India’s solar sector is rapidly moving towards its net zero target with an installed capacity of 500GW of renewable energy by 2030. We are fourth among top-most countries in the world with respect to total installed capacity. Today, solar alone accounts for 7.1% of India’s total generation of electricity. To achieve the targets, it is essential for us to develop all categories of solar across rooftop, ground-mounted and floating through efficient solar asset management. How proficiently and strategically Governments and solar companies in India work will decide India’s position globally.
Ground-mounted solar system are gaining a lot of traction from big and small solar companies, solar O&M players, solar asset management companies and the Governments as well. In a recent announcement, Central Government approved 57 mega solar parks in 13 different states under the ‘Development of Solar Parks and Ultra Mega Solar Power Projects’. Aggregate capacity of these parks would be almost 40GW. These solar parks will significantly contribute towards India’s installed capacity targets. Their large-scale deployment not only bolsters energy production but also drives down the cost of solar energy, making it more accessible for both industrial and residential consumers. Utility scale solar system installations will also open avenues for creation of jobs, community upliftment and drive country’s economic growth while contributing towards sustainable development.
Rising opportunities in Solar Asset Management
There is increasing focus of various Solar O&M companies on solar asset management that ensures efficient performance and longer life of ground-mounted or utility-scale solar installations.
Solar asset management largely involves complete monitoring, maintenance as well as optimising performance of large-scale solar systems. An asset management company will engage in time-to-time maintenance services, regular inspections, evaluating performance and preventing downtime through advanced technologies. Today various SaaS companies that use innovative technologies for early detection and prompt rectification of issues thus optimising performance of solar installations through solid data-driven analytics.
Steady rise in ground-mounted solar parks / installations in various states, efficient and reliable asset management have become all the more crucial for enhancing performance, minimising downtime and elongating life of solar installations to make them financially viable.
Prospects of mega projects and solar asset management in India
As the country’s trajectory evolves, solar companies in India are also diversifying into options other than ground-mounted solar installations. First quarter of FY2023 witnessed a staggering addition of 2GW installations of rooftop solar projects alone. According to the Institute for Energy Economics and Financial Analysis and JMK Research & Analytics finds, this number is expected to touch 4GW in FY2024. This shows inclination of residential and commercial consumers towards rooftop solar installations.
For continuous electricity from solar installations, Government is also encouraging energy storage systems for solar projects that will further boost all forms of solar installations. As a result, solar manufacturers, solar developers or solar EPC players, Solar O&M and asset management companies will surely benefit big time. With immense opportunities in the solar market, there are a few challenges that will need attention like energy storage, grid connection and load, etc. where solar asset management companies will play a pivotal role.
The ultimate challenge that India faces is creating and maintaining a balance between infrastructure development of utility-scale solar installations and efficient management of these systems. Technological advancement, innovation and a proactive approach will be inevitable for India to spearhead a sustainable and diversified solar revolution.
