India to Fast-track its RE Capacity by Announcing 250 GW of Green Energy Tenders

After missing its 2022 renewable energy target to install 175 GW, India plans to fast-track its RE capacity by announcing tenders for installing 250 GW of green energy by March 2028.

The country has plans to boost its non-fossil (solar and wind energy, nuclear and hydropower, and biopower) capacity to 500 GW by 2030. India’s renewable energy capacity exceeds 122 GW, while its non-fossil capacity is more than 175 GW as of the second month of the Calendar year 2023. Coal still accounts for more than 50% of India’s power generation capacity and the share of green energy is just over 42%. Solar Energy currently accounts for over half of India’s renewable energy capacity, while wind energy is only one-third.

However, India’s share of renewable energy in the overall electricity output has increased to 11.6% in FY22 from 9.4% in FY19. For tendering, the country will issue tenders for the installation of 30 GW of renewable energy capacity in the first half of FY 2024, and 10 GW bids in the second half. India aims at lowering its emissions by 45% from 2005 levels. The country is targeting 50 GW in new green energy tenders every year from FY24 to FY28, of which 10 GW will be for wind turbine installation per annum. The bids may be for solar, wind, solar-wind hybrid, and renewable energy power/ with or without storage, and would be floated under the Centre’s standard bidding guidelines.