India adds record 18 GW renewable energy capacity in FY24, shows data

India achieved a significant milestone in renewable energy capacity addition, with a record-breaking 18.48 GW added in 2023-24, marking a 21% increase from the previous year. However, industry experts emphasize the need for sustained efforts, suggesting an annual addition of at least 50 GW over the next six years to meet the ambitious target of 500 GW of renewables by 2030. As of March 31, 2024, India's installed renewable energy capacity stands at 143.64 GW, excluding large hydropower projects. Union Power and Renewable Energy Minister Mr. RK Singh expressed confidence in surpassing the target ahead of schedule, citing the significant capacity under construction and in the bidding process.

Solar installations dominated the renewable energy capacity additions in 2023-24, accounting for 12.78 GW, followed by 2.27 GW from wind energy. Solar leads the overall renewable energy capacity with 81.81 GW, followed by wind energy at approximately 46 GW, biomass cogeneration at 9.43 GW, and small hydro at 5 GW. Gujarat and Rajasthan emerge as leaders among states, each boasting renewable energy capacities of around 27 GW, with Tamil Nadu, Karnataka, and Maharashtra following closely behind. The Ministry of New & Renewable Energy aims to annually bid around 50 GW of renewable energy projects to facilitate reaching the 500 GW target.

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