India adds record 18.48 GW in renewable energy capacity in FY24

India’s renewable energy goals: India has achieved a milestone in renewable energy capacity expansion, with a record addition of 18.48 GW during the fiscal year 2023-24, marking a 21 per cent increase from the previous year's 15.27 GW, as per the Ministry of New & Renewable Energy's latest data.

Despite the progress, industry experts underline the necessity of accelerating renewable energy deployment to meet the target of 500 GW by 2030. To achieve this goal, India needs to add at least 50 GW of renewable energy capacity annually over the next six years.

The installed renewable energy capacity in India stands at 143.64 GW as of March 31, 2024, excluding 47 GW from large hydropower plants. Including large hydro projects, the total renewable energy capacity reaches around 190 GW, necessitating the addition of 310 GW within the next six years, averaging 50 GW annually.

Union Power and Renewable Energy Minister RK Singh expressed confidence in surpassing the 500 GW target ahead of schedule, citing ongoing projects. Currently, there are 103 GW under construction and 72 GW under bidding, totalling around 360 GW in progress.

To further accelerate capacity expansion, the Ministry of New & Renewable Energy aims to auction around 50 GW of renewable energy projects annually.

Solar installations led the capacity addition in 2023-24, accounting for 12.78 GW, followed by wind energy with 2.27 GW. The total solar installed capacity stands at 81.81 GW, followed by approximately 46 GW of wind energy, 9.43 GW of biomass cogeneration, and 5 GW of small hydro projects.

Gujarat and Rajasthan lead the states in renewable energy capacity, with around 27 GW each, followed by Tamil Nadu, Karnataka, and Maharashtra. Himachal Pradesh and Andhra Pradesh also boast significant renewable energy capacities of about 11 GW each.

(With PTI inputs)