India’s Renewable Energy Sector is witnessing unprecedented growth and investment, with a total of approximately ₹7 trillion invested between 2013-14 and 2022-23. This significant influx of capital reflects the country’s commitment to expanding its renewable energy infrastructure and achieving ambitious energy goals.

Investment and Expansion

According to Pralhad Joshi, the Union Minister for New and Renewable Energy, the sector has experienced a notable shift in investment dynamics over the past decade. The investments, totaling around ₹7 lakh crores during FY2014-FY2023, underscore the growing confidence in India’s renewable energy potential. Joshi highlighted that addressing existing challenges and seizing growth opportunities will be crucial for achieving the country’s renewable energy targets.

India's future plans are set on an ambitious path. The government aims to establish 13,000 MW of new renewable capacity, which includes 9,000 MW of solar power and 4,000 MW of wind energy. Additionally, a 12,000 MWh battery energy storage system is planned for Ladakh, enhancing energy storage and grid integration. An inter-state transmission system will be developed to facilitate power evacuation and distribution from these projects.

Capacity and Production Growth

Since 2014, India has witnessed a remarkable increase in its installed renewable energy capacity, rising by 165% from 76.38 GW to 203.1 GW. The country has also crossed a significant milestone, surpassing 200 GW in total installed capacity from non-fossil fuel sources for the first time. This includes:

85.47 GW of solar power

46.93 GW of large hydro power

46.66 GW of wind power

10.95 GW of bio power

5.00 GW of small hydro power

The increase in solar energy capacity is particularly striking, with figures jumping from 2.82 GW in March 2014 to 85.47 GW in June 2024. Similarly, wind energy capacity has grown from 21.04 GW to 46.66 GW during the same period.

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Impact on Energy Generation and Tariffs

Total renewable energy generation in India has seen a substantial rise from 193.50 billion units (BU) in 2013-14 to 359.89 BU in 2023-24, marking an 86% increase. Concurrently, the cost of solar power has dropped significantly, with tariffs falling from ₹10.95 per unit in 2010-11 to ₹2.60 in 2023-24.

India's progress has earned it a notable position on the global stage, ranking fourth in installed wind power capacity and fifth in solar photovoltaic (PV) capacity. This achievement reflects the country's rapid advancements in renewable energy and its growing influence in the global energy market.

Conclusion

India’s renewable energy sector is not only expanding rapidly but also setting benchmarks for global achievements. With substantial investments and ambitious targets, the country is well-positioned to enhance its renewable energy capabilities and contribute significantly to the global transition towards sustainable energy. The focus on expanding solar and wind energy, coupled with technological advancements and infrastructure improvements, will be pivotal in driving India’s energy future.

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