India to have 100GW of solar by 2022

“There is considerable flexibility which is only matched by diesel generation. Solar can be deployed very quickly — building a dam takes 10 years — but developing a solar park, even on a large scale takes six months.”

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India’s policy approach to solar power has been in contrast to markets such as Europe, where solar has been heavily subsidised, but where the industry took a sharp hit following a fall in Government support in the wake of the economic crisis.

India’s competitive auctions by contrast have sought to grow the market by putting downward pressure on prices — Solairedirect, for example raised eyebrows when it won a tender for a contract in Gujarat in December 2011 by bidding ₹7.49 a unit — against a reference point of ₹15 — a target the company met despite scepticism.

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From a minor player five years ago, Asia now accounts for over half the installed capacity of 454 GW globally in 2014, according to figures from IHS Global Insight — a trend projected to continue into the future.