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

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code