India’s renewable energy capacity to grow at double the rate of overall energy capacity by 2030: CRISIL

According to a report by CRISIL, India’s renewable energy (RE) capacity, excluding large hydro projects, is expected to grow at a compound annual growth rate (CAGR) of 16.5%-17%, reaching 360-370 GW by fiscal 2030. 

This growth rate is double that of the country’s overall power capacity, which is projected to grow by 7.5%-8%, increasing from 442 GW in March 2024.

India’s renewable energy capacity, including large hydro projects, stood at nearly 191 GW as of March 2024, with solar energy driving much of the growth. Solar capacity is expected to increase significantly, with around 175-180 GW added between fiscal years 2025 and 2030, reaching 82 GW by 2024.

The report attributes the rapid growth in renewable energy to favourable government policies, competitive tariffs, and the development of solar parks and green energy corridors. India’s peak electricity demand surged from 164 GW in 2018 to 243 GW in 2024, with power demand expected to grow by 5.5%-6% over the next five years, driven by infrastructure investments, railway electrification, expanding metro projects, and electric vehicle adoption.

India’s renewable energy expansion positions it as a key player in the global energy transition, supporting its green and sustainable energy future.