MNRE Year End Review

Highlights:

  • MNRE releases Year-End Review 2022
  • India’s renewable energy sector occupies 4th spot globally, solar power remains a major contributor to this growth
  • Installed solar power capacity stands at 61.97GW.

The Ministry of New and Renewable Energy has released a Year-End Review 2022, mapping the progress witnessed by the renewable energy sector of India, which occupies the 4th spot globally.

As per the official statement by the Ministry of New and Renewable Energy, India has installed 172.72 GW non-fossil fuel-based electricity capacity till 31st October 2022. MNRE is targetting 500 GW of clean energy capacity by 2030.

The breakdown is as follows:

Energy Source Capacity
Renewable Energy 119.09 GW
Large Hydro 46.85 GW
Nuclear Power 6.78 GW
Total 172.72 GW

The generation from these sources account for 42.26% of the nation’s total installed power generation capacity, which is 408.71 GW.

Solar Power

The MNRE report lists the following development in the solar industry in the past year.

1. Installed Capacity

  • India’s solar capacity reached 61.97 GW on 31st November 2022.
  • According to the REN21 Renewables 2022 Global Status Report, the nation stands 4th in Solar Power capacity across the world.
  • Solar Rooftop Capacity reached 7.2 GW by 18th November 2022. Out of this, 2.8 GW was installed with Central Financial Assistance.

2. Solar Parks

  • To encourage grid-connected solar power projects, a scheme for the ‘Development of Solar Parks and Ultra Mega Solar Power Projects’ is under implementation.
  • The target of the scheme is to achieve 40GW capacity by 2024.
  • By 31st October 2022, 56 solar parks with a total capacity of 39.28 GW were sanctioned in 14 states. Out of these solar power projects of 10GW capacity have already been commissioned.

3. PLI Approved

  • In September 2022, the Indian government approved a ₹19,500 crores PLI scheme on the ‘National Programme on High-Efficiency Solar PV Modules’.
  • This incentive aims to build a manufacturing ecosystem of high-efficiency modules in India and reduce import dependence.
  • As per MNRE, the scheme is expected to create a fully/partially integrated solar PV manufacturing capacity of 65 GW.

4. International Solar Alliance

  • ISA is the first intergovernmental organization to be headquartered in India. It was launched by Indian PM Narendra Modi and the former president of France in 2015.
  • In 2022, ISA’s 5th assembly, held in Delhi, approved the ‘solar facility’- a payment guarantee mechanism to encourage the flow of private capital into solar projects in underdeveloped countries.

5. National Portal for Rooftop Solar

  • The Indian government in July launched an online portal to simplify the process of applying for rooftop solar plants in the country.
  • Residential consumers from any part of India can now directly apply for rooftop solar projects.
  • The portal can also be used to apply for and track central financial assistance.

6. India’s first fully Powered Solar Village

  • PM Narendra Modi declared Modhera village of Gujarat as the first fully solar-powered village in India.
  • The village has a ground-mounted solar system and more than 1300 rooftop solar systems, with 1 kW capacity, installed over houses and government buildings.
  • All power systems are also connected to a Battery Energy Solar System (BESS).

Some of these initiatives highlighted in the MNRE report have had a significant impact on the solar industry of India. Indian solar module exports have increased sharply. In the July-September period, the nation exported modules worth $157 million.

Further, solar power generation has helped the country save $4.2 Billion in Fuel Costs and 9.4 million tonnes of coal in the first half of 2022.

Additionally, the Indian government has big plans to develop the renewable energy sector. As per R.K Singh, the Union Minster of Power, the sector could attract investments worth $25 Billion (₹2 lakh crores) in 2023.

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Resource: MNRE

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