would consider making solar panels locally with Taiwan’s Foxconn.

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