Solar and Wind to Dominate India’s Power Generation Growth by 2032
Solar and Wind to Dominate India’s Power Generation Growth by 2032

Highlights:

  • A new report by Ember states the share of solar in the power mix could grow from 5% to 25% by 2032 if India meets its NEP14 targets
  • Moreover, India must rapidly increase solar capacity and invest in storage and grid stability to prevent shortages.

Around two-thirds of India’s power generation growth will be driven by solar and wind energy in the next decade, if the country meets its national renewable energy targets by 2032. The analysis was made by global think tank, Ember, in its new report.

The report also reveals solar energy has witnessed significant growth in past years. From its formative phase in 2017, when solar accounted for 1% of the power mix, the energy resource has now transitioned to an ‘accelerated growth phase’.

Moreover, if India reaches its solar capacity targets as outlined in the 14th National Electricity Plan (NEP14), the share of solar power in the overall energy mix is expected to grow five times -from 5% to 25% between 2022 and 2032.

Ember’s analysis states that India’s annual solar capacity additions will have to grow at a 36% rate each year till 2027. This translates to an addition of 17.5 GW solar capacity in FY 2024, and a further 41 GW by 2027.

“India’s electricity supply landscape is projected to change quite significantly in the next decade or so, with solar and wind likely to drive the growth in generation. Given their variable nature, a significant increase in storage capacity is crucial to balance generation and demand” states Neshwin Rodrigue, Ember’s India Electricity Policy Analyst.

The report also highlights the role of solar in meeting India’s peak power demand, and the increasing need for storage capability and grid flexibility to prevent shortages during peak demand hours. Moreover, Ember surmises that adding dispatchable solar power with storage capacity is likely to be more cost-competitive than building new coal plants in the nation in the coming years.

India is making rapid strides toward a shift to renewable energy, with the government pledging to achieve 500 gigawatts (GW) of renewable energy capacity by 2030. Additionally, there is a specific target of 280 GW for solar energy by 2030, and efforts are underway to enhance the country’s module manufacturing capacity as well.

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Resource: The Times of India