2019: A crucial year for India’s renewable energy targets

Kushal SENGUPTA - 26/03/19

 

India accounts for approximately 4 percent of the total global electricity generation and contributes 4.43 percent to the global renewable generation capacity. According to a Climatescope 2018 report by research organisation Bloomberg NEF (BNEF), India has become the largest market globally for auction of new renewable energy generation projects and the second-largest destination for clean energy investments. Globally, India stands at No. 5 in terms of total renewable energy installed capacity, behind only China, U.K., Germany and U.S. India’s goal is to achieve  175 GW of renewable capacity by 2022 which includes 100 GW of Solar power, 60 GW from wind power, 10 GW from biomass power and 5 GW from small hydro power.

 

As of January 2019, the total renewable power installed capacity (excluding large hydro) in the country stood at 74.08GW with wind comprising of 47% and solar comprising of 34 % of the total renewable energy mix in the country. The western and southern states account for around 90% of the installed solar capacity.

 

Wind and solar energy will play a key role in India’s ambitious target of meeting 175 GW by 2022. India ranks fourth in the world in terms of total installed wind power capacity. In 2018 (up to September), India added the second highest solar capacity in the world, after China. Solar installation in India is expected to increase 360 percent by 2020.

 

In 2018 the Governement of India took some major initiatives in the renewable energy sector :

 

    • 100% electrification of all inhabited villages in India

    • Prime Minister, Narendra Modi inaugurated the first general assembly of International Solar Alliance (ISA)

    • India added approximately 9.5GW of renewable energy capacity—7GW of solar capacity and 2.5 GW of wind capacity

    • The ministry of new and renewable energy released regular tenders, and 15GW of wind and solar capacity was allocated.

    • India added a record 1.5GW of capacity rooftop solar market

    • The ministry also promoted new avenues for renewable energy growth—floating solar, hybrid, large-scale solar manufacturing and off-shore—some of which got tremendous response from the industry.

 

The year 2019 will be crucial in deciding whether India can meet its renewable energy targets by 2022. The sector needs major technological and public policy interventions to successfully meet its target of 175GW by 2022 and the long-term target of achieving 40% of India’s electricity capacity from renewable sources by 2030. Non-conventional energy received FDI inflow of US$ 7.48 billion between April 2000 and December 2018. In order to reach the 2022 targets, India needs approximately $75 billion in investments over the next four years—both debt and equity capital.

 

Author :

Kushal SENGUPTA

Trade Advisor -Industry & Cleantech Department

Business France Mumbai

Source : Fortune India, Renew Power, Ministry of Renewable Energy India, IBEF

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Infrastructure, Transport and Industry (Industries and Cleantech) The Industries and Cleantech Department assists French companies in their international development strategy and promotes trade between France and India. In order to maximize commercial opportunities between French and Indian companies, the Department organises French Pavilions at a number of key exhibitions in India, as well as offering other B2B networking events and individual partnering services. The key focus of the department are the urban development (“100 smart cities”), the clean technologies (Renewables Energies, Energy efficiency…) and the industry (automotive, aeronautics, railways…). The Department provides expertise in : • Transportation (automotive, railway, aeronautics, naval, ITS) • Infrastructures (roads, airports, ports, etc.) • Energy  (Nuclear, Renewable Energy, T&D, O&G) • Cleantech (water and waste management)  &nbs

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