India's renewable energy capacity to touch 250 GW mark by March 2026: Investment Information and Credit Rating Agency (ICRA)

India's renewable energy capacity is projected to reach 250 GW by March 2026, according to Investment Information and Credit Rating Agency (ICRA). This growth will be supported by a robust project pipeline of over 80 GW, following a significant increase in tendering activity during FY24. ICRA forecasts the installed renewable energy capacity, including large hydroelectric projects, to rise from 201 GW in September 2024 to 250 GW by March 2026. The rooftop solar and commercial & industrial (C&I) segments are expected to play a significant role in this expansion. However, the agency highlighted potential challenges in land acquisition and transmission connectivity, which could hinder progress if they persist.

ICRA also anticipates that India will require 50 GW of energy storage capacity by 2030, which will be met through a combination of battery energy storage systems (BESS) and pumped storage hydro projects (PSP). This aligns with India's ambitious target of achieving 500 GW renewable energy capacity by 2030. Senior Vice President & Co-Group Head of Corporate Ratings at ICRA, Mr. Girishkumar Kadam, noted that while the sector shows strong growth potential, the execution of projects must overcome logistical challenges to realise its prospects fully.

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