06 October, 2017
"We expect that solar PV capacity growth will be higher than any other renewable technology through 2022."According to the IEA's report on Wednesday, renewables accounted for almost two-thirds of net new power capacity in 2016".
In its medium-term renewables market report, the IEA expects global renewable electricity capacity to rise by more than 920 gigawatts, or 43 per cent, by 2022, due to supportive policies for low-carbon energy and cost reductions for solar PV and wind.
It said that five winners selected for total 1,000 MW capacity wind power projects include ReNew Power for 250 MW projects quoting Rs 2.64/kWh, Orange Sironj for 200 MW projects quoting Rs 2.64/kWh, Inox Wind for 250 MW projects quoting Rs 2.65/kWh, Green Infra for 250 MW projects quoting Rs 2.65/kWh and Adani Green for 50 MW projects quoting Rs 2.65/kWh.
"According to IEA's report on Wednesday, renewables accounted for almost two-thirds of net new power capacity in 2016".
"India gets lowest wind tariff of Rs 2.64 per kWh (unit) in the second wind auction of 1,000 MW", the Ministry of New and Renewable Energy (MNRE) said in a statement on Thursday. China accounted for roughly half of the expansion, a total of 165 gigawatts of new solar energy in the world.
Speaking to CNBC on Wednesday, Birol said this year's report showed another record for growth in renewable energy.
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By 2022 the share of renewables in power generation is expected to increase to 30% from 24% in 2016.
According to Renewables 2017, the renewable sector is estimated to grow at a rate of 12% this year, which is higher than IEA's forecast last year. "We still think LNG (liquefied natural gas) will be a key source for power generation especially in Asia, even though we expect renewables to grow as well", he said. This figure, the IEA said, was equivalent to the power consumption of China, India and Germany combined.
"In fact, China already exceeded its 2020 solar PV target three years ahead of time and is set to achieve its onshore wind target in 2019", it added. Solar PV and wind together represent 90 per cent of India's capacity growth as auctions yielded some of the world's lowest prices for both technologies.
It also predicts fast growth in off-grid solar PV, which could bring electricity to nearly 70 million more people in Asia and sub-Saharan Africa.
The IEA said coal will still be the largest source of electricity generation in 2022, though "renewables close the generation gap with coal by half in just five years".