According to India Ratings (Ind-Ra), the future of renewable energy in India looks bright. They expect a surge in renewable energy and storage projects in the next few years, driven by a need for about 74 GW of storage as part of the National Electricity Plan (2023-32).

For the fiscal year 2024-25, Ind-Ra predicts that India will add between 25 GW and 28 GW of renewable energy capacity. As of December 2024, India has already installed 18.8 GW in just nine months, mostly from solar energy. By 2030, they anticipate that renewable sources will account for 55% to 60% of the country’s total power generation capacity.

However, the journey won’t be without challenges. Analysts highlight issues like land acquisition, infrastructure for connectivity, and transmission systems as key hurdles that need to be addressed for successful project implementations.

Vinitha Arunachalam, an infrastructure analyst at Ind-Ra, noted, “To keep up with growing energy demands and transition plans, India needs to add 50 GW of renewable capacity each year until 2030.” A robust pipeline of projects—174 GW as of September 2024—demonstrates potential, but strong execution will be crucial to meet these ambitious goals.

As of November 2024, India’s total power generation capacity stood at 457 GW, with renewables contributing 45% (205 GW) of this total. It’s expected that the share of renewable energy in the overall power generation mix will remain at 21% for fiscal year 2025, primarily supplemented by thermal energy. By 2030, renewables are projected to offer a larger contribution, making up about 35% to 40% of the total generation.

For more details, you can check out the full article on pv magazine India.