Renewables' share in India's energy mix to be stable at 21% in FY25: India Ratings and Research (Ind-Ra)
- IBEF
- January 22, 2025
India Ratings and Research (Ind-Ra) projects the share of renewables, including large hydro, in India’s energy mix to remain stable at 21% in FY25, with the remaining energy contributed largely by thermal sources. As of December 2024, India’s total power generation capacity stood at 462 gigawatts (GW), of which 209.444 GW was renewables, including hydro. It forecasts a 5-5.5% YoY growth in energy demand for FY25, with renewable capacity additions leading incremental growth, driven by a strong pipeline of 30-35 GW, primarily solar.
Looking ahead, renewables are expected to contribute 35-40% of India’s energy mix by 2030, supported by hybrid/storage solutions, round-the-clock tenders, and government initiatives. It emphasizes the need for 50 GW annual renewable additions to meet energy transition goals. With 174 GW of projects in the pipeline as of September 2024, implementation remains critical for achieving these ambitious targets. A stable outlook for solar and wind projects is anticipated for FY26, backed by historical performance, steady payments, and favourable input prices.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
