India achieves 70 GW renewable capacity in 2017-18

The nation aims to install 175 GW of renewable energy capacity by 2022, out of which 100 GW is expected to come from solar power and 60 GW from wind energy

July 24, 2018

The 70 GW of added renewable capacity includes around 34.1 GW of wind, around 21.7 GW of solar, around 4.5 GW from small hydro power and around 9.5 GW from bio-power

Solar tariffs in India saw the lowest ever level of 4 US cents per unit in reverse auctions carried out by the Solar Energy Corporation of India (SECI) in May 2017 and again in July 2018

MNRE has invited bids for India’s first offshore wind energy project that targets international offshore wind developers for a 1 GW farm in Gulf of Khambat, off the coast of Gujarat

So far, 71.3 GW of renewable capacity has been installed in the country up to June 2018. To achieve the balance target of 103.7 GW, investment of around US$76 billion has been estimated

India had installed renewable power capacity of 70 GW at the end of financial year 2017-18, according to an official statement on July 24. This includes around 34.1 GW of wind, around 21.7 GW of solar, around 4.5 GW from small hydro power and around 9.5 GW from bio-power. Having added aggregate capacity of around 11.3 GW of renewable energy during 2016-17, additional capacity of around 12 GW of renewable energy was installed in the country in 2017-18. This will contribute to Government of India’s target of setting up renewable energy capacity of 175 GW by 2022, comprising 100 GW of solar, 60 GW wind, 10 GW biomass and 5 GW small hydro. At the current rate, India is ahead of schedule to meet the target, with steady flow of investment and the latest innovations from India and abroad boosting activity.

Renewable power holds the key to supporting India’s fast-growing energy consumption rate. Meanwhile, rising capacity has created strong competition in the renewable energy space. As a result, solar tariffs in India saw the lowest ever level of 4 US cents per unit in reverse auctions carried out by the Solar Energy Corporation of India (SECI) in May 2017, for 200 MW and again in July, 2018, for 600 MW. The Government’s  Ministry of New and Renewable Energy (MNRE), has invited bids for India’s first offshore wind energy project. The offer targets international offshore wind developers for a 1 GW project in Gulf of Khambat, off the coast of Gujarat, as part of MNRE’s plan to install at least 5 GW of offshore wind capacity by 2022. The nation possesses estimated renewable energy potential of about 1,096 GW.

So far, 71.3 GW of renewable energy capacity has been installed in the country up to June 2018. To achieve the balance target of 103.7 GW, investment of around US$76 billion has been estimated. In May, India has rolled out the National Wind-Solar Hybrid Policy to provide a framework for promotion of large grid connected wind-solar PV hybrid system. This aims to improve the economics of renewable energy through efficient utilisation of transmission infrastructure and land. As part of the United Nations Framework Convention on Climate Change amendments adopted in 2015, India is looking to reduce its carbon footprint by up to 35 per cent from the 2005 levels until 2030. Renewable is also meant to help India attain energy security while achieving National Action Plan for Climate Change (NAPCC) targets.