39% of India’s installed capacity is from non-fossil based sources. By 2022 India will reach its target of 40%.
India surpassed the 100 GW milestone (excluding large hydro) in 2021.
India has only tapped a fraction of the vast potential for renewable energy and, therefore, India has raised the target to 450 GW RE installed capacity by 2030.
Launching the Green Corridor Phase 2 and generally expanding transmission to put in place systems for renewable power evacuation from sites where irradiation is high, or wind speed is high.
India is developing the National Green Hydrogen Energy Mission to scale up green hydrogen production and utilization across multiple sectors; targeting initially approximately 1 million tonnes annual green hydrogen production by 2030.
Government is coming out with bids for battery storage. Intermittency of renewable power is another challenge for the entire world highlighting that battery storage per unit currently is high and needs to come down. There is a Production Linked Incentive for battery storage already in place and demand needs to be encouraged to bring down the prices of storage.
The Government of India has recently launched the Production Linked Incentive scheme for the manufacture of High Efficiency Solar PV Modules. India expects to add 10 Gigawatt of solar PV manufacturing capacity over the next five years.
Three new areas of emerging opportunities for investors – green hydrogen, off-shore wind, and solar PV manufacturing. Mandatory purchase obligations are intended to increase use of green hydrogen in sectors like fertilizers, petroleum refining, and city gas distribution.
