Renewable Energy India Achieves Milestone: Surpasses 150 GW Installed Capacity
India has achieved a remarkable milestone in its renewable energy sector, with the Ministry of New and Renewable Energy (MNRE) announcing that the total installed capacity has exceeded 150 gigawatts (GW) as of October 31, 2024. This achievement underscores India’s growing commitment to sustainable energy and positions the nation as a key player in the global renewable energy landscape.
Renewable Energy India: Detailed Breakdown of the 150 GW Capacity
The MNRE highlighted that the 150 GW of installed renewable energy capacity includes significant contributions from various sources. The largest share comes from solar energy, which accounts for 81 GW, followed by wind energy at 44 GW. Additionally, bioenergy and small hydropower contribute 11 GW and 5 GW, respectively. Projects like the Sterling and Wilson Bags ₹504 Cr Solar Contract in Rajasthan play a pivotal role in this expansion.
India’s renewable energy capacity has grown by 17.8 GW in the past year, reflecting a 13.5% increase. This growth is part of India’s broader strategy to reduce its reliance on fossil fuels and shift towards a more sustainable energy mix. The rapid expansion of renewable energy is also in line with India’s ambitious targets and its commitment to combating climate change.
Renewable Energy India Projects in Development: Current Pipeline and Future Growth
Beyond the installed capacity, India has a significant pipeline of renewable energy projects under various stages of development. The MNRE reported that there are an additional 60 GW of renewable energy projects under implementation and another 30 GW at different stages of tendering. These projects are expected to further boost India’s renewable energy capacity in the coming years, helping the country move closer to its long-term energy goals.
India has set an ambitious target of reaching 500 GW of installed renewable energy capacity by 2030. This goal is part of the nation’s broader commitment to achieving net-zero carbon emissions by 2070. The current pace of development, combined with the strong pipeline of projects, indicates that India is on track to meet these targets.
Renewable Energy India Policies and Initiatives: Government Support and Schemes
The Indian government has implemented several policies and initiatives to support the growth of the renewable energy sector. In September 2023, the Cabinet approved the Viability Gap Funding (VGF) Scheme for the Development of Battery Energy Storage Systems (BESS), with a total outlay of Rs 9,400 crore. This scheme aims to provide financial support for the development of BESS projects, which are crucial for integrating renewable energy into the grid and ensuring a stable supply of clean energy.
The VGF scheme is expected to support the development of 4,000 MWh of BESS by 2030-31, with a maximum support of 40% of the project cost. The scheme is also designed to attract private sector investment in the BESS sector, fostering innovation and helping to establish a competitive market for energy storage in India.
Renewable Energy India: Challenges and Future Prospects for Sustainable Growth
Despite the impressive progress, India’s renewable energy sector faces several challenges. One of the key issues is the integration of renewable energy into the national grid. As the share of renewable energy continues to grow, the grid must be upgraded to handle the intermittent nature of solar and wind power. Investments in grid infrastructure, smart grid technologies, and energy storage solutions will be essential to address these challenges.
Another challenge is the need for continued investment in renewable energy projects. While the government has provided significant support, attracting private investment will be crucial to achieving the 500 GW target by 2030. The VGF scheme and other policy initiatives are steps in the right direction, but more efforts will be needed to create a conducive environment for private sector participation.
Looking ahead, India’s renewable energy sector is poised for continued growth. The combination of strong government support, a robust pipeline of projects, and increasing private sector interest bodes well for the future. As India moves towards its 2030 target, the country is also expected to play a leading role in the global renewable energy transition.
India’s achievement of exceeding 150 GW of installed renewable energy capacity marks a significant milestone in the country’s journey towards a sustainable energy future. With ambitious targets, supportive policies, and a strong pipeline of projects, India is well on its way to becoming a global leader in renewable energy. The challenges ahead are substantial, but with continued focus and investment, India can achieve its goal of 500 GW of renewable energy by 2030 and contribute significantly to global efforts to combat climate change.
