India, which now has a renewable energy generation capacity of just over 150 GW, wants to increase that to 175 GW by 2022. Solar would account for 100GW, wind for 60GW, biopower for 10GW, and modest hydropower for 5GW of the entire mix.
“By 2022, we estimate renewable energy investment to reach at least $15 billion,” R. K. Singh, Union Minister for Power and New and Renewable Energy, told PTI.
According to Bloomberg New Energy Finance (BNEF), new renewable energy investment in the country is expected to reach $6.2 billion in 2020, $9.3 billion in 2019, and $10.8 billion in 2018. Last month, the Minister highlighted these data in a written reply to the Rajya Sabha.
COVID-19’s second wave, which began in April, hampered the installation of several renewable energy projects as states placed limits to prevent the spread of diseases.
According to the REN21 Renewables 2020 Global Status Report, renewable energy programs and projects in India garnered $64.4 billion in investments from 2014 to 2019.
Nonetheless, new opportunities arose in 2021. ReNew Power, the first Indian renewable energy business to list on Nasdaq, becoming the first Indian renewable energy firm to do so in August.
According to data from the Department for Promotion of Industry and Industrial Trade (DPI), the Indian ‘Non-Conventional Energy’ sector attracted $7.27 billion in foreign direct investment from 2014-15 to June 2021. In 2020-21, FDI totaled $797.21 million, accounting for a quarter of the total.
“We will accomplish the 175GW of renewable energy capacity objective that we set (excluding large hydro),” the Minister stated of the country’s progress toward a renewable energy capacity of 175GW by 2022. According to Mr. Singh, the country achieved a renewable energy installed capacity of 150GW in November, including large hydro projects. He emphasized that 63GW of renewable energy capacity is now being installed, with completion due next year.
India pledged to obtain 40% of its installed electrical capacity from non-fossil energy sources by 2030 as part of its Nationally Determined Contributions (NDCs) at COP 21. This goal was met by India in November of 2021.
Solar power (48.55GW), wind power (40.03GW), small hydropower (4.83GW), bio-power (10.62GW), and large hydropower (10.62GW) made up the country’s installed renewable energy capacity as of November 30. (46.51GW). The installed nuclear energy-based electrical capacity is 6.78GW.
Non-fossil-based installed energy capacity totals 157.32 GW, accounting for 40.1 percent of the total installed electrical capacity of 392.01 GW.
By 2030, India wants to have 500 GW of installed renewable energy capacity.
“We have also opened the gates for installation of RE and selling it through open access,” Mr. Singh said, referring to increasing investments in the RE space. Anyone can now set up RE capacity and sell it to anyone they want.” The government launched the ‘National Programme on High-Efficiency Solar PV Modules’ production linked incentive (PLI) scheme in 2021, with a budget of Rs 4,500 crore, to support and promote the manufacturing of high efficiency solar photovoltaic (PV) modules.
Cells, wafers, ingots, and polysilicon are examples of upstage vertical components. The program is expected to lessen the solar PV industry’s reliance on imports.
A tender for the fabrication of high-efficiency solar PV modules was published as a result of the decision. There were 18 proposals submitted, which could assist build another 55GW of solar PV module manufacturing capacity to the current 11GW capacity.
IREDA has given Letters of Award to three successful bidders for the construction of fully integrated solar PV manufacturing plants with a capacity of 8,737MW. The administration intends to expand the PLI scheme’s budget to $24,000 crore.
As of November 30, 52 solar parks with a total capacity of 37.92 GW had been approved in 14 states. In these parks, solar power projects with a total capacity of 9.2 GW have already been installed.
As of November 30, a total of 5.7GW of rooftop solar capacity had been installed under Phase-II of the rooftop solar program. In order to meet the Phase-II target of 4GW for the residential sector, 3.4GW has already been allocated to various States/UTs, and 1.07GW has been installed.
Under the green energy corridor, approximately 8,434km (circuit kilometers) of intra-State transmission lines have been built, and 15,268 MVA intra-State substations have been charged for RE evacuation.
Prime Minister Narendra Modi introduced the National Hydrogen Mission in his Independence Day speech this year.
The goal is to make India a global hub for the production and export of green hydrogen. Inter-Ministerial deliberations are underway on the draught National Green Hydrogen Mission paper.
As of November 30, the government had sanctioned roughly 8.2GW of grid-connected solar PV power projects by Central Public Sector Undertakings (CPSUs) using local cells and modules.
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