Hybrid Wind-Solar Projects Soar Renewable Energy Growth
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India Sets Record With Additional 16.4 GW Of Renewable Energy
By Sanjay Singh
New Delhi, October 11: India added a record 16.4 GW of renewable energy this year, the highest ever addition since year 2015. Renewable energy is seen as a future fuel globally.
India has added a record 16.4 GW of renewable energy in the first seven months (January 2024 -July 2024) this year. This is the highest ever addition since year 2015, according to the data released by the Ministry of New and Renewable Energy.
India has a target to achieve 500 GW of installed non-fossil fuel capacity by 2030. And to achieve this target India would need to add 50 GW annually between now and 2030.
Prime Minister Narendra Modi had earlier this year stated the country’s solar energy capacity has increased 32-fold in the past 10 years and this speed and scale will also help us achieve 500 GW gigawatt non-fossil capacity by 2030.
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According to a government report, a total Renewable Energy capacity of 89.13 GW is under construction, while 67.46 GW capacity is in the under-development stage as which would translate to an active under-construction stage soon.
Going by the capacity addition of 16.4 GW Renewable Energy capacity in the first seven months of 2024, the experts are hoping that India may add close to 30 GW RE capacity by the end of this year. The country has missed its target of 175 GW of installed non-fossil fuel capacity by 2022 and it needs to expedite the installation of renewable to stay on track.
The government has maintained that a massive Renewable Energy capacity is under tender process and the country could witness a record-breaking addition to power capacity.
At the same time, the industry has urged for government’s consistent policy support. That will help India to position as a global hub for renewable energy production, especially in the wind energy segment.
The country’s installed capacity stands at around 48 GW. India has the potential to add 8 GW of capacity per annum.
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India’s wind energy sector is experiencing remarkable growth, with an installed capacity of over 47 GW as of 2024. The trend towards hybrid wind-solar projects is changing the landscape.
India has set a target of 140 GW of wind power capacity by 2030. Recent investments exceeding $10 billion annually in renewable energy have raised hopes of meeting the target.
Investment is critical to meeting India’s renewable energy targets and driving sustainable development.
As the country is ready to ramp up capacities, decisive and consistent policy support and timely power purchase agreements (PPAs) are crucial in the immediate term to attract investments that will drive deployments and bring smart innovation.
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