India's RE Capacity Soars to 179 GW, Solar Power Surges 25.5 Times in a Decade
To foster this expansion, the Indian government has spearheaded several pivotal initiatives, including opening doors to 100 percent Foreign Direct Investment (FDI) under the automatic route.
December 08, 2023. By Abha Rustagi
The Union Minister for New & Renewable Energy and Power, R.K. Singh, disclosed this significant achievement in a written reply to a question in the Lok Sabha, highlighting a growth rate of approximately 2.34 times in just under a decade.
To foster this expansion, the Indian government has spearheaded several pivotal initiatives, including opening doors to 100 percent Foreign Direct Investment (FDI) under the automatic route.
Additionally, the waiver of Inter State Transmission System (ISTS) charges for solar and wind power sales between states, along with setting consumption targets for non-fossil resources, demonstrates the nation's commitment to sustainable energy.
The establishment of Ultra Mega Renewable Energy Parks, schemes like PM-KUSUM and Solar Rooftop Phase II, and the development of the Green Energy Corridor Scheme for efficient power evacuation underscore India's multifaceted approach to renewable energy growth.
Moreover, the government's adherence to timely payments through measures like dispatching power against Letter of Credit (LC) ensures a conducive environment for renewable energy generators.
The Solar power sector has seen an extraordinary surge, with installed capacity catapulting from 2820 MW in March 2014 to a remarkable 72002 MW in October 2023, marking a phenomenal 25.54 times increase. The government's commitment is further evident in the implementation of Solar Parks, with a target of 50 parks and an aggregate capacity of 40,000 MW. As of October 31, 2023, 50 Solar Parks with a capacity of 37,490 MW have been sanctioned across 12 states.
In addition to these achievements, India has launched the National Green Hydrogen Mission, aiming to position the country as a global hub for green hydrogen production, utilization, and export. The government has also outlined a trajectory for issuing 50 GW/annum of Renewable Energy bids from FY 2023-24 to FY 2027-28.
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