June 25, 2019
India is already ahead of schedule in its target to set up additional renewable energy capacity of 175 GW by 2022
As of May 2019, over 22% of India’s power generation capacity of 350 GW was represented by renewable resources
Renewable energy, at both utility and residential levels, has seen steady growth in investment and innovation
India is offering transmission-line tenders worth US$5 billion starting June 2019 to connect renewable assets
India is planning to set up 500 GW of renewable energy generation capacity by 2030, Aanand Kumar, secretary, Ministry of New and Renewable Energy or MNRE said at the 17th Council of the International Renewable Energy Agency (IRENA) held in Abu Dhabi. India is already ahead of schedule in its target to set up additional renewable energy capacity of 175 GW by 2022. Mr Kumar said on June 25 that the 175 GW capacity will be further bolstered by an additional 50 GW of large hydro power generation. These will contribute to the 500 GW clean power capacity – a key strength of India’s 100 per cent electrification initiative. Renewable energy is also a factor in driving an inclusive socio-economic development.
The 175 GW renewable target includes 100 GW from solar, 60 GW from wind, 10 GW of bio-power and 5 GW from small hydro power. As of May 2019, over 22 per cent of India’s total power generation capacity of around 350 GW was represented by renewable resources. This is expected to rise to 40 per cent by 2030. With renewable energy making steady inroads at both utility and residential levels, the sector has seen a steady growth in investment and innovation. With the achievement of the 500 GW target, India will become one of the largest renewable energy producers globally. Besides ensuring power security and access, the energy target will enhance trade and employment opportunities across India.
Government of India has also taken measures to promote grid interactive renewable energy covering solar, wind, bio-power and small hydro power across the country. Meanwhile, India is in the process of offering transmission-line tenders worth US$5 billion in phases starting June 2019 to connect renewable assets with the national grid by 2022. Last year, the Government has notified the long term Renewable Purchase Obligations (RPO) trajectory from 2019-20 to 2021-22. To efficiently utilize rising renewable energy production, a comprehensive National Energy Storage Mission (NESM) has been developed to promote investment and innovation in the energy storage space, offering new opportunities.