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 dition of 18.48 GW during fiscal year 2023-24, marking a 21 per cent increase from previous year's 15.27 GW, as per Ministry of New & Renewable Energy's latest data.

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

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, total renewable energy capacity reaches around 190 GW, necessitating dition of 310 GW within next six years, averaging 50 GW annually.

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

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

Solar installations led capacity dition in 2023-24, accounting for 12.78 GW, followed by wind energy with 2.27 GW. 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 le states in renewable energy capacity, with around 27 GW each, followed by Tamil Nu, Karnataka, and Maharashtra. Himachal Presh and Andhra Presh also boast significant renewable energy capacities of about 11 GW each.

(With PTI inputs)