India sets record Renewable Energy capacity last year with growing Wind and Solar investments
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India set a record 4 GW of renewable energy capacity last year, as the new government strong pushed green energy incentives. Wind energy returned to growth once again, as the government restored the accelerated depreciation and GBI benefits. State solar auctions also boosted the growth in the solar capacity. Biomass and small hydro power capacity also saw good capacity additions.
While wind energy capacity increase should remain at 2-3 GW in the next year, solar capacity should treble with completion of solar power plants released in the tenders by SECI, Karnataka, Telangana and AP. NTPC is also pushing strong for capacity additions through tenders and solar parks are also getting a strong push. Rooftop solar should also see strong growth, though the absolute numbers will continue to remain small and will not change the capacity additions by much.
The government is targeting an addition of 97 GW of solar and 30 GW of wind capacity by 2022. This will require a massive ramp up in capacity additions. The capacity addition targets for SHP and biomass are relatively modest at 1 GW and 11 GW respectively.
