Solar power drives record renewable energy growth in India
Notable because
Attaining India’s target of establishing 500 GW of non-fossil-fuel-based power capacity requires an increase in the pace of annual RE capacity deployment. While the capacity installed in FY24 (18.5 GW) is higher vis-à-vis previous years, annual deployments need to increase to a level consistent with the 50-GW-per-year bidding trajectory announced last year to enable India to reach its 2030 clean power targets.
What to look out for in the months ahead
Renewable energy implementing agencies (REIA) tendered out 47.5 GW RE capacity, or ~95 per cent of the bidding trajectory target, in FY24. Will all of these tenders subsequently result in capacity awards and project deployment?
Can REIAs maintain a pace of tendering in FY25, and subsequent years, that is consistent with the bidding trajectory?