Indian Economy News

Government declared a plan to add 50 GW of renewable energy capacity annually for the next five years to achieve the target of 500 GW by 2030

The Government has decided to invite bids for 50 gigawatts (GW) of renewable energy capacity annually for the next five years, that is from FY24 till FY28. The installation of wind power capacity with an annual capacity of at least 10 GW will also be included in these annual bids of Inter-State Transmission (ISTS) connected renewable energy capacity. The bid plan will add 250 GW of renewable energy and ensure 500 GW of installed capacity by 2030.

The plan, which was finalised by the Ministry of New & Renewable Energy (MNRE), is in line with the Prime Minister's pledge at COP26 to install 500 GW of non-fossil fuel electricity capacity (renewable energy + nuclear) sources by 2030.

Currently, a total renewable energy capacity of 168.96 GW is available in India (as on February 28, 2023). This includes 64.38 GW solar power, 51.79 GW hydro power, 42.02 GW wind power, and 10.77 GW bio power.

Furthermore, the Ministry has announced a quarterly plan of the bids for FY24, which includes bids for at least 15 GW of renewable energy capacity in each of the first and second quarters of the current fiscal year (April–June 2023 and July–September 2023, respectively), and at least 10 GW in each of the third and fourth quarters of the fiscal year (October-December 2023 and January-March 2024, respectively).

The Government has currently designated National Thermal Power Corporation (NTPC) Ltd., National Hydroelectric Power Corporation (NHPC) Ltd., and Solar Energy Corporation of India Ltd. (SECI) as Renewable Energy Implementing Agencies (REIAs) for soliciting such proposals. It has been agreed to also notify Satluj Jal Vidyut Nigam (SJVN) Ltd, a government of India-owned public sector enterprise, as a REIA.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.