India to increase renewable capacity to 68 GW in five years

According to a recent survey, India is expected to add 68 GW of renewable capacities in the next five years, more than the previous year's estimate of 60 GW, with 65% of solar occupying shares. The rooftop solar capacity addition is expected to be less than 11 GW and floating solar capacity less than 5 GW for this period. On average, 13.6 GW of capacity is expected to add each year for the next five years. As many as three states including Gujarat, Maharashtra, and Karnataka, emerged as the top three states for growth prospects of renewable power projects in the survey. The renewable energy consultancy, Bridge to India, conducted the India Renewable Power CEO Survey 2021, in which 44 leading Indian and international companies participated. The grid-scale storage and module manufacturing were considered lukewarm, and the expected capacity addition is just 10 GW and 7 GW, respectively, in five years, it said. It said that the survey is highly optimistic in the industry's prospects but the crippling financial health of the discoms, offtake risks, and policy changes have been a concern. It feels that the project auctions were unreasonably aggressive. As per the demand, all demand and supply factors such as transmission, infrastructure, import duties, and debt financing are challenging. Image Source Also read: India to play a leadership role in RE sector in the future: Piyush Goyal