India will be less dependent on others for manufacturing solar power: Khurshid Daruvala

Khurshid Daruwalla, chairman, Sterling & Wilson Group, said India needs to capture the value chain to make solar power in the country so that it is not over-dependent on other countries. Speaking at the Sterling & Wilson-Business Today “Scripting a Renewable Future” summit, Daruvala said India needs protectionism because if companies in India can manufacture products on a globally competitive scale, it is best It can be a matter. Country.

Asked what policy changes India needs for this, he said, “If we look at the global scenario, things start when everything is completely ready, there is a need for pre-planning.” happens so that everything happens smoothly. It just has to happen.” Ready to build a solar project. Being able to build infrastructure quickly will be key for the future.

On renewable energy financing, he said: “Today in Saudi Arabia the tariff is seen at 80 paise to Re 1 and in India, we are around Rs 2 to 2.30 paise. Capex in India is less than Saudi. The capex per unit generated in India is still low. It is coming at the cost of financing. Dollar loans are being given to international projects at very low interest rates. So there is no clarity on what level of funding we are going to come to. It is also going to determine the future of solar energy.

Renewable energy storage plays an important role if the country can generate the required electricity, “If we are able to generate solar and feed wherever it is required, it will become the cheapest form of electricity and can be used in large areas in such areas. There is potential. There are EV chargers in place that can capture whatever you want. The amount of electricity flowing through an EV charger must be captured.”

On a target of 450 GW by 2050 and net zero by 2070, he said, “Despite all the challenges, we are the third largest in solar installations globally and many of these challenges are being worked out and, if they happen, the capacity Will be huge. From the point of view of time, it would be good if we create such infrastructure on time. Indian companies are trying to create complete value chain within the country, which also promotes self-reliance.”

He said that there is an urgent need for continuous supply of raw material.

“Big corporations have to play their part to ensure a steady supply of raw materials. Doubling capacity every year will only help in achieving those goals,” said Daruwala.