India’s renewable energy (RE) sector achieved impressive growth in October 2024, fuelled by a wave of new tenders and supportive policy measures aimed at expanding the nation’s green energy capacity.
Surge in Renewable Energy Tenders
In October alone, 16 new RE tenders were issued, totalling 11,098 MW.
This increase reflects India’s strong commitment to reducing its carbon footprint and enhancing its green energy infrastructure, as highlighted in the Market Intelligence report by JMK Research.
Key Players Driving Expansion
Major players in the RE sector played pivotal roles in this growth.
The National Hydroelectric Power Corporation (NHPC) floated a substantial 1,200 MW solar tender, linked to the Inter-State Transmission System (ISTS) to facilitate power transfer across regions.
Meanwhile, in addition, the National Thermal Power Corporation (NTPC) issued a notable 1,200 MW wind-solar hybrid tender, with an optional greenshoe capacity expansion of 600 MW.
The Solar Energy Corporation of India (SECI) further contributed to the sector’s growth by issuing bids for another 1,200 MW of round-the-clock renewable power through ISTS connections. This initiative aims to increase the reliability of green energy within the national grid.
Rise in Installed Renewable Energy Capacity
Between January and September 2024, India added 17,444 MW of new solar power and 2,626 MW of wind power.
This growth boosted the country’s cumulative RE capacity to 201.46 GW, laying a strong foundation for future developments in the sector.
In September alone, approximately 1,501 MW of new solar and wind capacity was installed, marking a substantial month-over-month increase.
Dynamic Auction Activity
October also saw, in addition, active RE auction activity, with 6,316 MW allocated to various developers.
This highlights India’s ongoing efforts to achieve a more sustainable energy mix and meet its renewable energy targets.
Increase in Investment
The RE sector attracted $103 million in fresh financing in October, thus providing essential capital for both current and future projects.
This investment underscores the sector’s appeal and the positive outlook for renewable energy in India.
Steady Demand
Market activity on the Indian Energy Exchange (IEX) remained stable in October, with 33.55 million units traded in the Green Term Ahead Market (GTAM). This steady trading volume indicates a strong demand for renewable energy across various sectors in India.
Pricing Trends
The report noted a slight decrease of 1.18% in domestic prices for Mono PERC modules, a popular photovoltaic module type.
This competitive pricing trend could improve project economics, potentially spurring further growth in the sector.
Robust Policy Support
Significant policy momentum accompanied the sector’s growth in October. The government issued a total of 22 new notifications, regulations, and orders, including 10 at the central level and 12 at the state level.
These actions demonstrate the government’s proactive stance in supporting the renewable energy sector. It ensures progress toward India’s ambitious renewable energy targets.
Outlook
India’s renewable energy sector is on a robust growth path. It is supported by strong policy frameworks, ongoing investment, and dynamic market activity.
As reported by knnindia.co.in, with increasing installed capacity, competitive pricing, and enhanced regulatory support. India is, as a result, well-positioned to achieve its clean energy objectives in the coming years.
