India Achieves Record Growth in Renewable Energy Capacity: Adds 18.48 GW in 2023-24, Aims for Ambitious 500 GW Target

In the fiscal year 2023-24, India has witnessed a remarkable surge in its renewable energy capacity, as reported by the Ministry of New & Renewable Energy. The country added a record-breaking 18.48 GW, marking a significant increase of over 21% compared to the previous year’s addition of 15.27 GW. This development underscores India’s commitment to bolstering its renewable energy sector.

Despite this progress, industry experts caution that substantial efforts are imperative to achieve the ambitious goal of 500 GW of renewable energy capacity by 2030. To attain this target, it is suggested that India needs to augment its renewable energy capacity by at least 50 GW annually for the next six years.

As of March 31, 2024, India’s installed renewable energy capacity stands at 143.64 GW, excluding large hydropower projects exceeding 25 GW each, which total to 47 GW. However, considering these large hydro projects, the cumulative renewable energy capacity reaches around 190 GW. Therefore, to reach the 500 GW target, an additional 310 GW must be added within the next six years, averaging around 50 GW per year.

Union Power and Renewable Energy Minister RK Singh expressed optimism about achieving the target ahead of schedule, citing the substantial projects already underway and in the bidding pipeline. He highlighted that with 103 GW under construction and 72 GW under bids, the country is well on track to reach 360 GW, significantly closer to the 500 GW goal.

In alignment with these aspirations, the Ministry of New & Renewable Energy aims to facilitate the bidding of approximately 50 GW of renewable energy projects annually, emphasizing a concerted effort to expedite progress towards the ambitious renewable energy target.