Sales of REC jumps about 58% to 1.75 Million during April-September, 2016

India: The sale of Renewable Energy Certificates (RECs) increased to 1.75 million during April-September, 2016 owing to the improved focus by state power distribution companies, open access and captive power customers to comply with Renewable Power Obligation(RPO). During April-September, 2016, Indian Energy Exchange (IEX) sold 1.18 million RECs and Power Exchange of India Limited (PGXIL) sold around during 0.56 million RECs during the same period witnessing a major increase compared to the previous year.

TechSci Research finds out government’s focus on promoting the sales of RECs by encouraging state distribution to comply with Renewable Purchase Obligation would have a direct and positive impact on the growth of renewable power projects in the country. India aims to install 100GW of solar powered projects in the country. The improved sales of RECs Indicate the increased demand for renewable energy in the country. The obligation of power distribution utilities to buy power from renewable energy project would further encourage development of renewable energy projects particularly the solar power projects in the country. Thereby, boosting the growth of for solar power equipment market in the country.

According to released report of TechSci Research “India Solar Power Equipment Market Forecast & Opportunities, 2020”, the solar power equipment market in India is projected to surpass USD4 billion by 2020, wherein solar energy would be generated by employing photovoltaic (PV) and concentrated solar power (CSP) technologies across the country. Constantly improving solar equipment technologies, advanced manufacturing processes for production of hi-tech equipment and anticipated decline in equipment prices is projected to further drive the solar equipment market over the next five years.