India achieved a remarkable feat by adding a record 18.48 GW of renewable energy capacity in the fiscal year 2023-24, marking a growth of over 21% compared to the previous year’s 15.27 GW, as per the Ministry of New & Renewable Energy’s latest data.
Despite this achievement, industry experts stress the necessity of adding at least 50 GW of renewable energy capacity annually for the next six years to achieve the ambitious target of 500 GW of renewables by 2030.
The data reveals that 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 plant with a capacity of more than 25 GW).
However, experts highlight that when including large hydro projects, the total renewable energy capacity reaches around 190 GW. This underscores the need for India to add 310 GW over the next six years, averaging 50 GW annually, to meet its renewable energy goals.
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Union Power and Renewable Energy Minister RK Singh, in a recent interview with PTI, said, “You see, my installed capacity of RE is about 190 GW, I have 103 GW under construction, that makes it 290 GW. I have 72 GW under bids, so I am already at about 360 GW. I will reach it (target of renewable energy capacity of 500 GW by 2030) before time as I reach all my targets”.
The Ministry of New & Renewable Energy (MNRE) aims to facilitate bidding for approximately 50 GW of renewable energy projects each year to achieve the ambitious 500 GW target.
Data highlights that solar installations accounted for 12.78 GW, leading the overall renewable energy capacity addition of 15.27 GW in the fiscal year 2023-24, followed by 2.27 GW from wind energy projects.
In terms of total renewable energy capacity, solar installations dominate with 81.81 GW, followed by approximately 46 GW from wind energy, 9.43 GW from biomass cogeneration, and 5 GW from small hydro projects (up to 25 MW capacity each).
Among states, Gujarat and Rajasthan lead with renewable energy capacities of around 27 GW each, followed by Tamil Nadu at about 22 GW, Karnataka at approximately 21 GW, and Maharashtra at around 17 GW. Himachal Pradesh and Andhra Pradesh also boast installed renewable energy capacities of approximately 11 GW each.
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