India Achieves 85.47 GW Solar And 46.65 GW Wind Power Capacity As Of June 2024

The Indian government has ramped up efforts to promote renewable energy with a range of new initiatives and policies, as revealed by the Minister of State for New & Renewable Energy, Shri Shripad Yesso Naik, in a recent Rajya Sabha session. As of June 30, 2024, the country boasts an installed capacity of 85.47 GW of solar photovoltaic (PV) power and 46.65 GW of wind power.

To further advance its renewable energy ambitions, India has set an ambitious target of achieving 500 GW of installed electric capacity from non-fossil sources by 2030. Several key measures have been introduced to support this goal:

1. Renewable Energy Bidding Trajectory: A plan to issue annual bids for 50 GW of renewable energy projects from FY 2023-24 to FY 2027-28 has been announced, managed by Renewable Energy Implementation Agencies (REIAs) such as SECI, NTPC, NHPC, and SJVN.
2. Foreign Direct Investment (FDI): FDI up to 100 percent is now permitted under the automatic route to attract international investment in renewable energy.
3. Transmission and Waivers: Waivers for Inter State Transmission System (ISTS) charges have been implemented for solar and wind projects, as well as for green hydrogen and offshore wind projects.
4. Renewable Purchase Obligation (RPO): The government has outlined an RPO trajectory through 2029-30, including specific obligations for Decentralized Renewable Energy.
5. Investment Facilitation: A Project Development Cell has been established to attract and facilitate renewable energy investments.
6. New Schemes and Policies: The government has launched various schemes such as PM-KUSUM, PM Surya Ghar Muft Bijli Yojana, and National Green Hydrogen Mission, and issued policies like the National Repowering and Life Extension Policy for Wind Power Projects, and the Offshore Wind Energy Lease Rules, 2023.
7. Infrastructure Development: Efforts include setting up Ultra Mega Renewable Energy Parks, expanding transmission infrastructure under the Green Energy Corridor Scheme, and launching the Green Term Ahead Market (GTAM) for renewable energy trading.

These comprehensive steps are designed to enhance India’s renewable energy sector, support its clean energy transition, and strengthen its position as a global leader in renewable energy.