- According to a consulting and research firm, Bridge to India, India could become one of the largest solar markets in the world in the next three years.
- Prime Minister, Narendra Modi, set a target of 100 GW of solar generation capacity by 2022, a nearly 33-fold increase from the current capacity.
- The report said that globally, about 55 GW of solar capacity is expected to be added in 2015, with Asian countries likely to continue dominating the market. China, Japan and India are expected to be among the top five countries.
- India is likely to break into the top five global solar markets this year by adding 2.7 GW capacity, 4 GW of new rooftop solar capacity and 15GW of utility-scale solar capacity under the National Solar Mission by 2019.
- The country was ranked 10th in 2014.
- Some of the challenges the sector is facing currently include quality concerns for solar installations, lack of robust legal enforceability of contracts in the build-own-operate model and also it might take a long time for lenders to consider rooftop solar projects for non-recourse finance.