According to Mercom Capital, India will need to add 30 gigatonnes (GW) of solar energy capacity every year to meet the 280 GW solar power installation target by 2030. Sharing his point of view.
Sharing his outlook, Mercom Capital CEO Raj Prabhu said, “The outlook is very positive on the back of various steps taken by the government to help and support the domestic renewable energy sector”.
To make India Atmanirbhar in this domain, the government launched production-linked incentive schemes, renewable industrial zones, and a few other efforts. However, he underlined that policy certainty and timely implementation of these programs are crucial for the government’s aim of renewable energy self-sufficiency.
“We must change our mindset from a 10 GW a year industry to a 30 GW a year solar industry and establish all the necessary infrastructure – physical, policy, and financial to achieve the 280 GW goal (solar capacity installation) along with the energy transition goals,” he said.
He also stated that the overall renewable energy sector remains a promising spot for investors, as foreign direct investment (FDI) inflows are increasing. According to him, the FDI flow in April-December FY23 was USD 1.66 billion, which was greater than the USD 1.60 billion attracted in the entire FY22.
According to RK Singh, Minister of New and Renewable Energy, India’s total installed renewable energy capacity would reach 168.96 GW by the end of February 2023.
He informed the Rajya Sabha that of the entire 168.96 GW, 64.38 GW is solar generating capacity, 51.79 GW hydro, 42.02 GW wind, and 10.77 GW biopower.
Another 82.62 GW of green energy capacity is being built, and 40.89 GW is in various phases of tendering, he added in a written response to the upper House.
During the current fiscal year 2022-23 (through to January 2023), renewable energy sources generated a total of 3,16,754.86 MU of power, according to Singh.
According to the minister, India’s overall power generation capacity as of February 28, 2023, was 412.21 GW. The government’s goal is to have 500 GW of installed non-fossil energy capacity by 2030.