Last Updated: October 05, 2018
Last Updated: September, 2018
The Indian renewable energy sector is the fourth most attractive1 renewable energy market in the world. The country ranks fourth2 in the world in terms of total installed wind power capacity.
Installed renewable power generation capacity has increased steadily over the years, posting a CAGR of 9.29 per cent over FY08–18. India added record 11,788 MW of renewable energy capacity in 2017-18 and 1,832.26 MW (grid interactive and off-grid) in April-July 2018. The focus of Government of India has shifted to clean energy after it ratified the Paris Agreement. With the increased support of government and improved economics, the sector has become attractive from investors perspective. As India looks to meet its energy demand on its own, which is expected to reach 15,820 TWh by 2040, renewable energy is set to play an important role.
As of July 2018, total renewable power generation installed capacity (grid interactive) in the country stood at 116.82 GW, which is 33.81 per cent of the total installed capacity of 345.49 GW.
With a potential capacity of 363 gigawatts (GW) and with policies focused on the renewable energy sector, Northern India is expected to become the hub for renewable energy in India.3
According to data released by the Department of Industrial Policy and Promotion (DIPP), FDI inflows in the Indian non-conventional energy sector between April 2000 and June 2018 stood at US$ 6.84 billion. More than US$ 42 billion has been invested in India’s renewable energy sector since 2014.
Some major investments and developments in the Indian renewable energy sector are as follows:
Some initiatives by the Government of India to boost the Indian renewable energy sector are as follows:
It is expected that by the year 2040, around 49 per cent of the total electricity will be generated by the renewable energy, as more efficient batteries will be used to store electricity which will further cut the solar energy cost by 66 per cent as compared to the current cost.* Use of renewables in place of coal will save India Rs 54,000 crore (US$ 8.43 billion) annually5.
Exchange Rate Used: INR 1 = US$ 0.015 as on March 04, 2018
Note: 1- According to Renewable Energy Country Attractiveness index by EY; 2- As per data from the Economic Survey; 3- As per the Confederation of Indian Industry's (CII) report titled 'State Renewable Energy Policies: A Comparative Study' ;*According to the Bloomberg New Energy Outlook 2017; ** Data from Venture Intelligence; 4 – as per Greentech Media; 5 – Greenpeace India
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Last Updated: October 05, 2018
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