Page 18 - Insurance Times June 2019

It helps in reduction of electricity bill, as it has the 26000 MW, showing a great sign for future growth of solar
potential to save up to 20% of the energy cost. energy.
It can be used in remote locations where there is no
India is now expected to add approximately 10 GW of solar
access to the power cables. Best suited for the hilly
capacity in 2019 and it is expected that there will be
areas .
continued growth in private power purchase agreement, in
both large scale projects and rooftop according to Andrew
Growth of Solar Power
Hines, Co-Founder, CleanMax Solar.
Among the all renewable sources of energy, solar has
witnessed the much more activity. The International Our Prime Minister has made it a priority to electrify all the
Renewable Energy Agency (IRENA) released a data and a
villages by 2022, and a new target of 227 GW of production
report collaborated by Bloomberg New Energy Finance
of electricity by renewable energy has been set by the
(BNEF) and the Frankfurt School's UNEP Collaborating
Indian Government. In 227 GW, 113.49 GW (around 50%)
center (FS-UNEP-CC), show that the generation capacity for
of electricity will be contributed by solar energy, hence the
renewable energy grew by 8.3% in 2017, as the case was in
growth potential of solar energy in India is huge.
previous year. The growth in solar capacity alone surpassed
the combined new capacity installations of coal, gas and
Installed Solar PV as on 31st March, 2018
nuclear power.
Year Cumulative Capacity (in MW)
2010 161
The reports suggest that, in 2017, global solar photovoltaic
2011 461
(PV) capacity grew by 32%, followed by wind energy growing
2012 1,205
by 10%. The report also shows that such growth resulted
2013 2,319
in huge cost reductions for both the technologies. From
2014 2,632
2010-2017, the cost incurred in generating electricity from
2015 3,744
solar PV fell by 73%.
2016 6,763
2017 12,289
2018 21,651
Risk Associated with a Solar Plant
Like any other project, solar plants too face the risk which
can broadly be categorize at erection and operational level.

At Erection Stage

In 2017, the solar capacity installations worldwide were 98
GW which is in itself a record, surpassing the combined new
capacity installations of coal, gas and nuclear power.

In 2018, India has emerged as one of the world's largest
market for solar PV by surpassing a total solar capacity of

18 The Insurance Times, June 2019