Advantage India
Robust
Demand
* In June 2021, Prime Minister Mr. Narendra Modi stated that renewable energy capacity in India increased by 250% between 2014 and 2021.
* The Central Electricity Authority estimates India’s power requirement to grow to reach 817 GW by 2030. Most of the demand will come from real estate and transport sectors.
Increasing
Investments
* Non-conventional energy sector received FDI inflow of US$ 15.36 billion between April 2000-September 2023.
* Rising foreign investment in the renewable sector (such as the US$ 75 billion investment from the UAE) is expected to promote further investments in the country.
* According to the International Energy Agency (IEA), India's installed renewable energy capacity will reach 174 GW in 2023, accounting for about 37% of the country's total energy supply. The report indicates that India has exceeded its target of installing 175 GW of renewable energy capacity by 2022, with a projected capacity of 280 GW by 2025.
Policy
Support
* In the Union Budget 2022-23, the government allocated Rs. 19,500 crore (US$ 2.57 billion) for a PLI scheme to boost manufacturing of high-efficiency solar modules.
* India launched the Mission Innovation CleanTech Exchange, a global initiative that will help accelerate clean energy innovation.
Competitive
Advantage
* India was ranked fourth in wind power capacity and solar power capacity, and fourth in renewable energy installed capacity, as of 2021.
* In October 2021, India retained its third rank on the EY Renewable Energy Country Attractive Index 2021.
Tata Power Solar
Tata Power Solar Systems Ltd. is part of the Tata Group and the largest integrated solar power player in the country. It has three separate business segments – manufacturing of solar cells and modules, engineering, procurement, and construction (EPC) for solar power projects and other solar products. It provides customised and specialised solutions for various sectors like education, banking, healthcare, telecom, etc. and operates in both rural and urban areas. Tata Power has a capacity of 12.8 GW, of which 3.9 GW is currently from clean energy, and it aims to make 80% of its total power come from clean energy by 2030. It had a total income of Rs. 56,033 crore (US$ 6.81 billion) in FY23.
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Suzlon Energy
Suzlon is one of India’s leading renewable energy companies. Its services span the entire life of wind energy projects. It designs, develops, and manufactures wind turbine generators (WTGs). It also provides allied services, providing it with a strong presence across the wind power value chain. It does business in 17 countries across six continents. Its installed wind energy capacity, the largest in India, stood at 13.76 GW. Suzlon’s annual total revenue in FY23 stood at Rs. 5,947 crore (US$ 723.82 million).
Read MoreReNew
ReNew operates as an independent power producer. The company engages in the generation of non-conventional energy through solar and wind power. It sells its power to state electricity boards and large industrial companies in India. It was founded in 2011 and commenced operations in 2012 with its first project with a capacity of producing 25.20 MW from Jasdan, Gujarat. ReNew has a capacity of more than 13.4 GW, while its commissioned capacity stands at 7.7 GW. It plans to double its portfolio of running plants and projects under implementation to 10,000 MW in five years.
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