India is poised to witness a substantial increase in its renewable energy capacity during the current fiscal year. It is projected that the country will add between 30 to 35 gigawatts (GW) of renewable energy capacity, surpassing the 18.4 GW added in the previous fiscal year.
Renewable energy sources played a crucial role in expanding India’s power generation capacity in the fiscal year 2023-2024 (FY24), contributing 71% of the total 26 GW added, according to the council on energy, environment, and water.
Nodal agencies responsible for conducting auctions are expected to auction off 50 GW of renewable energy capacity in the current fiscal year 2024-2025 (FY25). This aligns with the planned trajectory for each of the five years starting from FY24. In the previous fiscal year, these agencies auctioned about 51 GW of renewable energy capacity.
Besides central agencies, states and companies will also conduct separate auctions for the commercial and industrial sectors. The government has set an ambitious target of achieving 500 GW of renewable energy capacity by 2030.
According to a report from Moody’s Ratings, meeting this goal will require an annual addition of about 44 GW. As reported by knnindia.co.in, the report estimates that India will need investments ranging from $190 billion to $215 billion over the next seven years to meet the renewable energy capacity target.
