India to set up USD-350m solar financing fund

India’s renewable energy capacity as of October 2017 stands close to 61 GW

Shell Energy Europe, an energy marketing and trading division of Royal Dutch Shell, is present in 14 European power markets, which includes the offtake of renewable power from wind farms and solar parks in Britain and Europe.

This comprehensive cost report from the International Renewable Energy Agency (IRENA) highlights the latest trends for each of the main renewable power technologies, based on the latest cost and auction price data from projects around the world.

By 2020, IRENA expects solar PV costs to be halved from the current levels. The analysis shows that renewable power generation costs are continuously falling with the cheapest contracts for wind and photovoltaic (PV) solar already competing with fossil fuel-based generation in many regions.

India will need at least United States dollars 125 billion in fresh funds to lift the share of renewable power supply in its grid by 2022, Anand Kumar, secretary at the ministry of new and renewable energy, told Reuters. Recent auctions have routinely commissioned onshore wind energy for US$4 cents/kWh equal to the cheapest competitors.

The global weighted average levelised cost of electricity (LCOE) of utility-scale solar PV has fallen by 73% between 2010 and 2017 to 10 cents/kWh.

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Image: IRENA says that onshore wind generation has now become as affordable as any other source.

In the Middle East, power generation capacity from renewables is expected to increase to 100 gigawatts from 16.7 GW, requiring energy storage solutions, according to Siemens" report "Middle East Power: Outlook 2035'.

It is hoped that by 2050, 44 per cent of the UAE's energy needs will be provided by renewables, with 38 per cent from gas, 12 per cent from cleaner fossil fuel and six per cent from nuclear energy.

An official statement quoting IRENA Director-General Adnan Z. Amin as saying that "This new dynamic signals a significant shift in the energy paradigm".

Although some forms of green generation can already compete with fuels like coal, oil and gas, the report expects all of the renewable power technologies now in commercial use will "fall within the fossil fuel-fired cost range". See the report's Executive Summary and the full report.

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