RENEWABLE ENERGY

India’s solar, wind combined capacity to reach 135 GW by 2024: Report

India’s solar and wind generation is expected to touch 135 gigawatt (GW) by the end of 2024 up from the 77 GW capacity it had reached in 2019, according to a recent report by renewable energy consultancy Bridge to India.

“Notwithstanding the various operational and financial challenges and growing risk aversion, we expect the record low solar tariff level to be breached in the next one to two years,” said Bridge to India in its report titled ‘India renewables outlook 2024’.

Projected solar and wind capacity, GW

India’s solar, wind combined capacity to reach 135 GW by 2024: Report
Source: Bridge to India research; Note: Solar capacity includes utility scale, rooftop solar and open access capacity

The report said that there would be a move away from vanilla tenders to complex schemes including manufacturing-linked tenders, solar-wind-storage hybrid tenders and even completely technology agnostic tenders seeking firm 24×7 power. The higher complexity may bring down the number of active players and consolidate the industry further, it further added.

Regarding the results of the first mega storage tender, the report said that the growth potential is huge but, take-off stage was still another two two three years away, as it remains to be seen if the discoms are willing to buy power at a cost of over Rs 6/kWh.

Power generating capacity addition, GW

India’s solar, wind combined capacity to reach 135 GW by 2024: Report
Source: CEA

 

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ET Energy World
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