India to achieve its aim of 500 gw of sustainable energy
POWER & RENEWABLE ENERGY

India to achieve its aim of 500 gw of sustainable energy

In order to make more headway toward its 2030 clean power target, India will more than increase the capacity of the auctions used to distribute renewable energy projects.

According to a new federal government roadmap, agreements will be reached on the installation of 50 gigawatts worth of solar and wind projects from now until March 2024. In the previous five fiscal years, there were annual auctions for an average of 15 gigawatts.

To meet a target of 500 gigawatts of renewable energy generation capacity by 2030, which will also include hydroelectric and nuclear plants, the country is speeding up project installations. The need for fresh investment has been highlighted by the rising need for power, but projects in India face difficulties like high lending rates and competition from industrialized countries giving green subsidies.

According to Rohit Gadre, a BNEF analyst, delivering additional renewable energy projects will also require enough land to locate the installations and long-term consumers for the electricity generated. Those factors are “critical to the success of the plan, failing which the tenders will likely end up being under-subscribed,” Gadre said.

While there is increased interest in contracts from the commercial and industrial sector, rising energy demand is encouraging some governments to pursue new long-term renewable power arrangements to supplement current coal-fired capacity.

The government's calendar indicates that India intends to offer 15 gigawatts of projects for auction in each of the first two quarters of the fiscal year, which started this month, and around 10 gigawatts in each of the two following quarters. The auctions will be administered for the government by state-owned power firms Solar Energy Corp. of India Ltd., NTPC Ltd., NHPC Ltd., and SJVN Ltd.

The program "will give developers visibility," according to Subrahmanyam Pulipaka, CEO of the National Solar Energy Federation of India, a trade association. "There will inevitably be more traction."

See also:
NTPC and IOCL reach an agreement to establish renewable energy projects
Tripura Govt and NTPC REL sign agreement to build green energy projects


In order to make more headway toward its 2030 clean power target, India will more than increase the capacity of the auctions used to distribute renewable energy projects. According to a new federal government roadmap, agreements will be reached on the installation of 50 gigawatts worth of solar and wind projects from now until March 2024. In the previous five fiscal years, there were annual auctions for an average of 15 gigawatts. To meet a target of 500 gigawatts of renewable energy generation capacity by 2030, which will also include hydroelectric and nuclear plants, the country is speeding up project installations. The need for fresh investment has been highlighted by the rising need for power, but projects in India face difficulties like high lending rates and competition from industrialized countries giving green subsidies. According to Rohit Gadre, a BNEF analyst, delivering additional renewable energy projects will also require enough land to locate the installations and long-term consumers for the electricity generated. Those factors are “critical to the success of the plan, failing which the tenders will likely end up being under-subscribed,” Gadre said. While there is increased interest in contracts from the commercial and industrial sector, rising energy demand is encouraging some governments to pursue new long-term renewable power arrangements to supplement current coal-fired capacity. The government's calendar indicates that India intends to offer 15 gigawatts of projects for auction in each of the first two quarters of the fiscal year, which started this month, and around 10 gigawatts in each of the two following quarters. The auctions will be administered for the government by state-owned power firms Solar Energy Corp. of India Ltd., NTPC Ltd., NHPC Ltd., and SJVN Ltd. The program will give developers visibility, according to Subrahmanyam Pulipaka, CEO of the National Solar Energy Federation of India, a trade association. There will inevitably be more traction. See also: NTPC and IOCL reach an agreement to establish renewable energy projects Tripura Govt and NTPC REL sign agreement to build green energy projects

Next Story
Products

TOTO India Launches Premium G & L Showers with Sleek Faucet Range

TOTO India has launched its G Shower and L Shower series, alongside an expanded range of GT, LH, and Pull-Out lavatory faucets. The collection blends advanced technology, refined aesthetics, and everyday comfort, staying true to TOTO’s philosophy of creating spaces that are both beautiful and functional. The G Shower series delivers the 3Rs of showering: Relaxing, Refreshing, and Revitalizing. Features include the Calming Shawl spray mode, Warm Spa technology, and multiple overhead and hand-shower options across eight finishes. The L Shower complements this with easy-to-use controls sui..

Next Story
Infrastructure Energy

Hero Future Energies Secures Funding for 120 MW Hybrid Project

Hero Future Energies (HFE), through its SPV Clean Renewable Energy Hybrid Three, has secured Rs 19.08 billion in funding from the State Bank of India (lead) and Canara Bank. The funds will be used to develop and construct HFE’s 120 MW renewable energy hybrid project at Kurnool, Andhra Pradesh. The project, contracted with SJVN, integrates wind, solar, and storage technologies to deliver reliable peak power. With a 21-year repayment period, the funding ensures timely execution and the commencement of commercial operations. The financial closure demonstrates continued lender confidence in..

Next Story
Infrastructure Energy

IOC GPS Renewables Raises Rs 8.36 billion Debt for Compressed Biogas Plants

IOC GPS Renewables Private Limited (IGRPL), a joint venture between IndianOil Corporation  and GPS Renewables, has raised Rs 8.36 billion (approx. US$ 95 million) in debt financing from Indian Bank to execute nine Compressed Biogas (CBG) projects across India.   The funding is the largest single-bank debt raise in the CBG sector and the first fully non-recourse financing in India for these projects. The plants—four in Haryana, three in Uttar Pradesh, one each in Chhattisgarh and Andhra Pradesh—will each produce 15 tonnes of CBG per day using paddy straw as feedstock. All nin..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?