India will become fourth largest solar market in 2016: report

With expected new capacity addition of 5.4 gigawatt (GW) in 2016, India will become the fourth largest solar market globally this year, overtaking the UK, Germany and France, a report released by Bridge to India (BTI), a renewable energy consulting firm, said on Friday.

A rapid reduction in costs and increased demand for solar installation has fanned tremendous growth over the past 12 months in the country’s solar energy sector, said the ‘India Solar Handbook’ released by BTI.

About 65 GW of solar capacity is expected to be added globally in 2016, with Asian countries in the lead, the report said. India has already installed 6.6GW of utility-scale solar capacity and 740 megawatt (MW) of rooftop capacity. Read More…