Lack of funding will undermine the Indian government's 20 GW PV plan for the next decade. Investors in the Indian PV project said that due to low-price bids from developers, the current central government's PV subsidies lacked new gravity and the return on investment was very low. Financial institutions cautiously review photovoltaic projects. Due to the failure of the developers to complete the financing, only the 450 MW project in Gujarat missed the deadline. Project developers in Gujarat plan to raise more than Rs 1,500 crore to complete the 950 MW solar power project. In the coming months they will need to borrow nearly 100 billion rupees from financial institutions. DJ Pandian, Chief Secretary of the Energy and Petrochemicals Department of the Government of Gujarat, said, “The 950MW solar project is being planned. By the end of 2011, we have the capacity to complete 300MW, and developers need financial support from financial institutions and governments to complete another 200MW. Projects. We are very concerned about which developers will miss the deadline for the remaining 450MW projects.†Under the current subsidy standards, project developers face great uncertainty if they cannot complete these at the end of 2011. The project will introduce new subsidy standards for power regulators next year. KSPopli, technical director of the Indian Renewable Energy Development Agency (IREDA), said financial institutions have become cautious about lending to solar projects. IREDA is considering a 60MW project and expects some loan projects to be rejected soon.
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