India to Lift Solar Power Target Fivefold to 15 Gigawatts

India is preparing to lift its solar energy target to 15 gigawatts by 2019, more than five times current capacity, as Prime Minister Narendra Modi seeks to accelerate clean-energy deployment.

The government may scrap plans to auction 1,500 megawatts of solar power projects by April in favor of a more ambitious program to install 5,000 megawatts to 7,000 megawatts annually, New Delhi-based advisory Bridge to India Energy Pvt. said in a note to clients, without saying how it obtained the information.

The government plans to support 15 gigawatts of installations over the next five years, up from its current plan for 3.6 gigawatts by 2017, Bridge to India said. Subsidies to lower borrowing costs for projects are among the incentives under consideration, it said.

Independent state-level programs could further that target, Bridge to India said. Andhra Pradesh, Telangana and Madhya Pradesh states may soon host solar parks of 1 gigawatt each, it said.