US Company SunEdison is going to supply solar power in India at a record low tariff which in turn could enhance appeal for renewable energy even more in the country. Thus, lessening rates of renewable energy could get more support from government to be an alternative to thermal power. This comes at a perfect time when PM Modi is stressing for clean energy to combat the adversity of climate change.
- SunEdison is going to establish a 500 MW project in Andhra Pradesh by supplying power at a very cheap rate of ₹4.63 (amounting to $0.0706) per kilowatt-hour.
- Previous solar tariff in India was somewhat around ₹5.05 per KW-hour supplied by Canadian company SkyPower.
- This could pave way for future companies to set up solar projects in the country as the central government provides various cheap loans to generate 175 GW of renewable energy by the year 2020.
- Also, the central government expects clean renewable energy to give way for businesses in the country worth $160 billion in the next five years.