To study wind-solar hybrid parks and its financial viability

Abstract

One of the 17 Sustainability Development Goals (SDGs) is - Affordable and Clean Energy. This means developing more and more renewable sources of energy, to completely replace the conventional sources of energy. In a bid to provide affordable and clean energy, India had initially set a target to achieve an installed capacity of 500 GW renewable energy by 2030. However, the target has been replaced by a more flexible option of establishing 50% of power from non-fossil fuel sources by 2030. To ensure 50% renewable capacity, India needs to tackle the challenges present during the implementation and execution of a renewable project. The Government of India has been supporting through policies, frameworks, and financial assistance for faster adaption of the renewable energy. Two ways are discussed in the project which can help in increasing renewable installed capacity: Implementation of wind - solar hybrid parks and alternate sources of financing. Wind Solar hybrid parks address the variability threat of renewable sources and brings down the risk of the project, thereby attracting more players. Alternate sources of financing help to reduce the dependency on government funding, thereby speeding up capacity addition