SunEdison troubles pose no threat to Indian solar industry, says minister

Speaking at a media briefing in London yesterday, Indian Power Minister Piyush Goyal said stakeholders in India’s solar sector were not concerned about SunEdison’s precarious financial situation.

“I don’t think it deters us or deflects the success of the solar program at all," Goyal commented. "If one or two companies fail, there will be others who can take their projects.”

Bloomberg pointed out that SunEdison, the world’s biggest green energy company, is credited with driving tariffs to record lows in India at a government last year. However, some solar companies operating in India have bid lower prices than SunEdison, Goyal said.

SunEdison is reportedly looking to sell as much as 1 GW of unfinished projects while preparing to seek protection from creditors, the news agency added.

“Investors need not be worried about it,” Goyal added, stressing that bankers were not worried about SunEdison’s situation. He added that there was enough interest in the market for much larger volumes than the company had taken up in India.

The minister said he was open to implementing solar tariffs in U.S. dollars and was considering pricing them in euros and yen as well, according to Bloomberg.

India is looking to increase its renewable power capacity to 175 GW by 2022, with solar providing 100 GW, wind 60 GW, biomass 10 GW and the rest from hydropower plants.