India has witnessed a remarkable addition of renewable energy capacity, reaching 18.48 GW in the fiscal year 2023-24, marking a significant increase of over 21 percent from the previous year’s 15.27 GW, as per the latest Ministry of New & Renewable Energy data.
However, industry analysts caution that there is a pressing need to annually add at least 50 GW of renewable energy capacity for the next six years to fulfil the ambitious target of achieving 500 GW of renewables by 2030.
According to the data, India’s current installed renewable energy capacity stands at 143.64 GW as of March 31, 2024, excluding 47 GW from large hydropower plants (each exceeding 25 GW).
Renewable Energy Capacity Growth Imperative:
Experts highlight that considering the total renewable energy capacity at approximately 190 GW, including large hydro projects, India must add 310 GW in the next six years, averaging 50 GW annually.
Union Power and Renewable Energy Minister RK Singh, in a recent interview with PTI, stated, “My installed capacity of RE is about 190 GW, with 103 GW under construction and 72 GW under bids, totaling about 360 GW. I will achieve the target of 500 GW of renewable energy capacity by 2030 ahead of schedule, as I meet all my targets.”
Additionally, the MNRE aims to bid around 50 GW of renewable energy projects annually to achieve the ambitious 500 GW target, according to Free Press Journal.
Solar installations led the renewable energy capacity addition in FY24, with 12.78 GW, followed by 2.27 GW of wind energy. Among the renewable energy sources, solar leads with a total installed capacity of 81.81 GW, followed by wind energy at around 46 GW, biomass cogeneration at 9.43 GW, and small hydro at 5 GW (up to 25 MW capacity each).
In terms of states, Gujarat and Rajasthan boast the largest renewable energy capacities, each with approximately 27 GW, followed by Tamil Nadu at around 22 GW, Karnataka at about 21 GW, and Maharashtra at roughly 17 GW. Himachal Pradesh and Andhra Pradesh each have an installed renewable energy capacity of around 11 GW.
(Finance World and The Free Press Journal have published the article under a mutual content partnership arrangement.)