- JMK research reported that 53% of the total renewable energy is contributed by solar followed by wind with a 34% share.
- Renewable Energy (RE) secretary B.S. Bhalla said that India has already achieved an RE capacity of 172 GW and another 129 MW is under implementation.
JMK Research reported that India’s renewable energy capacity (RE capacity) installation reached 125.16 GW as of March 31, 2023, with 66.8 GW of solar and 42.6 GW of wind capacity. The report mentioned that 53% of the total renewable energy is contributed by solar followed by wind with a 34% share.
The report added that the total utility-scale solar capacity installed in Q1 2023 was 2.38 GW, which was 54% higher than Q4 2022 installations. Around 801 MW of rooftop solar capacity was installed in the same period, with a 44% rise since Q4 2022. In the wind segment, about 738 MW was added, which was 56% lower than the previous quarter’s installations.
The report added that 68 new tenders with a cumulative capacity of 21.1 GW were issued across solar and wind segments in Q1 FY23, which is 72.6% higher than the previous quarter.
Meanwhile, New and Renewable Energy Secretary B.S. Bhalla said at a review meeting with states/UTs that India has already achieved a renewable energy capacity of 172 GW and another 129 MW is under implementation.
He said that the total installed capacity would be 301 GW, leaving approximately 200 GW of energy capacity to be added in order to achieve the target of 500 GW capacity from non-fossil fuels.
The Ministry of New and Renewable Energy (MNRE) has recently announced the Approved List of Models and Manufacturers (ALMM) exemption for solar projects until 31st March 2024, resulting in increased shipment numbers from Chinese module manufacturers in the Indian solar market in the first quarter of 2023.
The report forecasted that 18 GW of new solar capacity is expected to be added in India (~15.5 GW from utility-scale and 2.5 GW from rooftop solar) in FY24. For the wind segment, it projected that around 3 GW of new capacity was likely to be added in FY24.
The current pipeline of combined capacity of solar, wind and hybrid projects is around 59 GW, which is likely to be commissioned in the next 4-5 years.
