India Achieves 53% of its Target RE Installations in February 2021

India so far attained ~93 GW of total RE capacity installation in February 2021. It has ~50 GW of renewable energy projects underway and ~27 GW under various bidding stages. The country installed more nearly 420 MW in the month of February itself. Out of the total 93 GW, solar and wind both roughly accounted for ~39 GW each of the total, followed by bio-power at 10 GW and small hydro projects at ~5 GW.

India is at 53% of its expected target of 175 GW of RE installations by 2022. India had to install 20 GW at an average each year to achieve the said goal, the country, however, could achieve ~12 GW capacity installations each year. In addition, the COVID-19 situation had dampened the pace of installations in the last year. The government has tried to kick start the revolution by announcing the PLI scheme, upcoming BCD duties, revised metering regulations on rooftop installations, etc.

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The government has also announced the development of the world’s largest floating solar energy project with 600 MW capacity in Madhya Pradesh to be ready by 2022-23 while, India’s largest floating solar power project is expected to be commissioned in Telangana by 2021. Other states like TN, WB, and Karnataka are also developing floating solar plants. The solar industry is expected to generate around 300,000 jobs by 2022, with major employment generation in the rooftop solar segment. It is estimated that a small-scale floating solar plant with a capacity of less than 1 MW will employ 58 workers while a mid-scale plant with a capacity of less than 10 MW has the potential to employ 45 people.

India has vowed to provide cheap electricity available 24/7, to its entire population by 2030. The prices of solar have declined by more than 80% in the last decade and are expected to further fall by over 60% by 2040.