Solar energy role critical in future energy scenario

With solar energy likely to play a critical role in the future energy scenario in theworld, especially in wake of diminishing fossil fuels, it was right time for the entrepreneurs to invest in the solar power plants.

According to Rakesh Singh, Co-founder & COO of Staten Solar, in coming decades, the solar energy industry could outpace the growth of any industry.

“State Governments are also now getting into the act and offering special schemes for setting up solar based power plants. Gujarat has already signed Power Purchase Agreements with various entrepreneurs for nearly 650MW while Rajasthan has announced a very attractive scheme last month. In Punjab Staten Solar was in advanced talks with three companies for setting up grid-based Solar Power Plants of 10 MW each” Singh added.

Speaking at workshop on ‘Opportunities in Solar Energy” organised by TiE, Punjab & Chandigarh at the PHD House, Singh said, “Net Electricity consumption in the world is expected to grow at a compounded annual rate of 2.6 per cent till 2025 and at elevated levels thereafter.

“With diminishing reserves of fossil fuels, the world would need to rely on renewable sources of energy in the foreseeable future to meet the demand for energy. Wind Power and Solar Energy were the key components of renewable energy of which Solar Energy would emerge as the leading source. This is because there are only specific locations from where Wind Power can be generated unlike Solar Power,” he added.