India has the 5th largest installed capacity of renewable energy in the world.
The country has set an ambitious target of achieving the world’s largest expansion plan in renewable energy at 450 GW by 2040.
To attract investment worth US$ 80 billion in the next four years.
India was the 3rd largest country by added solar photovoltaic capacity in 2019 and the 4th largest installed capacity of wind power in the world.
5,000 Compressed Biogas plants will be set up across India by 2023.
A record 100 billion+ units of renewable electricity was generated in 2019.
With a 12 MW solar plant lined with 46000 panels, Cochin International is the 1st airport in the world to be entirely powered by Solar energy.
New investment in clean energy in the country reached US$ 11.1 billion in 2018.
Shapoorji Pallonji and ReNew Power will invest nearly US$ 0.11 billion in a 150 MW floating solar power project in Uttar Pradesh.
Inverted Energy has opened a new lithium battery manufacturing plant in Okhla, Delhi with an annual production capacity of 100Mwh.
India houses a combined installed capacity of 89+ GW being produced by renewable energy sources. The country has set an ambitious target of achieving the world’s largest expansion plan in renewable energy at 450 GW by 2040. Renewable energy will account for 55% of the total installed power capacity by 2030.
As of August 31, 2020, the total installed renewable energy capacity stood at 88.79 GW. The sector is expected to attract investment worth US$ 80 billion in the next four years.
Wind and Solar energy have doubled between 2015 and 2020 and constitute 37.99 GW and 35.73 GW, respectively of the total renewable energy capacity. India was the 3rd largest country by adding solar photovoltaic capacity in 2019 and the 4th largest installed capacity of wind power in the world.
Biomass and small hydro power constitute 10.14 GW and 4.73 GW of India’s total renewable energy capacity. About 5,000 Compressed Biogas plants will be set up across India by 2023.
By 2040, around 49% of the total electricity will be generated by renewable energy. As part of the Green energy corridor, 12600 km of inter-state and intra-state transmission lines will be set up to deliver power sourced from renewable energy infrastructure.
Solar power capacity in India has increased an astounding eleven-fold in the last five years from 2.6 GW to 28.18 GW. 42 solar parks of aggregate capacity 23,499 MW had been approved in 17 states by March 2019. A record 100 billion+ units of renewable electricity was generated in 2019.
India’s largest Solar Park of 2,000 MW is under installation in Pavagada. The country has the 5th largest installed capacity of solar power in the world. In addition, 60 solar cities have been approved and US$ 1.3 billion have been allocated for setting up 50 solar parks of 40GW.
The Airports Authority of India (AAI) has signed a Memorandum of Understanding with NTPC Vidyut Vyapar Nigam, to promote usage of electric vehicles and set up solar power plants at airports. With a 12 megawatt solar plant lined with 46000 panels, Cochin International became the first airport in the world to be entirely powered by Solar energy.
The renewable energy sector has undergone dynamic growth in the context of investment opportunities, government sustained institutional support and the great enthusiasm of private players in the sector. Some significant developments in the sector include:
The Central government has allowed 100% FDI under the automatic route for renewable energy generation and distribution projects subject to provisions of The Electricity Act, 2003.
FDI inflow in the Indian non-conventional energy sector stood at US$ 9.22 billion between April 2000 and March 2020.
More than US$ 42 billion have been invested in India’s renewable energy sector since 2014. New investment in clean energy in the country reached US$ 11.1 billion in 2018. Some of the key drivers in the renewable energy sector are:
India’s resolve in revolutionizing global energy infrastructure through renewables is matched with some exemplary steps it has undertaken, whether it is bringing nations under the International Solar Alliance or constructing the world’s largest solar plant and first solar airport. Ind adamantine ambition has the potential of bringing about a paradigm shift in global energy infrastructure, directing it towards a course of energy security and environmental sustainability.
