India approves NTPC's 15,000 MW solar power projects

Reuters
A worker cleans photovoltaic solar panels inside a solar power plant at Raisan village near Gandhinagar, Gujarat, February 11, 2014. REUTERS/Amit Dave

MUMBAI (Reuters) - The union cabinet on Wednesday approved state-run power producer NTPC Ltd's plans to set up 15,000 megawatt of grid-connected solar projects, which would be completed in three tranches.

The rapidly falling cost of solar power has ignited interest in its potential in Asia's third-largest economy, which relies on coal for three-fifths of its energy needs while solar supplies less than 1 percent.

Prime Minister Narendra Modi aims to make India one of the world's largest renewable energy markets, targeting 100,000 MW of output by 2022 from just 3,000 MW currently.

(Reporting by Rajendra Jadhav; Editing by Sumeet Chatterjee)