Can India power its real estate on solar energy?
India is on a mission to put its ample sunshine to work, with ambitious efforts underway that have already started to reshape energy consumption across the country.
India currently depends largely on coal for power. But over the last few years the Indian government has been improving its renewable energy infrastructure and creating policies aimed at moving toward greater use of solar power.
“India’s approach is bold,” says Kumar Ramaiah, Director, Energy & Sustainability at JLL, India. “While investors have been coming in droves, there is still a need to step up policies and incentives to increase interest.”
There are now signs that the hard work is paying off: Japanese tech giant Softbank recently announced plans to invest US$100 billion in Indian solar power. Last year, India attracted nearly 30 percent of corporate funding in the sector globally.
With the Indian government providing infrastructure such as land, water and roads, the path to further gains is being cleared. Five of the world’s ten largest solar parks are being built in the country, and India’s solar market is poised to overtake the U.S. and become the world’s second largest, only behind China.