Global solar energy installations to cross 54GW this year, says report

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solar-manufacturersMarch 25, 2014: Facilities of solar power generation capacities globally are projected to reach 54,500MW this year. India is anticipated to add 1800MW during the same time period, a report says.

“Another solid year is in store for the global solar industry and new streams of funding are coming into the sector,” said Mercom Capital Group, a global clean energy communications and consulting firm, as reported by ET.

Solar installations in India in 2014 totalled 883MW, fallen slimly compared to 1004MW installed in 2013.

“India failed to reach the GW mark in 2014 but is expected to double in size to about 1.8 GW (1,800 MW) in 2015,” Mercom said today.

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The government of India has set an aspirant target of having 1,00,000MW solar power production capacity by 2022.

Mercom Capital said new funding schemes are serving in reduction of cost of financing and are making way for fresh funding into this sector.

“The solar industry is forecast to continue its growth in 2015 with installations reaching approximately 54.5GW,” it noted.

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