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India’s RE Installations to Achieve 45 GW in Subsequent Two Years, Says CareEdge Ratings

The report is based on the government’s commitment to ascertaining the bidding of around 50 GW of annual capacity for the subsequent five years to provide the attainment of the target of 500 GW capacity through non-fossil fuel sources by 2030.

July 14, 2023. By EI News Network

Annual RE installations in FY24 are anticiated to be about 20 GW, led by the solar sub-segment says CareEdge Ratings.

This is based on the pipeline of more than 55 GW assets under development. The subsequent year is anticipated to record installations of 25 plus GW, emerging to an overall raise of 45 GW over the subsequent two fiscals.

The solar sub-segment is anticipated to rule the way in terms of installations, ensued by wind and hybrid capacity. The commercial and industrial segment is also anticipated to contribute significantly to further capacity expansions.

The report is based on the government’s commitment to ascertaining the bidding of around 50 GW of annual capacity for the subsequent five years to provide the attainment of the target of 500 GW capacity through non-fossil fuel sources by 2030.

This will require annual RE installations to exceed more than 40 GW.

The course for FY24 includes 10 GW of wind capacity and 40 GW collectively from solar, hybrid, and storage-based capacity. In addition, major states comprising Gujarat, Maharashtra, and Karnataka, among others, are actively administering state-specific auctions to assist further capacity expansions.

Meanwhile, the report stated that the Indian government has procured a PLI (Production Linked Incentive) scheme of more than INR 18,000 crore to boost private investment in the solar module supply chain.

This is likely to lead to the installation of a wholly integrated module manufacturing capacity of 27.4 GW, a deeply integrated module manufacturing capacity of 16.8 GW, and a partially integrated module manufacturing capacity of 7.4 GW.

This capacity is anticipated to be commenced between FY24 and FY27. The commissioning of this domestic capacity is anticipated to yield annual forex savings of approximately INR 90,000 crore.

Tags:

Solar PV

India

Renewable energy installation

CareEdge Ratings

Wind and hybrid capacity

Storage-based capacity

Capacity Expansion

Production Linked Incentive Scheme

Solar module supply chain

Gujarat, Maharashtra and Karnataka

Integrated module manufacturing capacity