Powering the Future: India's Renewable Energy Growth till 2024

Introduction

India stands at the forefront of the global renewable energy revolution, driven by its ambitious policy frameworks and technological innovations. As part of its commitment to sustainability and combating climate change, India has set a target of achieving 500 GW of non-fossil fuel capacity by 2030. This vision has catalyzed an aggressive expansion of solar and hybrid energy projects, aimed at fulfilling the country's growing energy demands while reducing environmental impact. With continuous advancements and strategic investments, India is on course to lead the renewable energy transition, both in terms of capacity and implementation.

Current Status of Renewable Energy Projects

India’s renewable energy journey is a testament to the collaborative efforts of the government, industry stakeholders, and local communities. The country’s cumulative renewable energy installed capacity has reached 205 GW, marking a significant milestone in the pursuit of a sustainable, self-reliant energy future. By diversifying its energy mix, including wind, solar, biomass, and hydro power, India is poised to meet its ambitious renewable energy targets, contributing meaningfully to global climate goals.

Contribution Sector Wise in RE Capacity till Nov 2024 ( RESI Saga)

As of November 30, 2024, India’s renewable energy sector has made remarkable progress, with a combined capacity of over 300 GW across various stages of development. This includes operational projects, those under construction, and tendered projects.

Solar Projects: Powering the Future

India’s solar energy capacity has been a key driver in its renewable energy strategy. The country has successfully commissioned 94.17 GW of solar power, reflecting its unwavering commitment to clean energy production. Additionally, 114.22 GW of solar projects are under implementation, which includes signed Power Purchase Agreements (PPAs) and Letters of Award (LoAs) awaiting finalization.

Further fueling this momentum, 52.76 GW of solar projects have been tendered, with LoAs being issued. This expansion underscores the robust growth potential of India’s solar sector, attracting significant investments and partnerships from domestic and international stakeholders.

Hybrid and RTC Projects: Ensuring Grid Stability

Hybrid and Round-the-Clock (RTC) solutions are emerging as vital components in ensuring grid stability and addressing the intermittency issues inherent in renewable energy sources like solar and wind. To this end, 30.93 GW of hybrid and RTC projects have been tendered, which includes a mix of solar, wind, and storage solutions designed to provide consistent power.

When combining hybrid and RTC capacities with the solar sector, India’s total renewable energy capacity in various stages of development reaches an impressive 292.08 GW, reinforcing the country’s position as a global leader in renewable energy adoption.

India's Renewable Energy Milestones in FY 2024-25: A Green Leap Forward

In a remarkable achievement, India added 14,907.88 MW of renewable energy capacity between April and November 2024, pushing the cumulative installed capacity to 158,552.41 MW (excluding large hydro projects). This surge underscores the nation's dedication to scaling up renewable energy production and diversifying its energy mix.

Breaking Down the Renewable Energy Success

1. Wind Power: A Resilient Pillar of RE Growth

   Wind energy continues to play a critical role in India’s renewable energy landscape, strengthening grid reliability and enhancing energy security.

   • FY 2024-25 Achievement: 2,072.62 MW, Cumulative Capacity: 47,959.13 MW

2. Solar Power: Dominating the Renewable Landscape

   Solar energy remains the dominant force in India’s energy transition. With expansive ground-mounted projects and widespread rooftop adoption, solar energy has made significant strides toward meeting the nation’s green energy goals.

   • FY 2024-25 Achievement: 12,354.21 MW, Cumulative Capacity: 94,167.83 MW

Segment-Wise Solar Achievements:

Ground-Mounted Solar Plants: 72.14 GW, Grid-Connected Rooftop Solar: 15.16 GW

Hybrid Projects (Solar Component): 2.76 GW, Off-Grid Solar Installations: 4.10 GW

Solar Capacity in India as on Nov 2024 (RESI)

In additional to this 114 GW is Under Implementation stage and 52 GW in tendering stage for Tender Issued but LoA Pending. Hybrid and RTC solutions, integrating solar, wind, and battery storage, are poised to further enhance India’s energy stability. So far additional capacity of 30 GW for which Tender Issued but LoA Pending. Therefore, as on Nov 2024, Total Combined Capacity (Solar + Hybrid) is 292.08 GW in India against the target of 280-290 GW till 2030.

3. Small Hydro Power: Empowering Remote Regions

   Small hydro projects have proved vital in providing energy to remote and hilly regions, contributing significantly to localized sustainable development.

   • FY 2024-25 Achievement: 81 MW, Cumulative Capacity: 5,084.25 MW

4. Biomass Cogeneration: Transforming Waste into Energy

   Biomass energy, particularly from the sugar industry, is being efficiently harnessed to produce clean energy, illustrating India's commitment to a circular economy.

   • FY 2024-25 Achievement: 372.86 MW, Cumulative Capacity: 9,806.42 MW

5. Other Biomass and Waste-to-Energy Contributions:

Non-Bagasse Biomass Cogeneration: 921.79 MW (Cumulative), Waste-to-Power: 249.74 MW (Cumulative), Off-Grid Waste-to-Energy: 363.25 MW (Cumulative)

Paving the Way for a Sustainable Energy Future

India’s renewable energy achievements in FY 2024-25 represent more than just capacity additions; they reflect a bold vision for a greener, self-sustaining energy future. With a diversified approach encompassing wind, solar, small hydro, and biomass, the country is setting benchmarks in sustainability and energy efficiency, not only within the region but globally. These advancements ensure that India remains on track to meet its ambitious renewable energy targets, leading the way toward a cleaner, more sustainable tomorrow.

India’s Renewable Energy Outlook for 2030

India is on track to achieve its ambitious renewable energy targets, which are integral to its commitment to reducing carbon emissions and achieving energy security. The roadmap for 2030 includes the following key targets: Solar: 280 GW,

Wind: 140 GW, Hydropower: 70 GW, Biomass: 10 GW

Emerging Trends

• Round-the-Clock Solutions: The integration of solar, wind, and battery storage systems is essential to ensure a reliable, continuous power supply, addressing intermittency issues and providing grid stability.

• Green Hydrogen Initiatives: Solar power is increasingly being leveraged to produce green hydrogen, a clean energy carrier with the potential to decarbonize sectors such as transportation and industrial applications.

• Floating Solar: India is exploring the use of its abundant water bodies for floating solar installations, which can optimize land use and boost renewable energy generation.

Challenges and Opportunities

Challenges

• Land Acquisition Delays: Land acquisition for large-scale renewable energy projects remains a bottleneck, slowing down the pace of capacity installation.

• Financial Constraints in DISCOMs: Distribution companies (DISCOMs) face financial stress, affecting their ability to manage renewable energy integration and payment obligations.

• Grid Integration of Variable Renewable Energy: The fluctuating nature of renewable energy sources such as solar and wind presents challenges in maintaining grid stability and reliability.

Opportunities

• Technological Innovations: Advancements in Battery Energy Storage Systems (BESS) and smart grid technologies offer promising solutions to enhance energy storage, grid management, and distribution efficiency.

• Private Sector Investments: The growing interest and investment from the private sector in renewable energy projects are expected to accelerate capacity addition and reduce dependency on government funding.

• Government Policy Support: Strong policy initiatives, incentives, and targets from the Indian government continue to drive the expansion of renewable energy capacity, creating a favorable environment for both domestic and foreign investments.

India’s renewable energy sector is poised for substantial growth, with these targets and trends leading the way toward a more sustainable and resilient energy future.

Conclusion

India’s renewable energy sector has witnessed transformational growth, with solar power playing a pivotal role in achieving the nation’s ambitious 2030 targets. By embracing technological advancements and fostering strategic investments, India is set to continue leading the global renewable energy movement, creating a cleaner, greener, and more sustainable energy future.

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