IRENA: India Producing Cheapest Solar Power in the World

India’s solar energy production plan seems to be growing stronger, so much so it has even received global recognition.
Need buying strategies for steel? Request your two-month free trial of MetalMiner’s Outlook
The International Renewable Energy Agency (IRENA) said in a recent report that India was producing the cheapest solar power in the world, the India Times reported.
In 2018, India recorded a 27% decrease in solar prices in 2018, plus a drop of as much as 80% in the setup costs between 2010 and 2018, which, according to IRENA, was the most of any country. Canada, on the other hand, had the highest production cost for this form of energy.
Late last month, a delegation from the European Union visited India and, along with the latter’s Ministry of New and Renewable Energy, launched standard operation procedures and monitoring tools for Indian solar parks.
India is banking on such solar parks to achieve its target of 100 GW from solar energy by 2022, according to the Press Trust of India. The E.U. and India have been collaborating to develop climate-friendly energy sources, which includes solar energy.
The standard operating procedures were developed under the E.U. program and have been prepared for development, implementation, construction, operation and maintenance of solar parks (including an operation and maintenance manual and a health and safety manual for solar parks), per the Press Trust of India.
In its onward march on the solar energy front, at least 20 global power and renewable energy companies have shown interest in a 7.5 GW solar power park planned in the Indian province of Jammu and Kashmir. Interested companies include: Siemens, ABB, Power Grid, Adani Transmission, BHEL, and L&T Construction, as well as project developers like Hero Future Energies, Mahindra Susten, and Tata Power Solar.
MetalMiner’s Annual Outlook provides 2019 buying strategies for carbon steel
India’s consistent investments in renewable energy over the last few years have been geared toward meeting its Paris climate agreement commitment to bring 175 GW of renewable energy online by 2022.