Advantage India
Robust
Demand
*Ministry of New and Renewable Energy targets 500 GW non-fossil-based electricity generation by 2030, as per the Prime Minister's COP26 announcement, with an added installation of 13.5 GW renewable energy capacity in 2023, corresponding to an investment of around Rs. 74,000 crores (US$ 8.90 billion).
*In 2024, India's electricity demand is expected to surge by 8%, fueled by strong economic growth, extreme heat waves, and the rising use of electric technologies such as electric vehicles (EVs) and heat pumps.
Increasing
Investments
*In the Interim Budget for 2024-2025, The fiscal allocation for solar power grid infrastructure development surged to Rs. 8,500 Crore (US$ 1.02 billion), a significant rise from the previous year’s Rs. 4,970 Crore (US$ 0.60 billion).
*Further, Rs. 17,490 crores (US$ 2.10 billion) were allocated for the Green Hydrogen Mission and the Strategic Interventions for Green Hydrogen Transition (SIGHT) Program.
*India's installed renewable energy capacity is expected to increase to about 170 GW by March 2025 from the level of 136.57 GW as of December 2023, according to research agency ICRA.
Policy
Support
*The Rajasthan government signed an MoU with NTPC Green Energy for 28,500 MW of renewable energy-based projects, as part of the total 31,825 MW of power generation projects worth Rs 1.6 lakh crore (US$ 19.18 billion).
*The PM-KUSUM scheme, launched in March 2019 and scaled up in January 2024, aims to enhance energy and water security for farmers by enabling them to set up solar power plants, install standalone solar agriculture pumps, and solarize grid-connected agriculture pumps, with significant financial assistance from the government.
Competitive
Advantage
* India was ranked fourth in wind power capacity and solar power capacity, and fourth in renewable energy installed capacity, as of 2023.
*India was ranked fourth in wind power capacity and solar power capacity, and fourth in renewable energy installed capacity, as of 2024.
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 revenue of Rs. 61,542 crore (US$ 7.38 billion) in FY24.
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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 FY24 stood at Rs. 6,497 crore (US$ 779 million).
Read MoreReNew
ReNew Power Ventures 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 Power 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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