India has a bright future in solar energy.
Its renewable energy market is currently valued at $17 billion dollars, and is growing at an annual rate of 15 percent. And remarkably, there is potential for even bigger things.
According to one estimate, to keep economic growth at current levels, India will need to add 150 gigawatts of capacity over the next five years. Clearly, there is both a market and a need for clean energy in India. And, U.S. companies have the technology and products to meet these needs and help spur economic development.
It’s a natural partnership.
That’s why, yesterday, during my keynote speech at SOLARCON India 2011, I urged all parties to consider new partnerships with each other so that we can build a clean future together.
Hosted in the city of Hyderabad, the trade event brought together a wide-range of business leaders, academics and government officials to exchange ideas about the clean energy sector. Although estimates about the attendance are unavailable at this time, just last year, it drew over 4,000 people from over 30 countries.
This year, there was incredible energy and excitement in the air. For U.S. firms, India’s solar market represents a huge opportunity to get involved in a booming sector in a growing market, resulting in thousands, if not millions, of jobs for people in both countries.