New Delhi: India will require to add 30 gigawatts (GW) of solar energy capacity annually to meet the 280 GW solar capacity installation target by 2030, according to US-based Mercom Capital. Sharing his outlook, Mercom Capital CEO Raj Prabhu said, "The outlook is very positive on the back of various steps taken by the government to help and support the domestic renewable energy sector."
The government launched production-linked incentive programmes, renewable manufacturing zones, and a few other initiatives to make India Atmanirbhar in this area. However, policy certainty and timely implementation of these programmes are critical for achieving the government's goal of self-reliance in renewable energy, he noted.
"We must change our mindset from a 10 GW a year industry to a 30 GW a year solar industry and establish all the necessary infrastructure physical, policy, and financial to achieve the 280 GW goal (solar capacity installation) along with the energy transition goals," he said. He further said that the overall renewable energy sector remains a bright spot for investors as foreign direct investment (FDI) inflow is showing an upward trend. The FDI flow in April-December FY23 was at USD 1.66 billion was higher than the USD 1.60 billion attracted in the entire FY22, he said.
India's total installed renewable energy capacity touched the 168.96 GW mark by February 2023 end, Minister for New and Renewable Energy RK Singh informed Parliament last month. Out of the total 168.96 GW, 64.38 GW is solar power capacity, 51.79 GW hydro, 42.02 GW wind, and 10.77 GW biopower, he informed the Rajya Sabha.
Another 82.62 GW of green energy capacity is under implementation and 40.89 GW of capacity is under various stages of tendering, Singh said in a written reply to the upper House. A total of 3,16,754.86 MU of electricity has been generated from renewable energy sources during the current year 2022-23 (up to January 2023), he said.