Author: Power Peak Digest Team Pub Date: January 2, 2025

India’s renewable energy sector has made significant strides, with installed capacity surpassing 200 gigawatts (GW) and projections of investment doubling to over Rs 2.75 trillion by 2025.

According to the International Energy Agency (IEA), India’s annual renewable capacity additions are set to grow faster than any other major economy, including China, with expectations for the country’s capacity to more than quadruple from 15 GW in 2023 to 62 GW by 2030.

Union Minister for New and Renewable Energy, Pralhad Joshi, highlighted that India added 24.72 GW of renewable energy (RE) capacity in 2024, compared to 11.83 GW in the same period last year. This includes 20.85 GW from solar power, 3.22 GW from wind, and smaller contributions from biopower, small hydropower, and large hydropower. The RE sector accounted for nearly 87% of the total installed capacity in the country between January and November 2024.

Joshi also noted that the renewable energy sector has seen substantial pledges, with Rs 32.45 trillion committed to clean energy projects in 2024. Additionally, the PM-Surya Ghar Muft Bijli Yojana, aimed at providing free rooftop solar installations and electricity for one crore households, has seen over 1.5 crore registrations and 6.85 lakh installations so far.

To meet its target of 500 GW of renewable energy by 2030, India plans to add 50 GW of RE capacity annually, with substantial investments required to meet this goal. Joshi acknowledged the challenges in developing policies to reduce the cost of green hydrogen, and further policy efforts to support the sector are underway.

Key industry leaders, including Sandeep Agarwal from Greenzo Energy India and Vineet Mittal from the CII Task Force on Green Hydrogen, emphasized the importance of public-private partnerships, innovation, and a comprehensive policy framework to drive the green energy transition.

In the coming years, India is expected to face challenges related to project awarding, green hydrogen production, and transmission infrastructure, but the sector is optimistic about continued growth and the potential for emerging technologies like floating solar and offshore wind.

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