Now India is the fifth largest renewable market in the world with an installed capacity of 94.5 GW and needs to install another 80.5 GW to achieve the 2022 renewable target of 175 GW.
In the year 2020, India decided on an ambitious renewable target of 175 GW to become one of the largest renewable markets in the world. As per the GlobalData report, at the end of February 2021, India achieved an installed capacity of 94.5 GW (including both on-grid and off-grid) and has become the fifth-largest renewable market in the world. India now needs only another 80.5 GW to achieve its 175 GW target, according to which GlobalData says India is on track to meet only 65-69% of its planned renewable target.
As solar PV and wind power are the two main renewable energy sources of India, In FY 2021, with an installed capacity of around 40.6 GW solar PV overtook wind power, which was only 39 GW, presented as a new energy source.
As of February 2021, around 46.3 GW renewable capacity is under implementation and another 35.1 GW tendered. Of which, 34.3 GW of solar capacity is under implementation and another 28.9 GW was tendered summing up to a total of 63.2 GW as the near-term pipeline. Wind power has 8.5 GW capacity under implementation as of February 2021.
“India will be able to achieve its target if all the projects under implementation and tendered are realized in another 13 months. However, factors such as land acquisition, delays in environmental clearance, grid infrastructure, limited financing options, lack of consistency in state policies, the financial health of DISCOMs, safeguard duty on import of solar cells and modules, lack of coordinated efforts between central and state governments, and COVID-19 pandemic are slowing down the implementation,” said Mr. Pavan Vyakaranam, project manager at GlobalData.
“India may achieve 65-69% of its FY 2022 target. The country will have a record year in terms of annual additions in FY 2022 against the backdrop of its massive project pipeline. Solar is expected to add capacity additions in the range of 15-20 GW and wind is expected to add between 6-8 GW in FY 2022. Although India may miss out on its FY 2022 target, ease of financing, liquidity infusion and strengthening of DISCOMs, the plan to increase manufacturing capabilities in a phased manner will put the country in a better position to achieve its new 2030 target,” further Mr. Vyakaranam concludes.
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