From October 2023 to October 2024, India's renewable energy capacity has grown impressively by 24.2 GW (13.5%) from 178.98 GW to 203.18 GW.
India’s energy demand is set to grow faster than that of any other country in the coming decades, driven by its large population and substantial potential for growth and development. To address this rising demand and tackle climate change, India has committed to achieving net zero carbon emissions by 2070 and sourcing 50% of its electricity from renewable sources by 2030.
Renewable Energy Milestones
India has recently achieved a significant milestone in its renewable energy journey. The country’s total renewable energy capacity has surpassed 200 GW (gigawatts), reflecting its commitment to cleaner energy sources. This achievement is in line with India’s target of reaching 500 GW of non-fossil fuel-based energy by 2030. As of October 2024, renewable energy-based electricity generation capacity has reached 203.18 GW, accounting for more than 46.3% of the country’s total installed capacity.
India’s renewable energy capacity has grown impressively by 24.2 GW (13.5%) in a single year, from 178.98 GW in October 2023 to 203.18 GW in October 2024. Including nuclear energy, the total non-fossil fuel capacity has risen to 211.36 GW in 2024, compared to 186.46 GW in 2023.
Key Contributors to Renewable Energy Capacity
The diverse sources of renewable energy contribute significantly to India’s overall capacity:
- Solar Power: Leading the charge with 92.12 GW, solar power plays a pivotal role in harnessing India’s abundant sunlight.
- Wind Power: Contributing 47.72 GW, wind power benefits from the country’s vast coastal and inland wind corridors.
- Hydropower: Large hydro projects generate 46.93 GW, while small hydro power adds 5.07 GW, utilising India’s extensive water resources.
Government Initiatives Supporting Renewable Energy
India’s government has implemented several key initiatives to bolster the renewable energy sector:
- Rajasthan Renewable Energy Projects: The Rajasthan government has signed an MoU with NTPC Green Energy for 28,500 MW of renewable energy projects. This is part of a broader investment in 31,825 MW of power generation worth ₹1.6 lakh crore (approximately US$19.18 billion). The goal is to make Rajasthan self-sufficient in energy and increase its renewable power capacity.
- PM-KUSUM Scheme: Launched in March 2019 and scaled up in January 2024, the PM-KUSUM scheme aims to enhance energy and water security for farmers by helping them set up solar power plants and install solar pumps with government financial assistance.
New Entrants in India’s Renewable Energy Sector
During 2024, 4 new companies have entered the renewable energy sector, signalling growth and innovation in this space:
- Premier Energies Limited: Listed on the NSE and BSE in August 2024, Premier Energies manufactures integrated solar cells and solar panels. The company has five manufacturing units based in Hyderabad, Telangana. On December 13, 2024, Premier Energies shares closed at ₹1294.85, down 0.88%.
- Waaree Energies Limited: Listed in October 2024, Waaree Energies is a leading manufacturer of solar PV modules. With an installed capacity of 12 GW, the company produces a wide range of photovoltaic modules, including multi-crystalline and monocrystalline modules. On December 13, 2024, Waaree Energies shares closed at ₹3,210, down 2.49% and opened at ₹3,287.00
- Acme Solar Holdings Limited: Acme Solar, one of India’s largest producers of wind and solar electricity, was listed in November 2024. The company focuses on the development, construction, and maintenance of large-scale renewable energy projects. Acme Solar Holdings shares settled lower by 1.43% to ₹268.00 on December 13, 2024
- NTPC Green Energy Limited: A subsidiary of NTPC Ltd, NTPC Green Energy focuses on renewable energy projects and currently has an operational capacity of 3,071 MW from solar and 100 MW from wind projects across six states. The company’s IPO was launched in November 2024. NTPC Green Energy shares rose 0.59% on December 13, 2024, and closed at ₹144.15
Conclusion
India’s renewable energy sector is witnessing significant growth both in terms of capacity and the number of new players entering the market. With robust government support and an expanding infrastructure, India is on track to achieve its renewable energy goals and contribute to global climate efforts. The journey towards a sustainable energy future is well underway, supported by both public initiatives and private sector investments.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
